Sprott Physical Silver Trust December 31, 2014 The indicated rates of return are the historical total returns including changes in unit values and assume reinvestment of all distributions in  additional units of the Trust. These returns do not take into account sales, redemption, distribution or optional charges or income taxes payable  by any unitholder that may reduce returns. Please note that past performance is not indicative of future performance. All rates of returns are  calculated based on the Net Asset Value of the units of the Trust.  Past Performance Year-by-Year Returns The bar chart below indicates the performance of the Trust units for the years shown. The chart shows, in percentage terms, how much an  investment made on the first day of each period would have grown or decreased by the last day of each year. 20.90 -10.59 9.76 -35.96 -19.90 -50 -40 -30 -20 -10 0 10 20 30 40 2010* 2011 2012 2013 2014 Return (%) Ounces Fair Value per ounce $ Average Cost $ Fair Value $ % of Net Asset Value % Physical silver bullion 49,287,870 15.70 1,361,835,584 773,942,786 99.9 Cash and Cash Equivalents 1,357,559 0.2 Other Net Liabilities (284,666) (0.1) Total Net Asset Value 775,015,679 100.0 Summary of Investment Portfolio * Return for the period from October 28, 2010 to December 31, 2010  As of December 31, 2014 This summary of investment portfolio may change due to the ongoing portfolio transactions of the Trust. 6