December 31, 2014 Sprott Physical Silver Trust Financial Highlights 1 This information is provided as at the date shown, as applicable. 2 Management expense ratio (“MER”) is based on total expenses (including applicable Canadian taxes and excluding commissions and other portfolio transaction costs) for the stated period and is  expressed as an annualized percentage of daily average net asset value during the year ended December 31, 2014. 3 The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period shown. Since  there are no direct trading costs associated with physical bullion trades, the trading expense ratio is nil. 4 The Trust’s portfolio turnover rate indicates how actively the Trust’s portfolio adviser trades its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Trust buying and  selling all of the securities in its portfolio once in the course of the year. The higher the Trust’s portfolio turnover rate in a year, the greater the chance of an investor receiving taxable capital gains  in the year. There is not necessarily a relationship between a high turnover rate and the performance of the Trust. 5 The following tables show selected key financial information about the Trust and are intended to help you understand the Trust’s financial  performance for the years shown. Net assets per unit 1 December 31,  2014 $ December 31, 2013 $ December 31, 2012 $ December 31, 2011 $ October 28, 2010 – December 31, 2010 $ Net assets per Unit, beginning of period 7.60 11.86 10.81 12.09 10.00 Increase (decrease) from operations$^{2}$: Total revenue – – – – – Total expenses (0.05) (0.06) (0.08) (0.09) (0.01) Realized gains (losses) for the period – – – – – Unrealized gains (losses) for the period (1.46) (4.21) 0.57 (1.19) 2.60 Total increase (decrease) from  operations (1.51) (4.27) 0.49 (1.28) 2.59 Net assets per Unit, end of period 6.09 7.60 11.86 10.81 12.09 Ratios and Supplemental Data December 31, 2014 December 31, 2013 December 31, 2012 December 31, 2011 December 31, 2010 Total net asset value (000’s) 1 $775,016 $967,551 $1,510,942 $621,428 $695,232 Number of Units outstanding 1 127,360,215 127,365,280 127,367,197 57,497,090 57,500,000 Management expense ratio 2 0.76% 0.65% 0.65% 0.66% 0.62% Trading expense ratio 3 nil nil nil nil nil Portfolio turnover rate 4 nil nil nil nil nil Net asset value per Unit $6.09 $7.60 $11.86 $10.81 $12.09 Closing market price – NYSE Arca $6.15 $7.57 $12.04 $13.43 $14.07 Closing market price – TSX $6.16 $7.58 $12.07 $13.55 $14.07 1 This information is derived from the Trust’s annual financial statements. 2 Net assets per unit is calculated based on the actual number of units outstanding at the relevant time. The increase/decrease from operations is based on the weighted average number of units  outstanding over the period shown. This table is not intended to be a reconciliation of the beginning to ending net assets per unit.