REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To Sprott Asset Management LP (the “Manager”), the Trustee and the Unitholders of the Sprott Physical Silver Trust We have audited the Sprott Physical Silver Trust’s (the “Trust”) internal control over financial reporting as of December 31, 2014, based on  criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway  Commission (1992 framework) (the “COSO criteria”). The Manager is responsible for maintaining effective internal control over financial  reporting, and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s  Responsibility for Financial Information. Our responsibility is to express an opinion on the Trust’s internal control over financial reporting  based on our audit.  We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards  require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was  maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the  risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk,  and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis  for our opinion. A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of  financial reporting and the preparation of financial statements for external purposes in accordance with International Financial Reporting  Standards. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of  records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide  reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with International  Financial Reporting Standards, and that receipts and expenditures of the company are being made only in accordance with authorizations of  management and trustee of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized  acquisition, use or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any  evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or  that the degree of compliance with the policies or procedures may deteriorate. In our opinion, the Trust maintained, in all material respects, effective internal control over financial reporting as of December 31, 2014, based  on the COSO criteria . We also have audited, in accordance with Canadian generally accepted auditing standards and the standards of the Public Company  Accounting Oversight Board (United States), the statements of financial position of the Trust as at December 31, 2014 and 2013, and the  statements of comprehensive income (loss), changes in equity and cash flows for the years then ended and our report dated March 10, 2015  expressed an unqualified opinion thereon. Toronto, Canada March 10, 2015 10