Sprott Physical Silver Trust Statements of changes in equity (in U.S. dollars) For the years ended December 31, 2014 and 2013 Number of  Units  outstanding Unitholders'  Capital Retained  Earnings Underwriting  Commissions  and Issue  Expenses Unit  Premiums  and  Reserves Total Equity $ $ $ $ $ Balance at January 1, 2013 127,367,197 1,453,496,310 119,967,606 (62,577,581) 55,632 1,510,941,967 Proceeds from issuance of Units - - - - - - Cost of Redemption of Units (1,917) (19,170) 3,095 - 838 (15,237) Net loss for the year - - (543,485,732) - - (543,485,732) Underwriting commissions and issue expenses - - - 109,725 - 109,725 Balance at December 31, 2013 127,365,280 1,453,477,140 (423,515,031) (62,467,856) 56,470 967,550,723 Balance at January 1, 2014 127,365,280 1,453,477,140 (423,515,031) (62,467,856) 56,470 967,550,723 Proceeds from issuance of Units  (note 8) - - - - - - Cost of Redemption of Units  (note 8) (5,065) (50,650) 10,457 - 2,010 (38,183) Net loss for the year - - (192,496,861) - - (192,496,861) Underwriting commissions and issue  expenses - - - - - - Balance at December 31, 2014 127,360,215 1,453,426,490 (616,001,435) (62,467,856) 58,480 775,015,679 The accompanying notes are an integral part of these financial statements. 13