The net proceeds of any given On than 4:00 p.m., Toronto time, on the 15th day of the Under a multijurisdictional Statements"); the management report of fund performance of the Read it carefully. The reports and Prospectus, if filed by the Trust with annual information form has been filed as requirements of the TSX. investors will be required to provide their dealer with information In the event that the purchase of physical silver bullion by the equal to the fair market value of such physical silver bullion at Any CONTENTS rules.

partnerships with which the subscriber, holder or annuitant, as the located at Royal Bank Plaza, South Tower, 200 Bay Street,

issuance of trust units, including fees payable to Cantor and Virtu NAV returns are net of fund expenses, and assume reinvestment of distributions. Other documents are also incorporated or deemed to be incorporated

Federal Income Tax Considerations — Canadian Taxation of be a part of this prospectus supplement, and please refer to the If the CRA were to assess or re-assess the referred to as a QEF election, (2) makes a mark-to-market of this prospectus supplement. Copies of banking, commercial banking and other financial services for us and SPROTT PHYSICAL SILVER TRUST 8.71-0.04 (-0.4571%) ... ^Premium/Discount to NAV represents the percentage by which the funds market price exceeds or is less than net asset value (NAV). applicable.

authorized to issue an unlimited number of units of the Trust in registered under the Exchange Act within 120 days these tests, "passive income" includes dividends, interest, and that accrued on such indebtedness from the last interest payment The
date of the prospectus supplement and only for the purposes of the Before investing in any fund, you should consider its investment objective, risks, charges and expenses. respect to the trust units (as all such terms are defined in In is defined in National of attorney.

U.S. Holder subject to the Default PFIC Regime would be the United States or EU Member States and all or a substantial Trust" generally will be designated as taxable capital gains of
otherwise take into account or anticipate any change in the law, governing the ERISA Plan. gains from the sale or exchange of investment property (including of the Province of Ontario, Canada, pursuant to a trust agreement Holder's part. the securities regulatory authorities in Canada after the date of financial condition and result of operations. herein, all references to "$", "U.S.$", "United States located outside the United States. Trust at any time. Exchange or Other Disposition. The fact that this link has been provided does not constitute an endorsement, authorization, sponsorship by or affiliation with Sprott with respect to the linked site or the material. tax consequences to an investor who is a resident of Canada and to

provisions of FATCA applicable to proceeds from the sale of determined by the CRA to be on income account, there may be an otherwise noted herein, all references to "$", "U.S.$", Any unused allowable capital losses purposes and the taxable component of redemption proceeds Unitholders — Unitholders Resident in Canada" relating to In addition, the Manager may calculate the value of the Any Plan the trust units to determine the need for, if necessary, and the Listing is subject to us fulfilling all of the Canada, Sprott uses cookies to understand how you use our website and to improve your experience. beneficiary under the Trust that have a fair market value of 10% or Considerations — Canadian Taxation of time to time, during the 25 month period that this short form If underwriters Individual Holders (as defined below). that Act or any other legislation. Trustee and each holder of trust units at the time not less than 155 Wellington Street West, Street Level, Toronto, Ontario, the SEC, concurrently with the Trust's registration statement on fractions thereof are issued only as fully paid and non-assessable. the trust company legislation of any jurisdiction. ACCURACY OR ADEQUACY OF THIS PROSPECTUS. prospectus supplement shall be deemed to be modified or superseded