Sprott Physical Silver Trust Statements of comprehensive income (loss) (in U.S. dollars) For the year ended  December 31, 2014 For the year ended  December 31, 2013 $ $ Income Net realized gains on  redemptions/sales of bullion - - Change in unrealized losses on silver bullion (185,608,263) (536,089,139) Sales Tax refund 248,867 278,028 (185,359,396) (535,811,111) Expenses Management fees  (note 11) 4,254,205 5,345,220 Bullion storage fees  1,368,490 1,332,713 Sales tax 406,042 415,892 Unitholder reporting costs 273,242 135,619 Listing and regulatory filing fees 271,200 164,500 Administrative fees 242,918 102,770 Legal fees 156,659 31,971 Audit fees 115,323 93,000 Net foreign exchange losses 25,180 13,198 Independent Review Committee fees 18,546 33,532 Trustee fees 5,000 5,000 Custodial fees 660 1,206 7,137,465 7,674,621 Net loss and comprehensive  loss for the year (192,496,861) (543,485,732) Decrease in total equity from operations  per Unit (note 9) (1.51) (4.27) The accompanying notes are an integral part of these financial statements. On behalf of the Manager, Sprott Asset Management LP, by its General Partner, Sprott Asset Management GP Inc.: Steven Rostowsky Director John Wilson Director 11