MANAGEMENT’S RESPONSIBILITY FOR FINANCIAL INFORMATION Sprott Asset Management LP, the “Manager” of the Sprott Physical Silver Trust (the “Trust”) is responsible for the integrity, consistency,  objectivity and reliability of the Financial Statements of the Trust. International Financial Reporting Standards have been applied and  management has exercised its judgment and made best estimates where appropriate. The Manager’s internal controls and supporting procedures maintained provide reasonable assurance that financial records are complete and  accurate. These supporting procedures include the oversight of RBC Investor Services, the Trust’s valuation agent. Management has assessed the effectiveness of the internal controls over financial reporting as at December 31, 2014 using the framework  found in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based  upon this assessment, management has concluded that as at December 31, 2014 the Manager’s internal controls over financial reporting  were effective. Ernst & Young LLP, the independent auditors appointed by the Manager of the Trust, have audited the effectiveness of the Trust’s internal  control over financial reporting as at December 31, 2014 in addition to auditing the Trust’s Financial Statements as of the same date. Their  reports, which expressed an unqualified opinion, can be found on pages 2 to 3 of the Financial Statements. Ernst & Young have full and free  access to, and meet periodically with, the Manager of the Trust to discuss their audit and matters arising there from, such as, comments they  may have on the fairness of financial reporting and the adequacy of internal controls. March 10, 2015 Steven Rostowsky Chief Financial Officer 8