<SEC-DOCUMENT>0001047469-16-013931.txt : 20160621
<SEC-HEADER>0001047469-16-013931.hdr.sgml : 20160621
<ACCEPTANCE-DATETIME>20160621164114
ACCESSION NUMBER:		0001047469-16-013931
CONFORMED SUBMISSION TYPE:	F-10
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20160621
DATE AS OF CHANGE:		20160621

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:		F-10
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-212156
		FILM NUMBER:		161724802

	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>
<DOCUMENT>
<TYPE>F-10
<SEQUENCE>1
<FILENAME>a2228998zf-10.htm
<DESCRIPTION>F-10
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<P><FONT SIZE=3 >
Use these links to rapidly review the document<BR>
<A HREF="#bg42505_table_of_contents">  TABLE OF CONTENTS</A><BR></font>
</P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>


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




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




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->



<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ba42501_as_filed_with_the_securities_a__as_02371"> </A>
<A NAME="toc_ba42501_1"> </A>
<BR></FONT><FONT SIZE=2><B>  As filed with the Securities and Exchange Commission on June&nbsp;21, 2016    <BR>    </B></FONT></P>

<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><A
NAME="ba42501_registration_no._333"> </A>
<A NAME="toc_ba42501_2"> </A></FONT> <FONT SIZE=2><B>  Registration No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><div
style="width:100%;border-top:solid #000000 3.0pt;padding:0in 0in 0in 0in;font-size:3.0pt;"></div>
<div style="width:100%;border-top:solid #000000 1.0pt;padding:0in 0in 0in 0in;font-size:4.0pt;"></div> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=5><B>U.S.&nbsp;SECURITIES AND EXCHANGE COMMISSION<BR>  </B></FONT><FONT SIZE=2><B>Washington,&nbsp;D.C. 20549  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" >


  </I></FONT><FONT SIZE=2><B>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR>  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=5><B>FORM F-10  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=3><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF&nbsp;1933  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=3><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" >


  </I></FONT><FONT SIZE=3><B>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR>  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=5><B>SPROTT PHYSICAL SILVER TRUST<BR>  </B></FONT><FONT SIZE=2>(Exact name of Registrant as specified in its charter) </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="33%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="30%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="30%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>Province of Ontario, Canada<BR> </B></FONT><FONT SIZE=2>(Province or other jurisdiction of<BR>
incorporation or organization)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 1040<BR> </B></FONT><FONT SIZE=2>(Primary Standard Industrial<BR>
Classification Code Number)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> N/A<BR> </B></FONT><FONT SIZE=2>(I.R.S. Employer<BR>
Identification No.)</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>Suite&nbsp;2700, South Tower,<BR>
Royal Bank Plaza,<BR>
200&nbsp;Bay Street,<BR>
Toronto, Ontario,<BR>
Canada M5J&nbsp;2J1<BR>
(416)&nbsp;362-7172<BR>  </B></FONT><FONT SIZE=2>(Address and telephone number of Registrant's principal executive offices) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>Puglisi&nbsp;&amp; Associates<BR>
850&nbsp;Library Avenue, Suite&nbsp;204<BR>
Newark, Delaware 19711<BR>
(302)&nbsp;738-6680<BR>  </B></FONT><FONT SIZE=2>(Name, address (including zip code) and telephone number (including area code)<BR>
of agent for service in the United&nbsp;States) </FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2228998",CP="SPROTT PHYSICAL SILVER TRUST",DN="1",CHK=457005,FOLIO='blank',FILE='DISK121:[16ZBQ1.16ZBQ42501]BA42501A.;9',USER='RRICKEN',CD='21-JUN-2016;10:48' -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" >


 </I></FONT><FONT SIZE=2>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR></FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="31%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="31%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="31%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>Copies to:</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>Kirstin H. McTaggart<BR>
Sprott Asset Management&nbsp;LP<BR>
Suite&nbsp;2700, South Tower,<BR>
Royal Bank Plaza, 200&nbsp;Bay Street,<BR>
Toronto, Ontario, Canada M5J&nbsp;2J1<BR>
(416)&nbsp;362-7172</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>Sonia M. Yung, Esq.<BR>
Baker&nbsp;&amp; McKenzie&nbsp;LLP<BR>
Brookfield Place<BR>
Bay/Wellington Tower<BR>
181&nbsp;Bay Street, Suite&nbsp;2100<BR>
Toronto, Ontario, Canada M5J&nbsp;2T3<BR>
(416)&nbsp;865-6875</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>Anthony Tu-Sekine, Esq.<BR>
Seward&nbsp;&amp; Kissel&nbsp;LLP<BR>
901&nbsp;K Street N.W.<BR>
Washington,&nbsp;D.C. 20001<BR>
(202)&nbsp;737-8833</B></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" >


  </I></FONT><FONT SIZE=2>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>Approximate date of commencement of proposed sale of the securities to the&nbsp;public:<BR>  </B></FONT><FONT SIZE=2>From time to time after the effective date of this Registration Statement. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" >


 </I></FONT><FONT SIZE=2>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>It
is proposed that this filing shall become effective (check appropriate box) </FONT></P>
 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
<P style="font-family:times;text-align:justify"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="27pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="27pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>A.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>upon filing with the Commission, pursuant to Rule&nbsp;467(a) (if&nbsp;in connection with an offering being made contemporaneously in the United&nbsp;States and Canada).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>B.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>at some future date (check the appropriate box below)<BR></FONT>
</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;<BR></FONT></P>
 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
<P style="font-family:times;text-align:justify"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="27pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="27pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="27pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>1.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>pursuant to Rule&nbsp;467(b) on (date) at (time) (designate a time not sooner than 7&nbsp;calendar days after&nbsp;filing).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>2.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>pursuant to Rule&nbsp;467(b) on (date) at (time) (designate a time 7&nbsp;calendar days or sooner after filing) because the securities regulatory authority in the review jurisdiction has issued a receipt or notification
of clearance on&nbsp;(date).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>3.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>pursuant to Rule&nbsp;467(b) as soon as practicable after notification of the Commission by the Registrant or the Canadian securities regulatory authority of the review jurisdiction that a receipt or notification of
clearance has been issued with respect&nbsp;hereto.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>4.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>after the filing of the next amendment to this Form (if&nbsp;preliminary material is being&nbsp;filed).<BR></FONT>
</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;text-align:justify"><FONT SIZE=2>If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to the home jurisdiction's shelf prospectus offering procedures, check the following
box.&nbsp;<FONT FACE="WINGDINGS">&#253;</FONT> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" >


 </I></FONT><FONT SIZE=2>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ba42501_calculation_of_registration_fee"> </A>
<A NAME="toc_ba42501_3"> </A>
<BR></FONT><FONT SIZE=2><B>  CALCULATION OF REGISTRATION FEE    <BR>    </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:73%;margin-left:10%;">
<P style="font-family:times;text-align:justify"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"110%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="110%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="63pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="89pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="84pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:91pt;"><FONT SIZE=1><B>Title of each class of<BR>
securities to be registered

<!-- COMMAND=ADD_SCROPPEDRULE,91pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Amount to<BR>
be registered </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Proposed<BR>
maximum<BR>
offering price<BR>
per unit </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Proposed<BR>
maximum<BR>
aggregate<BR>
offering price<SUP>(1)(2)</SUP> </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Amount of<BR>
registration fee<SUP>(3)</SUP> </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Units</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$1,500,000,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$151,050</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="12%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="12%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Such
amount in U.S.&nbsp;dollars or the equivalent thereof in foreign currencies as shall result in an aggregate public offering price of $1,500,000,000
for all units sold by Sprott Physical Silver Trust (the&nbsp;"Registrant") pursuant to this registration statement.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Estimated
solely for the purpose of calculating the registration fee pursuant to Rule&nbsp;457(o) under the Securities Act of 1933, as amended
(the&nbsp;"Securities Act"). In no event will the aggregate offering price of all units sold by the Registrant pursuant to this registration statement exceed $1,500,000,000.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Determined
in accordance with Section&nbsp;6(b) of the Securities Act to be US$151,050, which is equal to .0001007&nbsp;multiplied by the proposed
maximum aggregate offering price of $1,500,000,000. A registration fee of US$169,938 has previously been paid with respect to securities that were previously registered under the Registrant's
registration statement on Form&nbsp;F-10 filed on April&nbsp;22, 2014 (No.&nbsp;333-195436) and&nbsp;were not sold thereunder. Pursuant to Rule&nbsp;457(p) under the Securities Act, such
unutilized registration fee shall be applied to offset the registration fee payable in connection with this Registration Statement. Accordingly, no additional registration fee is being paid in
connection with this Registration Statement. </FONT></DD></DL>
 </DIV>

 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=2>

<!-- BLANK LINE TO FORCE PARA -->
&nbsp;&nbsp;&nbsp;
</font></p>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><div
style="width:100%;border-top:solid #000000 1.0pt;padding:0in 0in 0in 0in;font-size:3.0pt;"></div>
<div style="width:100%;border-top:solid #000000 3.0pt;padding:0in 0in 0in 0in;font-size:4.0pt;"></div> </FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=2,EFW="2228998",CP="SPROTT PHYSICAL SILVER TRUST",DN="1",CHK=366665,FOLIO='blank',FILE='DISK121:[16ZBQ1.16ZBQ42501]BA42501A.;9',USER='RRICKEN',CD='21-JUN-2016;10:48' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2>


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




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




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->



<!-- PARA=JUSTIFY -->
</FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>
<A HREF="#bg42505a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=1><B><I>This short form prospectus has been filed under legislation in all provinces and territories of Canada that permits certain information about these
securities to be determined after this prospectus has become final and that permits the omission from this prospectus of that information. The legislation requires the delivery to purchasers of a
prospectus supplement containing the omitted information within a specified period of time after agreeing to purchase any of these securities.</I></B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=1><B><I>No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise.</I></B></FONT><FONT SIZE=1><I> This short form prospectus
constitutes a public offering of the securities only in those jurisdictions where they may be lawfully offered for sale and therein only by persons permitted to sell such
securities.</I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=1><B><I>Information has been incorporated by reference in this short form base shelf prospectus from documents filed with the securities commissions or similar authorities in
Canada</I></B></FONT><FONT SIZE=1><I>. Copies of the documents incorporated herein by reference may be obtained on request without charge from Sprott Asset Management&nbsp;LP, the manager of Sprott Physical
Silver Trust, located at Suite&nbsp;2700, South Tower, Royal Bank Plaza, 200&nbsp;Bay Street, Toronto, Ontario, Canada M5J&nbsp;2J1, Telephone: (416)&nbsp;362-7172 and are also available
electronically at www.sedar.com.</I></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>SHORT FORM BASE SHELF PROSPECTUS  </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
<P style="font-family:times;text-align:justify"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="48%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="48%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I><U>New&nbsp;Issue</U></I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>June&nbsp;21, 2016</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g383983.jpg" ALT="LOGO" WIDTH="475" HEIGHT="115">
  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=5><B> Sprott Physical Silver Trust  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>U.S.$1,500,000,000<BR>
Trust Units  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Sprott Physical Silver Trust (the&nbsp;"Trust") may offer from time to time, during the 25&nbsp;month period that this short form base shelf prospectus
(including any amendments hereto) (the&nbsp;"prospectus") remains effective, up to U.S.$1,500,000,000 of transferable, redeemable trust units (the&nbsp;"trust units"). Each trust unit represents
an equal, fractional, undivided ownership interest in the net assets of the Trust attributable to the particular class of trust units. The Trust is a closed-end mutual fund trust established under the
laws of the Province of Ontario and is managed by Sprott Asset Management&nbsp;LP (the&nbsp;"Manager"). See "Sprott Physical Silver Trust&nbsp;&#151;&nbsp;Management of the
Trust&nbsp;&#151;&nbsp;The Manager" for further information about the Manager. The Trust was created to invest and hold substantially all of its assets in physical silver
bullion. See "Sprott Physical Silver Trust&nbsp;&#151;&nbsp;Business of the Trust&nbsp;&#151;&nbsp;Investment Objectives of the Trust" for further
information about the Trust's investment objectives. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
specific terms of the trust units offered, including the number of trust units offered, will be described in supplements to this prospectus (each a "prospectus supplement"). All shelf information
omitted from this prospectus under applicable laws will be contained in one or more prospectus supplements that will be delivered to purchasers together with this prospectus. Each prospectus
supplement will be incorporated by reference into this prospectus for the purposes of securities legislation as of the date of the prospectus supplement and only for the purposes of the distribution
of the trust units to which the prospectus supplement pertains. A prospectus supplement may include specific terms pertaining to the trust units that are not within the alternatives or parameters
described in this prospectus. You should read this prospectus and any applicable prospectus supplement carefully before you&nbsp;invest. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
trust units are listed and posted for trading on NYSE Arca under the symbol "PSLV" and on the Toronto Stock Exchange (the&nbsp;"TSX") under the symbol "PHS.U". On June&nbsp;20, 2016, the last
trading day prior to the date hereof, the closing price of the trust units on NYSE Arca and the TSX were U.S.$6.68 and U.S.$6.66, respectively. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Trust may sell the trust units to or through underwriters or dealers purchasing as principals to one or more purchasers directly, or through agents designated from time to time by the Manager on
behalf of the Trust. Subject to the provisions of the Trust Agreement (as&nbsp;defined below) pursuant to which the Trust was established, the trust units may be sold at fixed prices or non-fixed
prices, such as prices determined by reference to the prevailing market price of the trust units or at prices to be negotiated with purchasers, which prices may vary between purchasers and during the
period of distribution of the trust units. The prospectus supplement relating to a particular offering of the trust units will identify each underwriter, dealer or agent engaged by the Trust in
connection with the offering and sale of the trust units, and will set forth the terms of the offering of such trust units, the method of distribution of such trust units including, to the extent
applicable, the proceeds to the Trust, and any fees, discounts or any other compensation payable to underwriters, dealers or agents and any other material term of the plan of distribution. In
connection with such offering, the underwriters, dealers or agents, as the case may be, may over-allot or effect transactions intended to stabilize or maintain the market price of the trust units at
levels other than those which otherwise might prevail on the open market. Such transactions, if commenced, may be discontinued at any time. See "Plan of Distribution". </FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=3,EFW="2228998",CP="SPROTT PHYSICAL SILVER TRUST",DN="1",CHK=520230,FOLIO='blank',FILE='DISK122:[16ZBQ2.16ZBQ42502]BE42502A.;9',USER='PANDERS',CD='21-JUN-2016;06:02' -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg42505a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The Trust is not a trust company and does not carry on business as a trust company and, accordingly, the Trust is not registered under the trust company legislation of any
jurisdiction. Trust units are not "deposits" within the meaning of the </FONT><FONT SIZE=2><I>Canada Deposit Insurance Corporation Act</I></FONT><FONT SIZE=2> (Canada) and are not insured under
provisions of that Act or any other legislation. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>NEITHER THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION (THE&nbsp;"SEC") NOR ANY U.S.&nbsp;STATE SECURITIES REGULATOR HAS APPROVED OR DISAPPROVED OF THESE TRUST
UNITS OR PASSED ON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>We are permitted, under a multi-jurisdictional disclosure system adopted by the United&nbsp;States, to prepare this prospectus in accordance with Canadian disclosure
requirements, which are different from those of the United&nbsp;States. We prepare our financial statements, which are incorporated by reference in this prospectus, in accordance with International
Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS"). Our financial statements may not be comparable to the financial statements of
United&nbsp;States&nbsp;issuers.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Purchasing the trust units may subject you to tax consequences both in the United&nbsp;States and Canada. This prospectus or any prospectus supplement may not describe these
tax consequences fully. You should read the tax discussion in this prospectus and any applicable prospectus supplement.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Your ability to enforce civil liabilities under United&nbsp;States federal securities laws or securities laws of other relevant jurisdictions may be affected adversely
because we are a mutual fund trust established under the laws of the Province of Ontario. Each of the Trust, the Trust's trustee, RBC Investor Services Trust, ("RBC&nbsp;Investor Services" or the
"Trustee"), the Manager, and Sprott Asset Management&nbsp;GP&nbsp;Inc. (the&nbsp;"GP"), which is the general partner of the Manager, is organized under the laws of the Province of Ontario,
Canada, and all of their executive offices and substantially all of the administrative activities and a majority of their assets are located outside the United&nbsp;States or EU Member States. In
addition, the directors and officers of the Trustee and the&nbsp;GP are residents of jurisdictions other than the United&nbsp;States or EU Member States and all or a substantial portion of the
assets of those persons are or may be located outside such jurisdictions.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>See "Risk Factors" for a discussion of certain considerations relevant to an investment in the trust units offered hereby. In the opinion of Baker&nbsp;&amp; McKenzie&nbsp;LLP,
counsel to the Trust, the trust units, once offered under a prospectus supplement will be qualified investments for certain funds, plans and accounts under the </B></FONT><FONT SIZE=2><B><I>Income
Tax&nbsp;Act</I></B></FONT><FONT SIZE=2><B> (Canada) (the&nbsp;"Tax&nbsp;Act") as set out under the heading "Eligibility Under the Tax&nbsp;Act for Investment by Canadian
Exempt&nbsp;Plans"</B></FONT><FONT SIZE=2><B><I>.</I></B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>The financial information of the Trust incorporated by reference herein is presented in U.S.&nbsp;dollars. Unless otherwise noted herein, all references to "$", "U.S.$",
"United&nbsp;States dollars", "U.S.&nbsp;dollars" or "dollars" are to the currency of the United&nbsp;States and all references to "Cdn$" or "Canadian dollars" are to the currency
of&nbsp;Canada.</B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>The registered and head office of the Trust is located at Suite&nbsp;2700, South Tower, Royal Bank Plaza, 200&nbsp;Bay Street, Toronto, Ontario,
M5J&nbsp;2J1.</B></FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=4,EFW="2228998",CP="SPROTT PHYSICAL SILVER TRUST",DN="1",CHK=882816,FOLIO='blank',FILE='DISK122:[16ZBQ2.16ZBQ42502]BE42502A.;9',USER='PANDERS',CD='21-JUN-2016;06:02' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_bg42505_1_1"> </A>


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




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




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2>
<A HREF="#bg42505a_main_toc">Table of Contents</A> </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="BG42505A_main_toc"></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bg42505_table_of_contents"> </A>
<BR></FONT><FONT SIZE=2><B>  TABLE OF CONTENTS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>
<A NAME="BG42505_TOC"></A> </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<P style="font-family:times;text-align:justify"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->
<!-- COMMAND=ADD_START_LINKTABLE -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="25pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Page </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><A HREF="#da42502_financial_information_and_accounting_principles"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>FINANCIAL INFORMATION AND ACCOUNTING PRINCIPLES</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#da42502_financial_information_and_accounting_principles"><FONT SIZE=2>2</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><A HREF="#da42502_exchange_rate"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>EXCHANGE RATE</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#da42502_exchange_rate"><FONT SIZE=2>2</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><A HREF="#da42502_documents_incorporated_by_reference"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>DOCUMENTS INCORPORATED BY REFERENCE</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#da42502_documents_incorporated_by_reference"><FONT SIZE=2>2</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><A HREF="#da42502_additional_information"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>ADDITIONAL INFORMATION</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#da42502_additional_information"><FONT SIZE=2>4</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><A HREF="#da42502_enforceability_of_civil_liabilities"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>ENFORCEABILITY OF CIVIL LIABILITIES</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#da42502_enforceability_of_civil_liabilities"><FONT SIZE=2>4</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><A HREF="#da42502_cautionary_note_regarding_forward-looking_statements"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#da42502_cautionary_note_regarding_forward-looking_statements"><FONT SIZE=2>5</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><A HREF="#da42502_sprott_physical_silver_trust"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>SPROTT PHYSICAL SILVER TRUST</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#da42502_sprott_physical_silver_trust"><FONT SIZE=2>5</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dc42502_fees_and_expenses"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>FEES AND EXPENSES</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dc42502_fees_and_expenses"><FONT SIZE=2>11</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dc42502_risk_factors"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>RISK FACTORS</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dc42502_risk_factors"><FONT SIZE=2>12</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><A HREF="#de42502_use_of_proceeds"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>USE OF PROCEEDS</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#de42502_use_of_proceeds"><FONT SIZE=2>23</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><A HREF="#de42502_capitalization"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>CAPITALIZATION</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#de42502_capitalization"><FONT SIZE=2>23</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><A HREF="#de42502_description_of_the_trust_units"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>DESCRIPTION OF THE TRUST UNITS</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#de42502_description_of_the_trust_units"><FONT SIZE=2>23</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><A HREF="#de42502_prior_sales"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>PRIOR SALES</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#de42502_prior_sales"><FONT SIZE=2>23</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dg42502_market_price_of_trust_units"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>MARKET PRICE OF TRUST UNITS</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dg42502_market_price_of_trust_units"><FONT SIZE=2>24</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dg42502_plan_of_distribution"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>PLAN OF DISTRIBUTION</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dg42502_plan_of_distribution"><FONT SIZE=2>24</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dg42502_material_tax_considerations"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>MATERIAL TAX CONSIDERATIONS</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dg42502_material_tax_considerations"><FONT SIZE=2>25</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><A HREF="#di42502_u.s._erisa_considerations"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>U.S.&nbsp;ERISA CONSIDERATIONS</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#di42502_u.s._erisa_considerations"><FONT SIZE=2>36</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><A HREF="#di42502_eligibility_under_the_tax_act___eli02811"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>ELIGIBILITY UNDER THE TAX ACT FOR INVESTMENT BY CANADIAN EXEMPT
PLANS</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#di42502_eligibility_under_the_tax_act___eli02811"><FONT SIZE=2>37</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><A HREF="#di42502_auditors"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>AUDITORS</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#di42502_auditors"><FONT SIZE=2>38</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><A HREF="#di42502_legal_matters"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>LEGAL MATTERS</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#di42502_legal_matters"><FONT SIZE=2>38</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dk42505_documents_filed_as_par__dk402225"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>DOCUMENTS FILED AS PART OF THE REGISTRATION STATEMENT</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dk42505_documents_filed_as_par__dk402225"><FONT SIZE=2>39</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dk42505_exemptions_and_approvals"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>EXEMPTIONS AND APPROVALS</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dk42505_exemptions_and_approvals"><FONT SIZE=2>39</FONT></A></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
<!-- COMMAND=ADD_END_LINKTABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>1</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=5,EFW="2228998",CP="SPROTT PHYSICAL SILVER TRUST",DN="1",CHK=76843,FOLIO='1',FILE='DISK128:[16ZBQ5.16ZBQ42505]BG42505A.;11',USER='PANDERS',CD='21-JUN-2016;06:03' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_da42502_1_2"> </A>


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




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




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2>
<A HREF="#bg42505a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="da42502_financial_information_and_accounting_principles"> </A>
<A NAME="toc_da42502_1"> </A>
<BR></FONT><FONT SIZE=2><B>  FINANCIAL INFORMATION AND ACCOUNTING PRINCIPLES    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise indicated, financial information in this prospectus has been prepared in accordance with IFRS. The financial
information of the Trust incorporated by reference herein is presented in U.S.&nbsp;dollars. </FONT><FONT SIZE=2><B>Unless otherwise noted herein, all references to "$", "U.S.$",
"United&nbsp;States dollars", "U.S.&nbsp;dollars" or "dollars" are to the currency of the United&nbsp;States and all references to "Cdn$" or "Canadian dollars" are to the currency
of&nbsp;Canada.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="da42502_exchange_rate"> </A>
<A NAME="toc_da42502_2"> </A>
<BR></FONT><FONT SIZE=2><B>  EXCHANGE RATE    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets out certain exchange rates based upon the noon rate published by the Bank of Canada. The rates are set out as
United&nbsp;States dollars per&nbsp;Cdn$1.00. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<P style="font-family:times;text-align:justify"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Years Ended<BR>
December&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Low</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.7148</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.8589</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>High</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.8527</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.9422</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Average</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.7820</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.9054</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>End</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.7225</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.8620</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
June&nbsp;20, 2016, the noon rate for United&nbsp;States dollars in terms of Canadian dollars, as quoted by the Bank of Canada was Cdn$1.00 =&nbsp;U.S.$0.7808. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="da42502_documents_incorporated_by_reference"> </A>
<A NAME="toc_da42502_3"> </A>
<BR></FONT><FONT SIZE=2><B>  DOCUMENTS INCORPORATED BY REFERENCE    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incorporated by reference in this prospectus is certain information contained in documents filed by the Trust with the securities
regulatory authorities in each of the provinces and territories of Canada. This means that the Trust is disclosing important information to you by referring you to those documents. The information
incorporated by reference is deemed to be part of this prospectus, except for any information superseded by information contained directly in this prospectus or in any other subsequently filed
document which also is or is deemed to be incorporated by reference herein. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
may obtain copies of the documents incorporated by reference in this prospectus on request without charge by contacting the Manager, located at Suite&nbsp;2700, South Tower, Royal
Bank Plaza, 200&nbsp;Bay Street, Toronto, Ontario, Canada M5J&nbsp;2J1, Telephone: (416)&nbsp;362-7172, as well as through the sources described below under "Additional Information". </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following documents are specifically incorporated by reference in this prospectus: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
annual information form of the Trust for its fiscal year ended December&nbsp;31, 2015, dated March&nbsp;30, 2016 (the&nbsp;"AIF");
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
audited annual statements of financial position of the Trust as at December&nbsp;31, 2015 and 2014 and the statements of comprehensive income, changes
in equity and cash flows for its fiscal years ended December&nbsp;31, 2015 and 2014, and the report of the auditors thereon, (the&nbsp;"Annual Financial Statements");
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
management report of fund performance of the Trust for its fiscal year ended December&nbsp;31, 2015 (the&nbsp;"Annual&nbsp;MRFP");
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
unaudited interim statements of financial position of the Trust as at March&nbsp;31, 2016 and the unaudited interim statements of comprehensive
income, changes in equity and cash flows for the three month period ended March&nbsp;31, 2016 and 2015 (collectively, the "Interim Financial Statements");
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
management report of fund performance of the Trust for the three month period ended March&nbsp;31, 2016 (the&nbsp;"Interim MRFP");&nbsp;and </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=6,EFW="2228998",CP="SPROTT PHYSICAL SILVER TRUST",DN="1",CHK=182095,FOLIO='2',FILE='DISK122:[16ZBQ2.16ZBQ42502]DA42502A.;6',USER='PANDERS',CD='21-JUN-2016;05:56' -->
<A NAME="page_da42502_1_3"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg42505a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
material change report of the Trust dated April&nbsp;22, 2016 (the&nbsp;"Material Change Report") regarding the closing of a follow-on offering of
12,300,000&nbsp;trust units at a price of U.S.$6.09 per trust unit for gross proceeds of U.S.$74,907,000 and the exercise of the underwriters of their over-allotment option in full, for additional
gross proceeds of U.S.$$11,236,050 (the&nbsp;"Follow-on Offering"). </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
documents of the type referred to in the preceding paragraph with respect to the Trust or material change reports (other than confidential material change reports) or required to be
incorporated by reference herein pursuant to National Instrument&nbsp;44-101&nbsp;&#151;&nbsp;</FONT><FONT SIZE=2><I>Short Form Prospectus
Distributions</I></FONT><FONT SIZE=2>, as well as all prospectus supplements disclosing additional or updated information, filed by the Trust with the securities regulatory authorities in Canada
subsequent to the date of this prospectus and prior to 25&nbsp;months from the date of issuance of the receipt for this prospectus shall be deemed to be incorporated by reference in this prospectus. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When
new documents of the type referred to in the paragraphs above are filed by the Trust with the securities regulatory authorities in Canada during the currency of this prospectus,
such documents will be deemed to be incorporated by reference in this prospectus and the previous documents of the type referred to in the paragraphs above and all material change reports, unaudited
interim financial statements (and&nbsp;management reports of fund performance of the Trust relating thereto) and certain prospectus supplements filed by the Trust with the securities regulatory
authorities in Canada before the commencement of the financial year in which the new documents are filed will no longer be deemed to be incorporated by reference in this prospectus. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
documents identified above as incorporated by reference into this prospectus have been filed with the SEC as follows: (1)&nbsp;the AIF has been filed as Exhibit&nbsp;99.5
to&nbsp;the Trust's annual report on Form&nbsp;40-F filed with the SEC on March&nbsp;30, 2016; (2)&nbsp;the Annual Financial Statements have been filed as Exhibits&nbsp;99.6 and&nbsp;99.8
to the Trust's annual report on Form&nbsp;40-F filed with the SEC on March&nbsp;30, 2016; (3)&nbsp;the Annual MRFP has been filed as Exhibit&nbsp;99.6 to&nbsp;the Trust's annual report on
Form&nbsp;40-F filed with the SEC on March&nbsp;30, 2016; (4)&nbsp;the Interim Financial Statements and the Interim MRFP have been filed as Exhibit&nbsp;99.1 to&nbsp;the Trust's Report on
Form&nbsp;6-K filed with the SEC on May&nbsp;12, 2016; and (5)&nbsp;the Material Change Report has been filed as Exhibit&nbsp;99.1 to&nbsp;the Trust's Report on Form&nbsp;6-K filed with
the SEC on April&nbsp;22,&nbsp;2016. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, to the extent that any document or information incorporated by reference into this prospectus is included in any report on Form&nbsp;6-K, Form&nbsp;40-F or
Form&nbsp;20-F (or&nbsp;any respective successor form) that is filed with or furnished to the SEC after the date of this prospectus, such document or information shall be deemed to be incorporated
by reference as an exhibit to the registration statement of which this prospectus forms&nbsp;a part. In addition, the Trust may incorporate by reference into this prospectus, or the registration
statement of which it forms&nbsp;a part, other information from documents that the Trust will file with or furnish to the SEC pursuant to Section&nbsp;13(a) or&nbsp;15(d) of the
U.S.&nbsp;Securities Exchange Act of 1934, as amended (the&nbsp;"Exchange Act"), if and to the extent expressly provided therein. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>A prospectus supplement containing the specific terms of any trust units offered will be delivered to purchasers of such trust units together with this prospectus
and will be deemed to be incorporated by reference in this prospectus as of the date of the prospectus supplement solely for the purposes of the offering of trust units covered by that prospectus
supplement unless otherwise provided therein.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
statement contained in this prospectus or in a document incorporated or deemed to be incorporated by reference in this prospectus shall be deemed to be modified or superseded for
purposes of this prospectus to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or
supersedes such statement. The modifying or superseding statement need not state that it has modified or superseded a prior statement or include any other information set forth in the document that it
modifies or supersedes. The making of a modifying or superseding statement shall not be deemed an admission for any purposes that the modified or superseded statement, when made, constituted a
misrepresentation, an untrue statement of a material fact or an omission to state a material fact that is required to be stated or that is necessary to make a statement not misleading in light of the
circumstances in which it was made. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this prospectus. </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=7,EFW="2228998",CP="SPROTT PHYSICAL SILVER TRUST",DN="1",CHK=566015,FOLIO='3',FILE='DISK122:[16ZBQ2.16ZBQ42502]DA42502A.;6',USER='PANDERS',CD='21-JUN-2016;05:56' -->
<A NAME="page_da42502_1_4"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg42505a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="da42502_additional_information"> </A>
<A NAME="toc_da42502_4"> </A>
<BR></FONT><FONT SIZE=2><B>  ADDITIONAL INFORMATION    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust intends to file with the SEC a registration statement on Form&nbsp;F-10 of which this prospectus will form&nbsp;a part.
This prospectus does not contain all the information set out in the registration statement. For further information about the Trust and the trust units, please refer to the registration statement,
including the exhibits to the registration statement. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust is subject to the information requirements of the Exchange Act and applicable Canadian securities legislation, and in accordance therewith, the Trust files reports and other
information with the SEC and with the securities regulatory authorities of each of the provinces and territories of Canada. Under a multijurisdictional disclosure system adopted by the
United&nbsp;States and Canada, the Trust may generally prepare these reports and other information in accordance with the disclosure requirements of Canada. These requirements are different from
those of the United&nbsp;States. As a foreign private issuer, the Trust is exempt from the rules under the Exchange Act prescribing the furnishing and content of proxy statements, and officers,
directors and principal unitholders of the Trust are exempt from the reporting and short-swing profit recovery provisions contained in Section&nbsp;16 of the Exchange Act. In addition, the Trust is
not required to publish financial statements as promptly as United&nbsp;States companies. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
reports and other information filed by the Trust with the SEC may be read and copied at the SEC's public reference room at 100&nbsp;F Street, N.E., Washington,&nbsp;D.C. 20549.
Copies of the same documents can also be obtained from the public reference room of the SEC in Washington by paying a fee. Please call the SEC at 1-800-SEC-0330&nbsp;for further information on the
public reference room. The SEC also maintains a website (www.sec.gov) that makes available reports and other information that the Trust files electronically with it, including the registration
statement that the Trust has filed with respect&nbsp;hereto. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copies
of reports, statements and other information that the Trust files with the Canadian provincial and territorial securities regulatory authorities are electronically available from
the Canadian System for Electronic Document Analysis and Retrieval ("SEDAR") (www.sedar.com). </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="da42502_enforceability_of_civil_liabilities"> </A>
<A NAME="toc_da42502_5"> </A>
<BR></FONT><FONT SIZE=2><B>  ENFORCEABILITY OF CIVIL LIABILITIES    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the Trust, the Trustee, the Manager, and the&nbsp;GP is organized under the laws of the Province of Ontario, Canada, and all
of their executive offices and substantially all of the administrative activities and a majority of their assets are located outside the United&nbsp;States or EU Member States. In addition, the
directors and officers of the Trustee and the&nbsp;GP are residents of jurisdictions other than the United&nbsp;States or EU Member States and all or a substantial portion of the assets of those
persons are or may be located outside such jurisdictions. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a result, you may have difficulty serving legal process within your jurisdiction upon any of the Trust, the Trustee, the Manager or the&nbsp;GP or any of their directors or
officers, as applicable, or enforcing judgments obtained in courts in your jurisdiction against any of them or the assets of any of them located outside your jurisdiction, or enforcing against them in
the appropriate Canadian court judgments obtained in courts of your jurisdiction, including, but not limited to, judgments predicated upon the civil liability provisions of the federal securities laws
of the United&nbsp;States or an EU Member State, or bringing an original action in the appropriate Canadian courts to enforce liabilities against the Trust, the Trustee, the Manager, the&nbsp;GP
or any of their directors or officers, as applicable, based upon the United&nbsp;States federal securities laws or securities laws of an EU Member&nbsp;State. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While
you, whether or not a resident of the United&nbsp;States or United&nbsp;Kingdom, may be able to commence an action in Canada relating to the Trust and may also be able to
petition Canadian courts to enforce judgments obtained in the courts of any part of the United&nbsp;States or United&nbsp;Kingdom against any of the Trust, the Trustee, the Manager or
the&nbsp;GP or any of their directors or officers, in the case of the United&nbsp;Kingdom, in accordance with the Convention between the Government of Canada and the Government of the
United&nbsp;Kingdom of Great Britain and Northern Ireland providing for the Reciprocal Recognition and Enforcement of Judgments in Civil and Commercial Matters dated January&nbsp;1, 1987, you may
face additional requirements serving legal process within the United&nbsp;States or United&nbsp;Kingdom upon or enforcing judgments obtained in the United&nbsp;States or United&nbsp;Kingdom
courts against any of them or the assets of any of them located outside the United&nbsp;States or </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>4</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=8,EFW="2228998",CP="SPROTT PHYSICAL SILVER TRUST",DN="1",CHK=469754,FOLIO='4',FILE='DISK122:[16ZBQ2.16ZBQ42502]DA42502A.;6',USER='PANDERS',CD='21-JUN-2016;05:56' -->
<A NAME="page_da42502_1_5"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg42505a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>United&nbsp;Kingdom,
or enforcing against any of them in the appropriate Canadian courts judgments obtained in the courts of any part of the United&nbsp;States or United&nbsp;Kingdom, or
bringing an original action in the appropriate Canadian courts to enforce liabilities against the Trust, the Trustee, the Manager, the&nbsp;GP or any of their directors or officers,
as&nbsp;applicable. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the United&nbsp;States, the Trust and the Trustee will each file with the SEC, concurrently with the Trust's registration statement on Form&nbsp;F-10, an appointment of agent for
service of process on separate Forms&nbsp;F-X. Under such Forms&nbsp;F-X, the Trust and the Trustee will appoint Puglisi&nbsp;&amp; Associates as its&nbsp;agent. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="da42502_cautionary_note_regarding_forward-looking_statements"> </A>
<A NAME="toc_da42502_6"> </A>
<BR></FONT><FONT SIZE=2><B>  CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The statements contained in this prospectus, including any documents incorporated by reference, that are not purely historical are
forward-looking statements. The Trust's forward-looking statements include, but are not limited to, statements regarding its or its management's expectations, hopes, beliefs, intentions or strategies
regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are
forward-looking statements. The words "anticipates," "believe," "continue," "could," "estimate," "expect," "intends," "may," "might," "plan," "possible," "potential," "predicts," "project," "should,"
"would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this
prospectus may include, for example, statements about:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>trading of the trust units on NYSE Arca or the TSX; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the Trust's objectives and strategies to achieve the objectives; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>success in obtaining physical silver bullion in a timely manner and allocating such&nbsp;silver; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>success in retaining or recruiting, or changes required in, the officers or key employees of the Manager;&nbsp;and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the silver industry, sources and demand of physical silver bullion and the performance of the silver&nbsp;market. </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
forward-looking statements contained in this prospectus, including any document incorporated by reference, are based on the Trust's current expectations and beliefs concerning future
developments and their potential effects on the Trust. There can be no assurance that future developments affecting the Trust will be those that it has anticipated. These forward-looking statements
involve a number of risks, uncertainties (some of which are beyond the Trust's control) or other assumptions that may cause actual results or
performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include those factors described under the heading "Risk
Factors." Should one or more of these risks or uncertainties materialize, or should any of the Trust's assumptions prove incorrect, actual results may vary in material respects from those projected in
these forward-looking statements. The Trust undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as
may be required under applicable securities&nbsp;laws. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="da42502_sprott_physical_silver_trust"> </A>
<A NAME="toc_da42502_7"> </A>
<BR></FONT><FONT SIZE=2><B>  SPROTT PHYSICAL SILVER TRUST    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>The following is a summary of information pertaining to the Trust and does not contain all the information
about the Trust that may be important to you. You should read the more detailed information including but not limited to the AIF, financial statements and management reports of fund performance and
related notes that are incorporated by reference into and are considered to be a part of this prospectus.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Organization of the Trust  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprott Physical Silver Trust was established on June&nbsp;30, 2010 under the laws of the Province of Ontario, Canada, pursuant to a
trust agreement dated as at June&nbsp;30, 2010, as amended and restated as of October&nbsp;1, 2010 and as further amended and restated as of February&nbsp;27, 2015 (the&nbsp;"Trust
Agreement"). The Trust has received relief from certain provisions of National Instrument&nbsp;81-102&nbsp;&#151;&nbsp;</FONT><FONT SIZE=2><I>Investment
Funds</I></FONT><FONT SIZE=2> ("NI&nbsp;81-102"), and, as such, </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=9,EFW="2228998",CP="SPROTT PHYSICAL SILVER TRUST",DN="1",CHK=664299,FOLIO='5',FILE='DISK122:[16ZBQ2.16ZBQ42502]DA42502A.;6',USER='PANDERS',CD='21-JUN-2016;05:56' -->
<A NAME="page_da42502_1_6"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg42505a_main_toc">Table of Contents</A></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>the
Trust is not subject to certain of the policies and regulations of the Canadian Securities Administrators that apply to other funds. See "Exemptions and&nbsp;Approvals". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Management of the Trust  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> The Manager  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprott Asset Management&nbsp;LP is the Manager of the Trust. The Manager acts as the manager of the Trust pursuant to the Trust
Agreement and the management agreement between the Trust and the Manager. The Manager is a limited partnership formed and organized under the laws of the Province of Ontario, Canada, pursuant to the </FONT> <FONT SIZE=2><I>Limited Partnerships
Act</I></FONT><FONT SIZE=2> (Ontario) by declaration dated September&nbsp;17, 2008. The general partner of the Manager is the&nbsp;GP, which is a
corporation incorporated under the laws of the Province of Ontario, Canada, on September&nbsp;17, 2008. On May&nbsp;6, 2016, Peter Grosskopf was elected as a director of the&nbsp;GP.
The&nbsp;GP is a wholly-owned subsidiary of Sprott&nbsp;Inc., which is a corporation incorporated under the laws of the Province of Ontario, Canada, on February&nbsp;13, 2008. Sprott&nbsp;Inc.
is also the sole limited partner of the Manager. Sprott&nbsp;Inc. is a public company whose common shares are listed and posted for trading on the TSX under the symbol "SII." Pursuant to an internal
corporate reorganization of Sprott&nbsp;Inc. completed on June&nbsp;1, 2009, the Manager acquired the assets related to Sprott Asset Management&nbsp;Inc.'s portfolio management business. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
at December&nbsp;31, 2015, the Manager, together with its affiliates and related entities, had assets under management totaling approximately Cdn$7.426&nbsp;billion, and provided
management and investment advisory services to many entities, including private investment funds, the Sprott Mutual Funds, certain discretionary managed accounts, and management of certain companies
through its subsidiary, Sprott Consulting&nbsp;LP. The Manager also acts as manager for the Sprott Silver Bullion Fund, a Canadian public mutual fund that invests in physical silver&nbsp;bullion. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Manager is responsible for the day-to-day business and administration of the Trust, including management of the Trust's portfolio and all clerical, administrative and operational
services. The Trust maintains a public website that contains information about the Trust and the trust units. The internet address of the website is
www.sprottphysicalbullion.com/sprott-physical-silver-trust. </FONT><FONT SIZE=2><B>This internet address is provided here only as a convenience to you, and the information contained on or connected
to the website is not incorporated into, and does not form part of, this prospectus.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> The Trustee  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee, a trust company organized under the federal laws of Canada, is the trustee of the Trust. The Trustee holds title to the
Trust's assets and has, together with the Manager, exclusive authority over the assets and affairs of the Trust. The Trustee has a fiduciary responsibility to act in the best interest of the
unitholders. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> The Custodians  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust employs two custodians. The Royal Canadian Mint (the&nbsp;"Mint"), acts as custodian for the Trust's physical silver
bullion pursuant to a precious metals storage agreement between the Manager, for and on behalf of the Trust, and the Mint (the&nbsp;"Silver Storage Agreement"). The Mint is a Canadian Crown
corporation, which acts as an agent of the Canadian Government, and its obligations generally constitute unconditional obligations of the Canadian Government. The Mint is responsible for and bears all
risk of the loss of, and damage to, the Trust's physical silver bullion that is in the Mint's custody, subject to certain limitations based on events beyond the Mint's&nbsp;control. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RBC
Investor Services acts as custodian on behalf of the Trust for the Trust's assets other than physical silver bullion. RBC Investor Services is only responsible for the Trust's assets
that are directly held by it, its affiliates or appointed sub-custodians. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the Trust Agreement the Manager, with the consent of the Trustee, may determine to change the custodial arrangements of the&nbsp;Trust. </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=10,EFW="2228998",CP="SPROTT PHYSICAL SILVER TRUST",DN="1",CHK=923117,FOLIO='6',FILE='DISK122:[16ZBQ2.16ZBQ42502]DA42502A.;6',USER='PANDERS',CD='21-JUN-2016;05:56' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_dc42502_1_7"> </A>


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




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




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2>
<A HREF="#bg42505a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Principal Offices  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust's office is located at Suite&nbsp;2700, South Tower, Royal Bank Plaza, 200&nbsp;Bay Street, Toronto, Ontario, Canada
M5J&nbsp;2J1. The Manager's office is located at Suite&nbsp;2700, South Tower, Royal Bank Plaza, 200&nbsp;Bay Street, Toronto, Ontario, Canada M5J&nbsp;2J1 and its telephone number is
(416)&nbsp;362-7172. The Trustee's office is located at 155&nbsp;Wellington Street West, Street Level, Toronto, Ontario, Canada M5V&nbsp;3L3. The custodian for the Trust's physical silver
bullion, the Mint, has its office located at 320&nbsp;Sussex Drive, Ottawa, Ontario, Canada K1A&nbsp;0G8, and the custodian for the Trust's assets other than physical silver bullion, RBC Investor
Services, has its office located at 155&nbsp;Wellington Street West, Street Level, Toronto, Ontario, Canada M5V&nbsp;3L3. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Business of the Trust  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Investment Objectives of the Trust  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust was 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 invests primarily in long-term holdings of unencumbered, fully allocated, physical silver bullion and will not speculate with regard to short-term changes in silver prices.
The Trust does not invest in silver certificates or other financial instruments that represent silver or that may be exchanged for silver. The Trust has only purchased and expects only to own "London
Good Delivery" bars as defined by the London Bullion Market Association (the&nbsp;"LBMA") with each bar purchased being verified against the LBMA source. The Trust does not anticipate making regular
cash distributions to unitholders. The Trust holds no assets that are subject to special arrangements arising from their illiquid nature (to&nbsp;the extent that any such assets are held, in
compliance at all times with the Investment and Operating Restrictions (as&nbsp;defined&nbsp;below). </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Investment Strategies of the Trust  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust is expressly prohibited from investing in units or shares of other investment funds or collective investment schemes other
than money market mutual funds and then only to the extent that its interest does not exceed 10% of the total net assets of the&nbsp;Trust. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust may not borrow funds except under limited circumstances as set out in NI&nbsp;81-102 and, in any event, not in excess of 10% of the total net assets of the&nbsp;Trust. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Borrowing Arrangements  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust has no borrowing arrangements in place and is unleveraged. The Trust has historically not used leverage and the Manager has
no intention of doing so in the future (save for the short-term borrowings to settle trades). Unitholders will be notified of any changes to the Trust's use of&nbsp;leverage. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Calculating Net Asset Value</I></FONT><FONT SIZE=2> ("</FONT><FONT SIZE=2><I>NAV</I></FONT><FONT SIZE=2>") </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
value of the net assets of the Trust and the value of net assets of the Trust per outstanding trust unit are determined daily as of 4:00&nbsp;p.m.,
Toronto time, on each business day by the Trust's valuation agent, which is RBC Investor Services. Throughout this prospectus, unless otherwise indicated, the term "business day" refers to any day on
which NYSE Arca or the TSX is open for trading. In addition, the Manager may calculate the value of the net assets of the Trust and the NAV per trust unit at such other times as the Manager deems
appropriate. The value of the net assets of the Trust on any such day is equal to the aggregate fair market value of the assets of the Trust as of such date, less an amount equal to the fair value of
the liabilities of the Trust (excluding all liabilities represented by outstanding trust units, if any) as of such date. The valuation agent calculates the NAV by dividing the value of the net assets
of the class of the Trust represented by the trust units on that day by the total number of trust units of that class then outstanding on such day. The total NAV of the Trust as of June&nbsp;20,
2016 was $944,689,769. </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=11,EFW="2228998",CP="SPROTT PHYSICAL SILVER TRUST",DN="1",CHK=559280,FOLIO='7',FILE='DISK122:[16ZBQ2.16ZBQ42502]DC42502A.;9',USER='PANDERS',CD='21-JUN-2016;05:56' -->
<A NAME="page_dc42502_1_8"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg42505a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Redemption of Trust Units for Physical Silver Bullion  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the terms of the Trust Agreement, trust units may be redeemed at the option of a unitholder for physical silver bullion in
any month. Trust units redeemed for physical silver bullion will be entitled to a redemption price equal to 100% of the NAV of the redeemed trust units on the last day of the month on which NYSE Arca
is open for trading for the month in which the redemption request is processed. Redemption requests for silver must be for amounts that are at least equivalent in value to ten London Good Delivery
bars or an integral multiple of one bar in excess thereof, plus applicable expenses. A "London Good Delivery bar" weighs between 750 and 1,100&nbsp;troy ounces, and usually are approximately
1,000&nbsp;troy ounces. The ability of a unitholder to redeem trust units for physical silver bullion may be limited by the sizes of London Good Delivery bars held by the Trust at the time of
redemption. Any fractional amount of redemption proceeds in excess of ten London Good Delivery bars or an integral multiple of one bar in excess thereof will be paid in cash at a rate equal to 100% of
the NAV of such excess amount. A unitholder redeeming trust units for physical silver bullion will be responsible for expenses incurred by the Trust in connection with such redemption and applicable
delivery expenses, including the handling of the notice of redemption, the delivery of the physical silver bullion for trust units that are being redeemed and the applicable fees charged by the Mint,
including but not limited to silver storage in-and-out fees, transfer fees and pallet repackaging&nbsp;fees. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, unitholders that are constituted and authorized as Undertakings for Collective Investments in Transferable Securities ("UCITS") or are otherwise prohibited
by their investment policies, guidelines or restrictions from receiving physical silver bullion may only redeem trust units for&nbsp;cash. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since
inception, 28,572&nbsp;trust units have been redeemed for physical silver&nbsp;bullion. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
redemption notice to redeem trust units for physical silver bullion must be received by the Trust's transfer agent no later than 4:00&nbsp;p.m., Toronto time, on the
15<SUP>th</SUP>&nbsp;day of the month in which the redemption notice will be processed or, if such day is not a business day, on the immediately following day that is a business day. Any
redemption notice received after such time will be processed in the next month. For each redemption notice, the Trust's transfer agent will send a confirmation notice to the unitholder's broker that
such notice has been received and determined to be&nbsp;complete. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Physical
silver bullion received by a unitholder as a result of a redemption of trust units will be delivered by armored transportation service carrier pursuant to delivery instructions
provided by the unitholder to the Manager, provided that the delivery instructions are acceptable to the armoured transportation service carrier. Physical silver bullion delivered to an institution
located in North America authorized to accept and hold London Good Delivery bars will likely retain its London Good Delivery status while in the custody of such institution; physical silver bullion
delivered pursuant to a unitholder's delivery instruction to a destination other an institution located in North America authorized to accept and hold London Good Delivery bars will no longer be
deemed London Good Delivery once received by the unitholder. The armored transportation service carrier will receive physical silver bullion in connection with a redemption of trust units
approximately 10&nbsp;business days after the end of the month in which the redemption notice is&nbsp;processed. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Redemption of Trust Units for Cash  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the terms of the Trust Agreement, trust units may be redeemed at the option of a unitholder for cash on a monthly basis.
Trust 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 trust units traded on NYSE Arca or, if
trading has been suspended on NYSE Arca, the trading price of the trust units traded on the TSX, for the last five days on which the respective exchange is open for trading for the month in which the
redemption request is processed and (ii)&nbsp;the NAV of the redeemed trust units as of 4:00&nbsp;p.m., Toronto time, on the last day of the month on which NYSE Arca is open for trading for the
month in which the redemption request is processed. Cash redemption proceeds will be transferred to a redeeming unitholder approximately three business days after the end of the month in which the
redemption notice is processed. Since inception, 91,962&nbsp;trust units have been redeemed for&nbsp;cash. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
redemption notice to redeem trust units for cash must be received by the Trust's transfer agent no later than 4:00&nbsp;p.m., Toronto time, on the 15<SUP>th</SUP>&nbsp;day of
the month in which the redemption notice will be processed or, if </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=12,EFW="2228998",CP="SPROTT PHYSICAL SILVER TRUST",DN="1",CHK=692114,FOLIO='8',FILE='DISK122:[16ZBQ2.16ZBQ42502]DC42502A.;9',USER='PANDERS',CD='21-JUN-2016;05:56' -->
<A NAME="page_dc42502_1_9"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg42505a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>such
day is not a business day, then on the immediately following day that is a business day. Any redemption notice to redeem trust units for cash received after such time will be processed in the
next&nbsp;month. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Investment and Operating Restrictions  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In making investments on behalf of the Trust, the Manager is subject to certain investment and operating restrictions,
(the&nbsp;"Investment and Operating Restrictions"), which are set out in the Trust Agreement. The Investment and Operating Restrictions may not be changed without the prior approval of unitholders
by way of an extraordinary resolution, which must be approved, in person or by proxy, by unitholders holding trust units representing in aggregate not less than 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the value of
the net assets of the Trust as determined in accordance with the Trust Agreement, at a duly constituted meeting of unitholders, or at any adjournment thereof, called and held in accordance with the
Trust Agreement, or a written resolution signed by unitholders holding trust units representing in aggregate not less than 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the value of the net assets of the Trust as
determined in accordance with the Trust Agreement, unless such change or changes are necessary to ensure compliance with applicable laws, regulations or other requirements imposed from time to time by
applicable securities regulatory authorities. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Investment and Operating Restrictions provide that the Trust: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>will
invest in and hold a minimum of 90% of the total net assets of the Trust in physical silver bullion in London Good Delivery bar form and hold no more
than 10% of the total net assets of the Trust, at the discretion of the Manager, in physical silver bullion (in&nbsp;London Good Delivery bar form or otherwise), debt obligations of or guaranteed by
the Government of Canada or a province of Canada or by the Government of the United&nbsp;States of America or a state thereof, short-term commercial paper obligations of a corporation or other
person whose short-term commercial paper is rated R-1 (or&nbsp;its equivalent, or higher) by DBRS Limited or its successors or assigns or F1 (or&nbsp;its equivalent, or higher) by Fitch Ratings or
its successors or assigns or A-1 (or&nbsp;its equivalent, or higher) by Standard&nbsp;&amp; Poor's or its successors or assigns or P-1 (or&nbsp;its equivalent, or higher) by Moody's Investor Service
or its successors or assigns, interest-bearing accounts and short-term certificates of deposit issued or guaranteed by a Canadian chartered bank or trust company, money market mutual funds, short-term
government debt or short-term investment grade corporate debt, or other short-term debt obligations approved by the Manager from time to time (for&nbsp;the purpose of this paragraph, the term
"short-term" means having a date of maturity or call for payment not more than 182&nbsp;days from the date on which the investment is made), except during the 60-day period following the closing of
an offering of trust units or additional offerings or prior to the distribution of the assets of the&nbsp;Trust;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>will
not invest in silver certificates or other financial instruments that represent silver or that may be exchanged for&nbsp;silver;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>will
store all physical silver bullion owned by the Trust at the Mint (including at a facility located in Canada leased by the Mint for this purpose) or in
the treasury vaults of a Schedule&nbsp;I Canadian chartered bank or an affiliate or division thereof in Canada on a fully allocated basis, provided that the physical silver bullion held in London
Good Delivery bar form may be stored with a custodian only if the physical silver bullion will remain London Good Delivery while with that&nbsp;custodian;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>will
not hold any "taxable Canadian Property" within the meaning of the Tax&nbsp;Act;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>will
not purchase, sell or hold derivatives;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>will
not issue trust units except (i)&nbsp;if the net proceeds per trust unit to be received by the Trust are not less than 100% of the most recently
calculated NAV prior to, or upon, the determination of the pricing of such issuance or (ii)&nbsp;by way of trust unit distribution in connection with an income distribution;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>will
ensure that no part of the stored physical silver bullion may be delivered out of safekeeping by the Mint or, if the physical silver bullion is held by
another custodian, that custodian, without receipt of an instruction from the Manager in the form specified by the Mint or such other custodian indicating the purpose of the delivery and giving
direction with respect to the specific amount; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>9</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=13,EFW="2228998",CP="SPROTT PHYSICAL SILVER TRUST",DN="1",CHK=783006,FOLIO='9',FILE='DISK122:[16ZBQ2.16ZBQ42502]DC42502A.;9',USER='PANDERS',CD='21-JUN-2016;05:56' -->
<A NAME="page_dc42502_1_10"> </A>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg42505a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>will
ensure that no officer of the Manager or director or officer of the&nbsp;GP, or representative of the Trust or the Manager will be authorized to
enter into the physical silver bullion storage vaults without being accompanied by at least one representative of the Mint or, if the physical silver bullion is held by another custodian, that
custodian, as the case may&nbsp;be;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>will
ensure that the physical silver bullion remains unencumbered;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(j)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>will
inspect or cause to be inspected the stored physical silver bullion periodically on a spot-inspection basis and, together with a representative of the
Trust's external auditor, physically audit silver bars to confirm bar numbers on at least an annual&nbsp;basis;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(k)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>will
not guarantee the securities or obligations of any person other than the Manager, and then only in respect of the activities of the&nbsp;Trust;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(l)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>in
connection with requirements of the Tax&nbsp;Act, will not make or hold any investment that would result in the Trust failing to qualify as a "mutual
fund trust" within the meaning of the Tax&nbsp;Act;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(m)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>in
connection with requirements of the Tax&nbsp;Act, will not invest in any security that would be a "tax shelter investment" within the meaning of
section&nbsp;143.2 of the Tax&nbsp;Act;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(n)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>in
connection with requirements of the Tax&nbsp;Act, will not invest in the securities of any non-resident corporation, trust or other non-resident entity
(or&nbsp;of any partnership that holds such securities) if the Trust (or&nbsp;the partnership) would be required to include any significant amount in income under any of sections&nbsp;94
or&nbsp;94.1 of the Tax&nbsp;Act;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(o)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>in
connection with requirements of the Tax&nbsp;Act, will not invest in any security of an issuer that would be a foreign affiliate of the Trust for
purposes of the Tax&nbsp;Act;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(p)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>in
connection with requirements of the Tax&nbsp;Act, will not carry on any business and make or hold any investments that would result in the Trust itself
being subject to the tax for specified investment flow-through ("SIFT") trusts as provided for in section&nbsp;122 of the Tax&nbsp;Act (the&nbsp;"SIFT&nbsp;Rules"). </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Termination of the Trust  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust does not have a fixed termination date but will be terminated in the event there are no trust units outstanding, the Trustee
resigns or is removed and no successor trustee is appointed, the Manager resigns and no successor manager is appointed and approved by unitholders, the Manager is in material default of its
obligations under the Trust Agreement and such default continues for 120&nbsp;days from the date that the Manager receives notice of such default from the Trustee and no successor manager has been
appointed by the unitholders of the Trust pursuant to the Trust Agreement, the Manager experiences certain insolvency events or the assets of the Manager are seized or confiscated by a public or
governmental authority. In addition, the Manager may, in its discretion, terminate the Trust, without unitholder approval, by giving the Trustee and each holder of trust units at the time not less
than 60 and not more than 90&nbsp;days written notice prior to the effective date of the termination of the Trust. To the extent such termination in the discretion of the Manager may involve a
matter that would be a "conflict of interest matter" as set forth under applicable Canadian securities legislation, the matter will be referred by the Manager to the independent review committee
established by the Manager for its recommendation. In connection with the termination of the Trust, the Trust will, to the extent possible, convert its assets into cash and, after paying or making
adequate provision for all of the Trust's liabilities, distribute the net assets of the Trust to unitholders, on a </FONT><FONT SIZE=2><I>pro&nbsp;rata</I></FONT><FONT SIZE=2> basis, as soon as
practicable after the termination&nbsp;date. </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=14,EFW="2228998",CP="SPROTT PHYSICAL SILVER TRUST",DN="1",CHK=666432,FOLIO='10',FILE='DISK122:[16ZBQ2.16ZBQ42502]DC42502A.;9',USER='PANDERS',CD='21-JUN-2016;05:56' -->
<A NAME="page_dc42502_1_11"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg42505a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dc42502_fees_and_expenses"> </A>
<A NAME="toc_dc42502_1"> </A>
<BR></FONT><FONT SIZE=2><B>  FEES AND EXPENSES    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This table lists the fees and expenses that the Trust pays for the continued operation of its business and that unitholders may have to
pay if they invest in the Trust. Payment of these fees and expenses will reduce the value of the unitholders' investment in the Trust. The unitholders will have to pay fees and expenses directly if
they redeem their trust units for physical silver&nbsp;bullion. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Fees and Expenses Payable by the Trust  </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
<P style="font-family:times;text-align:justify"></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="172pt" style="font-family:times;"></TD>
<TD WIDTH="18pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:40pt;"><FONT SIZE=1><B>Type of Fee

<!-- COMMAND=ADD_SCROPPEDRULE,40pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Amount and Description </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B> </B></FONT><FONT SIZE=2><B>Management Fee:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><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. The management fee is calculated and accrued daily and payable monthly in arrears on the last day of each month.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B> </B></FONT><FONT SIZE=2><B>Operating Expenses:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> The Trust is responsible for all costs and expenses incurred in connection with the ongoing operation and administration of the
Trust including, but not limited to: the fees and expenses payable to and incurred by the Trustee, the Manager, any investment manager, the Mint, RBC Investor Services as custodian, any sub-custodians, the registrar, the transfer agent and the
valuation agent of the Trust; transaction and handling costs for the physical silver bullion including transportation costs for any physical silver bullion purchased for London delivery; storage fees for the physical silver bullion; custodian
settlement fees; counterparty fees; legal, audit, accounting, bookkeeping and record-keeping fees and expenses; costs and expenses of reporting to unitholders and conducting unitholder meetings; printing and mailing costs; filing and listing fees
payable to applicable securities regulatory authorities and stock exchanges; other administrative expenses and costs incurred in connection with the Trust's continuous disclosure public filing requirements and investor relations; any applicable
Canadian taxes payable by the Trust or to which the Trust may be subject; interest expenses and borrowing costs, if any; brokerage expenses and commissions; costs and expenses relating to the issuance of trust units; costs and expenses of preparing
financial and other reports; any expenses associated with the implementation and ongoing operation of the independent review committee of the Trust; costs and expenses arising as a result of complying with all applicable laws; and any expenditures
incurred upon the termination of the Trust.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B> </B></FONT><FONT SIZE=2><B>Other Fees and Expenses:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> The Trust is responsible for the fees and expenses of any action, suit or other proceedings in which, or in relation to which,
the Trustee, the Manager, the Mint, RBC Investor Services as custodian, any sub-custodians, the valuation agent, the registrar and transfer agent or the underwriters for its offerings and/or any of their respective officers, directors, employees,
consultants or agents is entitled to indemnity by the Trust.</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust has retained cash from the net proceeds of each of its offerings of trust units in an amount not exceeding 3% of the net proceeds of each of such offerings, which has been
added to its available funds to be used for its ongoing expenses and cash redemptions. From time to time, the Trust will sell physical silver bullion to replenish this cash reserve to meet its
expenses and any cash redemptions. There is no limit on
the total amount of silver bullion that the Trust may sell in order to pay expenses, but the Manger intends that the cash reserve will not exceed 3% of the value of the net assets of the Trust at
any&nbsp;time. </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>

<!-- ZEQ.=5,SEQ=15,EFW="2228998",CP="SPROTT PHYSICAL SILVER TRUST",DN="1",CHK=444393,FOLIO='11',FILE='DISK122:[16ZBQ2.16ZBQ42502]DC42502A.;9',USER='PANDERS',CD='21-JUN-2016;05:56' -->
<A NAME="page_dc42502_1_12"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg42505a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Fees and Expenses Payable Directly by Unitholders  </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
<P style="font-family:times;text-align:justify"></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="172pt" style="font-family:times;"></TD>
<TD WIDTH="18pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:40pt;"><FONT SIZE=1><B>Type of Fee

<!-- COMMAND=ADD_SCROPPEDRULE,40pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Amount and Description </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B> </B></FONT><FONT SIZE=2><B>Redemption&nbsp;and&nbsp;Delivery Costs:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> Except as set forth above, there are no redemption fees payable upon the redemption of units for cash. However, if a unitholder
chooses to receive physical silver bullion upon redemption of trust units, the unitholder 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 trust units that are being redeemed and the applicable silver storage in-and-out fees. For an example of a calculation of fees and expenses associated with a redemption of trust units for
physical silver bullion, see "Redemption of Units&nbsp;&#151;&nbsp;Redemptions for Physical Silver Bullion&nbsp;&#151;&nbsp;Example of a Redemption for Physical Silver Bullion" in the AIF, which is incorporated by reference herein.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B> </B></FONT><FONT SIZE=2><B>Other&nbsp;Fees&nbsp;and&nbsp;Expenses:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> No other charges apply. If applicable, the unitholder may be subject to brokerage commissions or other fees associated with
trading the trust units.</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dc42502_risk_factors"> </A>
<A NAME="toc_dc42502_2"> </A>
<BR></FONT><FONT SIZE=2><B>  RISK FACTORS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>You should consider </I></FONT><FONT SIZE=2><B><I>carefully</I></B></FONT><FONT SIZE=2><I> the risks described below before
making an investment decision. You should also refer to the other information included and incorporated by reference herein, including but not limited to the AIF and the Trust's financial statements
and the related notes. See "Documents Incorporated by&nbsp;Reference".</I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The value of the trust units relates directly to the value of the silver held by the Trust, and fluctuations in the price of silver could materially adversely
affect an investment in the trust&nbsp;units.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
principal factors affecting the value of the trust units are factors that affect the price of silver. Silver bullion is tradable internationally and its price is generally quoted in
U.S.&nbsp;dollars. The price of the trust units depends on, and typically fluctuates with, the price fluctuations of silver. The price of silver may be affected at any time by many international,
economic, monetary and political factors, many of which are unpredictable. These factors include, without limitation:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>global silver supply and demand, which is influenced by such factors as: (i)&nbsp;forward selling by silver producers;
(ii)&nbsp;purchases made by silver producers to unwind silver hedge positions; (iii)&nbsp;central bank purchases and sales; (iv)&nbsp;production and cost levels in major silver-producing
countries; (v)&nbsp;new production projects; and (vi)&nbsp;industrial demand for&nbsp;silver; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>investors' expectations for future inflation rates; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>exchange rate volatility of the U.S.&nbsp;dollar, the principal currency in which the price of silver is generally
quoted; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>interest rate volatility; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>unexpected global, or regional, political or economic incidents. </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changing
tax, royalty, land and mineral rights ownership and leasing regulations in silver producing countries can also have an impact on market functions and expectations for future
silver supply. This can affect both share prices of silver mining companies and the relative prices of other commodities, which are both factors that may affect investor decisions in respect of
investing in&nbsp;silver. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>An investment in the Trust will yield long-term gains only if the value of silver increases in an amount in excess of the Trust's
expenses.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust does not actively trade silver to take advantage of short-term market fluctuations in the price of silver or generate other income. Accordingly, the Trust's long-term
performance is dependent on the long-term performance of the price of silver. As a result, an investment in the Trust will yield long-term gains only if the value of silver increases in an amount in
excess of the Trust's expenses. </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=16,EFW="2228998",CP="SPROTT PHYSICAL SILVER TRUST",DN="1",CHK=917009,FOLIO='12',FILE='DISK122:[16ZBQ2.16ZBQ42502]DC42502A.;9',USER='PANDERS',CD='21-JUN-2016;05:56' -->
<A NAME="page_dc42502_1_13"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg42505a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>A redemption of trust units for cash will yield a lesser amount than selling the trust units on NYSE Arca or the TSX, if such a sale
is&nbsp;possible.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because
the cash redemption value of the trust units is based on 95% of the lesser of (i)&nbsp;the volume-weighted average trading price of the trust units traded on NYSE Arca or, if
trading has been suspended on NYSE Arca, the volume-weighted average trading price of the trust units traded on the TSX, for the last five days on which the respective exchange is open for trading for
the month in which the redemption request is processed and (ii)&nbsp;the NAV of the redeemed trust units as of 4:00&nbsp;p.m., Toronto time, on the last day of the month on which NYSE Arca is open
for trading for the month in which the redemption request is processed, redeeming the trust units for cash will generally yield a lesser amount than selling the trust units on NYSE Arca or the TSX,
assuming such a sale is possible. You should consider the manner in which the cash redemption value is determined before exercising your right to redeem your trust units for&nbsp;cash. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>If a unitholder redeems trust units for physical silver bullion and requests to have the silver delivered to a destination other than an institution authorized to
accept and hold London Good Delivery silver bars, the physical silver bullion will no longer be deemed London Good Delivery once it has been&nbsp;delivered.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;London
Good Delivery bars have the advantage that a purchaser generally will accept such bars as consisting of the indicated number of troy ounces of at least .995&nbsp;fine silver
without assaying or otherwise testing them. This provides London Good Delivery bars with added liquidity as a sale of such bars can be completed more easily than the sale of physical silver bullion
that is not London Good Delivery. The Trust will only purchase London Good Delivery bars, and the physical silver bullion owned by the Trust will retain its status as London Good Delivery bars while
it is stored at the Mint. If a unitholder redeems trust units for physical silver bullion and has the silver delivered to an institution authorized to accept and hold London Good Delivery silver bars
through an armored transportation service carrier that is eligible to transport London Good Delivery silver bars, it is likely that the silver will retain its London Good Delivery status while in the
custody of that institution. However, if the redeeming unitholder instructs that silver be delivered to a destination other than such an institution, the physical silver bullion delivered to the
unitholder will no longer be deemed London Good Delivery once it has been delivered pursuant to the redeeming unitholder's delivery instructions, which may make a future sale of such silver
more&nbsp;difficult. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The Trust may conduct further offerings of trust units from time to time, at which time it will offer trust units at a price that will be at or above NAV at the
time of the offering but that may be below the trading price of trust units on NYSE Arca or TSX at that&nbsp;time.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust may conduct further offerings of trust units from time to time. Under the provisions of the Trust Agreement, the net proceeds to the Trust of any offering must be at or above
NAV prior to, or upon determining the pricing of, the offering. Follow-on offerings of securities of issuers that are traded on an exchange usually are priced below the trading price of such
securities at the time of an offering to induce
investors to purchase securities in the follow-on offering rather than through the exchange on which such securities are traded. Consequently, the price to the public at which such trust units are
offered likely will be below the trading price of trust units on NYSE Arca or TSX at the time of the offering, which may have the effect of lowering the trading price of trust units immediately after
the pricing of such follow-on offering. In addition, if and as long as the trading price of the trust units is below NAV, it is unlikely that the Trust will be able to conduct a further offering of
trust units, because the Trust Agreement governing the Trust provides such trust units would have to be offered at a price above the trading price of trust units. The Manager may, from time to time
and in its sole discretion, pay some or all of the expenses associated with an offering of trust&nbsp;units. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The trading price of trust units on NYSE Arca and the TSX is not predictable and may be affected by factors beyond the control of
the&nbsp;Trust.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust cannot predict whether the trust units will trade above, at or below NAV. The trading price of trust units may not closely track the price of physical silver bullion, and trust
units may trade, and in the past have traded, on NYSE Arca or the TSX at a significant premium or discount from time to time. In addition to changes in the price of physical silver bullion, the
trading price of trust units may be affected by other factors beyond the control of the Trust, which may include the following: macroeconomic developments in North America and globally; market
perceptions of attractiveness of physical silver bullion as an investment; the </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=17,EFW="2228998",CP="SPROTT PHYSICAL SILVER TRUST",DN="1",CHK=195463,FOLIO='13',FILE='DISK122:[16ZBQ2.16ZBQ42502]DC42502A.;9',USER='PANDERS',CD='21-JUN-2016;05:56' -->
<A NAME="page_dc42502_1_14"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg42505a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>lessening
in trading volume and general market interest in the trust units which may affect a unitholder's ability to trade significant numbers of units; and the size of the Trust's public float which
may limit the ability of some institutions to invest in the trust units. An adverse development with regard to one or more of these factors may lead to a decrease in physical silver bullion trading
prices. A decline in prices of physical silver bullion would decrease the value of net assets of the Trust and the&nbsp;NAV. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Any sale of silver by the Trust to pay expenses and to cover certain cash redemptions will reduce the amount of silver represented by each trust unit on an
ongoing basis irrespective of whether the trading price of the trust units rises or falls in response to changes in the price of&nbsp;silver.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
outstanding trust unit represents an equal, fractional, undivided ownership interest in the net assets of the Trust attributable to the trust units. As the Trust does not expect to
generate any net income and will sell physical silver bullion over time on an as-needed basis to pay for its ongoing expenses and to cover certain redemptions, the amount of silver represented by each
trust unit will and the NAV may, gradually decline over time. This is true even if additional trust units are issued in future offerings of trust units by the Trust from time to time, as the amount of
silver acquired by the proceeds of any such future offering of trust units will proportionately reflect the amount of silver represented by such trust units. Assuming a constant silver price, the
trading price of the trust units is expected to gradually decline relative to the price of silver as the amount of silver represented by the trust units gradually declines. The trust units will only
maintain their original value if the price of silver increases enough to offset the Trust's expenses. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investors
should be aware that, assuming no purchases of physical silver bullion are made by the Trust as a result of further offerings of trust units by the Trust, the gradual decline
in the amount of physical silver bullion held by the Trust will occur regardless of whether the trading price of the trust units rises or falls in response to changes in the price of&nbsp;silver. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The sale of the Trust's physical silver bullion to pay expenses or to cover certain redemptions at a time of low silver prices could adversely affect the value of
the net assets of the&nbsp;Trust.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Manager will sell physical silver bullion held by the Trust to pay Trust expenses or to cover certain redemptions on an as-needed basis irrespective of then-current silver prices,
and no attempt will be made to buy or sell physical silver bullion to protect against or to take advantage of fluctuations in the price of silver. Consequently, the Trust's physical silver bullion may
be sold at a time when the silver price is low. Sales of physical silver bullion at relatively lower silver prices will require the sale of more physical silver bullion, which in turn will have an
adverse effect on the value of the net assets of the Trust and the&nbsp;NAV. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The Trust does not insure its assets and there may not be adequate sources of recovery if its silver is lost, damaged, stolen
or&nbsp;destroyed.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust does not insure its assets, including the physical silver bullion stored at the Mint. Consequently, if there is a loss of assets of the Trust through theft, destruction, fraud
or otherwise, the Trust and unitholders will need to rely on insurance carried by applicable third parties, if any, or on such third party's ability to satisfy any claims against it. The amount of
insurance available or the financial resources of a responsible third party may not be sufficient to satisfy the Trust's claim against such party. Also, unitholders are unlikely to have any right to
assert a claim directly against such third party; such claims may only be asserted by the Trustee on behalf of the Trust. In addition, if a loss is covered by insurance carried by a third party, the
Trust, which is not a beneficiary on such insurance, may have to rely on the efforts of the third party to recover its loss. This may delay or hinder the Trust's ability to recover its loss in a
timely manner or&nbsp;otherwise. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
loss with respect to the Trust's silver that is not covered by insurance and for which compensatory damages cannot be recovered would have a negative impact on the NAV and would
adversely affect an investment in the trust units. In addition, any event of loss may adversely affect the operations of the Trust and, consequently, an investment in the trust&nbsp;units. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>If there is a loss, damage or destruction of the Trust's physical silver bullion in the custody of the Mint and the Trust does not give timely notice, all claims
against the Mint will be deemed&nbsp;waived.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event of loss, damage or destruction of the Trust's physical silver bullion in the Mint's custody, care and control, the Manager, on behalf of the Trust must give written notice
to the Mint within five Mint business </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>14</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=18,EFW="2228998",CP="SPROTT PHYSICAL SILVER TRUST",DN="1",CHK=426871,FOLIO='14',FILE='DISK122:[16ZBQ2.16ZBQ42502]DC42502A.;9',USER='PANDERS',CD='21-JUN-2016;05:56' -->
<A NAME="page_dc42502_1_15"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg42505a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>days
(a&nbsp;Mint business day means any day other than a Saturday, Sunday or a holiday observed by the Mint) after its discovery of any such loss, damage or destruction, but in any event no more
than 30&nbsp;days after the delivery by the Mint to the Manager, on behalf of the Trust, of an inventory statement in which the discrepancy first appears. If such notice is not given in a timely
manner, all claims against the Mint will be deemed to have been waived. In addition, no action, suit or other proceeding to recover any loss or shortage can be brought against the Mint unless timely
notice of such loss or shortage has been given and such action, suit or proceeding will have commenced within 12&nbsp;months from the time a claim is made. The loss of the right to make a claim or
of the ability to bring an action, suit or other proceeding against the Mint may mean that any such loss will be non-recoverable, which will have an adverse effect on the value of the net assets of
the Trust and the&nbsp;NAV. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>RBC Investor Services, the Mint and other service providers engaged by the Trust may not carry adequate insurance to cover claims against them by
the&nbsp;Trust.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unitholders
cannot be assured that RBC Investor Services, the Mint or other service providers engaged by the Trust will maintain any insurance with respect to the Trust's assets held or
the services that such parties provide to the Trust and, if they maintain insurance, that such insurance is sufficient to satisfy any losses incurred by them in respect of their relationship with the
Trust. In addition, none of the Trust's service providers are required to include the Trust as a named beneficiary of any such insurance policies that are purchased. Accordingly, the Trust will have
to rely on the efforts of the service provider to recover from their insurer compensation for any losses incurred by the Trust in connection with such arrangements. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>All redemptions will be determined using U.S.&nbsp;dollars, which will expose redeeming non-U.S.&nbsp;unitholders to
currency&nbsp;risk.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
redemptions will be determined using U.S.&nbsp;dollars. All redeeming unitholders will receive any cash amount to which the unitholder is entitled in connection with the redemption
in U.S.&nbsp;dollars, and will be exposed to the risk that the exchange rate between the U.S.&nbsp;dollar and the other currency in which the unitholder generally operates will result in a lesser
redemption amount than the unitholder would have received if the redemption amount had been calculated and delivered in such other currency. In addition, because any cash as a result of the redemption
will be delivered in U.S.&nbsp;dollars, the redeeming unitholder may be required to open or maintain an account that can receive deposits of U.S.&nbsp;dollars. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>In the event the Trust's physical silver bullion is lost, damaged, stolen or destroyed, recovery may be limited to the market value of the silver at the time the
loss is&nbsp;discovered.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
there is a loss due to theft, loss, damage, destruction or fraud or otherwise with respect to the Trust's physical silver bullion held by one of the Trust's custodians and such loss
is found to be the fault of such
custodian, the Trust may not be able to recover more than the market value of the silver at the time the loss is discovered. If the market value of silver increases between the time the loss is
discovered and the time the Trust receives payment for its loss and purchases physical silver bullion to replace the losses, less physical silver bullion will be acquired by the Trust and the value of
the net assets of the Trust will be negatively affected. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>A redeeming unitholder that suffers loss of, or damage to, its physical silver bullion during delivery from the Mint will not be able to claim damages from the
Trust or the&nbsp;Mint.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a unitholder exercises its option to redeem trust units for physical silver bullion, the unitholder's physical silver bullion will be transported by an armored transportation service
carrier engaged by or on behalf of the redeeming unitholder. Because ownership of the physical silver bullion will transfer to such unitholder at the time the Mint surrenders the physical silver
bullion to the armored transportation service carrier, the redeeming unitholder will bear the risk of loss from the moment the armored transportation service carrier takes possession of the physical
silver bullion on behalf of such unitholder. In the event of any loss or damage in connection with the delivery of the physical silver bullion after such time, such unitholder will not be able to
claim damages from the Trust or the Mint but will need to bring a claim against the armored transportation service carrier. </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=19,EFW="2228998",CP="SPROTT PHYSICAL SILVER TRUST",DN="1",CHK=346829,FOLIO='15',FILE='DISK122:[16ZBQ2.16ZBQ42502]DC42502A.;9',USER='PANDERS',CD='21-JUN-2016;05:56' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_de42502_1_16"> </A>


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




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




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2>
<A HREF="#bg42505a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>Because the Trust primarily invests in physical silver bullion, an investment in the Trust may be more volatile than an investment in a
more broadly diversified portfolio.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust is primarily invested at all times in physical silver bullion. As a result, the Trust's holdings are not diversified. Accordingly, the NAV may be more volatile than another
investment vehicle with a more broadly diversified portfolio and may fluctuate substantially over time. An investment in the Trust may be deemed speculative and is not intended as a complete
investment program. An investment in trust units should be considered only by persons financially able to maintain their investment and who can bear the risk of loss associated with an investment in
the Trust. Investors should review closely the objective and strategy, the Investment and Operating Restrictions and the redemption provisions of the Trust as outlined herein and familiarize
themselves with the risks associated with an investment in the&nbsp;Trust. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Under Canadian law, the Trust and unitholders may have limited recourse against the&nbsp;Mint.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Mint is a Canadian Crown corporation. A Crown corporation may be sued for breach of contract or for wrongdoing in tort where it has acted on its own behalf or on behalf of the Crown.
However, a Crown corporation may be entitled to immunity if it acts as agent of the Crown rather than in its own right and on its own behalf. The Mint has entered into the Silver Storage Agreement
relating to the custody of the Trust's physical silver bullion on its own behalf and not on behalf of the Crown; nevertheless, a court may determine that, when acting as custodian of the Trust's
physical silver bullion, the Mint acted as agent of the Crown and, accordingly, that the Mint may be entitled to immunity of the Crown. Consequently, the Trust or a unitholder may not be able to
recover for any losses incurred as a result of the Mint's acting as custodian of the Trust's physical silver&nbsp;bullion. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>A notice of redemption is irrevocable.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
order to redeem trust units for cash or silver, a unitholder must provide a notice of redemption to the Trust's transfer agent. Except when redemptions have been suspended by the
Manager, once a notice of redemption has been received by the transfer agent, it can no longer be revoked by the unitholder under any circumstances, though it may be rejected by the transfer agent if
it does not comply with the requirements for a notice of redemption. See "Sprott Physical Silver Trust&nbsp;&#151;&nbsp;Business of the
Trust&nbsp;&#151;&nbsp;Redemption of Trust Units for Physical Silver Bullion" and "Sprott Physical Silver Trust&nbsp;&#151;&nbsp;Business of the
Trust&nbsp;&#151;&nbsp;Redemption of Trust Units for&nbsp;Cash". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The Mint may become a private enterprise, in which case its obligations will not constitute the unconditional obligations of the Government
of&nbsp;Canada.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the past, there has been speculation regarding whether the Government of Canada might privatize the Mint. The Mint will not remain a Crown corporation if the Government of Canada
privatizes the Mint. If the Mint were to become a private entity, its obligations would no longer generally constitute unconditional obligations of the Government of Canada and, although it would
continue to be responsible for and bear the risk of loss of, and damage to, the Trust's physical silver bullion that is in its custody, there would be no assurance that the Mint would have the
resources to satisfy claims of the Trust against the Mint based on a loss of, or damage to, the Trust's physical silver bullion in the custody of the&nbsp;Mint. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The Trust may terminate and liquidate at a time that is disadvantageous to&nbsp;unitholders.</B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Trust is required to terminate and liquidate or the Manager determines to terminate and liquidate the Trust, such termination and liquidation could occur at a time which is
disadvantageous to unitholders, such as when silver prices are lower than the silver prices at the time when unitholders purchased their trust units. In such a case, when the Trust's physical silver
bullion is sold as part of the Trust's liquidation, the resulting proceeds distributed to unitholders will be less than if silver prices were higher at the time of sale. In certain circumstances, the
Manager has the ability to terminate the Trust without the consent of unitholders. The Manager's interests may differ from those of the unitholders, and the Manager may terminate the Trust at a time
that is not advantageous for the unitholder. See "Sprott Physical Silver Trust&nbsp;&#151;&nbsp;Business of the Trust&nbsp;&#151;&nbsp;Termination of the
Trust" for more information about the termination of the Trust, including when the termination of the Trust may be triggered by events outside the direct control of the Manager, the Trustee or the
unitholders. </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=20,EFW="2228998",CP="SPROTT PHYSICAL SILVER TRUST",DN="1",CHK=441131,FOLIO='16',FILE='DISK122:[16ZBQ2.16ZBQ42502]DE42502A.;6',USER='PANDERS',CD='21-JUN-2016;05:56' -->
<A NAME="page_de42502_1_17"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg42505a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The trust units may trade at a price which is at, above or below the NAV, and any discount or premium in the trading price relative to the NAV may widen as a
result of non-concurrent trading hours between the COMEX, NYSE Arca and the&nbsp;TSX.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trust
units may trade in the market at a premium or discount to the NAV. This risk is separate and distinct from the risk that the NAV may&nbsp;decrease. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
amount of the discount or premium in the trading price relative to the NAV may be influenced by non-concurrent trading hours between the COMEX division of the New&nbsp;York
Mercantile Exchange, which is the U.S.&nbsp;exchange on which silver for physical delivery is traded, and NYSE Arca and the TSX. Liquidity in the global silver market will be reduced after the close
of the COMEX division of the New&nbsp;York Mercantile Exchange at 1:25&nbsp;p.m. Eastern time. The trust units will trade on NYSE Arca and the TSX until 4:00&nbsp;p.m. Eastern time. As a result
of reduced liquidity in the global silver market after the close of regular trading hours on the COMEX division of the New&nbsp;York Mercantile Exchange, trading spreads, and the resulting premium
or discount to the NAV may widen between 1:25&nbsp;p.m. Eastern time and 4:00&nbsp;p.m. Eastern&nbsp;time. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The Trust may suspend redemptions, which may affect the trading price of the trust&nbsp;units.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
certain circumstances, the Manager, on behalf of the Trust, may suspend the right of unitholders to request a redemption of their trust units or postpone the date of delivery or
payment of the redemption proceeds of the Trust (whether physical silver bullion and/or cash, as the case may be) with the prior approval of Canadian securities regulatory authorities having
jurisdiction, where required. Such circumstances include any period during which the Manager determines that conditions exist which render impractical the sale of assets of the Trust or which impair
the ability of the Manager to determine the value of the assets of the Trust or the redemption amount for the trust units. See "Sprott Physical Silver
Trust&nbsp;&#151;&nbsp;Business of the Trust&nbsp;&#151;&nbsp;Redemption of Trust Units for Physical Silver Bullion" and "Sprott Physical Silver
Trust&nbsp;&#151;&nbsp;Business of the Trust&nbsp;&#151;&nbsp;Redemption of Trust Units for Cash". This may affect the trading price of the trust units at
a time when an investor wishes to sell his, her or its trust units on NYSE Arca or the TSX. Accordingly, trust units may not be an appropriate investment for investors who seek immediate liquidity. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The market for trust units and the liquidity of trust units may be adversely affected by competition from other methods of investing
in&nbsp;silver.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust competes with other financial vehicles, including traditional debt and equity securities issued by companies in the silver industry and other securities backed by or linked to
silver, direct investments in silver
and investment vehicles similar to the Trust. Market and financial conditions, and other conditions beyond the Manager's control, may make it more attractive to invest in other financial vehicles or
to invest in silver directly, which could limit the market for the trust units and reduce the liquidity of the trust units and, accordingly, the price received for sales of trust units on NYSE Arca or
the&nbsp;TSX. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The Trust will sell physical silver bullion to provide available funds for its expenses and for any cash redemptions.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust has retained cash from the net proceeds of its offerings in an amount not in excess of 3% of the net proceeds of such offerings in order to provide available funds for expenses
and any cash redemptions. If the Trust's expenses are higher than estimated, the Trust may need to sell physical silver bullion earlier than anticipated to meet its expenses and any cash redemptions.
In addition, from time to time the Trust will sell physical silver bullion to replenish its cash reserve to meet its expenses and any cash redemptions. Such sales may result in a reduction of the NAV
and the trading price of the trust units. There is no limit on the total amount of silver that the Trust may sell in order to pay&nbsp;expenses. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Unitholders do not have the protections associated with ownership of trust units in an investment company registered under the U.S.&nbsp;Investment Company Act
of 1940, as amended or the protections afforded by the Commodity Exchange&nbsp;Act.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust is not registered as an investment company under the Investment Company Act of 1940, as amended, and is not required to register under such Act. Consequently, unitholders do
not have the regulatory protections provided to investors in investment companies. The Trust does not and will not hold or trade in commodity futures contracts regulated by the Commodity Exchange Act
of 1936 (the&nbsp;"Commodity Exchange </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=21,EFW="2228998",CP="SPROTT PHYSICAL SILVER TRUST",DN="1",CHK=654175,FOLIO='17',FILE='DISK122:[16ZBQ2.16ZBQ42502]DE42502A.;6',USER='PANDERS',CD='21-JUN-2016;05:56' -->
<A NAME="page_de42502_1_18"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg42505a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Act"),
as administered by the U.S.&nbsp;Commodity Futures Trading Commission, (the&nbsp;"CFTC"). Furthermore, the Trust is not a commodity pool for purposes of the Commodity Exchange Act, and none
of the Manager, the Trustee or the underwriters involved in the Trust's previous offerings is subject to regulation by the CFTC as a commodity pool operator or a commodity trading advisor in
connection with the trust units. Consequently, unitholders do not have the regulatory protections provided to investors in Commodity Exchange Act-regulated instruments or commodity pools nor may COMEX
or any futures exchange enforce its rules with respect to the Trust's activities. In addition, unitholders do not benefit from the protections afforded to investors in silver futures contracts on
regulated futures exchanges. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The Manager and its affiliates also manage other funds that invest in physical silver bullion and other assets that may be held by the Trust, and conflicts of
interest by the Manager or its affiliates may&nbsp;occur.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Manager is responsible for the day-to-day business and operation of the Trust and, therefore, exercises significant control over the Trust. The Manager may have different interests
than the unitholders and consequently may act in a manner that is not advantageous to unitholders at any particular&nbsp;time. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Manager and the&nbsp;GP, the&nbsp;GP's directors and officers, and their respective affiliates and associates may engage in the promotion, management or investment management of
other accounts, funds or trusts that invest primarily in physical silver bullion. The Manager currently manages other mutual funds and hedge funds that may also include physical silver bullion as part
of their portfolios. One of these mutual funds, a Canadian public mutual fund called the Sprott Silver Bullion Fund, has an investment objective and strategy to hold physical silver bullion, similar
to the Trust. Although officers, directors and professional staff of the Manager devote as much time to the Trust as is deemed appropriate to perform their duties, the staff of the Manager may have
conflicts in allocating their time and services among the Trust and the other accounts, funds or trusts managed by the&nbsp;Manager. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The Trust's obligation to reimburse the Trustee, the Manager, the underwriters or certain parties related to them for certain liabilities could adversely affect
an investment in the trust&nbsp;units.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
certain circumstances, the Trust might be subject to significant indemnification obligations in favor of the Trustee, the Manager, or an underwriter as a result of an offering or
certain parties related to them. The Trust does not carry any insurance to cover such potential obligations and, to the Manager's knowledge, none of the foregoing parties are insured for losses for
which the Trust has agreed to indemnify them. Any indemnification paid by the Trust would reduce the value of net assets of the Trust and, accordingly, the&nbsp;NAV. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Unitholders are not entitled to participate in management of the Trust.</B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unitholders
are not entitled to participate in the management or control of the Trust or its operations, except to the extent of exercising their right to vote their trust units when
applicable. Unitholders do not have any input into the Trust's daily activities. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The rights of unitholders differ from those of shareholders of a corporation.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because
the Trust is organized as a trust rather than a corporation, the rights of unitholders are set forth in the Trust Agreement rather than in a corporate statute. This means that
unitholders do not have the statutory rights normally associated with the ownership of shares in an Ontario corporation. For example, the Trust is not subject to minimum quorum requirements, is not
required to hold annual meetings, and has no officers or directors. Unitholders have the right to vote on matters brought before unitholders in accordance with the Trust Agreement but do not have a
right to elect the Manager, though unitholders do have the right to remove the Manager in certain circumstances. In addition, unitholders do not have the right to bring "oppression" or "derivative"
suits. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The investment objective and restrictions of the Trust and the attributes of a particular class or series of a class of trust units may be changed by way of an
extraordinary resolution of all unitholders and unitholders of such class or series of a class of trust units, respectively.</B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
investment objective and restrictions of the Trust and the attributes of a particular class or series of a class of trust units may be changed with the approval, in person or by
proxy, of all unitholders and unitholders holding trust units of that class or series of a class, as the case may be, representing in aggregate not less than </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>18</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=22,EFW="2228998",CP="SPROTT PHYSICAL SILVER TRUST",DN="1",CHK=394533,FOLIO='18',FILE='DISK122:[16ZBQ2.16ZBQ42502]DE42502A.;6',USER='PANDERS',CD='21-JUN-2016;05:56' -->
<A NAME="page_de42502_1_19"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg42505a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>66<SUP>2</SUP>/<SMALL>3</SMALL>%
of the value of the net assets of the Trust or that class or series of a class of the Trust, respectively, as determined in accordance with the Trust Agreement, at a duly
constituted meeting of unitholders, or at any adjournment thereof, called and held in accordance with the Trust Agreement, or a written resolution signed by unitholders holding trust units
representing in aggregate not less than 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the value of the net assets of the Trust or of that class or series of a class of the Trust, as determined in accordance with the Trust
Agreement. Such changes to the investment objective or restrictions of the Trust or the attributes of the trust units may be more favorable or less favorable to unitholders than the investment
objective or restrictions of the Trust or the attributes of the trust units, as the case may be, as described in this prospectus. The value of the trust units sold hereby may decrease as a result of
such&nbsp;changes. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Substantial redemptions of trust units may affect the liquidity and trading price of trust units and increase the  </B></FONT><FONT SIZE=2><B><I>pro&nbsp;rata</I></B></FONT><FONT SIZE=2><B> expenses per trust&nbsp;unit.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substantial
redemptions of trust units could result in a decrease in the trading liquidity of the trust units and increase the amount of Trust expenses allocated to each remaining trust
unit. Such increased expenses may reduce the value of the net assets of the Trust, the NAV and the trading price of the trust&nbsp;units. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Fluctuation in foreign exchange rates may have an adverse effect on the Trust and on the trading price of the trust&nbsp;units.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust maintains its accounting records, purchases silver and reports its financial position and results in U.S.&nbsp;dollars. Because certain of the Trust's expenses are paid in
Canadian dollars, an increase in the value of the Canadian dollar would increase the reported expenses of the Trust that are payable in Canadian dollars, which could result in the Trust being required
to sell more physical silver bullion to pay its expenses. Further, such appreciation could adversely affect the Trust's reported financial results, which may have an adverse effect on the trading
price of the trust&nbsp;units. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The Trust expects to be a passive foreign investment company, which may have adverse U.S.&nbsp;federal income tax consequences to U.S.&nbsp;Holders who do not
make certain elections.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on its method of operation, the Trust expects to be treated as a passive foreign investment company, (a&nbsp;"PFIC"), for U.S.&nbsp;federal income tax purposes. Therefore, a
U.S.&nbsp;Holder (as&nbsp;defined under "Material Tax Considerations&nbsp;&#151;&nbsp;Material U.S.&nbsp;Federal Income Tax
Considerations&nbsp;&#151;&nbsp;U.S.&nbsp;Federal Income Taxation of U.S.&nbsp;Holders") of the trust units that does not make a Qualified Electing Fund ("QEF") election or
a mark-to-market election with respect to the trust units generally will be liable to pay U.S.&nbsp;federal income tax at the then prevailing income tax rates on ordinary income plus interest upon
excess distributions and upon any gain from the disposition of the trust units as if the excess distribution or gain had been recognized ratably over the U.S.&nbsp;Holder's holding period for the
trust units. A U.S.&nbsp;Holder generally may mitigate these U.S.&nbsp;federal income tax consequences by making a QEF election, or, to a lesser extent, a mark-to-market election. See "Material
Tax Considerations&nbsp;&#151;&nbsp;Material U.S.&nbsp;Federal Income Tax Considerations" for a more comprehensive discussion of the U.S.&nbsp;federal income tax
consequences to U.S.&nbsp;Holders arising from the Trust's status as a PFIC and the procedures for making a QEF election or a mark-to-market election. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>A U.S.&nbsp;Holder that makes a QEF election with respect to his, her or its trust units may be required to include amounts in income for U.S.&nbsp;federal
income tax purposes if any holder redeems trust units for cash or physical silver&nbsp;bullion.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
noted below and described in detail under "Material Tax Considerations&nbsp;&#151;&nbsp;Material U.S.&nbsp;Federal Income Tax Considerations", a
U.S.&nbsp;Holder generally may mitigate the U.S.&nbsp;federal income tax consequences under the PFIC rules of holding trust units by making a QEF election. A U.S.&nbsp;Holder that makes a QEF
election must report each year for U.S.&nbsp;federal income tax purposes his, her or its </FONT><FONT SIZE=2><I>pro&nbsp;rata</I></FONT><FONT SIZE=2> share of the Trust's ordinary earnings and
the Trust's net capital gain, if any, regardless of whether or not distributions were received from the Trust by the U.S.&nbsp;Holder. If any holder redeems trust units for physical silver bullion
(regardless of whether the holder requesting redemption is a U.S.&nbsp;Holder or has made a QEF election), the Trust will be treated as if it sold the physical silver bullion for its fair market
value. As a result, all the U.S.&nbsp;Holders who have made a QEF election will be required to currently include in their income their </FONT><FONT SIZE=2><I>pro&nbsp;rata</I></FONT><FONT SIZE=2>
share of the Trust's gain from such deemed disposition (which generally will be taxable to non-corporate U.S.&nbsp;Holders at a maximum rate of 28% under current law if the Trust has held the
physical silver bullion for more than one year), even though such </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>19</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=23,EFW="2228998",CP="SPROTT PHYSICAL SILVER TRUST",DN="1",CHK=359846,FOLIO='19',FILE='DISK122:[16ZBQ2.16ZBQ42502]DE42502A.;6',USER='PANDERS',CD='21-JUN-2016;05:56' -->
<A NAME="page_de42502_1_20"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg42505a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>deemed
disposition is not attributable to any action on their part. If any holder redeems trust units for cash and the Trust sells physical silver bullion to fund the redemption (regardless of whether
the holder requesting redemption is a U.S.&nbsp;Holder or has made a QEF election), all the U.S.&nbsp;Holders who have made a QEF election similarly will include in their income their </FONT> <FONT SIZE=2><I>pro&nbsp;rata</I></FONT><FONT SIZE=2>
share of the Trust's gain from the sale of the physical silver bullion, which will be taxable as described above, even though the
Trust's sale of physical silver bullion is not attributable to any action on their part. See "Material Tax Considerations&nbsp;&#151;&nbsp;Material U.S.&nbsp;Federal Income
Tax Considerations&nbsp;&#151;&nbsp;U.S.&nbsp;Federal Income Taxation of U.S.&nbsp;Holders&nbsp;&#151;&nbsp;Taxation of U.S.&nbsp;Holders Making a
Timely QEF&nbsp;Election." </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Unitholders may be liable for obligations of the Trust to the extent the Trust's obligations are not satisfied out of the
Trust's&nbsp;assets.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust Agreement provides that no unitholder will be subject to any liability whatsoever, in tort, contract or otherwise, to any person in connection with the investment obligations,
affairs or assets of the Trust and all such persons will look solely to the Trust's assets for satisfaction of claims of any nature arising out of or in connection therewith. Also, under the </FONT> <FONT SIZE=2><I>Trust Beneficiaries' Liability Act,
2004</I></FONT><FONT SIZE=2> (Ontario), holders of trust units of a trust governed by the laws of the Province of Ontario that is a
reporting issuer under the </FONT><FONT SIZE=2><I>Securities Act</I></FONT><FONT SIZE=2> (Ontario) (as&nbsp;the Trust is) are not, as beneficiaries, liable for any act, default, obligation or
liability of such trust. Notwithstanding the above, there is a risk that a unitholder could be held personally liable for obligations of the Trust to the extent that claims are not satisfied out of
the assets of the Trust if a court finds (i)&nbsp;that Ontario law does not govern the ability of a third party to make a claim against a beneficiary of a trust and that the applicable governing law
permits such a claim, or (ii)&nbsp;that the unitholder was acting in a capacity other than as a beneficiary of the trust. In the event that a unitholder should be required to satisfy any obligation
of the Trust, under the Trust Agreement, such unitholder will be entitled to reimbursement from any available assets of the&nbsp;Trust. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Canadian registered plans that redeem their trust units for physical silver bullion may be subject to adverse consequences.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Physical
silver bullion received by a Canadian registered plan, such as a registered retirement savings plan ("RRSP"), on a redemption of trust units for physical silver bullion will not
be a qualified investment for such plan. Accordingly, such plans (and&nbsp;in the case of certain plans, the annuitants or beneficiaries thereunder or holders thereof) may be subject to adverse
Canadian tax consequences including, in the case of registered education savings plans ("RESPs"), revocation of such&nbsp;plans. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Because unitholders that are constituted and authorized as UCITS or are otherwise prohibited by their investment policies, guidelines or restrictions from
receiving physical silver bullion may only redeem their trust units for cash, a redemption of trust units by such a unitholder would result in less redemption value than that received by a unitholder
that redeems its trust units for physical silver&nbsp;bullion.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unitholders
that are constituted and authorized as UCITS or are otherwise prohibited by their investment policies, guidelines or restrictions from receiving physical silver bullion may
only redeem their trust units for cash, not physical silver bullion. Unitholders that redeem their trust units for cash are entitled to receive a redemption price per unit equal to 95% of the lesser
of (i)&nbsp;the volume-weighted average trading price of the trust units traded on NYSE Arca or, if trading has been suspended on NYSE Arca, the volume-weighted average trading price of the trust
units traded on the TSX, for the last five days on which the respective exchange is open for trading for the month in which the redemption request is processed; and (ii)&nbsp;the NAV of the redeemed
trust units as of 4:00&nbsp;p.m., Toronto time, on the last day of such month on which NYSE Arca is open for trading. See "Sprott Physical Silver
Trust&nbsp;&#151;&nbsp;Business of the Trust&nbsp;&#151;&nbsp;Redemptions of Trust Units for Cash". Because trust units that are redeemed for physical
silver bullion receive a redemption price equal to 100% of the NAV of the redeemed trust units on the last day of the month on which NYSE Arca is open for trading for the month in respect of which the
redemption request is processed, a unitholder that is constituted and authorized as UCITS or is otherwise prohibited by its investment policies, guidelines or restrictions from receiving physical
silver bullion and that
redeems its trust units for cash may receive less in redemption value than that received by a unitholder that redeems its trust units for physical silver&nbsp;bullion. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>20</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=24,EFW="2228998",CP="SPROTT PHYSICAL SILVER TRUST",DN="1",CHK=340263,FOLIO='20',FILE='DISK122:[16ZBQ2.16ZBQ42502]DE42502A.;6',USER='PANDERS',CD='21-JUN-2016;05:56' -->
<A NAME="page_de42502_1_21"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg42505a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>If the Trust ceases to qualify as a mutual fund trust for Canadian income tax purposes, it or the unitholders could become subject to material adverse
consequences.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
order to qualify as a mutual fund trust under the Tax&nbsp;Act, the Trust must comply with various requirements contained in the Tax&nbsp;Act, including (in&nbsp;many or most
circumstances) requirements to hold substantially all its property in assets (such as physical silver bullion and cash) that are not "taxable Canadian property," and to restrict its undertaking to the
investing of its funds. See "Material Tax Considerations&nbsp;&#151;&nbsp;Canadian Federal Income Tax Considerations&nbsp;&#151;&nbsp;Qualification as a
Mutual Fund Trust." If the Trust were to cease to qualify as a mutual fund trust (whether as a result of a change of law or administrative practice, or due to its failure to comply with the current
Canadian requirements for qualification as a mutual fund trust), it may experience various potential adverse consequences, including becoming subject to a requirement to withhold tax on distributions
made to non-resident unitholders of any capital gains realized from the dispositions of physical silver bullion and the trust units not qualifying for investment by Canadian registered plans and the
trust units ceasing to qualify as "Canadian securities" for the purposes of the election provided in subsection&nbsp;39(4) of the Tax&nbsp;Act. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>If the Trust were to carry on a business in Canada in a taxation year or acquire securities that were "non-portfolio properties," it could become subject to tax
at full corporate tax rates on some or all of its income for that&nbsp;year.</B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Manager anticipates that the Trust will make sufficient distributions in each year of any income (including taxable capital gains) realized by the Trust for Canadian tax purposes in
the year so as to ensure that it will not be subject to Canadian income tax on such income. Such income generally will become subject to Canadian income tax at full corporate rates if the Trust
becomes a SIFT trust, even if distributed in full. If the Trust, contrary to its investment restrictions, were to carry on a business in Canada in a taxation year and use its property in the course of
any such business, or acquire securities that were "non-portfolio properties," it could become a SIFT trust. The activities of the Trust, as described in this prospectus, are intended to avoid having
the Trust characterized as a SIFT trust. The Canada Revenue Agency ("CRA") may take a different (and&nbsp;adverse) view of this issue and characterize the Trust as a SIFT trust. If the Trust were a
SIFT trust for a taxation year of the Trust, it would effectively be taxed similarly to a corporation on income and capital gains in respect of such non-portfolio properties at a combined
federal/provincial tax rate comparable to rates that apply to income earned and distributed by Canadian corporations. Distributions of such income received by unitholders would be treated as dividends
from a taxable Canadian corporation. See "Material Tax Considerations&nbsp;&#151;&nbsp;Canadian Federal Income Tax Considerations&nbsp;&#151;&nbsp;SIFT
Trust&nbsp;Rules." </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>If the Trust treats distributed gains as being on capital account and CRA later determines that the gains were on income account, then Canadian withholding taxes
would apply to the extent that the Trust has distributed the gains to non-resident unitholders and Canadian resident unitholders could be reassessed to increase their taxable income. Any taxes borne
by the Trust itself would reduce the NAV and the trading prices of the trust&nbsp;units.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Manager anticipates that the Trust generally will treat gains (or&nbsp;losses) as a result of dispositions of physical silver bullion as capital gains (or&nbsp;capital losses),
although depending on the circumstances, it may instead include (or&nbsp;deduct) the full amount of such gains in computing its income. See "Material Tax
Considerations&nbsp;&#151;&nbsp;Canadian Federal Income Tax Considerations&nbsp;&#151;&nbsp;Canadian Taxation of the Trust". If any transactions of the
Trust are reported by it on capital account but are subsequently determined by the CRA to be on income account, there may be an increase in the net income of the Trust for tax purposes and the taxable
component of redemption proceeds (or&nbsp;any other amounts) distributed to unitholders, with the result that Canadian resident unitholders could be reassessed by the CRA to increase their taxable
income by the amount of such increase, and non-resident unitholders potentially could be assessed directly by the CRA for Canadian withholding tax on the amount of net gains on such transactions that
were treated by the CRA having been distributed to them. The CRA can assess the Trust for a failure of the Trust to withhold tax on distributions made by it to non-resident unitholders that are
subject to withholding tax, and typically would do so rather than assessing the non-resident unitholders directly. Accordingly, any such re-determination by the CRA may result in the Trust being
liable for unremitted withholding taxes on prior distributions made to unitholders who were not resident in Canada for the purposes of the Tax&nbsp;Act at the time of the distribution. As the Trust
may not be able to recover such withholding taxes from the non-resident unitholders whose trust units were redeemed, </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>21</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=25,EFW="2228998",CP="SPROTT PHYSICAL SILVER TRUST",DN="1",CHK=849650,FOLIO='21',FILE='DISK122:[16ZBQ2.16ZBQ42502]DE42502A.;6',USER='PANDERS',CD='21-JUN-2016;05:56' -->
<A NAME="page_de42502_1_22"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg42505a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>payment
of any such amounts by the Trust would reduce the NAV and the trading prices of the trust units. See "Material Tax Considerations&nbsp;&#151;&nbsp;Canadian Taxation of
Unitholders&nbsp;&#151;&nbsp;Unitholders Not Resident in&nbsp;Canada." </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>If the Trust experiences a "loss restriction event" it could result in unintended tax consequences for Unitholders.</B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Tax&nbsp;Act contains loss restriction rules that could result in unintended tax consequences for unitholders, including an unscheduled allocation of income or capital gains that
must be included in a unitholder's income for Canadian income tax purposes. If the Trust experiences a "loss restriction event", it will: (i)&nbsp;be deemed to have a year end for Canadian tax
purposes whether or not the Trust has losses (which would trigger an allocation of the Trust's net income and net realized capital gains to unitholders to ensure that the Trust itself is not subject
to tax on such amounts); and (ii)&nbsp;the Trust will become subject to the Canadian loss restriction rules that generally apply to corporations, including a deemed realization of any unrealized
capital losses and disallowance of its ability to carry forward capital losses. Generally, the Trust will be subject to a loss restriction event if a person becomes a "majority-interest beneficiary",
or a group of persons becomes a "majority-interest group of beneficiaries", of the Trust, as those terms are defined in the affiliated persons rules contained in the Tax&nbsp;Act, with certain
modifications. Generally, a majority-interest beneficiary of a Trust is a beneficiary in the income or capital, as the case may be, of the Trust who, together with the beneficial
interests of persons and partnerships with whom the beneficiary is affiliated, has a fair market value that is greater than 50% of the fair market value of all the interests in the income or capital,
as the case may be, of the Trust. Recent amendments to the Tax&nbsp;Act may provide relief from the application of the "loss restriction event" rules to a trust that qualifies as a "mutual fund
trust" for purposes of the Tax&nbsp;Act and that meets certain asset diversification requirements to qualify as a "portfolio investment fund" as defined in subsection&nbsp;251.2(1) of the
Tax&nbsp;Act. These amendments may preclude the Trust from being subject to the consequences of a "loss restriction event" described above in many circumstances. In addition, the Department of
Finance released Legislative Proposals Relating to Income Taxation of Certain Trusts and Estates on January&nbsp;15, 2016 (the&nbsp;"Proposed Amendments"). The Proposed Amendments would change the
asset diversification requirements but are generally relieving in nature and are designed to prevent a person or group of persons from becoming a majority-interest beneficiary or a majority-interest
group of beneficiaries of a trust simply as a result of the redemption of trust units by another unitholder of the trust. Please see "Material Tax
Considerations&nbsp;&#151;&nbsp;Canadian Taxation of Unitholders" for the tax consequences of a distribution to&nbsp;unitholders. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>A unitholder may be unable to bring actions or enforce judgments against the Trust, the Trustee, the Manager, the&nbsp;GP or any of their officers and directors
under U.S.&nbsp;federal securities laws in Canada or to serve process on any of them in the United&nbsp;States or EU Member&nbsp;States.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the Trust, the Trustee, the Manager, and the&nbsp;GP is organized under the laws of the Province of Ontario, Canada, and all of their executive offices and substantially all of
the administrative activities and a majority of their assets are located outside the United&nbsp;States or EU Member States. In addition, the directors and officers of the Trustee and the&nbsp;GP
are residents of jurisdictions other than the United&nbsp;States or EU Member States and all or a substantial portion of the assets of those persons are or may be located outside such jurisdictions. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a result, a unitholder may be unable to serve legal process within his, her or its jurisdiction upon any of the Trust, the Trustee, the Manager or the&nbsp;GP or any of their
directors or officers, as applicable, or enforcing judgments obtained in courts in a unitholder's jurisdiction against any of them or the assets of any of them located outside a unitholder's
jurisdiction, or enforcing them in the appropriate Canadian court judgments obtained courts of a unitholder's jurisdiction, including, but not limited to, judgments predicated upon the civil liability
provisions of the federal securities laws of the United&nbsp;States or an EU Member State, or bringing an original action in the appropriate Canadian courts to enforce liabilities against the Trust,
the Trustee, the Manager, the&nbsp;GP or any of their directors or officers, as applicable, based upon the U.S.&nbsp;federal securities laws, or securities laws of an EU Member&nbsp;State. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While
a unitholder, whether or not a resident of the United&nbsp;Kingdom, may be able to commence an action in Canada relating to the Trust and may also be able to petition Canadian
courts to enforce judgments obtained in the courts of any part of the United&nbsp;Kingdom against any of the Trust, the Trustee, the Manager or the&nbsp;GP or any of their directors or officers,
in accordance with the Convention between the Government of Canada and </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>22</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=26,EFW="2228998",CP="SPROTT PHYSICAL SILVER TRUST",DN="1",CHK=683252,FOLIO='22',FILE='DISK122:[16ZBQ2.16ZBQ42502]DE42502A.;6',USER='PANDERS',CD='21-JUN-2016;05:56' -->
<A NAME="page_de42502_1_23"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg42505a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>the
Government of the United&nbsp;Kingdom of Great Britain and Northern Ireland providing for the Reciprocal Recognition and Enforcement of Judgments in Civil and Commercial Matters dated
January&nbsp;1, 1987, a unitholder may face additional requirements serving legal process within the United&nbsp;Kingdom upon or enforcing judgments obtained in the United&nbsp;Kingdom courts
against any of them or the assets of any of them located outside the United&nbsp;Kingdom, or enforcing against any of them in the appropriate Canadian court judgments obtained in the courts of any
part of the United&nbsp;Kingdom, or bringing an original action in the appropriate Canadian courts to enforce liabilities against the Trust, the Trustee, the Manager, the&nbsp;GP or any of their
directors or officers, as&nbsp;applicable. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="de42502_use_of_proceeds"> </A>
<A NAME="toc_de42502_1"> </A>
<BR></FONT><FONT SIZE=2><B>  USE OF PROCEEDS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise specified in a prospectus supplement, the net proceeds that the Trust will receive from the issue of its trust units
will be used to acquire physical silver bullion in accordance with the Trust's objective and subject to the Trust's investment and operating restrictions described herein. See "Sprott Physical Silver
Trust&nbsp;&#151;&nbsp;Business of the Trust&nbsp;&#151;&nbsp;Investment Objectives of the Trust" and "Investment and Operating Restrictions". </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="de42502_capitalization"> </A>
<A NAME="toc_de42502_2"> </A>
<BR></FONT><FONT SIZE=2><B>  CAPITALIZATION    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other than in respect of the Follow-on Offering pursuant to which the Trust issued a total of 14,145,000&nbsp;trust units, there have
been no material changes in the Trust's capitalization since the date of the Interim Financial Statements, being the most recently filed financial statements of the Trust, other than changes as a
result of changes in the price of&nbsp;silver. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="de42502_description_of_the_trust_units"> </A>
<A NAME="toc_de42502_3"> </A>
<BR></FONT><FONT SIZE=2><B>  DESCRIPTION OF THE TRUST UNITS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust is authorized to issue an unlimited number of trust units in one or more classes and series of a class. Currently, the Trust
has issued only one class or series of trust units, which are the class of trust units that will be qualified by this prospectus. Each trust unit of a class or series of a class represents an
undivided ownership interest in the net assets of the Trust attributable to that class or series of a class of trust units. Trust units are transferable and redeemable at the option of the unitholder
in accordance with the provisions set forth in the Trust Agreement. All trust units of the same class or series of a class have equal rights and privileges with respect to all matters, including
voting, receipt of distributions from the Trust, liquidation and other events in connection with the Trust. Trust units and fractions thereof
are issued only as fully paid and non-assessable. Trust units have no preference, conversion, exchange or pre-emptive rights. Each whole trust unit of a particular class or series of a class entitles
the holder thereof to a vote at meetings of unitholders where all classes vote together, or to a vote at meetings of unitholders where that particular class or series of a class of unitholders votes
separately as a&nbsp;class. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust may not issue trust units except (i)&nbsp;if the net proceeds per trust unit to be received by the Trust are not less than 100% of the most recently calculated NAV per trust
unit immediately prior to, or upon, the determination of the pricing of such issuance or (ii)&nbsp;by way of trust unit distribution in connection with an income distribution. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="de42502_prior_sales"> </A>
<A NAME="toc_de42502_4"> </A>
<BR></FONT><FONT SIZE=2><B>  PRIOR SALES    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There have been no trust units issued from treasury for the 12-month period before the date of this prospectus other than
14,145,000&nbsp;trust units issued in connection with the Follow-on Offering at a price of U.S.$6.09 per trust&nbsp;unit. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>23</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=27,EFW="2228998",CP="SPROTT PHYSICAL SILVER TRUST",DN="1",CHK=673543,FOLIO='23',FILE='DISK122:[16ZBQ2.16ZBQ42502]DE42502A.;6',USER='PANDERS',CD='21-JUN-2016;05:56' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_dg42502_1_24"> </A>


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




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




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2>
<A HREF="#bg42505a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dg42502_market_price_of_trust_units"> </A>
<A NAME="toc_dg42502_1"> </A>
<BR></FONT><FONT SIZE=2><B>  MARKET PRICE OF TRUST UNITS    <BR>    </B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The trust units are traded on NYSE Arca and TSX under the symbol "PSLV" and "PHS.U", respectively. The following table sets forth the
high and low prices and monthly average trading volume for the trust units since June&nbsp;1,&nbsp;2015. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:75%;margin-left:12%;">
<P style="font-family:times;text-align:justify"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="32pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="32pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="55pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="32pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="32pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=19 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>NYSE ARCA ($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>TSX ($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1><B>Calendar Period</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>High</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Low</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Average<BR>
Volume<SUP>(1)</SUP></B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>High</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Low</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Average<BR>
Volume</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=19 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1><B> </B></FONT><FONT SIZE=2>June&nbsp;2015</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.61</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.05</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>298,130</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.77</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.19</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5,999</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=19 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>July&nbsp;2015</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.21</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5.55</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>417,551</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.56</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.07</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,692</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=19 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>August&nbsp;2015</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.03</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5.42</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>380,572</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.20</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5.31</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9,971</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=19 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>September&nbsp;2015</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.00</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5.55</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>574,600</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.05</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5.45</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5,932</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=19 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>October&nbsp;2015</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.29</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5.58</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>370,306</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5.99</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5.51</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,926</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=19 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>November&nbsp;2015</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5.98</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5.39</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>318,118</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.27</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5.70</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,402</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=19 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>December&nbsp;2015</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5.60</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5.23</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>477,201</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5.93</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5.31</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6,916</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=19 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>January&nbsp;2016</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5.58</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5.25</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>300,227</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5.56</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5.23</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8,442</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=19 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>February&nbsp;2016</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.23</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5.47</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>504,376</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.20</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5.46</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10,299</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=19 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>March&nbsp;2016</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.44</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5.76</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>576,781</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.40</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5.79</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12,991</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=19 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>April&nbsp;2016</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.88</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5.90</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,716,527</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.89</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5.92</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>18,994</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=19 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>May&nbsp;2016</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.85</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.08</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>797,324</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.99</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.09</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12,173</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=19 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>June&nbsp;1 to 20, 2016</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.81</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.02</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>775,081</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.82</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.08</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>15,930</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=19 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:12%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=1>
Note: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=1>Includes
volume traded on other United&nbsp;States exchanges and trading markets. </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><A
NAME="dg42502_plan_of_distribution"> </A>
<A NAME="toc_dg42502_2"> </A>
<BR></FONT><FONT SIZE=2><B>  PLAN OF DISTRIBUTION    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust may sell the trust units to or through underwriters or dealers purchasing as principals to one or more purchasers directly,
or through agents designated from time to time by the Manager on behalf of the Trust. Subject to the provisions of the Trust Agreement pursuant to which the Trust was established, the trust units may
be sold at fixed prices or non-fixed prices, such as prices determined by reference to the prevailing market price of the trust units at the time of sale or at prices to be negotiated with purchasers,
which prices may vary between purchasers and during the period of distribution of the trust units. The prospectus supplement for any of the trust units being offered thereby will set forth the terms
of the offering of such trust units, including the name or names of underwriters, dealers or agents, any underwriting discounts and other items constituting underwriters' compensation, any public
offering price and any discounts or concessions allowed or paid to dealers or agents. Only underwriters so named in the relevant prospectus supplement will be deemed to be underwriters in connection
with the trust units offered thereby. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
underwriters are used in connection with an offering, the trust units will be acquired by the underwriters for their own account and may be resold from time to time in one or more
transactions, including negotiated transactions, at a fixed public offering price or at varying prices determined at the time of sale. The obligations of the underwriters to purchase such trust units
will be subject to certain conditions precedent, and the underwriters will be obligated to purchase all the trust units offered by the prospectus supplement if any of such trust units are purchased.
Any public offering price and any discounts or concessions allowed or paid to dealers may be changed from time to&nbsp;time. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with an offering, the underwriters, dealers or agents, as the case may be, may over-allot or effect transactions intended to fix or stabilize the market price of the trust
units at a level above that which might otherwise prevail in the open market. An over-allotment, if any, involves sales in excess of the offering size, which creates a short position. Stabilizing
transactions involve bids to purchase the underlying security so long as </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>24</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=28,EFW="2228998",CP="SPROTT PHYSICAL SILVER TRUST",DN="1",CHK=405732,FOLIO='24',FILE='DISK122:[16ZBQ2.16ZBQ42502]DG42502A.;10',USER='PANDERS',CD='21-JUN-2016;05:56' -->
<A NAME="page_dg42502_1_25"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg42505a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>the
stabilizing bids do not exceed a specified maximum. These transactions may cause the price of the trust units sold in an offering to be higher then they would otherwise be. The size of the
over-allotment, if any, is not known at this time. Such transactions, if commenced, may be discontinued at any&nbsp;time. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
trust units may also be sold directly by the Trust at such prices and upon such terms as are agreed to by the Manager, on behalf of the Trust, and the purchaser or through agents
designated by the Manager on behalf of the Trust from time to time. Any agent involved in the offering and sale of the trust units in respect of which this prospectus is delivered will be named, and
any commissions payable by the Trust to such agent will be set forth, in a prospectus supplement. Unless otherwise indicated in the prospectus supplement, any agent would be acting on a best efforts
basis for the period of its appointment. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underwriters,
dealers and agents who participate in the distribution of the trust units may be entitled, under agreements to be entered into with the Trust, to indemnification by the
Trust against certain liabilities, including liabilities under securities legislation, or to contribution with respect to payments which such underwriters, dealers or agents may be required to make in
respect thereof. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dg42502_material_tax_considerations"> </A>
<A NAME="toc_dg42502_3"> </A>
<BR></FONT><FONT SIZE=2><B>  MATERIAL TAX CONSIDERATIONS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Material U.S.&nbsp;Federal Income Tax Considerations  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the opinion of Seward&nbsp;&amp; Kissel&nbsp;LLP, the Trust's U.S.&nbsp;counsel, the following are the material
U.S.&nbsp;federal income tax consequences to U.S.&nbsp;Holders of the ownership and disposition of trust units. This discussion does not purport to deal with the tax consequences of owning trust
units to all categories of investors, some of which, such as dealers in securities, regulated investment companies, tax-exempt organizations, investors whose functional currency is not the
U.S.&nbsp;dollar and investors that own, actually or under applicable constructive ownership rules, 10% or more of the trust units, may be subject to special rules. This discussion does not address
U.S.&nbsp;state or local tax, U.S.&nbsp;federal estate or gift tax or foreign tax consequences of the ownership and disposition of trust units. This discussion deals only with holders who purchase
trust units in connection with an offering and hold the trust units as a capital asset. You are encouraged to consult your own tax advisors concerning the overall tax consequences arising in your own
particular situation under U.S.&nbsp;federal, state, local or foreign law of the ownership of trust&nbsp;units. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following discussion of U.S.&nbsp;federal income tax matters is based on the U.S.&nbsp;Internal Revenue Code of 1986, as amended, (the&nbsp;"Code"), judicial decisions,
administrative pronouncements, and existing and proposed regulations issued by the U.S.&nbsp;Department of the Treasury (the&nbsp;"Treasury Regulations"), all of which are subject to change,
possibly with retroactive effect. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> U.S.&nbsp;Federal Income Tax Classification of the Trust  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust has filed an affirmative election with the Internal Revenue Service ("IRS") to be classified as an association taxable as a
corporation for U.S.&nbsp;federal income tax&nbsp;purposes. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> U.S.&nbsp;Federal Income Taxation of U.S.&nbsp;Holders  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As used herein, the term "U.S.&nbsp;Holder" means a beneficial owner of trust units that is a U.S.&nbsp;citizen or resident for
U.S.&nbsp;income tax purposes, a U.S.&nbsp;corporation or other U.S.&nbsp;entity taxable as a corporation, an estate the income of which is subject to U.S.&nbsp;federal income taxation
regardless of its source, or a trust if a court within the United&nbsp;States is able to exercise primary jurisdiction over the administration of the trust and one or more U.S.&nbsp;persons have
the authority to control all substantial decisions of the&nbsp;trust. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a partnership (including an entity treated as a partnership for U.S.&nbsp;federal income tax purposes) holds the trust units, the tax treatment of a partner will generally depend
upon the status of the partner and upon the activities of the partnership. However, a U.S.&nbsp;person that is an individual, trust or estate and that owns trust units through a partnership
generally will be eligible for the reduced rates of taxation described below that
may be applicable to U.S.&nbsp;Individual Holders (as&nbsp;defined below). If you are a partner in a partnership holding the trust units, we suggest that you consult your tax&nbsp;advisor. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>25</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=29,EFW="2228998",CP="SPROTT PHYSICAL SILVER TRUST",DN="1",CHK=626256,FOLIO='25',FILE='DISK122:[16ZBQ2.16ZBQ42502]DG42502A.;10',USER='PANDERS',CD='21-JUN-2016;05:56' -->
<A NAME="page_dg42502_1_26"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg42505a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> <U>Distributions</U>  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As discussed under the section entitled "Distribution Policy" in the AIF, the Trust does not anticipate making regular cash
distributions to unitholders. Subject to the PFIC discussion below, any distributions made by the Trust with respect to the trust units to a U.S.&nbsp;Holder will generally constitute dividends,
which will generally be taxable as ordinary income to the extent of the Trust's current or accumulated earnings and profits, as determined under U.S.&nbsp;federal income tax principles.
Distributions in excess of the Trust's earnings and profits will be treated first as a nontaxable return of capital to the extent of the U.S.&nbsp;Holder's tax basis in his, her or its trust units
on a dollar-for-dollar basis and thereafter as gain from the disposition of trust units. Since the Trust will be a PFIC, as described below, dividends paid on the trust units to a U.S.&nbsp;Holder
who is an individual, trust or estate, or a U.S.&nbsp;Individual Holder, will generally not be treated as "qualified dividend income" that is taxable to U.S.&nbsp;Individual Holders at
preferential tax rates. Any dividends generally will be treated as foreign-source income for U.S.&nbsp;foreign tax credit limitation purposes. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> <U>Redemption of Trust Units</U>  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As described under "Sprott Physical Silver Trust&nbsp;&#151;&nbsp;Business of the
Trust&nbsp;&#151;&nbsp;Redemption of Trust Units for Physical Silver Bullion" and "Sprott Physical Silver Trust&nbsp;&#151;&nbsp;Business of the
Trust&nbsp;&#151;&nbsp;Redemption of Trust Units for Cash" a U.S.&nbsp;Holder may have trust units redeemed for cash or physical silver bullion. Under Section&nbsp;302 of
the Code, a U.S.&nbsp;Holder generally will be treated as having sold his, her or its trust units (rather than having received a distribution on the trust units) upon the redemption of trust units
if the redemption completely terminates or significantly reduces the U.S.&nbsp;Holder's interest in the Trust. In such case, the redemption will be treated as described in the relevant section below
depending on whether the U.S.&nbsp;Holder makes a QEF election, a mark-to-market election or makes no election and therefore is subject to the Default PFIC Regime (as&nbsp;defined&nbsp;below). </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> <U>Passive Foreign Investment Company Status and Significant Tax Consequences</U>  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special U.S.&nbsp;federal income tax rules apply to a U.S.&nbsp;Holder that holds stock in a foreign corporation classified as a
PFIC for U.S.&nbsp;federal income tax purposes. In general, the Trust will be treated as a PFIC with respect to a U.S.&nbsp;Holder if, for any taxable year in which such U.S.&nbsp;Holder held
the trust units,&nbsp;either:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>at least 75% of the Trust's gross income for such taxable year consists of passive income;&nbsp;or </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>at least 50% of the average value of the assets held by the Trust during such taxable year produce, or are held for the
production of, passive&nbsp;income. </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of these tests, "passive income" includes dividends, interest, and gains from the sale or exchange of investment property (including commodities). The income that the Trust
derives from its sales of physical silver bullion is expected to be treated as passive income for this purpose. Since substantially all of the Trust's assets will consist of physical silver bullion
and the Trust expects to derive substantially all of its income from the sales of physical silver bullion, it is expected the Trust will be treated as a PFIC for each of its taxable&nbsp;years. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assuming
the Trust is a PFIC, a U.S.&nbsp;Holder will be subject to different taxation rules depending on whether the U.S.&nbsp;Holder (1)&nbsp;makes an election to treat the Trust
as a QEF, which is referred to as a QEF election, (2)&nbsp;makes a mark-to-market election with respect to the trust units, or (3)&nbsp;makes no election and therefore is subject to the Default
PFIC Regime. As discussed in detail below, making a QEF election or a mark-to-market election generally will mitigate the otherwise adverse U.S.&nbsp;federal income tax consequences under the
Default PFIC Regime. However, the mark-to-market election may not be as favorable as the QEF election because a U.S.&nbsp;Holder generally will recognize income each year attributable to any
appreciation in the U.S.&nbsp;Holder's trust units without a corresponding distribution of cash or other&nbsp;property. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assuming
that the Trust is a PFIC, for taxable years beginning on or after March&nbsp;18, 2010, a U.S.&nbsp;Holder is required to file an annual report with the IRS reporting his,
her or its investment in the&nbsp;Trust. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>26</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=30,EFW="2228998",CP="SPROTT PHYSICAL SILVER TRUST",DN="1",CHK=418486,FOLIO='26',FILE='DISK122:[16ZBQ2.16ZBQ42502]DG42502A.;10',USER='PANDERS',CD='21-JUN-2016;05:56' -->
<A NAME="page_dg42502_1_27"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg42505a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> <U>Taxation of U.S.&nbsp;Holders Making a Timely QEF Election</U>  </I></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Making the Election.</U>&nbsp;&nbsp;&nbsp;&nbsp;A U.S.&nbsp;Holder would make a QEF election with respect to any year that the Trust is a PFIC by
filing IRS Form&nbsp;8621 with his, her or its U.S.&nbsp;federal income tax return. The Trust intends to annually provide each U.S.&nbsp;Holder with all necessary information in order to make
and maintain a QEF election. A U.S.&nbsp;Holder who makes a QEF election for the first taxable year in which he, she or it owns trust units, or an Electing Holder, will not be subject to the Default
PFIC Regime for any taxable year. We will refer to an Electing Holder that is a U.S.&nbsp;Individual Holder as a Non-Corporate Electing Holder. A U.S.&nbsp;Holder who does not make a timely QEF
election would be subject to the Default PFIC Regime for taxable years during his, her or its holding period in which a QEF election was not in effect, unless such U.S.&nbsp;Holder makes a special
"purging" election. A U.S.&nbsp;Holder who does not make a timely QEF election is encouraged to consult such U.S.&nbsp;Holder's tax advisor regarding the availability of such purging election. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Current Taxation and Dividends.</U>&nbsp;&nbsp;&nbsp;&nbsp;An Electing Holder must report each year for U.S.&nbsp;federal income tax purposes
his, her or its </FONT><FONT SIZE=2><I>pro&nbsp;rata</I></FONT><FONT SIZE=2> share of the Trust's ordinary earnings and the Trust's net capital gain, if any, for the Trust's taxable year that ends
with or within the taxable year of the Electing Holder, regardless of whether or not distributions were received from the Trust by the Electing Holder. A Non-Corporate Electing Holder's </FONT> <FONT SIZE=2><I>pro&nbsp;rata</I></FONT><FONT SIZE=2>
share of the Trust's net capital gain generally will be taxable at a maximum rate of 28% under current law to the extent attributable to
sales of physical silver bullion by the Trust if the Trust has held the silver bullion for more than one year. Otherwise such gain generally will be treated as ordinary income. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any holder redeems his, her or its trust units for physical silver bullion (regardless of whether the holder requesting redemption is a U.S.&nbsp;Holder or an Electing Holder), the
Trust will be treated as if it sold physical silver bullion for its fair market value in order to redeem the holder's trust units. As a result, any Electing Holder will be required to currently
include in income his, her or its </FONT><FONT SIZE=2><I>pro&nbsp;rata</I></FONT><FONT SIZE=2> share of the Trust's gain from such deemed disposition (taxable to a Non-Corporate Electing Holder at
a maximum rate of 28% under current law if the Trust has held the physical silver bullion for more than one year) even though the deemed disposition by the Trust is not attributable to any action on
the Electing Holder's part. If any holder redeems trust units for cash and the Trust sells physical silver bullion to fund the redemption (regardless of whether the holder requesting redemption is a
U.S.&nbsp;Holder or an Electing Holder), an Electing Holder similarly will include in income his, her or its </FONT><FONT SIZE=2><I>pro&nbsp;rata</I></FONT><FONT SIZE=2> share of the Trust's gain
from the sale of the physical silver bullion, which will be taxable as described above even though the Trust's sale of physical silver bullion is not attributable to any action on the Electing
Holder's part. An Electing Holder's adjusted tax basis in the trust units will be increased to reflect any amounts currently included in income under the QEF rules. Distributions of earnings and
profits that had been previously included in income will result in a corresponding reduction in the adjusted tax basis in the trust units and will not be taxed again once distributed. Any other
distributions generally will be treated as discussed above under "Material Tax Considerations&nbsp;&#151;&nbsp;Material U.S.&nbsp;Federal Income Tax
Considerations&nbsp;&#151;&nbsp;U.S.&nbsp;Federal Income Taxation of U.S.&nbsp;Holders&nbsp;&#151;&nbsp;Distributions." </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income
inclusions under the QEF rules described above generally should be treated as foreign-source income for U.S.&nbsp;foreign tax credit limitation purposes, but Electing Holders
should consult their tax advisors in this&nbsp;regard. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Sale, Exchange or Other Disposition.</U>&nbsp;&nbsp;&nbsp;&nbsp;An Electing Holder will generally recognize capital gain or loss on the sale,
exchange, or other disposition of the trust units in an amount equal to the excess of the amount realized on such disposition over the Electing Holder's adjusted tax basis in the trust units. Such
gain or loss will be treated as a long-term capital gain or loss if the Electing Holder's holding period in the trust units is greater than one year at the time of the sale, exchange or other
disposition. Long-term capital gains of U.S.&nbsp;Individual Holders currently are taxable at a maximum rate of 20%. An Electing Holder's ability to deduct capital losses is subject to certain
limitations. Any gain or loss generally will be treated as U.S.-source gain or loss for U.S.&nbsp;foreign tax credit limitation purposes. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
Electing Holder that redeems his, her or its trust units will be required to currently include in income his, her or its </FONT> <FONT SIZE=2><I>pro&nbsp;rata</I></FONT><FONT SIZE=2> share of the Trust's gain from the deemed or actual disposition of
physical silver bullion, as described above, which will be taxable to
a Non-Corporate Electing Holder at a maximum rate of 28% under current law if the Trust has held the physical silver bullion for more than one year. The Electing Holder's </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>27</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=31,EFW="2228998",CP="SPROTT PHYSICAL SILVER TRUST",DN="1",CHK=813453,FOLIO='27',FILE='DISK122:[16ZBQ2.16ZBQ42502]DG42502A.;10',USER='PANDERS',CD='21-JUN-2016;05:56' -->
<A NAME="page_dg42502_1_28"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg42505a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>adjusted
tax basis in the trust units will be increased to reflect such gain that is included in income. The Electing Holder will further recognize capital gain or loss on the redemption in an amount
equal to the excess of the fair market value of the physical silver bullion or cash received upon redemption over the Electing Holder's adjusted tax basis in the trust units. Such gain or loss will be
treated as described in the preceding paragraph. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> <U>Taxation of U.S.&nbsp;Holders Making a Mark-to-Market Election</U>  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Making the Election.</U>&nbsp;&nbsp;&nbsp;&nbsp;Alternatively, if, as is anticipated, the trust units are treated as "marketable stock", a
U.S.&nbsp;Holder would be allowed to make a mark-to-market election with respect to the trust units, provided the U.S.&nbsp;Holder completes and files IRS Form&nbsp;8621 in accordance with the
relevant instructions and related Treasury Regulations. The trust units will be treated as marketable stock for this purpose if they are regularly
traded on a qualified exchange or other market. The trust units will be regularly traded on a qualified exchange or other market for any calendar year during which they are traded (other than in </FONT> <FONT SIZE=2><I>de minimis</I></FONT><FONT
SIZE=2> quantities) on at least 15&nbsp;days during each calendar quarter. A qualified exchange or other market means either a U.S.&nbsp;national
securities exchange that is registered with the SEC, the NASDAQ, or a foreign securities exchange that is regulated or supervised by a governmental authority of the country in which the market is
located and which satisfies certain regulatory and other requirements. The Trust believes that both the TSX and NYSE Arca should be treated as a qualified exchange or other market for
this&nbsp;purpose. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Current Taxation and Dividends.</U>&nbsp;&nbsp;&nbsp;&nbsp;If the mark-to-market election is made, the U.S.&nbsp;Holder generally would include
as ordinary income in each taxable year the excess, if any, of the fair market value of the trust units at the end of the taxable year over such U.S.&nbsp;Holder's adjusted tax basis in the trust
units. The U.S.&nbsp;Holder would also be permitted an ordinary loss in respect of the excess, if any, of the U.S.&nbsp;Holder's adjusted tax basis in the trust units over their fair market value
at the end of the taxable year, but only to the extent of the net amount previously included in income as a result of the mark-to-market election. Any income inclusion or loss under the preceding
rules should be treated as gain or loss from the sale of trust units for purposes of determining the source of the income or loss. Accordingly, any such gain or loss generally should be treated as
U.S.-source income or loss for U.S.&nbsp;foreign tax credit limitation purposes. A U.S.&nbsp;Holder's tax basis in his, her or its trust units would be adjusted to reflect any such income or loss
amount. Distributions by the Trust to a U.S.&nbsp;Holder who has made a mark-to-market election generally will be treated as discussed above under "Material Tax
Considerations&nbsp;&#151;&nbsp;Material U.S.&nbsp;Federal Income Tax Considerations&nbsp;&#151;&nbsp;U.S.&nbsp;Federal Income Taxation of
U.S.&nbsp;Holders&nbsp;&#151;&nbsp;Distributions." </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Sale, Exchange or Other Disposition.</U>&nbsp;&nbsp;&nbsp;&nbsp;Gain realized on the sale, exchange, redemption or other disposition of the trust
units would be treated as ordinary income, and any loss realized on the sale, exchange, redemption or other disposition of the trust units would be treated as ordinary loss to the extent that such
loss does not exceed the net mark-to-market gains previously included by the U.S.&nbsp;Holder. Any loss in excess of such previous inclusions would be treated as a capital loss by the
U.S.&nbsp;Holder. A U.S.&nbsp;Holder's ability to deduct capital losses is subject to certain limitations. Any such gain or loss generally should be treated as U.S.-source income or loss for
U.S.&nbsp;foreign tax credit limitation purposes. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> <U>Taxation of U.S.&nbsp;Holders Not Making a Timely QEF or Mark-to-Market Election</U>  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finally, a U.S.&nbsp;Holder who does not make either a QEF election or a mark-to-market election for that year, or a Non-Electing
Holder, would be subject to special rules (the&nbsp;"Default PFIC Regime") with respect to (1)&nbsp;any excess distribution (i.e.,&nbsp;the portion of any distributions received by the
Non-Electing Holder on the trust units in a taxable year in excess of 125% of the average annual distributions received by the Non-Electing Holder in the three preceding taxable years, or, if shorter,
the Non-Electing Holder's holding period for the trust units), and (2)&nbsp;any gain realized on the sale, exchange, redemption or other disposition of the trust&nbsp;units. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the Default PFIC Regime:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the excess distribution or gain would be allocated ratably over the Non-Electing Holder's aggregate holding period for the
trust&nbsp;units; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the amount allocated to the current taxable year and any taxable year before the Trust became a PFIC would be taxed as
ordinary income;&nbsp;and </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>28</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=32,EFW="2228998",CP="SPROTT PHYSICAL SILVER TRUST",DN="1",CHK=560900,FOLIO='28',FILE='DISK122:[16ZBQ2.16ZBQ42502]DG42502A.;10',USER='PANDERS',CD='21-JUN-2016;05:56' -->
<A NAME="page_dg42502_1_29"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg42505a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the amount allocated to each of the other taxable years would be subject to tax at the highest rate of tax in effect for
the applicable class of taxpayer for that year, and an interest charge for the deemed tax deferral benefit would be imposed with respect to the resulting tax attributable to each such other
taxable&nbsp;year. </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
distributions other than "excess distributions," by the Trust to a Non-Electing Holder will be treated as discussed above under "Material Tax
Considerations&nbsp;&#151;&nbsp;Material U.S.&nbsp;Federal Income Tax Considerations&nbsp;&#151;&nbsp;U.S.&nbsp;Federal Income Taxation of
U.S.&nbsp;Holders&nbsp;&#151;&nbsp;Distributions." </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
penalties would not apply to a pension or profit sharing trust or other tax-exempt organization that did not borrow funds or otherwise utilize leverage in connection with its
acquisition of the trust units. If a Non-Electing Holder who is an individual dies while owning the trust units, such Non-Electing Holder's successor generally would not receive a step-up in tax basis
with respect to the trust&nbsp;units. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> <U>3.8% Tax on Net Investment Income</U>  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For taxable years beginning after December&nbsp;31, 2012, a U.S.&nbsp;Holder that is an individual, estate, or, in certain cases, a
trust, will generally be subject to a 3.8% tax on the lesser of (1)&nbsp;the U.S.&nbsp;Holder's net investment income for the taxable year; and (2)&nbsp;the excess of the U.S.&nbsp;Holder's
modified adjusted gross income for the taxable year over a certain threshold (which in the case of individuals will be between $125,000 and $250,000). A U.S.&nbsp;Holder's net investment income will
generally include dividends
distributed by the Trust and capital gains from the sale, redemption or other disposition of the trust units. This tax is in addition to any income taxes due on such investment income. Under Treasure
Regulations generally effective for taxable years after December&nbsp;31, 2013, income inclusions under the QEF rules would not be considered "net investment income" unless: (1)&nbsp;the Electing
Holder holds the trust units in connection with a trade or business of trading in financial instruments or commodities; or (2)&nbsp;the Electing Holder elects to treat the income inclusion under the
QEF rules as "net investment income". If an Electing Holder does not make this election, such holder's tax basis in the trust units would not be increased by the amount of income inclusions under the
QEF rules for purposes of calculating "net investment income" upon the sale, redemption or other disposition of the trust units. With respect to a U.S.&nbsp;Holder that has made a mark-to-market
election with respect to the trust units, income inclusions under the mark-to-market election would be included in the calculation of "net investment income". An excess distribution made to a
U.S.&nbsp;Holder subject to the Default PFIC Regime would be included in "net investment income" to the extent that such distribution constitutes a dividend for U.S.&nbsp;federal income tax
purposes. If you are a U.S.&nbsp;Holder that is an individual, estate or trust, you are encouraged to consult your tax advisors regarding the applicability of the 3.8% tax on net investment income
to your trust&nbsp;units. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> <U>Foreign Taxes</U>  </I></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions, if any, by the Trust may be subject to Canadian withholding taxes as discussed under "Material Tax
Considerations&nbsp;&#151;&nbsp;Canadian Taxation of Unitholders&nbsp;&#151;&nbsp;Unitholders Not Resident in Canada." A U.S.&nbsp;Holder may elect to
either treat such taxes as a credit against U.S.&nbsp;federal income taxes, subject to certain limitations, or deduct his, her or its share of such taxes in computing such U.S.&nbsp;Holder's
U.S.&nbsp;federal taxable income. No deduction for foreign taxes may be claimed by an individual who does not itemize deductions. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Backup Withholding and Information Reporting  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments made within the United&nbsp;States, or by a U.S.&nbsp;payor or U.S.&nbsp;middleman, of dividends on, or proceeds arising
from the sale or other taxable disposition of, trust units generally will be subject to information reporting and backup withholding, currently at the rate of 28%, if a U.S.&nbsp;Holder fails to
furnish its correct U.S.&nbsp;taxpayer identification number (generally on IRS Form&nbsp;W-9), and to&nbsp;make certain certifications, or otherwise fails to establish an exemption. Backup
withholding tax is not an additional tax. Rather, a U.S.&nbsp;Holder generally may obtain a refund of any amounts withheld under backup withholding rules that exceed his, her, or its income tax
liability by filing a refund claim with the&nbsp;IRS. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S.&nbsp;Holders
may be subject to certain IRS filing requirements as a result of holding trust units. For example, a U.S.&nbsp;person who transfers property (including cash) to a
foreign corporation in exchange for stock in the corporation is in some cases required to file an information return on IRS Form&nbsp;926 with the IRS with </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>29</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=33,EFW="2228998",CP="SPROTT PHYSICAL SILVER TRUST",DN="1",CHK=265376,FOLIO='29',FILE='DISK122:[16ZBQ2.16ZBQ42502]DG42502A.;10',USER='PANDERS',CD='21-JUN-2016;05:56' -->
<A NAME="page_dg42502_1_30"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg42505a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>respect
to such transfer. Accordingly, a U.S.&nbsp;Holder may be required to file Form&nbsp;926 with respect to its acquisition of trust units in an offering. Depending on the number of trust
units held, acquired or disposed of by a U.S.&nbsp;Holder, the U.S.&nbsp;Holder may also be required to file an information return on IRS Form&nbsp;5471. U.S.&nbsp;Holders also may be required
to file Form&nbsp;TD F&nbsp;90-22.1 (Report of Foreign Bank and Financial Accounts) with respect to their investment in the&nbsp;Trust. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to recently enacted legislation, U.S.&nbsp;Holders who are individuals (and&nbsp;to the extent specified in applicable Treasury Regulations, certain U.S.&nbsp;entities)
who hold "specified foreign financial assets" (as&nbsp;defined in Section&nbsp;6038D of the Code) are required to file IRS Form&nbsp;8938 with information relating to the asset for each taxable
year in which the aggregate value of all such assets exceeds $75,000 at any time during the taxable year or $50,000 on the last day of the taxable year (or&nbsp;such higher dollar amount as
prescribed by applicable Treasury Regulations). Specified foreign financial assets would include, among other assets, the trust units, unless the trust units are held through an account maintained
with a U.S.&nbsp;financial institution. Substantial penalties apply to any failure to timely file IRS Form&nbsp;8938, unless the failure is shown to be due to reasonable cause and not due to
willful neglect. Additionally, in the event a U.S.&nbsp;Holder who is an individual (and&nbsp;to the extent specified in applicable Treasury regulations, a U.S.&nbsp;entity) that is required to
file IRS Form&nbsp;8938 does not file such form, the statute of limitations on the assessment and collection of U.S.&nbsp;federal income taxes of such holder for the related tax year may not close
until three years after the date that the required information is filed. U.S.&nbsp;Holders should consult their own tax advisors with respect to their reporting obligations under this legislation or
any other applicable filing requirements. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> <U>Foreign Account Tax Compliance Act</U>  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Foreign Account Tax Compliance Act provisions of Hiring Incentives to Restore Employment Act ("FATCA") provide that the Trust must
disclose the name, address and taxpayer identification number of certain U.S.&nbsp;persons that own, directly or indirectly, an interest in the Trust, as well as certain other information relating
to any such interest pursuant to an Intergovernmental Agreement between the United&nbsp;States and Canada (the&nbsp;"Canadian IGA") and any applicable Canadian legislation or regulations
implementing the Canadian IGA. If the Trust fails to comply with these requirements, then a 30% withholding tax will be imposed on payments to the Trust of U.S.&nbsp;source income and proceeds from
the sale of property that could give rise to U.S.&nbsp;source interest or dividends. The withholding tax provisions of FATCA became effective on July&nbsp;1, 2014 with respect to income and are
scheduled to become effective on January&nbsp;1, 2019, in the case of proceeds from the sale of&nbsp;property. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Canadian Federal Income Tax Considerations  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the opinion of Baker&nbsp;&amp; McKenzie&nbsp;LLP, Canadian counsel to the Trust, the following is, as of the date hereof, a general
description of the principal Canadian federal income tax
considerations generally applicable under the Tax&nbsp;Act to the acquisition, holding and disposition of trust units acquired pursuant to this prospectus. This description is generally applicable
to a unitholder who deals at arm's length and is not affiliated with the Trust and holds trust units as capital property. Trust units will generally be considered capital property to a unitholder
unless the unitholder holds the trust units in the course of carrying on a business of trading or dealing in securities or has acquired the trust units in a transaction or transactions considered to
be an adventure in the nature of trade. Canadian-resident unitholders who are not traders or dealers in securities and who might not otherwise be considered to hold their trust units as capital
property may be entitled to have their trust units (and&nbsp;every other "Canadian security" owned by them in that taxation year or any subsequent taxation year) treated as capital property by
making the irrevocable election permitted by subsection&nbsp;39(4) of the Tax&nbsp;Act. Such unitholders should consult their own tax advisors regarding the availability and appropriateness of
making this election having regard to their particular circumstances and the anticipated commodity holdings of the&nbsp;Trust. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
description is not applicable to a unitholder: (i)&nbsp;that is a "financial institution", (ii)&nbsp;that is a "specified financial institution", (iii)&nbsp;that has elected
to determine its Canadian tax results in accordance with the "functional currency" rules, (iv)&nbsp;an interest in which is a "tax shelter investment", or (v)&nbsp;who enters into a "derivative
forward agreement" with respect to the trust units (as&nbsp;all such terms are defined in the Tax&nbsp;Act). This description assumes that the Trust is not subject to a "loss restriction event",
as defined in the Tax&nbsp;Act. In </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>30</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=34,EFW="2228998",CP="SPROTT PHYSICAL SILVER TRUST",DN="1",CHK=211996,FOLIO='30',FILE='DISK122:[16ZBQ2.16ZBQ42502]DG42502A.;10',USER='PANDERS',CD='21-JUN-2016;05:56' -->
<A NAME="page_dg42502_1_31"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg42505a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>addition,
this description does not address the deductibility of interest by a unitholder who has borrowed to acquire trust units. All such unitholders should consult with their own
tax&nbsp;advisors. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
description is also based on the assumption (discussed below under "Material Tax Considerations&nbsp;&#151;&nbsp;Canadian Federal Income Tax
Considerations&nbsp;&#151;&nbsp;SIFT Trust Rules") that the Trust will at no time be a "SIFT trust" as defined in the Tax&nbsp;Act. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
description is based on the current provisions of the Tax&nbsp;Act, the regulations thereunder, all specific proposals to amend the Tax&nbsp;Act and the regulations publicly
announced by the Minister of Finance (Canada) prior to the date hereof (the&nbsp;"Tax Proposals"), and Canadian counsel's understanding of the current administrative and assessing policies of the
CRA. There can be no assurance that the Tax Proposals will be implemented in their current form or at all, nor can there be any assurance that the CRA will not change its administrative or assessing
practices. This description further assumes that the Trust will comply with the Trust Agreement and that the Manager and the Trust will comply with a certificate issued to Canadian counsel regarding
certain factual matters. Except for the Tax Proposals, this description does not otherwise take into account or anticipate any change in the law, whether by legislative, governmental or judicial
decision or action, which may affect adversely any income tax consequences described herein, and does not take into account provincial, territorial or foreign tax considerations, which may differ
significantly from those described herein. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>This description is not exhaustive of all possible Canadian federal tax considerations applicable to an investment in trust units. Moreover, the income and other
tax consequences of acquiring, holding or disposing of trust units will vary depending on a taxpayer's particular circumstances. Accordingly, this summary is of a general nature only and is not
intended to constitute legal or tax advice to any prospective purchaser of trust units. Prospective purchasers of trust units should consult with their own tax advisors about tax consequences of an
investment in trust units based on their particular circumstances.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the purposes of the Tax&nbsp;Act, all amounts relating to the acquisition, holding or disposition of trust units (including distributions, adjusted cost base and proceeds of
disposition), or transactions of the Trust, must be expressed in Canadian dollars. Amounts denominated in United&nbsp;States dollars must be converted into Canadian dollars using the rate of
exchange quoted by the Bank of Canada at noon on the day on which the amount first arose or such other rate of exchange as is acceptable to the&nbsp;CRA. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Qualification as a Mutual Fund Trust  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>This description is based on the assumptions that the Trust will qualify at all times as a "unit trust" and a
"mutual fund trust" within the meaning of the Tax&nbsp;Act and that the Trust has validly elected under the Tax&nbsp;Act to be a mutual fund trust from the date it was established. The Manager has
advised Canadian counsel that it expects that the Trust will meet the requirements necessary for it to qualify as a mutual fund trust at all material&nbsp;times.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One
of the conditions to qualify as a mutual fund trust for the purposes of the Tax&nbsp;Act is that the Trust has not been established or maintained primarily for the benefit of
non-residents unless, at all times, all or substantially all of the Trust's property consists of property other than "taxable Canadian property" within the meaning of the Tax&nbsp;Act. Physical
silver bullion is not "taxable Canadian property". Accordingly, based on the investment objectives and investment restrictions, the Trust should not hold any such&nbsp;property. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, to qualify as a mutual fund trust: (i)&nbsp;the Trust must be a Canadian resident "unit trust" for purposes of the Tax&nbsp;Act; (ii)&nbsp;the only undertaking of the
Trust must be (a)&nbsp;the investing of its funds in property (other than real property or interests in real property), or (b)&nbsp;the acquiring, holding, maintaining, improving, leasing or
managing of any real property (or&nbsp;interest in real property) that is capital property of the Trust, or (c)&nbsp;any combination of the activities described in (a)&nbsp;and (b); and
(iii)&nbsp;the Trust must comply with certain minimum requirements regarding the ownership and dispersal of trust units (the&nbsp;"minimum distribution requirements"). In this regard, the Manager
has advised counsel that it intends to cause the Trust to qualify as a unit trust throughout the life of the Trust; that the Trust's undertaking conforms with the restrictions for mutual fund trusts;
and that it has no reason to believe at the date hereof that the Trust will not comply with the minimum distribution requirements at all material&nbsp;times. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>31</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=35,EFW="2228998",CP="SPROTT PHYSICAL SILVER TRUST",DN="1",CHK=622851,FOLIO='31',FILE='DISK122:[16ZBQ2.16ZBQ42502]DG42502A.;10',USER='PANDERS',CD='21-JUN-2016;05:56' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_di42502_1_32"> </A>


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




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




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->



<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2>
<A HREF="#bg42505a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>If the Trust were not to qualify as a mutual fund trust at all times, the income tax considerations described in this description and
under "Eligibility Under the Tax&nbsp;Act for Investment by Canadian Exempt Plans" would, in some respects, be materially and adversely different.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Canadian Taxation of the Trust  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each taxation year of the Trust will end on December&nbsp;31. In each taxation year, the Trust will be subject to tax under
Part&nbsp;I of the Tax&nbsp;Act on any income for the year, including net realized taxable capital gains, less the portion thereof that it deducts in respect of the amounts paid or payable in the
year to unitholders. An amount will be considered to be payable to a unitholder in a taxation year if it is paid to the unitholder in the year by the Trust or if the unitholder is entitled in that
year to enforce payment of the amount. The Trust intends to deduct, in computing its income in each taxation year, such amount in each year as will be sufficient to ensure that the Trust will
generally not be liable for income tax under Part&nbsp;I
of the Tax&nbsp;Act. The Trust will be entitled for each taxation year to reduce (or&nbsp;receive a refund in respect of) its liability, if any, for tax on its capital gains by an amount
determined under the Tax&nbsp;Act based on the redemption of trust units during the year. Based on the foregoing, the Trust will generally not be liable for income tax under Part&nbsp;I of the
Tax&nbsp;Act. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
CRA has expressed the opinion that gains (or&nbsp;losses) of mutual fund trusts resulting from transactions in commodities should generally be treated for purposes of the
Tax&nbsp;Act as being derived from an adventure in the nature in trade, so that such transactions give rise to ordinary income rather than capital
gains&nbsp;&#151;&nbsp;although the treatment in each particular case remains a question of fact to be determined having regard to all the circumstances. In the view of Canadian
counsel, the holding by the Trust of physical silver bullion with no intention of disposing of such bullion except </FONT><FONT SIZE=2><I>in&nbsp;specie</I></FONT><FONT SIZE=2> on a redemption of
trust units likely would not represent an adventure in the nature of trade so that a disposition, on a redemption of trust units, of physical silver bullion that previously had been acquired with such
intention would likely give rise to a capital gain (or&nbsp;capital loss) to the Trust. The Manager has informed Canadian counsel that, as it intends for the Trust to be a long-term holder of
physical silver bullion and does not anticipate that the Trust will sell its physical silver bullion (otherwise than where necessary to fund expenses of the Trust), the Manager anticipates that the
Trust generally will treat gains (or&nbsp;losses) as a result of dispositions of physical silver bullion as capital gains (or&nbsp;capital losses), although depending on the circumstances, the
Trust may instead include (or&nbsp;deduct) the full amount of such gains or losses in computing its income. If the CRA were to assess or reassess the Trust on the basis that gains realized on
dispositions of physical silver bullion were not on capital account, then the Trust could be required to pay Canadian income tax on such gains under Part&nbsp;I of the Tax&nbsp;Act to the extent
such gains were not distributed to unitholders, which could reduce the NAV for all unitholders. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust will also be required to include in its income for each taxation year all interest that accrues to it to the end of the year, or becomes receivable or is received by it before
the end of the year, except to the extent that such interest was included in computing its income for a preceding taxation year. Upon the actual or deemed disposition of indebtedness, the Trust will
be required to include in computing its income for the year of disposition all interest that accrued on such indebtedness from the last interest payment date to the date of disposition except to the
extent such interest was included in computing the Trust's income for that or another taxation year, and such income inclusion will reduce the proceeds of disposition for purposes of computing any
capital gain or&nbsp;loss. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the current provisions of the Tax&nbsp;Act, the Trust is entitled to deduct in computing its income reasonable administrative and other operating expenses (other than certain
expenses on account of capital) incurred by it for the purposes of earning income (other than taxable capital gains). No assurance can be provided that administration expenses of the Trust will not be
considered to be on account of capital. The Trust generally may also deduct from its income for the year a portion of the reasonable expenses incurred by it to issue trust units. The portion of the
issue expenses deductible by the Trust in a taxation year is 20% of the total issue expenses, pro rated where the Trust's taxation year is less than 365&nbsp;days. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Losses
incurred by the Trust in a taxation year cannot be allocated to unitholders, but may be deducted by the Trust in future years in accordance with the Tax&nbsp;Act. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>32</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=36,EFW="2228998",CP="SPROTT PHYSICAL SILVER TRUST",DN="1",CHK=309414,FOLIO='32',FILE='DISK122:[16ZBQ2.16ZBQ42502]DI42502A.;6',USER='PANDERS',CD='21-JUN-2016;05:56' -->
<A NAME="page_di42502_1_33"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg42505a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> SIFT Trust Rules  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust will be a "SIFT trust" as defined in the Tax&nbsp;Act for a taxation year of the Trust if in that year the trust units are
listed or traded on a stock exchange or other public market and the Trust holds one or more "non-portfolio properties," as defined in the Tax&nbsp;Act. If the Trust were a SIFT trust for a taxation
year of the Trust, it would effectively be taxed similarly to a corporation on income and capital gains in respect of such non-portfolio properties at a combined federal/provincial tax rate comparable
to rates that apply to income earned and distributed by Canadian corporations. Distributions of such income received by unitholders would be treated as dividends from a taxable Canadian corporation. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Physical
silver bullion and other property of the Trust will be non-portfolio property if such property is used by the Trust (or&nbsp;by a person or partnership with which it does not
deal at arm's length within the meaning of the Tax&nbsp;Act) in the course of carrying on a business in Canada. In some circumstances, significant holdings of "securities" (the&nbsp;term
"security" is broadly defined in the Tax&nbsp;Act) of other entities could also be non-portfolio property. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust is subject to investment restrictions, including a prohibition against carrying on any business, that are intended to ensure that it will not be a SIFT trust. In the view of
Canadian counsel, the mere holding by the Trust of physical silver bullion as capital property (or&nbsp;as an adventure in the nature of trade) would not represent the use of such property in
carrying on a business in Canada and, therefore, would not by itself cause the Trust to be a SIFT&nbsp;trust. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Canadian Taxation of Unitholders  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Unitholders Resident in Canada  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This part of the general description of the principal Canadian federal income tax considerations is applicable to a unitholder who, for
the purposes of the Tax&nbsp;Act and any applicable tax
treaty, is, or is deemed to be, resident in Canada at all relevant times (a&nbsp;"Canadian unitholder"). This portion of the description is primarily directed at unitholders who are individuals.
Unitholders who are Canadian resident corporations, trusts or other entities should consult their own tax advisors regarding their particular circumstances. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian
unitholders will generally be required to include in their income for tax purposes for a particular year the portion of the income of the Trust for that particular taxation
year, including net realized taxable capital gains, if any, that is paid or payable to the Canadian unitholder in the particular taxation year, whether such amount is received in additional trust
units or cash. Provided that appropriate designations are made by the Trust, such portion of its net taxable capital gains as is paid or payable to a Canadian unitholder will effectively retain its
character and be treated as such in the hands of the unitholder for purposes of the Tax&nbsp;Act. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
non-taxable portion of any net realized capital gains of the Trust that is paid or payable to a Canadian unitholder in a taxation year will not be included in computing the Canadian
unitholder's income for the year. Any other amount in excess of the income of the Trust that is paid or payable to a Canadian unitholder in such year also will not generally be included in the
Canadian unitholder's income for the year. However, where such other amount is paid or payable to a Canadian unitholder (other than as proceeds of disposition of trust units), the Canadian unitholder
generally will be required to reduce the adjusted cost base of a trust unit to the Canadian unitholder by such amount. To the extent that the adjusted cost base of a trust unit would otherwise be less
than zero, the negative amount will be deemed to be a capital gain realized by the Canadian unitholder from the disposition of the trust unit and the Canadian unitholder's adjusted cost base in
respect of the trust unit will be increased by the amount of such deemed capital gain to&nbsp;zero. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the actual or deemed disposition of a trust unit, including its redemption, a capital gain (or&nbsp;a capital loss) will generally be realized to the extent that the proceeds of
disposition of the trust unit exceed (or&nbsp;are exceeded by) the aggregate of the adjusted cost base of the trust unit to the Canadian unitholder and any costs of disposition. For the purpose of
determining the adjusted cost base to a Canadian unitholder of a trust unit, when a trust unit is acquired, the cost of the newly acquired trust unit will be averaged with the adjusted cost base of
all trust units owned by the Canadian unitholder as capital property that were acquired before that time. For this purpose, the cost of trust units that have been issued as an additional distribution
will generally be equal to the amount of the net income or capital gain distributed to the Canadian unitholder in trust units. A </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>33</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=37,EFW="2228998",CP="SPROTT PHYSICAL SILVER TRUST",DN="1",CHK=514949,FOLIO='33',FILE='DISK122:[16ZBQ2.16ZBQ42502]DI42502A.;6',USER='PANDERS',CD='21-JUN-2016;05:56' -->
<A NAME="page_di42502_1_34"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg42505a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>consolidation
of trust units following a distribution paid in the form of additional trust units will not be regarded as a disposition of trust units and will not affect the aggregate adjusted cost
base to a Canadian unitholder of trust&nbsp;units. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the Tax&nbsp;Act, one-half of capital gains, ("taxable capital gains") are included in an individual's income and one-half of capital losses, ("allowable capital losses") are
generally deductible only against taxable capital gains. Any unused allowable capital losses may be carried back up to three taxation years and forward
indefinitely and deducted against net taxable capital gains realized in any such other year to the extent and under the circumstances described in the Tax&nbsp;Act. Capital gains realized by
individuals may give rise to alternative minimum tax. If any transactions of the Trust are reported by it on capital account but are subsequently determined by the CRA to be on income account, there
may be an increase in the net income of the Trust for tax purposes and the taxable component of redemption proceeds (or&nbsp;any other amounts) distributed to unitholders, with the result that
Canadian unitholders could be reassessed by the CRA to increase their taxable income by the amount of such&nbsp;increase. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
at any time, the Trust delivers physical silver bullion to any Canadian unitholder upon a redemption of a Canadian unitholder's trust units, the Canadian unitholder's proceeds of
disposition of the trust units will generally be equal to the aggregate of the fair market value of the distributed physical silver bullion and the amount of any cash received, less any capital gain
or income realized by the Trust on the disposition of such physical silver bullion and allocated to the Canadian unitholder. The cost of any physical silver bullion distributed by the Trust </FONT> <FONT SIZE=2><I>in&nbsp;specie</I></FONT><FONT
SIZE=2> will generally be equal to the fair market value of such physical silver bullion at the time of the distribution. Pursuant to the Trust
Agreement, the Trust has the authority to distribute, allocate and designate any income or taxable capital gains of the Trust to a Canadian unitholder who has redeemed trust units during a year in an
amount equal to the taxable capital gains or other income realized by the Trust as a result of such redemption (including any taxable capital gain or income realized by the Trust in distributing
physical silver bullion to a unitholder who has redeemed trust units for such physical silver bullion, and any taxable capital gain or income realized by it before, at or after the redemption on
selling physical silver bullion in order to fund the payment of the cash redemption proceeds), or such other amount that is determined by the Trust to be reasonable. The Manager has advised Canadian
counsel that it anticipates that the Trust will generally make such an allocation where the Manager determines that the Trust realized a capital gain on such redemption and the Trust had net realized
capital gains for that year for which the Trust was not entitled to a capital gains refund (as&nbsp;described under "Material Tax Considerations&nbsp;&#151;&nbsp;Canadian
Federal Income Tax Considerations&nbsp;&#151;&nbsp;Canadian Taxation of the Trust"). Any such allocations will reduce the redeeming Canadian unitholder's proceeds of disposition
for the purposes of the Tax&nbsp;Act. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Manager has advised Canadian counsel that it anticipates that the Trust generally will treat gains as a result of dispositions of physical silver bullion as capital gains
(see&nbsp;above under "Material Tax Considerations&nbsp;&#151;&nbsp;Canadian Federal Income Tax Considerations&nbsp;&#151;&nbsp;Canadian Taxation of the
Trust") and that it anticipates that when the Trust distributes physical silver bullion on the redemption of trust units by Canadian unitholders, any resulting taxable capital gains of the Trust
(to&nbsp;the extent that there are resulting net realized capital gains of the Trust for the related taxation year) for which the Trust is not entitled to a capital gains refund, as described under
"Canadian Taxation of the Trust" generally will be designated as taxable capital gains of such unitholders. If any transactions of the Trust are reported by it on capital account but are subsequently
determined by the CRA to be on income account, there may be an increase in the net income of the Trust for tax purposes and the taxable component of redemption proceeds (or&nbsp;any other amounts)
distributed to unitholders, with the result that Canadian unitholders could be reassessed by the CRA to increase their taxable income by the amount of such&nbsp;increase. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Unitholders Not Resident in Canada  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This portion of the description is applicable to a unitholder who, at all relevant times for purposes of the Tax&nbsp;Act, has not
been and is not resident in Canada or deemed to be resident in Canada and does not use or hold, and is not deemed to use or hold its trust units in connection with a
business that the unitholder carries on, or is deemed to carry on, in Canada at any time, and is not an insurer or bank who carries on an insurance or banking business or is deemed to carry on an
insurance or banking business in Canada and elsewhere ("a&nbsp;Non-Canadian unitholder"). Prospective non-resident purchasers of trust units should consult their own tax </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>34</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=38,EFW="2228998",CP="SPROTT PHYSICAL SILVER TRUST",DN="1",CHK=595422,FOLIO='34',FILE='DISK122:[16ZBQ2.16ZBQ42502]DI42502A.;6',USER='PANDERS',CD='21-JUN-2016;05:56' -->
<A NAME="page_di42502_1_35"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg42505a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>advisors
to determine their entitlement to relief under any income tax treaty between Canada and their jurisdiction of residence, based on their particular circumstances. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
amount paid or credited by the Trust to a Non-Canadian unitholder as income of or from the Trust, whether such amount is received in additional trust units or cash (other than an
amount that the Trust has designated in accordance with the Tax&nbsp;Act as a taxable capital gain, and including an amount paid on a redemption of trust units to a Non-Canadian unitholder that is
designated as a distribution of income in accordance with the Trust Agreement) generally will be subject to Canadian withholding tax at a rate of 25%, unless such rate is reduced under the provisions
of an income tax treaty between Canada and the Non-Canadian unitholder's jurisdiction of residence. Pursuant to the </FONT><FONT SIZE=2><I>Convention Between Canada and the United&nbsp;States of
America With Respect to Taxes on Income and on Capital</I></FONT><FONT SIZE=2>, as amended (the&nbsp;"Treaty"), a Non-Canadian unitholder who is resident of the United&nbsp;States and entitled to
benefits under the Treaty will generally be entitled to have the rate of Canadian withholding tax reduced to 15% of the amount of any distribution that is paid or credited as income of or from the
Trust. A Non-Canadian unitholder that is a religious, scientific, literary, educational or charitable organization that is resident in, and exempt from tax in, the United&nbsp;States may be exempt
from Canadian withholding tax under the Treaty, provided that certain administrative procedures are observed regarding the registration of such unitholder. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
amount paid or credited by the Trust to a Non-Canadian unitholder that the Trust has validly designated in accordance with the Tax&nbsp;Act as a taxable capital gain, including
such an amount paid on a redemption of trust units, generally will not be subject to Canadian withholding tax or otherwise be subject to tax under the Tax&nbsp;Act. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust does not presently own any "taxable Canadian property" (as&nbsp;defined in the Tax&nbsp;Act) and does not intend to own any taxable Canadian property. However, if the Trust
realizes a capital gain on the disposition of a taxable Canadian property and that gain is treated under the Tax&nbsp;Act and in accordance with a designation by the Trust as being distributed to a
Non-Canadian unitholder, there may be Canadian withholding tax at the rate of 25% (unless reduced by an applicable tax treaty) on both the taxable and non-taxable portions of the&nbsp;gain. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
amount in excess of the income of the Trust that is paid or payable by the Trust to a Non-Canadian unitholder (including the non-taxable portion of capital gains realized by the
Trust) generally will not be subject to Canadian withholding tax. Where such excess amount is paid or becomes payable to a Non-Canadian unitholder, otherwise than as proceeds of disposition or deemed
disposition of trust units or any part thereof, the amount generally will reduce the adjusted cost base of the trust units held by such Non-Canadian unitholder. (However, the non-taxable portion of
net realized capital gains of the Trust that is
paid or payable to a Non-Canadian unitholder will not reduce the adjusted cost base of the trust units held by the Non-Canadian unitholder.) If, as a result of such reduction, the adjusted cost base
to the Non-Canadian unitholder in any taxation year of trust units would otherwise be a negative amount, the Non-Canadian unitholder will be deemed to realize a capital gain in such amount for that
year from the disposition of trust units. Such capital gain will not be subject to tax under the Tax&nbsp;Act, unless the trust units represent "taxable Canadian property" (as&nbsp;defined in the
Tax&nbsp;Act and under the Tax Proposals) to such Non-Canadian unitholder. The Non-Canadian unitholder's adjusted cost base in respect of trust units will, immediately after the realization of such
capital gain, be&nbsp;zero. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
disposition or deemed disposition of a trust unit by a Non-Canadian unitholder, whether on a redemption or otherwise, will not give rise to any capital gain subject to tax under the
Tax&nbsp;Act, provided that the trust unit does not constitute "taxable Canadian property" of the Non-Canadian unitholder for purposes of the Tax&nbsp;Act. Trust units will not be "taxable
Canadian property" of a Non-Canadian unitholder unless at any time during the 60-month period immediately preceding their disposition by such Non-Canadian unitholder, (i)&nbsp;25% or more of the
issued trust units were owned by or belonged to one or more of the Non-Canadian unitholder, persons with whom the Non-Canadian unitholder did not deal at arm's length and partnerships in which the
Non-Canadian unitholder or persons with whom the non-Canadian unitholder did not deal at arm's length holds a membership interest directly or indirectly through one or more partnerships; and
(ii)&nbsp;the trust units derived directly or indirectly more than 50% of their fair market value from any combination of "Canadian resource properties" (which definition in the Tax&nbsp;Act does
not include silver bullion), real or immovable property situated in Canada, "timber resource properties" (as&nbsp;defined in the Tax&nbsp;Act) or options or interests in such properties or the
trust units were otherwise deemed to be taxable Canadian property. Assuming that the Trust adheres to its mandate </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>35</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=39,EFW="2228998",CP="SPROTT PHYSICAL SILVER TRUST",DN="1",CHK=174552,FOLIO='35',FILE='DISK122:[16ZBQ2.16ZBQ42502]DI42502A.;6',USER='PANDERS',CD='21-JUN-2016;05:56' -->
<A NAME="page_di42502_1_36"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg42505a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>to
invest and hold substantially all of its assets in physical silver bullion, the trust units should not be taxable Canadian property. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Even
if trust units held by a Non-Canadian unitholder were "taxable Canadian property", a capital gain from the disposition of trust units may be exempted from tax under the
Tax&nbsp;Act pursuant to an applicable income tax treaty or convention. A capital gain realized on the disposition of trust units by a Non-Canadian unitholder entitled to benefits under the Treaty
(and&nbsp;who is not a former resident of Canada for purposes of the Treaty) should be exempt from tax under the Tax&nbsp;Act. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Canadian
unitholders whose trust units constitute "taxable Canadian property" and who are not entitled to relief under an applicable income tax treaty are referred to the discussion
above under "Material Tax Considerations&nbsp;&#151;&nbsp;Canadian Taxation of Unitholders&nbsp;&#151;&nbsp;Unitholders Resident in Canada" relating to
the Canadian tax consequences in respect of a disposition of a trust&nbsp;unit. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Manager has advised Canadian counsel that it anticipates that the Trust generally will treat gains as a result of dispositions of physical silver bullion as capital gains
(see&nbsp;above under "Material Tax Considerations&nbsp;&#151;&nbsp;Canadian Federal Income Tax Considerations&nbsp;&#151;&nbsp;Canadian
Taxation of the Trust") and that it anticipates that when the Trust distributes physical silver bullion on the redemption of trust units by Non-Canadian unitholders, any resulting taxable capital
gains of the Trust (to&nbsp;the extent that there are resulting net realized capital gains of the Trust for the related taxation year) for which the Trust is not entitled to a capital gains refund,
as described under "Material Tax Considerations&nbsp;&#151;&nbsp;Canadian Federal Income Tax Considerations&nbsp;&#151;&nbsp;Canadian Taxation of the
Trust" generally will be designated as taxable capital gains of such unitholders. If such treatment is accepted by the CRA, there will be no Canadian withholding tax applicable to such distributions
and Non-Canadian unitholders will not be subject to tax under the Tax&nbsp;Act on amounts so designated. However, if the CRA were to consider that such gains instead were gains from an adventure in
the nature of trade, the distribution of such gains generally would be subject to Canadian withholding tax, as discussed above. Similarly, if the Trust disposed of physical silver bullion
(or&nbsp;other assets) at a gain and designated one-half of that gain as a taxable capital gain of a Non-Canadian unitholder who had redeemed trust units for cash, the full amount of such gain
generally would be subject to Canadian withholding tax if the CRA were to treat such gain as being from an adventure in the nature of trade rather than as a capital&nbsp;gain. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to the foregoing, if the CRA were to assess or re-assess the Trust itself on the basis that gains were not on capital account, then the Trust could be required to pay
Canadian income tax on such gains under Part&nbsp;I of the Tax&nbsp;Act, which could reduce the NAV for all unitholders, including Non-Canadian unitholders. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="di42502_u.s._erisa_considerations"> </A>
<A NAME="toc_di42502_1"> </A>
<BR></FONT><FONT SIZE=2><B>  U.S.&nbsp;ERISA CONSIDERATIONS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following disclosure is a summary of certain aspects of laws and regulations applicable to retirement plan investments as in
existence on the date hereof, all of which are subject to change. This summary is general in nature and does not address every issue that may be applicable to the trust units or a particular investor.
The U.S.&nbsp;Employee Retirement Income Security Act of 1974, as amended, ("ERISA"), imposes certain requirements on employee benefit plans subject to Title I of ERISA and on entities that are
deemed to hold the assets of such plans (collectively, "ERISA Plans"), and on those persons who are fiduciaries with respect to ERISA Plans. Investments by ERISA Plans are subject to ERISA's general
fiduciary requirements, including, but not limited to, the requirement of investment prudence and diversification and the requirement that an ERISA Plan's investments be made in accordance with the
documents governing the ERISA&nbsp;Plan. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;406
of ERISA and Section&nbsp;4975 of the Code prohibit certain transactions involving the assets of an ERISA Plan (as&nbsp;well as those plans and accounts that are
not subject to ERISA but which are subject to Section&nbsp;4975 of the Code, such as individual retirement accounts, and entities that are deemed to hold the assets of such plans and accounts
(together with ERISA Plans, the "Plans") and certain persons ("parties in interest" or "disqualified persons") having certain relationships to such Plans, unless a statutory or administrative
exemption is applicable to the transaction. A party in interest or disqualified person who engages in a prohibited transaction may be subject to excise taxes and other penalties and liabilities under
ERISA and the&nbsp;Code. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
Plan fiduciary that proposes to cause a Plan to purchase the trust units should consult with his, her or its counsel regarding the applicability of the fiduciary responsibility and
prohibited transaction provisions of </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>36</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=40,EFW="2228998",CP="SPROTT PHYSICAL SILVER TRUST",DN="1",CHK=638287,FOLIO='36',FILE='DISK122:[16ZBQ2.16ZBQ42502]DI42502A.;6',USER='PANDERS',CD='21-JUN-2016;05:56' -->
<A NAME="page_di42502_1_37"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg42505a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>ERISA
and Section&nbsp;4975 of the Code to such an investment, and to confirm that such purchase will not constitute or result in a non-exempt prohibited transaction or any other violation of an
applicable requirement of ERISA or the&nbsp;Code. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-U.S.&nbsp;plans,
governmental plans (as&nbsp;defined in Section&nbsp;3(32) of ERISA) and certain church plans (as&nbsp;defined in Section&nbsp;3(33) of ERISA), while not
subject to the fiduciary responsibility provisions of ERISA or the prohibited transaction provisions of ERISA and Section&nbsp;4975 of the Code, may nevertheless be subject to other federal, state,
local or non-U.S.&nbsp;laws or regulations that are substantially similar to the foregoing provisions of ERISA and the Code ("Similar Law"). Fiduciaries of any such plans should consult with their
counsel before purchasing the trust units to determine the need for, if necessary, and the availability of, any exemptive relief under any Similar&nbsp;Law. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
ERISA and the U.S.&nbsp;Department of Labor's "Plan Asset Regulations" at 29&nbsp;C.F.R. &sect;2510.3-101, as modified by Section&nbsp;3(42) of ERISA, when a Plan
acquires an equity interest in an entity that is neither a "publicly-offered security" nor a security issued by an investment company registered under the Investment Company Act of 1940, as amended,
the Plan's assets include both the equity interest and an undivided interest in each of the underlying assets of the entity, unless it is established that either less than 25&nbsp;percent of the
total value of each class of equity interests in the entity is held by "benefit plan investors" (as&nbsp;defined in Section&nbsp;3(42) of ERISA), which we refer to as the "25&nbsp;percent test",
or the entity is an "operating company", as defined in the Plan Asset Regulations. In order to be considered a "publicly offered security," the trust units must be (i)&nbsp;freely transferable,
(ii)&nbsp;part of a class of securities that is owned by 100 or more investors independent of the Trust and of one another, and (iii)&nbsp;either (1)&nbsp;part of a class of securities
registered under Section&nbsp;12(b) or&nbsp;12(g) of the Exchange Act or (2)&nbsp;sold to the Plan as part of an offering of securities to the public pursuant to an effective registration
statement under the Securities Act and the class of securities of which the securities are a part is registered under the Exchange Act within 120&nbsp;days (or&nbsp;such later time as may be
allowed by the SEC) after the end of the Trust's fiscal year during which the offering of such securities to the public occurred. It is anticipated that the Trust will not qualify as an "operating
company", and the Trust does not intend to monitor investment by benefit plan investors in the Trust for purposes of satisfying the 25&nbsp;percent test. The Trust anticipates, however, that it will
qualify for the exemption under the Plan Asset Regulations for "publicly offered securities", although there can be no assurance in that&nbsp;regard. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="di42502_eligibility_under_the_tax_act___eli02811"> </A>
<A NAME="toc_di42502_2"> </A>
<BR></FONT><FONT SIZE=2><B>  ELIGIBILITY UNDER THE TAX ACT FOR INVESTMENT BY CANADIAN EXEMPT PLANS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the opinion of Baker&nbsp;&amp; McKenzie&nbsp;LLP, counsel for the Trust, provided that either: (i)&nbsp;the Trust qualifies as a
"mutual fund trust" within the meaning of the Tax&nbsp;Act; or (ii)&nbsp;the trust units are listed on a "designated stock exchange" for purposes of the Tax&nbsp;Act, the trust units, if issued
on the date hereof, will be qualified investments under the Tax&nbsp;Act and the regulations thereunder for RRSPs, registered retirement income funds ("RRIFs"), deferred profit sharing plans,
registered disability savings plans, RESPs and tax-free savings accounts ("TFSAs"). </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
that the trust units may be qualified investments for TFSAs, RRSPs and RRIFs, the holder of a TFSA or the annuitant under a RRSP or RRIF, as the case may be, will be
subject to penalty taxes in respect of the trust units if such properties are a "prohibited investment" (as&nbsp;defined in the Tax&nbsp;Act) for the TFSA, RRSP or RRIF, as applicable. Trust units
will not generally be a prohibited investment provided that the holder of the TFSA or the annuitant under the RRSP or RRIF, as applicable, deals at arm's length with the Trust for purposes of the
Tax&nbsp;Act and does not have a "significant interest" (within the meaning of the Tax&nbsp;Act) in the Trust. Generally, a holder or annuitant, as the case may be, will not have a "significant
interest" in the Trust unless the holder, or annuitant, as the case may be, owns interests as a beneficiary under the Trust that have a fair market value of 10% or more of the fair market value of the
interests of all beneficiaries under the Trust, either alone or together with persons and partnerships with which the holder or annuitant, as the case may be, does not deal at arm's length, In
addition, the trust units will not be a "prohibited investment" if such units are "excluded property" as defined in the Tax&nbsp;Act for a trust governed by a TFSA, RRSP or&nbsp;RRIF. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>37</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=41,EFW="2228998",CP="SPROTT PHYSICAL SILVER TRUST",DN="1",CHK=937338,FOLIO='37',FILE='DISK122:[16ZBQ2.16ZBQ42502]DI42502A.;6',USER='PANDERS',CD='21-JUN-2016;05:56' -->
<A NAME="page_di42502_1_38"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
HREF="#bg42505a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="di42502_auditors"> </A>
<A NAME="toc_di42502_3"> </A>
<BR></FONT><FONT SIZE=2><B>  AUDITORS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Annual Financial Statements, incorporated in this prospectus by reference, have been audited by Ernst&nbsp;&amp; Young&nbsp;LLP,
Chartered Professional Accountants, Licensed Public Accountants, as stated in their report, which is incorporated herein by reference. Ernst&nbsp;&amp; Young&nbsp;LLP has advised the Trust and the
Manager that it was independent within the meaning of the Rules of Professional Conduct of the Chartered Professional Accountants of Ontario for the period under audit in respect of the Trust's
financial year ended December&nbsp;31,&nbsp;2015. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ernst&nbsp;&amp;
Young&nbsp;LLP resigned as auditors of the Trust effective January&nbsp;1, 2016 in respect of the financial year commencing January&nbsp;1, 2016, but completed its
engagement in respect of the financial year ended
December&nbsp;31, 2015, at the request of the Manager. KPMG&nbsp;LLP has been appointed as the auditors of the Trust effective January&nbsp;1, 2016 in respect of the financial year commencing
January&nbsp;1, 2016. KPMG&nbsp;LLP has advised the Trust and the Manager that it is independent with respect to the Trust within the meaning of the Rules of Professional Conduct of the Chartered
Professional Accountants of&nbsp;Ontario. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="di42502_legal_matters"> </A>
<A NAME="toc_di42502_4"> </A>
<BR></FONT><FONT SIZE=2><B>  LEGAL MATTERS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain legal matters relating to the trust units offered by this prospectus will be passed upon for us by Baker&nbsp;&amp;
McKenzie&nbsp;LLP, Toronto, Ontario, with respect to matters of Canadian law, and Seward&nbsp;&amp; Kissel&nbsp;LLP, New&nbsp;York, New&nbsp;York with respect to matters of United&nbsp;States
law. As of the date hereof, the "designated professionals" (as&nbsp;such term is defined in Form&nbsp;51-102F2&nbsp;&#151;&nbsp;</FONT><FONT SIZE=2><I>Annual Information
Form</I></FONT><FONT SIZE=2>) of each of Baker&nbsp;&amp; McKenzie&nbsp;LLP and Seward&nbsp;&amp; Kissel&nbsp;LLP, respectively, beneficially own, directly or indirectly, less than 1% of any class of
trust units issued by the&nbsp;Trust. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>38</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=42,EFW="2228998",CP="SPROTT PHYSICAL SILVER TRUST",DN="1",CHK=632772,FOLIO='38',FILE='DISK122:[16ZBQ2.16ZBQ42502]DI42502A.;6',USER='PANDERS',CD='21-JUN-2016;05:56' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_dk42505_1_39"> </A>


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




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




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->



<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2>
<A HREF="#bg42505a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dk42505_documents_filed_as_par__dk402225"> </A>
<A NAME="toc_dk42505_1"> </A>
<BR></FONT><FONT SIZE=2><B>  DOCUMENTS FILED AS PART OF THE REGISTRATION STATEMENT    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents have been filed or will be filed with the SEC as part of the registration statement of which this prospectus
forms&nbsp;a part: the documents listed under "Documents Incorporated by Reference"; consents of accountants and counsel; and powers of&nbsp;attorney. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dk42505_exemptions_and_approvals"> </A>
<A NAME="toc_dk42505_2"> </A>
<BR></FONT><FONT SIZE=2><B>  EXEMPTIONS AND APPROVALS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust has obtained exemptive relief from the Canadian securities regulatory authorities for relief from NI&nbsp;81-102 to permit
(i)&nbsp;the Trust to invest up to 100% of its assets, taken at market value at the time of purchase, in physical silver bullion; (ii)&nbsp;the appointment of the Mint as custodian of the Trust's
physical silver bullion assets held in Canada; (iii)&nbsp;the Mint to appoint Brinks, an entity not listed in NI&nbsp;81-102, to act as a sub-custodian of the Trust's physical silver bullion
assets held in Canada; (iv)&nbsp;purchases of trust units on NYSE Arca and the TSX and redemption requests to be submitted directly to the registrar and transfer agent of the Trust; (v)&nbsp;the
redemption of trust units and payment upon redemption of trust units all as described under "Sprott Physical Silver Trust&nbsp;&#151;&nbsp;Business of the
Trust&nbsp;&#151;&nbsp;Redemption of Trust Units for Physical Silver Bullion" and "Sprott Physical Silver Trust&nbsp;&#151;&nbsp;Business of the
Trust&nbsp;&#151;&nbsp;Redemption of Trust Units for Cash"; and (vii)&nbsp;the Trust to establish a record date for distributions in accordance with the policies of the TSX
and NYSE Arca. The Trust has also obtained exemptive relief from the requirement to file compliance reports or audit reports in accordance with Appendix&nbsp;B-1 of NI&nbsp;81-102. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>39</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=43,EFW="2228998",CP="SPROTT PHYSICAL SILVER TRUST",DN="1",CHK=676943,FOLIO='39',FILE='DISK128:[16ZBQ5.16ZBQ42505]DK42505A.;9',USER='PANDERS',CD='21-JUN-2016;06:03' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_de42501_1_1"> </A>


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




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




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->



<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="de42501_part_ii"> </A>
<A NAME="toc_de42501_1"> </A>
<BR></FONT><FONT SIZE=2><B>  PART II    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="de42501_information_not_required_to_be__inf02718"> </A>
<A NAME="toc_de42501_2"> </A></FONT> <FONT SIZE=2><B>  INFORMATION NOT REQUIRED TO BE DELIVERED TO OFFEREES OR PURCHASERS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Indemnification of Directors and Officers.  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Business Corporations Act </FONT><FONT SIZE=2><I>(Ontario)</I></FONT><FONT SIZE=2> provides that a corporation may indemnify a
director or officer of the corporation, a former director or officer of the corporation or another individual who acts or acted at the corporation's request as a director or officer, or an individual
acting in a similar capacity, of another entity (each of the foregoing, an "individual"), against all costs, charges and expenses reasonably incurred by the individual in respect of any civil,
criminal, administrative, investigative or other proceeding in which the individual is involved because of that association with the corporation or other entity. A corporation shall not indemnify such
an individual unless the individual acted honestly and in good faith with a view to the best interests of the corporation or, as the case may be, to the best interests of the other entity for which
the individual acted as a director or officer or in a similar capacity at the corporation's request. In addition to the conditions set out above, the Business Corporations Act </FONT> <FONT SIZE=2><I>(Ontario)</I></FONT><FONT SIZE=2> provides that,
in the case of a criminal or administrative action or proceeding that is enforced by monetary penalty, the corporation shall
not indemnify an individual described above unless the director or officer had reasonable grounds for believing that his or her conduct was lawful. Where an individual has met the conditions set out
under (a)&nbsp;and (b)&nbsp;above and was not judged by the court or other competent authority in such a proceeding to have committed any fault or omitted to do anything that the individual ought
to have done, such individual is entitled to indemnification from the corporation for such costs, charges and expenses which were reasonably incurred. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Both
the trust agreement and the management agreement provide that the Trust will indemnify and hold harmless the Manager and its partners, officers, agents and employees from and
against any and all expenses, losses, damages, liabilities, demands, charges, costs and claims of any kind or nature whatsoever (including legal fees, judgments and amounts paid in settlement,
provided that the Trust has approved such settlement in accordance with the trust agreement) in respect of the acts, omissions, transactions, duties, obligations or responsibilities of the Manager as
manager to the Trust, except where such expenses, losses, damages, liabilities, demands, charges, costs or claims are caused by acts or omissions of the Manager done or suffered in breach of its
standard of care or through the Manager's own negligence, willful misconduct, willful neglect, default, bad faith or dishonesty or a material failure in complying with applicable Canadian laws or the
provisions set forth in the management agreement or the trust agreement. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust does not carry any insurance to cover such potential obligations and, to the Manager's knowledge, none of the foregoing parties are insured for losses for which the Trust has
agreed to indemnify&nbsp;them. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers or persons controlling the Trust pursuant to the foregoing
provisions, the Trust has been informed that in the opinion of the U.S.&nbsp;Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is therefore
unenforceable. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-1</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=44,EFW="2228998",CP="SPROTT PHYSICAL SILVER TRUST",DN="1",CHK=64441,FOLIO='II-1',FILE='DISK121:[16ZBQ1.16ZBQ42501]DE42501A.;3',USER='RRICKEN',CD='21-JUN-2016;10:48' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_dg42501_1_2"> </A>


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




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




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dg42501_exhibits"> </A>
<A NAME="toc_dg42501_1"> </A>
<BR></FONT><FONT SIZE=2><B>  EXHIBITS    <BR>    </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<P style="font-family:times;text-align:justify"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="CENTER" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:29pt;"><FONT SIZE=1><B>Exhibit<BR>
Number

<!-- COMMAND=ADD_SCROPPEDRULE,29pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Description </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>4.1</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Annual information form of the Trust for the fiscal year ended December&nbsp;31, 2015, dated March&nbsp;30, 2016 (incorporated by reference to the Trust's Annual Report on Form&nbsp;40-F for the fiscal year ended
December&nbsp;31, 2015, filed with the Commission on March&nbsp;31, 2016).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>4.2</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Audited comparative consolidated financial statements of the Trust and the notes thereto for the financial year ended
December&nbsp;31, 2015, together with the report of the auditors thereon (incorporated by reference to the Trust's Annual Report on Form&nbsp;40-F for the fiscal year ended December&nbsp;31, 2015, filed with the Commission on March&nbsp;31,
2016).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>4.3</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Management's discussion and analysis of the financial condition and results of operations of the Trust for the fiscal year ended
December&nbsp;31, 2015 (incorporated by reference to the Trust's Annual Report on Form&nbsp;40-F for the fiscal year ended December&nbsp;31, 2015, filed with the Commission on March&nbsp;30, 2016).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>4.4</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Unaudited interim statements of financial position of the Trust as at March&nbsp;31, 2016 and the unaudited interim statements of
comprehensive income, changes in equity and cash flows for the three month period ended March&nbsp;31, 2016 and 2015, respectively (incorporated by reference to Exhibit&nbsp;99.1 of the Trust's Form&nbsp;6-K, filed with the Commission on May&nbsp;12,
2016).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>5.1</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Consent of Ernst&nbsp;&amp; Young&nbsp;LLP, Independent Registered Chartered Accountants.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>5.2</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Consent of Baker&nbsp;&amp; McKenzie&nbsp;LLP.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>5.3</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Consent of Seward&nbsp;&amp; Kissel&nbsp;LLP.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>5.4</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Powers of Attorney (included on signature pages hereto).<BR></FONT>
</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-2</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=45,EFW="2228998",CP="SPROTT PHYSICAL SILVER TRUST",DN="1",CHK=563661,FOLIO='II-2',FILE='DISK121:[16ZBQ1.16ZBQ42501]DG42501A.;6',USER='RRICKEN',CD='21-JUN-2016;10:48' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_di42501_1_1"> </A>


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




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




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="di42501_part_iii"> </A>
<A NAME="toc_di42501_1"> </A>
<BR></FONT><FONT SIZE=2><B>  PART III    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="di42501_undertaking_and_consent_to_service_of_process"> </A>
<A NAME="toc_di42501_2"> </A></FONT> <FONT SIZE=2><B>  UNDERTAKING AND CONSENT TO SERVICE OF PROCESS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Item&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;Undertaking.  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission
staff, and to furnish promptly, when requested to do so by the Commission staff, information relating to the securities registered pursuant to this Form&nbsp;F-10 or&nbsp;to transactions in said
securities. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Item&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;Consent to&nbsp;Service of Process.  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Concurrent
with the filing of this Registration Statement on Form&nbsp;F-10, dated June&nbsp;21, 2016, the Trust filed with the Commission a written
irrevocable consent and power of attorney on Form&nbsp;F-X.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Concurrent
with the filing of this Registration Statement on Form&nbsp;F-10, dated June&nbsp;21, 2016, the Trustee filed with the Commission a written
irrevocable consent and power of attorney on Form&nbsp;F-X.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Any
change to the name or address of the agent for service of the Trust or the Trustee shall be communicated promptly to the Commission by amendment to
Form&nbsp;F-X referencing the file number of the relevant registration statement. </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>III-1</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=46,EFW="2228998",CP="SPROTT PHYSICAL SILVER TRUST",DN="1",CHK=766897,FOLIO='1',FILE='DISK121:[16ZBQ1.16ZBQ42501]DI42501A.;3',USER='RRICKEN',CD='21-JUN-2016;10:48' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_jc42501_1_2"> </A>


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




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




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="jc42501_signatures"> </A>
<A NAME="toc_jc42501_1"> </A>
<BR></FONT><FONT SIZE=2><B>  SIGNATURES    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the Trust certifies that it has reasonable grounds to believe that it meets
all of the requirements for filing on Form&nbsp;F-10 and&nbsp;has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of
Toronto, Province of Ontario, Canada, on June&nbsp;21,&nbsp;2016. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<P style="font-family:times;text-align:justify"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="49%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="22pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="46%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2>SPROTT PHYSICAL SILVER TRUST</FONT><FONT SIZE=2><BR>
By Sprott Asset Management&nbsp;LP, as manager of the Trust</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>  By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;JOHN WILSON&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Name: John Wilson<BR>
Title:&nbsp;&nbsp;Chief Executive Officer</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW
ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Anthony Tu-Sekine and Paul M. Miller, or any of them, with full power to act
alone, his or her true lawful attorneys-in-fact and agents, with full powers of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to
sign any or all amendments or supplements to this registration statement, whether pre-effective or post-effective, and to file the same, with all exhibits thereto, and other documents in connection
therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents full power and authority to do and perform each and every act and thing necessary to be done, as
fully for all intents and purposes as he or she might or could do in person hereby ratifying and confirming all that said attorneys-in-fact and agents, or his or her substitute, may lawfully do or
cause to be done by virtue hereof. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Power of Attorney may be executed in multiple counterparts, each of which shall be deemed an original, but which taken together shall constitute one instrument. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act, this registration statement has been signed below by or on behalf of the following persons in the capacities indicated on
June&nbsp;21, 2016. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<P style="font-family:times;text-align:justify"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="218pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="CENTER" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:34pt;"><FONT SIZE=1><B>Signature

<!-- COMMAND=ADD_SCROPPEDRULE,34pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH NOWRAP  ALIGN="CENTER" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:17pt;"><FONT SIZE=1><B>Title

<!-- COMMAND=ADD_SCROPPEDRULE,17pt -->

 </B></FONT></DIV></TH>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2> Sprott Asset Management&nbsp;LP,<BR>
Manager of the Trust</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;JOHN WILSON<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> John Wilson</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>Chief Executive Officer and Director* (Principal Executive Officer)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;KEVIN HIBBERT<BR>



<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Kevin Hibbert</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>Acting Chief Financial Officer and Director* (Principal Financial Officer and Principal Accounting Officer)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;KIRSTIN H. MCTAGGART<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Kirstin H. McTaggart</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>Chief Compliance Officer and Director*</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;JAMES R. FOX<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> James R. Fox</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>Director*</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="12%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="12%" ALIGN="LEFT" >


<P style="font-family:times;text-align:justify"><FONT SIZE=2>*&nbsp;Director of Sprott Asset Management&nbsp;GP&nbsp;Inc., general partner of the Manager of the&nbsp;Trust </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=47,EFW="2228998",CP="SPROTT PHYSICAL SILVER TRUST",DN="1",CHK=328312,FOLIO='2',FILE='DISK121:[16ZBQ1.16ZBQ42501]JC42501A.;9',USER='RRICKEN',CD='21-JUN-2016;10:46' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_je42501_1_3"> </A>


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




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




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="je42501_authorized_representative"> </A>
<A NAME="toc_je42501_1"> </A>
<BR></FONT><FONT SIZE=2><B>  AUTHORIZED REPRESENTATIVE    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of Section&nbsp;6(a) of the Securities Act of 1933 the Authorized Representative has duly caused this
registration statement to be signed on its behalf by the undersigned, solely in its capacity as the duly authorized representative of the Trust in the United&nbsp;States, in the City of Newark,
State of Delaware, June&nbsp;21,&nbsp;2016. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<P style="font-family:times;text-align:justify"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="49%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="22pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="46%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2>PUGLISI&nbsp;&amp; ASSOCIATES</FONT><FONT SIZE=2><BR>
(Authorized Representative)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>  By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;DONALD J. PUGLISI&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Name: Donald J. Puglisi<BR>
Title:&nbsp;&nbsp;Managing Director</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>III-3</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=48,EFW="2228998",CP="SPROTT PHYSICAL SILVER TRUST",DN="1",CHK=780129,FOLIO='3',FILE='DISK121:[16ZBQ1.16ZBQ42501]JE42501A.;8',USER='RRICKEN',CD='21-JUN-2016;10:47' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>a2228998zex-5_1.htm
<DESCRIPTION>EX-5.1
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#16ZBQ42501_2">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>


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




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




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->



<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><A
NAME="ka42501_exhibit_5.1"> </A>
<A NAME="toc_ka42501_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Exhibit&nbsp;5.1    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ka42501_consent_of_independent__ka402308"> </A>
<A NAME="toc_ka42501_2"> </A>
<BR></FONT><FONT SIZE=2><B>  CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We consent to the reference to our firm under the caption "Auditors" in the Registration Statement on Form&nbsp;F-10 of Sprott
Physical Silver Trust (the&nbsp;"Trust"), relating to the registration of a maximum offering of US $1,500,000,000 of units of the Trust and to the incorporation by reference therein of our report to
Sprott Asset Management&nbsp;LP, the Trustee and the Unitholders of the Trust on the statements of financial position of the Trust as at December&nbsp;31, 2015 and 2014, and the statements of
comprehensive income (loss), changes in equity and cash flows for the years ended December&nbsp;31, 2015 and 2014, and the effectiveness of internal control over financial reporting of the Trust as
of December&nbsp;31, 2015. Our report is dated March&nbsp;30,&nbsp;2016. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><BR><BR> </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;text-align:left;margin-left:0%;">
<P style="font-family:times;text-align:justify"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="48%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="48%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>/s/ "</FONT><FONT SIZE=2><I>Ernst&nbsp;&amp; Young&nbsp;LLP"</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Toronto, Canada<BR>
June&nbsp;21, 2016</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Chartered Professional Accountants<BR>
Licensed Public Accountants</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2228998",CP="SPROTT PHYSICAL SILVER TRUST",DN="2",CHK=750777,FOLIO='blank',FILE='DISK121:[16ZBQ1.16ZBQ42501]KA42501A.;5',USER='RRICKEN',CD='21-JUN-2016;10:48' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="16ZBQ42501_2">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ka42501_1">Exhibit 5.1</A></FONT><BR>
</UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ka42501_2">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</A></FONT><BR>
<!-- SEQ=,FILE='QUICKLINK',USER=JDAY,SEQ=,EFW="2228998",CP="SPROTT PHYSICAL SILVER TRUST",DN="2" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>3
<FILENAME>a2228998zex-5_2.htm
<DESCRIPTION>EX-5.2
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#16ZBQ42501_3">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>


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




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




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><A
NAME="kc42501_exhibit_5.2"> </A>
<A NAME="toc_kc42501_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Exhibit&nbsp;5.2    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="kc42501_baker___mckenzie_llp"> </A>
<A NAME="toc_kc42501_2"> </A>
<BR></FONT><FONT SIZE=2><B>  BAKER&nbsp;&amp; MCKENZIE&nbsp;LLP    <BR>    </B></FONT></P>

<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>June&nbsp;21,
2016 </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
hereby consent to the use of our name in the Registration Statement on Form&nbsp;F-10 filed by Sprott Physical Silver Trust on June&nbsp;21, 2016, as such may thereafter be
amended or supplemented, and in the base prospectus contained therein, under the caption "Legal Matters". In giving such consent we do not thereby admit that we are in the category of persons whose
consent is required under Section&nbsp;7 of the United&nbsp;States Securities Act 1933, as&nbsp;amended. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<P style="font-family:times;text-align:justify"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="50%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="50%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>/s/ BAKER&nbsp;&amp; MCKENZIE&nbsp;LLP<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Baker&nbsp;&amp; McKenzie&nbsp;LLP<BR></FONT>
</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2228998",CP="SPROTT PHYSICAL SILVER TRUST",DN="3",CHK=877136,FOLIO='blank',FILE='DISK121:[16ZBQ1.16ZBQ42501]KC42501A.;5',USER='RRICKEN',CD='21-JUN-2016;10:48' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="16ZBQ42501_3">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_kc42501_1">Exhibit 5.2</A></FONT><BR>
</UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_kc42501_2">BAKER &amp; MCKENZIE LLP</A></FONT><BR>
<!-- SEQ=,FILE='QUICKLINK',USER=JDAY,SEQ=,EFW="2228998",CP="SPROTT PHYSICAL SILVER TRUST",DN="3" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.3
<SEQUENCE>4
<FILENAME>a2228998zex-5_3.htm
<DESCRIPTION>EX-5.3
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#16ZBQ42501_4">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>


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




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




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><A
NAME="ke42501_exhibit_5.3"> </A>
<A NAME="toc_ke42501_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Exhibit&nbsp;5.3    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ke42501_seward___kissel_llp"> </A>
<A NAME="toc_ke42501_2"> </A>
<BR></FONT><FONT SIZE=2><B>  SEWARD&nbsp;&amp; KISSEL&nbsp;LLP    <BR>    </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
<P style="font-family:times;text-align:justify"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="48%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="48%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>901&nbsp;K STREET, N.W., SUITE 800<BR>
WASHINGTON,&nbsp;D.C. 20001<BR>
TELEPHONE: (202)&nbsp;737-8833<BR>
FACSIMILE: (202)&nbsp;737-5184<BR>
WWW.SEWKIS.COM</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>ONE BATTERY PARK PLAZA<BR>
NEW YORK, NEW YORK 10004<BR>
TELEPHONE: (212)&nbsp;574-1200<BR>
FACSIMILE: (212)&nbsp;480-8421</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
hereby consent to the use of our name in the Registration Statement on Form&nbsp;F-10 filed by Sprott Physical Silver Trust (the&nbsp;"Trust") on June&nbsp;21, 2016, as such may
thereafter be amended or supplemented, and in the base prospectus contained therein, under the caption "Legal Matters", without admitting we are "experts" within the meaning of the Securities Act of
1933, as amended, or the rules and regulations of the U.S.&nbsp;Securities and Exchange Commission thereunder with respect to any part of the Registration Statement. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Washington,&nbsp;D.C.<BR>
June&nbsp;21, 2016 </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<P style="font-family:times;text-align:justify"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="50%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="50%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Very truly yours,</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>/s/ SEWARD&nbsp;&amp; KISSEL&nbsp;LLP<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Seward&nbsp;&amp; Kissel&nbsp;LLP<BR></FONT>
</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2228998",CP="SPROTT PHYSICAL SILVER TRUST",DN="4",CHK=206353,FOLIO='blank',FILE='DISK121:[16ZBQ1.16ZBQ42501]KE42501A.;5',USER='RRICKEN',CD='21-JUN-2016;10:48' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="16ZBQ42501_4">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ke42501_1">Exhibit 5.3</A></FONT><BR>
</UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ke42501_2">SEWARD &amp; KISSEL LLP</A></FONT><BR>
<!-- SEQ=,FILE='QUICKLINK',USER=JDAY,SEQ=,EFW="2228998",CP="SPROTT PHYSICAL SILVER TRUST",DN="4" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>g383983.jpg
<DESCRIPTION>G383983.JPG
<TEXT>
begin 644 g383983.jpg
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M-#E"5G9XLK3!U!HF-39&4UAD9W22DZ:XTM/A_\0 &P$!  (# 0$
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M6;Z0ZI.ZAR_?.8V2HD?'.7KQQ',%J*V<K,8]=RJJQ9+.3RH'<+-&AT6ZRY@
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MUB(=^4)>\BKQ1[,&0,<@*IP9BB(E$Q1@[,TFU21R!P2!GU)^A_QQ5B*JQ[F
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M*//-KQA4"N5VQKU=1))C&%02W']78Y4^E_OT\PQ2!^Q:S&0.X0*'UZL^32*
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M29(P@*XC[ZD]T[V+5EO9K#9JEY2#1OEIHW3 ZABIMVT),-T$@[SF$0313(F
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=*4TTTTI33332E----*4TTTTI33332E----*5_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
