Table of Contents Management Report of Fund Performance 3 Audited Financial Statements 7 The annual management report of fund performance is an analysis and explanation that is designed to complement and supplement an  investment fund’s financial statements. This report contains financial highlights but does not contain the complete annual financial statements  of the investment fund. A copy of the annual financial statements has been included separately within the Report to Unitholders. You can also  get a copy of the annual financial statements at your request, and at no cost, by calling 1-866-299-9906, by visiting our website at  www.sprottphysicalsilvertrust.com or SEDAR at www.sedar.com or by writing to us at: Sprott Asset Management LP, Royal Bank Plaza,  South Tower, 200 Bay Street, Suite 2700, P.O. Box 27, Toronto, Ontario M5J 2J1. 2