Sprott Physical Silver Trust Notes to the Annual Financial Statements  December 31, 2014 Investment Manager – Sprott Asset Management LP The Trust pays the Manager a monthly management fee equal to $^{1}$/$_{12}$ of 0.45% of the value of net assets of the Trust (determined in accordance  with the Trust Agreement) plus any applicable Canadian taxes, calculated and accrued daily and payable monthly in arrears on the last day of  each month. Total management fees for the year ended December 31, 2014 amounted to $4,254,205 compared to $5,345,220 for the same  period in 2013. Ownership and Other As at December 31, 2014, the Trust’s related parties included the Manager. The Manager owned 0.32% (December 31, 2013: 0.32%) of  the units. There have been no other transactions between the Trust and its related parties during the reporting period. 12. Independent Review Committee (“IRC”) 11. Related Party Disclosures The following parties are considered related parties to the Trust: In accordance with National Instrument 81-107, Independent Review Committee for Investment Funds (“NI 81-107”), the Manager has  established an IRC for a number of funds managed by it, including the Trust. The mandate of the IRC is to consider and provide  recommendations to the Manager on conflicts of interest to which the Manager is subject when managing certain funds, including the Trust.  The IRC is composed of three individuals, each of whom is independent of the Manager and all funds managed by the Manager, including the  Trust. Each fund subject to IRC oversight pays a share of the IRC member fees, costs and other fees in connection with operation of the IRC.  The IRC reports annually to unitholders of the funds subject to its oversight on its activities, as required by NI 81-107. There were no soft dollar commissions for the years ended December 31, 2014 and 2013. 13. Soft Dollar Commissions 14. Personnel The Trust did not employ any personnel during the period, as its affairs were administered by the personnel of the Manager and/or the Trustee,  as applicable. There were no material events after the reporting period. 21 15. Events After the Reporting Period