Sprott Physical Silver Trust

Sprott Physical Silver Trust is a closed-end mutual fund trust. The investment objective of the trust is to seek to provide a secure, convenient and exchange-traded investment alternative for investors interested in holding physical silver bullion without the inconvenience that is typical of a direct investment in physical silver bullion. The trust invests and intends to continue to invest primarily in long-term holdings of unencumbered, fully allocated, physical silver bullion and does not speculate with regard to short-term changes in silver prices. It was founded on June 30, 2010 and is headquartered in Toronto, Canada.