INDEPENDENT AUDITORS’ REPORT OF 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 accompanying financial statements of Sprott Physical Silver Trust, which comprise the statements of financial position 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 a summary of significant accounting policies and other explanatory information.  Management is responsible for the preparation and fair presentation of these financial statements in accordance with International Financial  Reporting Standards as issued by the International Accounting Standards Board, and for such internal control as management determines is  necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with  Canadian generally accepted auditing standards and the standards of the Public Company Accounting Oversight Board (United States). Those  standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the  financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The  procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the entity's  preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An  audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, evaluating the  appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the  overall presentation of the financial statements. We believe that the audit evidence we have obtained in our audits is sufficient and appropriate to provide a basis for our audit opinion.  In our opinion, the financial statements present fairly, in all material respects, the financial position of Sprott Physical Silver Trust as at  December 31, 2014 and 2013, and its financial performance and its cash flows for the years then ended in accordance with International  Financial Reporting Standards as issued by the International Accounting Standards Board. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Sprott Physical  Silver Trust’s internal control over financial reporting as of December 31, 2014, based on the criteria established in Internal Control-Integrated  Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (1992 framework) and our report dated  March 10, 2015 expressed an unqualified opinion on Sprott Physical Silver Trust’s internal control over financial reporting. 9 Toronto, Canada March 10, 2015 Other matter Opinion Auditors’ responsibility Management's responsibility for the financial statements