0001104659-14-088580 Sample Contracts

December 23, 2014 Dear Unitholder: Re: Amendment to Trust Agreement — Sprott Physical Silver Trust
Sprott Physical Silver Trust • December 23rd, 2014 • Commodity contracts brokers & dealers

This letter is to notify you of an amendment, effective February 27, 2015, (the “Amendment Date”) to the trust agreement of Sprott Physical Silver Trust (the “Fund”), as amended and restated as of October 1, 2010 (the “Trust Agreement”).

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