Common use of Investment and Operating Restrictions Clause in Contracts

Investment and Operating Restrictions. The investment activities of the Trust are intended to be conducted in accordance with, among other things, the following investment and operating restrictions and they provide that the Trust: (a) will invest in and hold a minimum of 90% of the total net assets of the Trust in physical silver bullion in London Good Delivery bar form and hold no more than 10% of the total net assets of the Trust, at the discretion of the Manager, in physical silver bullion (in London Good Delivery Bar form or otherwise), debt obligations of or guaranteed by the Government of Canada or a province of Canada or by the Government of the United States of America or a state thereof, short-term commercial paper obligations of a corporation or other person whose short-term commercial paper is rated R-1 (or its equivalent, or higher) by DBRS Limited or its successors or assigns or F1 (or its equivalent, or higher) by Fitch Ratings or its successors or assigns or A-1 (or its equivalent, or higher) by Standard & Poor’s or its successors or assigns or P-1 (or its equivalent, or higher) by Xxxxx’x Investor Service or its successors or assigns, interest-bearing accounts and short-term certificates of deposit issued or guaranteed by a Canadian chartered bank or trust company, money market mutual funds, short-term government debt or short-term investment grade corporate debt, or other short-term debt obligations approved by the Manager from time to time (for the purpose of this paragraph, the term “short-term” means having a date of maturity or call for payment not more than 182 days from the date on which the investment is made), except during the 60-day period following the closing of the Trust’s initial public offering or additional offerings or prior to the distribution of the assets of the Trust; (b) will not invest in silver certificates or other financial instruments that represent silver or that may be exchanged for silver; (c) will store all physical silver bullion owned by the Trust at the Silver Custodian (including at a facility located in Canada leased by the Silver Custodian for this purpose) or in the treasury vaults of a Schedule I Canadian chartered bank or an Affiliate or division thereof in Canada on a fully allocated basis, provided that the physical silver bullion held in London Good Delivery bar form may be stored with a custodian only if the physical silver bullion will remain London Good Delivery while with that custodian; (d) will not hold any “taxable Canadian Property” within the meaning of the Tax Act; (e) will not purchase, sell or hold derivatives; (f) will not issue Units following the completion of the Trust’s initial public offering except (i) if the net proceeds per Unit to be received by the Trust are not less than 100% of the most recently calculated Net Asset Value per Unit prior to, or upon, the determination of the pricing of such issuance or (ii) by way of Unit distribution in connection with an income distribution; (g) will ensure that no part of the stored physical silver bullion may be delivered out of safekeeping by the Silver Custodian (except to an authorized sub-custodian) or, if the physical silver bullion is held by another custodian, that custodian, without receipt of an instruction from the Manager in the form specified by the Silver Custodian or such other custodian indicating the purpose of the delivery and giving direction with respect to the specific amount; (h) will ensure that no director or officer of the Manager or the Manager’s general partner, or representative of the Trust or the Manager will be authorized to enter into the physical silver bullion storage vaults without being accompanied by at least one representative of the Silver Custodian or, if the physical silver bullion is held by another custodian, that custodian, as the case may be; (i) will ensure that the physical silver bullion remains unencumbered; -71- (j) will ensure that the physical silver bullion is subject to a physical count by a representative of the Manager periodically on a spot-inspection basis as well as subject to audit procedures by the Auditors on at least an annual basis; (k) will not guarantee the securities or obligations of any Person other than the Manager, and then only in respect of the activities of the Trust; (l) in connection with requirements of the Tax Act, will not make or hold any investment that would result in the Trust failing to qualify as a “mutual fund trust” within the meaning of the Tax Act; (m) in connection with requirements of the Tax Act, will not invest in any security that would be a tax shelter investment within the meaning of section 143.2 of the Tax Act; (n) in connection with requirements of the Tax Act, will not invest in the securities of any non-resident corporation, trust or other non-resident entity (or of any partnership that holds such securities) if the Trust (or the partnership) would be required to include any significant amount in income under sections 94 or 94.1 of the Tax Act; (o) in connection with requirements of the Tax Act, will not invest in any security of an issuer that would be a foreign Affiliate of the Trust for purposes of the Tax Act; and (p) in connection with requirements of the Tax Act, will not carry on any business and make or hold any investments that would result in the Trust itself being subject to the tax for SIFT trusts as provided for in section 122 of the Tax Act.

Investment and Operating Restrictions. The investment activities of the Trust are intended to be conducted in accordance with, among other things, the following investment and operating restrictions and they provide that the Trust: : (a) will invest in and hold a minimum of 90% of the total net assets of the Trust in physical silver gold bullion in London Good Delivery bar form and hold no more than 10% of the total net assets of the Trust, at the discretion of the Manager, in physical silver gold bullion (in London Good Delivery Bar form or otherwise), gold coins, debt obligations of or guaranteed by the Government of Canada or a province of Canada or by the Government of the United States of America or a state thereof, short-term commercial paper obligations of a corporation or other person whose short-term commercial paper is rated R-1 (or its equivalent, or higher) by DBRS Dominion Bond Rating Service Limited or its successors or assigns or F1 (or its equivalent, or higher) by Fitch Ratings or its successors or assigns or A-1 (or its equivalent, or higher) by Standard & Poor’s or its successors or assigns or P-1 (or its equivalent, or higher) by Xxxxx’x Investor Service or its successors or assigns, interest-bearing accounts and short-term certificates of deposit issued or guaranteed by a Canadian chartered bank or trust company, money market mutual funds, short-term government debt or short-term investment grade corporate debt, or other short-term debt obligations approved by the Manager from time to time (for the purpose of this paragraph, the term “short-term” means having a date of maturity or call for payment not more than 182 days from the date on which the investment is made), except during the 60-day period following the closing of the Trust’s initial public offering or additional offerings or prior to the distribution of the assets of the Trust; ; (b) will not invest in silver certificates or other financial instruments that represent silver or that may be exchanged for silver; (c) will store all physical silver gold bullion owned by the Trust at the Silver Gold Custodian (including at a facility located in Canada leased by the Silver Custodian for this purpose) or in the treasury vaults of a Schedule I Canadian chartered bank or an Affiliate or division thereof in Canada on a fully allocated basis, provided that the physical silver gold bullion held in London Good Delivery bar form may be stored with a custodian only if the physical silver gold bullion will remain London Good Delivery while with that custodian; ; (dc) will not hold any “taxable Canadian Property” within the meaning of the Tax Act; ; (ed) will not purchase, sell or hold derivatives; ; (fe) will not issue Units following the completion of the Trust’s initial public offering except (i) if the net proceeds per Unit to be received by the Trust are not less than 100% of the most recently calculated Net Asset Value per Unit prior to, or upon, the determination of the pricing of such issuance or (ii) by way of Unit distribution in connection with an income distribution; ; (gf) will ensure that no part of the stored physical silver gold bullion may be delivered out of safekeeping by the Silver Gold Custodian (except to an authorized sub-custodian) or, if the physical silver gold bullion is held by another custodian, that custodian, without receipt of an instruction from the Manager in the form specified by the Silver Gold Custodian or such other custodian indicating the purpose of the delivery and giving direction with respect to the specific amount; ; (hg) will ensure that no director or officer of the Manager or the Manager’s general partner, or representative of the Trust or the Manager will be authorized to enter into the physical silver gold bullion storage vaults without being accompanied by at least one representative of the Silver Gold Custodian or, if the physical silver gold bullion is held by another custodian, that custodian, as the case may be; ; (ih) will ensure that the physical silver gold bullion remains unencumbered; -71- ; (ji) will ensure that inspect or cause to be inspected the stored physical silver gold bullion is subject to periodically on a physical count by spot inspection basis and, together with a representative of the Manager periodically on a spot-inspection basis as well as subject Auditors, physically audit each bar annually to audit procedures by confirm the Auditors on at least an annual basis; bar number; (kj) will not guarantee the securities or obligations of any Person other than the Manager, and then only in respect of the activities of the Trust; ; (lk) in connection with requirements of the Tax Act, will not make or hold any investment that would result in the Trust failing to qualify as a “mutual fund trust” within the meaning of the Tax Act; ; (ml) in connection with requirements of the Tax Act, will not invest in any security that would be a tax shelter investment within the meaning of section 143.2 of the Tax Act; ; (nm) in connection with requirements of the Tax Act, will not invest in the securities of any non-resident corporation, trust or other non-resident entity (or of any partnership that holds such securities) if the Trust (or the partnership) would be required to xxxx its investment in such securities to market in accordance with the proposed section 94.2 of the Tax Act or to include any significant amount amounts in income under pursuant to proposed sections 94 94.1 or 94.1 94.3 of the Tax Act; Act or invest in any non-resident trust other than an “exempt foreign trust” as set forth in Xxxx C-10, which was previously before the Canadian Parliament (oor amendments to such proposals or provisions as enacted into the law or successor provisions thereto); (n) in connection with requirements of the Tax Act, will not invest in any security of an issuer that would be a foreign Affiliate of the Trust for purposes of the Tax Act; and and (po) in connection with requirements of the Tax Act, will not carry on any business and make or hold any investments that would result in the Trust itself being subject to the tax for SIFT trusts as provided for in section 122 of the Tax Act.

Investment and Operating Restrictions. The investment activities of the Trust are intended to be conducted in accordance with, among other things, the following investment and operating restrictions and they provide that the Trust: : (a) will invest in and hold a minimum of 90% of the total net assets of the Trust in physical gold and silver bullion in London Good Delivery bar form and hold no more than 10% of the total net assets of the Trust, at the discretion of the Manager, in physical gold and silver bullion (in London Good Delivery Bar form or otherwise), gold or silver coins, debt obligations of or guaranteed by the Government of Canada or a province of Canada or by the Government of the United States of America or a state thereof, short-term commercial paper obligations of a corporation or other person whose short-term commercial paper is rated R-1 (or its equivalent, or higher) by DBRS Dominion Bond Rating Service Limited or its successors or assigns or F1 (or its equivalent, or higher) by Fitch Ratings or its successors or assigns or A-1 (or its equivalent, or higher) by Standard & Poor’s or its successors or assigns or P-1 (or its equivalent, or higher) by Xxxxx’x Investor Service or its successors or assigns, interest-bearing accounts and short-term certificates of deposit issued or guaranteed by a Canadian chartered bank or trust company, money market mutual funds, short-term government debt or short-term investment grade corporate debt, cash or other short-term debt obligations approved by the Manager from time to time (for the purpose of this paragraph, the term “short-term” means having a date of maturity or call for payment not more than 182 days from the date on which the investment is made), except during the 60-day period following the closing of the Trust’s initial public offering or additional offerings or prior to the distribution of the assets of the Trust; ; (b) will not invest in gold or silver certificates or other financial instruments that represent gold or silver or that may be exchanged for gold or silver; ; (c) will store all physical gold and silver bullion owned by the Trust at the Silver Bullion Custodian (including at a facility located in Canada leased by the Silver Custodian for this purpose) or in the treasury vaults of a Schedule I Canadian chartered bank or an Affiliate or division thereof in Canada on a fully allocated basis, provided that the physical gold and silver bullion held in London Good Delivery bar form may be stored with a custodian only if the physical gold and silver bullion will remain London Good Delivery while with that custodian; ; (d) will not hold any property described in paragraphs (a) and (c) through (k) (inclusive) of the definition of “taxable Canadian Property” within the meaning in subsection 248(1) of the Tax Act; ; (e) will not purchase, sell or hold derivatives; ; (f) will not issue Units following the completion of the Trust’s initial public offering Effective Date except (i) if the net proceeds per Unit to be received by the Trust are not less than 100% of the most recently calculated Net Asset Value per Unit prior to, or upon, the determination of the pricing of such issuance or (ii) by way of Unit distribution in connection with an income distribution; ; (g) will ensure that no part of the stored physical gold and silver bullion may be delivered out of safekeeping by the Silver Bullion Custodian (except to an authorized sub-custodian) or, if the physical gold and silver bullion is held by another custodian, that custodian, without receipt of an instruction from the Manager in the form specified by the Silver Bullion Custodian or such other custodian indicating the purpose of the delivery and giving direction with respect to the specific amount; ; (h) will ensure that no director or officer of the Manager or the Manager’s general partner, or representative of the Trust or the Manager will be authorized to enter into the physical gold and silver bullion storage vaults without being accompanied by at least one representative of the Silver Bullion Custodian or, if the physical gold and silver bullion is held by another custodian, that custodian, as the case may be; ; (i) will ensure that the physical gold and silver bullion remains unencumbered; -71- ; (j) will ensure that inspect or cause to be inspected the stored physical gold and silver bullion is subject to periodically on a physical count by spot inspection basis and, together with a representative of the Manager periodically on a spot-inspection basis as well as subject Auditors, physically audit each bar annually to audit procedures by confirm the Auditors on at least an annual basis; bar number; (k) will not guarantee the securities or obligations of any Person other than the Manager, and then only in respect of the activities of the Trust; ; (l) in connection with requirements of the Tax Act, will not make or hold any investment that would result in the Trust failing to qualify as a “mutual fund trust” within the meaning of the Tax Act; ; (m) in connection with requirements of the Tax Act, will not invest in any security that would be a tax shelter investment within the meaning of section 143.2 of the Tax Act; ; (n) in connection with requirements of the Tax Act, will not invest in the securities of any non-resident corporation, trust or other non-resident entity (or of any partnership that holds such securities) if the Trust (or the partnership) would be required to include any significant amount in income under sections 94 94, 94.1 or 94.1 94.2 of the Tax Act; ; (o) in connection with requirements of the Tax Act, will not invest in any security of an issuer that would be a foreign Affiliate affiliate of the Trust for purposes of the Tax Act; and and (p) in connection with requirements of the Tax Act, will not carry on any business and make or hold any investments that would result in the Trust itself being subject to the tax for SIFT trusts as provided for in section 122 of the Tax Act.

Investment and Operating Restrictions. The investment activities of the Trust are intended to be conducted in accordance with, among other things, the following investment and operating restrictions and they provide that the Trust: : (a) will invest in and hold a minimum of 90% of the total net assets of the Trust in physical silver bullion Bullion in London Good Delivery bar plate or ingot form and hold no more than 10% of the total net assets of the Trust, at the discretion of the Manager, in physical silver bullion Bullion (in London Good Delivery Bar plate or ingot form or otherwise), debt obligations of or guaranteed by the Government of Canada or a province of Canada or by the Government of the United States of America or a state thereof, short-term commercial paper obligations of a corporation or other person whose short-term commercial paper is rated R-1 (or its equivalent, or higher) by DBRS Limited or its successors or assigns or F1 F-1 (or its equivalent, or higher) by Fitch Ratings or its successors or assigns or A-1 (or its equivalent, or higher) by Standard & Poor’s or its successors or assigns or P-1 (or its equivalent, or higher) by Xxxxx’x Investor Service or its successors or assigns, interest-bearing accounts and short-term certificates of deposit issued or guaranteed by a Canadian chartered bank or trust company, money market mutual funds, short-term government debt or short-term investment grade corporate debt, or other short-term debt obligations approved by the Manager from time to time (for the purpose of this paragraph, the term “short-term” means having a date of maturity or call for payment not more than 182 days from the date on which the investment is made), except during the 60-day period following the closing of the Trust’s initial public offering or additional offerings or prior to the distribution of the assets of the Trust; ; (b) will not invest in silver certificates platinum or palladium certificates, futures or other financial instruments that represent silver platinum or palladium or that may be exchanged for silver; platinum or palladium; (c) will store all physical silver bullion Bullion owned by the Trust at the Silver Bullion Custodian (including at a facility located in Canada leased by the Silver Custodian for this purpose) or in the treasury vaults of a Schedule I Canadian chartered bank or an Affiliate or division thereof in Canada and/or its sub-custodian on a fully allocated basis, provided that the physical silver bullion Bullion held in London Good Delivery bar plate or ingot form may be stored with a custodian or a sub-custodian, as the case may be, only if the physical silver bullion Bullion will remain London Good Delivery while with that custodian or sub-custodian; ; (d) will not hold any “taxable Canadian Property” within the meaning of the Tax Act; ; (e) will not purchase, sell or hold derivatives; ; (f) will not issue Units following the completion of the Trust’s initial public offering except (i) if the net proceeds per Unit to be received by the Trust are not less than 100% of the most recently calculated Net Asset Value per Unit prior to, or upon, the determination of the pricing of such issuance or (ii) by way of Unit distribution in connection with an income distribution; ; (g) will ensure that no part of the stored physical silver bullion Bullion may be delivered out of safekeeping by the Silver Bullion Custodian (except to an authorized sub-custodiancustodian thereof) or, if the physical silver bullion Bullion is held by another custodian, that custodian, without receipt of an instruction from the Manager in the form specified by the Silver Bullion Custodian or such other custodian indicating the purpose of the delivery and giving direction with respect to the specific amount; ; (h) will ensure that no director or officer of the Manager or the Manager’s general partner, or representative of the Trust or the Manager will be authorized to enter into the physical silver bullion Bullion storage vaults without being accompanied by at least one representative of the Silver Bullion Custodian or its sub-custodian or, if the physical silver bullion Bullion is held by another custodian, that custodian or its sub-custodian, as the case may be; ; (i) will ensure that the physical silver bullion Bullion remains unencumbered; -71- ; (j) will ensure that the physical silver bullion Bullion is subject to a physical count by a representative of the Manager periodically on a spot-inspection basis as well as subject to audit procedures by the Auditors on at least an annual basis; ; (k) will not guarantee the securities or obligations of any Person other than the Manager, and then only in respect of the activities of the Trust; ; (l) in connection with requirements of the Tax Act, will not make or hold any investment that would result in the Trust failing to qualify as a “mutual fund trust” within the meaning of the Tax Act; ; (m) in connection with requirements of the Tax Act, will not invest in any security that would be a tax shelter investment within the meaning of section 143.2 of the Tax Act; ; (n) in connection with requirements of the Tax Act, will not invest in the securities of any non-resident corporation, trust or other non-resident entity (or of any partnership that holds such securities) if the Trust (or the partnership) would be required to include any significant amount in income under sections 94 or 94.1 of the Tax Act; ; (o) in connection with requirements of the Tax Act, will not invest in any security of an issuer that would be a foreign Affiliate of the Trust for purposes of the Tax Act; and and (p) in connection with requirements of the Tax Act, will not carry on any business and make or hold any investments that would result in the Trust itself being subject to the tax for SIFT trusts as provided for in section 122 of the Tax Act.

Investment and Operating Restrictions. The investment activities of the Trust are intended to be conducted in accordance with, among other things, the following investment and operating restrictions and they provide that the Trust: : (a) will invest in and hold a minimum of 90% of the total net assets of the Trust in physical silver bullion Bullion in London Good Delivery bar plate or ingot form and hold no more than 10% of the total net assets of the Trust, at the discretion of the Manager, in physical silver bullion Bullion (in London Good Delivery Bar plate or ingot form or otherwise), debt obligations of or guaranteed by the Government of Canada or a province of Canada or by the Government of the United States of America or a state thereof, short-term commercial paper obligations of a corporation or other person whose short-term commercial paper is rated R-1 (or its equivalent, or higher) by DBRS Limited or its successors or assigns or F1 F-1 (or its equivalent, or higher) by Fitch Ratings or its successors or assigns or A-1 (or its equivalent, or higher) by Standard & Poor’s or its successors or assigns or P-1 (or its equivalent, or higher) by Xxxxx’x Investor Service or its successors or assigns, interest-bearing accounts and short-term certificates of deposit issued or guaranteed by a Canadian chartered bank or trust company, money market mutual funds, short-term government debt or short-term investment grade corporate debt, or other short-term debt obligations approved by the Manager from time to time (for the purpose of this paragraph, the term “short-term” means having a date of maturity or call for payment not more than 182 days from the date on which the investment is made), except during the 60-day period following the closing of the Trust’s initial public offering or additional offerings or prior to the distribution of the assets of the Trust; ; (b) will not invest in silver certificates platinum or palladium certificates, futures or other financial instruments that represent silver platinum or palladium or that may be exchanged for silver; platinum or palladium; (c) will store all physical silver bullion Bullion owned by the Trust at the Silver Bullion Custodian (including at a facility located in Canada leased by the Silver Custodian for this purpose) or in the treasury vaults of a Schedule I Canadian chartered bank or an Affiliate or division thereof in Canada and/or its sub-custodian on a fully allocated basis, provided that the physical silver bullion Bullion held in London Good Delivery bar plate or ingot form may be stored with a custodian or a sub-custodian, as the case may be, only if the physical silver bullion Bullion will remain London Good Delivery while with that custodian or sub-custodian; ; (d) will not hold any “taxable Canadian Property” within the meaning of the Tax Act; ; (e) will not purchase, sell or hold derivatives; ; (f) will not issue Units following the completion of the Trust’s initial public offering except (i) if the net proceeds per Unit to be received by the Trust are not less than 100% of the most recently calculated Net Asset Value per Unit prior to, or upon, the determination of the pricing of such issuance or (ii) by way of Unit distribution in connection with an income distribution; ; (g) will ensure that no part of the stored physical silver bullion Bullion may be delivered out of safekeeping by the Silver Bullion Custodian (except to an authorized sub-custodiancustodian thereof) or, if the physical silver bullion Bullion is held by another custodian, that custodiancustodian (except to an authorized sub-custodian thereof), without receipt of an instruction from the Manager in the form specified by the Silver Bullion Custodian or such other custodian indicating the purpose of the delivery and giving direction with respect to the specific amount; ; (h) will ensure that no director or officer of the Manager or the Manager’s general partner, or representative of the Trust or the Manager will be authorized to enter into the physical silver bullion Bullion storage vaults without being accompanied by at least one representative of the Silver Bullion Custodian or its sub-custodian or, if the physical silver bullion Bullion is held by another custodian, that custodian or its sub-custodian, as the case may be; ; (i) will ensure that the physical silver bullion Bullion remains unencumbered; -71- ; (j) will ensure that the physical silver bullion Bullion is subject to a physical count by a representative of the Manager periodically on a spot-inspection basis as well as subject to audit procedures by the Auditors on at least an annual basis; ; (k) will not guarantee the securities or obligations of any Person other than the Manager, and then only in respect of the activities of the Trust; ; (l) in connection with requirements of the Tax Act, will not make or hold any investment that would result in the Trust failing to qualify as a “mutual fund trust” within the meaning of the Tax Act; ; (m) in connection with requirements of the Tax Act, will not invest in any security that would be a tax shelter investment within the meaning of section 143.2 of the Tax Act; ; (n) in connection with requirements of the Tax Act, will not invest in the securities of any non-resident corporation, trust or other non-resident entity (or of any partnership that holds such securities) if the Trust (or the partnership) would be required to include any significant amount in income under sections 94 or 94.1 of the Tax Act; ; (o) in connection with requirements of the Tax Act, will not invest in any security of an issuer that would be a foreign Affiliate affiliate of the Trust for purposes of the Tax Act; and and (p) in connection with requirements of the Tax Act, will not carry on any business and make or hold any investments that would result in the Trust itself being subject to the tax for SIFT trusts as provided for in section 122 of the Tax Act.

Investment and Operating Restrictions. The investment activities of the Trust are intended to be conducted in accordance with, among other things, the following investment and operating restrictions and they provide that the Trust: : (a) will invest in and hold a minimum of 90% of the total net assets of the Trust in physical silver bullion in London Good Delivery bar form and hold no more than 10% of the total net assets of the Trust, at the discretion of the Manager, in physical silver bullion (in London Good Delivery Bar form or otherwise), debt obligations of or guaranteed by the Government of Canada or a province of Canada or by the Government of the United States of America or a state thereof, short-term commercial paper obligations of a corporation or other person whose short-term commercial paper is rated R-1 (or its equivalent, or higher) by DBRS Dominion Bond Rating Service Limited or its successors or assigns or F1 (or its equivalent, or higher) by Fitch Ratings or its successors or assigns or A-1 (or its equivalent, or higher) by Standard & Poor’s or its successors or assigns or P-1 (or its equivalent, or higher) by Xxxxx’x Investor Service or its successors or assigns, interest-bearing accounts and short-term certificates of deposit issued or guaranteed by a Canadian chartered bank or trust company, money market mutual funds, short-term government debt or short-term investment grade corporate debt, or other short-term debt obligations approved by the Manager from time to time (for the purpose of this paragraph, the term “short-term” means having a date of maturity or call for payment not more than 182 days from the date on which the investment is made), except during the 60-day period following the closing of the Trust’s initial public offering or additional offerings or prior to the distribution of the assets of the Trust; ; (b) will not invest in silver certificates or other financial instruments that represent silver or that may be exchanged for silver; (c) will store all physical silver bullion owned by the Trust at the Silver Custodian (including at a facility located in Canada leased by the Silver Custodian for this purpose) or in the treasury vaults of a Schedule I Canadian chartered bank or an Affiliate or division thereof in Canada on a fully allocated basis, provided that the physical silver bullion held in London Good Delivery bar form may be stored with a custodian only if the physical silver bullion will remain London Good Delivery while with that custodian; ; (dc) will not hold any “taxable Canadian Property” within the meaning of the Tax Act; ; (ed) will not purchase, sell or hold derivatives; ; (fe) will not issue Units following the completion of the Trust’s initial public offering except (i) if the net proceeds per Unit to be received by the Trust are not less than 100% of the most recently calculated Net Asset Value per Unit prior to, or upon, the determination of the pricing of such issuance or (ii) by way of Unit distribution in connection with an income distribution; ; (gf) will ensure that no part of the stored physical silver bullion may be delivered out of safekeeping by the Silver Custodian (except to an authorized sub-custodian) or, if the physical silver bullion is held by another custodian, that custodian, without receipt of an instruction from the Manager in the form specified by the Silver Custodian or such other custodian indicating the purpose of the delivery and giving direction with respect to the specific amount; ; (hg) will ensure that no director or officer of the Manager or the Manager’s general partner, or representative of the Trust or the Manager will be authorized to enter into the physical silver bullion storage vaults without being accompanied by at least one representative of the Silver Custodian or, if the physical silver bullion is held by another custodian, that custodian, as the case may be; ; (ih) will ensure that the physical silver bullion remains unencumbered; -71- ; (ji) will ensure that inspect or cause to be inspected on an annual basis, the stored physical silver bullion is subject to a physical count by together with a representative of the Manager Auditors and periodically on a spot-spot inspection basis as well as subject to audit procedures by the Auditors on at least an annual basis; ; (kj) will not guarantee the securities or obligations of any Person other than the Manager, and then only in respect of the activities of the Trust; ; (lk) in connection with requirements of the Tax Act, will not make or hold any investment that would result in the Trust failing to qualify as a “mutual fund trust” within the meaning of the Tax Act; ; (ml) in connection with requirements of the Tax Act, will not invest in any security that would be a tax shelter investment within the meaning of section 143.2 of the Tax Act; ; (nm) in connection with requirements of the Tax Act, will not invest in the securities of any non-resident corporation, trust or other non-resident entity (or of any partnership that holds such securities) if the Trust (or the partnership) would be required to include any significant amount in income under sections section 94 or 94.1 of the Tax Act; ; (on) in connection with requirements of the Tax Act, will not invest in any security of an issuer that would be a foreign Affiliate of the Trust for purposes of the Tax Act; and and (po) in connection with requirements of the Tax Act, will not carry on any business and make or hold any investments that would result in the Trust itself being subject to the tax for SIFT trusts as provided for in section 122 of the Tax Act.

Investment and Operating Restrictions. The investment activities of the Trust are intended to be conducted in accordance with, among other things, the following investment and operating restrictions and they provide that the Trust: : (a) will invest in and hold a minimum of 90% of the total net assets of the Trust in physical silver gold bullion in London Good Delivery bar form and hold no more than 10% of the total net assets of the Trust, at the discretion of the Manager, in physical silver gold bullion (in London Good Delivery Bar form or otherwise), gold coins, debt obligations of or guaranteed by the Government of Canada or a province of Canada or by the Government of the United States of America or a state thereof, short-term commercial paper obligations of a corporation or other person whose short-term commercial paper is rated R-1 (or its equivalent, or higher) by DBRS Dominion Bond Rating Service Limited or its successors or assigns or F1 (or its equivalent, or higher) by Fitch Ratings or its successors or assigns or A-1 (or its equivalent, or higher) by Standard & Poor’s or its successors or assigns or P-1 (or its equivalent, or higher) by Xxxxx’x Investor Service or its successors or assigns, interest-bearing accounts and short-term certificates of deposit issued or guaranteed by a Canadian chartered bank or trust company, money market mutual funds, short-term government debt or short-term investment grade corporate debt, or other short-term debt obligations approved by the Manager from time to time (for the purpose of this paragraph, the term “short-term” means having a date of maturity or call for payment not more than 182 days from the date on which the investment is made), except during the 60-day period following the closing of the Trust’s initial public offering or additional offerings or prior to the distribution of the assets of the Trust; ; (b) will not invest in silver certificates or other financial instruments that represent silver or that may be exchanged for silver; (c) will store all physical silver gold bullion owned by the Trust at the Silver Gold Custodian (including at a facility located in Canada leased by the Silver Custodian for this purpose) or in the treasury vaults of a Schedule I Canadian chartered bank or an Affiliate or division thereof in Canada on a fully allocated basis, provided that the physical silver gold bullion held in London Good Delivery bar form may be stored with a custodian only if the physical silver gold bullion will remain London Good Delivery while with that custodian; ; (dc) will not hold any “taxable Canadian Property” within the meaning of the Tax Act; ; (ed) will not purchase, sell or hold derivatives; ; (fe) will not issue Units following the completion of the Trust’s initial public offering except (i) if the net gross proceeds per Unit to be received by the Trust are not less than 100% of the most recently calculated Net Asset Value per Unit prior to, or upon, the determination of the pricing of such issuance or (ii) by way of Unit distribution in connection with an income distribution; ; (gf) will ensure that no part of the stored physical silver gold bullion may be delivered out of safekeeping by the Silver Gold Custodian (except to an authorized sub-custodian) or, if the physical silver gold bullion is held by another custodian, that custodian, without receipt of an instruction from the Manager in the form specified by the Silver Gold Custodian or such other custodian indicating the purpose of the delivery and giving direction with respect to the specific amount; ; (hg) will ensure that no director or officer of the Manager or the Manager’s general partner, or representative of the Trust or the Manager will be authorized to enter into the physical silver gold bullion storage vaults without being accompanied by at least one representative of the Silver Gold Custodian or, if the physical silver gold bullion is held by another custodian, that custodian, as the case may be; ; (ih) will ensure that the physical silver gold bullion remains unencumbered; -71- ; (ji) will ensure that inspect or cause to be inspected the stored physical silver gold bullion is subject to periodically on a physical count by spot inspection basis and, together with a representative of the Manager periodically on a spot-inspection basis as well as subject Auditors, physically audit each bar annually to audit procedures by confirm the Auditors on at least an annual basis; bar number; (kj) will not guarantee the securities or obligations of any Person other than the Manager, and then only in respect of the activities of the Trust; ; (lk) in connection with requirements of the Tax Act, will not make or hold any investment that would result in the Trust failing to qualify as a “mutual fund trust” within the meaning of the Tax Act; ; (ml) in connection with requirements of the Tax Act, will not invest in any security that would be a tax shelter investment within the meaning of section 143.2 of the Tax Act; ; (nm) in connection with requirements of the Tax Act, will not invest in the securities of any non-resident corporation, trust or other non-resident entity (or of any partnership that holds such securities) if the Trust (or the partnership) would be required to xxxx its investment in such securities to market in accordance with the proposed section 94.2 of the Tax Act or to include any significant amount amounts in income under pursuant to proposed sections 94 94.1 or 94.1 94.3 of the Tax Act; Act or invest in any non-resident trust other than an “exempt foreign trust” as set forth in Xxxx C-10, which was previously before the Canadian Parliament (oor amendments to such proposals or provisions as enacted into the law or successor provisions thereto); (n) in connection with requirements of the Tax Act, will not invest in any security of an issuer that would be a foreign Affiliate of the Trust for purposes of the Tax Act; and and (po) in connection with requirements of the Tax Act, will not carry on any business and make or hold any investments that would result in the Trust itself being subject to the tax for SIFT trusts as provided for in section 122 of the Tax Act.

Investment and Operating Restrictions. The investment activities of the Trust are intended to be conducted in accordance with, among other things, the following investment and operating restrictions and they provide that the Trust: : (a) will invest in and hold a minimum of 90% of the total net assets of the Trust in physical silver bullion in London Good Delivery bar form and hold no more than 10% of the total net assets of the Trust, at the discretion of the Manager, in physical silver bullion (in London Good Delivery Bar form or otherwise), debt obligations of or guaranteed by the Government of Canada or a province of Canada or by the Government of the United States of America or a state thereof, short-term commercial paper obligations of a corporation or other person whose short-term commercial paper is rated R-1 (or its equivalent, or higher) by DBRS Limited or its successors or assigns or F1 (or its equivalent, or higher) by Fitch Ratings or its successors or assigns or A-1 (or its equivalent, or higher) by Standard & Poor’s or its successors or assigns or P-1 (or its equivalent, or higher) by Xxxxx’x Investor Service or its successors or assigns, interest-bearing accounts and short-term certificates of deposit issued or guaranteed by a Canadian chartered bank or trust company, money market mutual funds, short-term government debt or short-term investment grade corporate debt, or other short-term debt obligations approved by the Manager from time to time (for the purpose of this paragraph, the term “short-term” means having a date of maturity or call for payment not more than 182 days from the date on which the investment is made), except during the 60-day period following the closing of the Trust’s initial public offering or additional offerings or prior to the distribution of the assets of the Trust; ; (b) will not invest in silver certificates or other financial instruments that represent silver or that may be exchanged for silver; ; (c) will store all physical silver bullion owned by the Trust at the Silver Custodian (including at a facility located in Canada leased by the Silver Custodian for this purpose) or in the treasury vaults of a Schedule I Canadian chartered bank or an Affiliate or division thereof in Canada on a fully allocated basis, provided that the physical silver bullion held in London Good Delivery bar form may be stored with a custodian only if the physical silver bullion will remain London Good Delivery while with that custodian; ; (d) will not hold any “taxable Canadian Property” within the meaning of the Tax Act; ; (e) will not purchase, sell or hold derivatives; ; (f) will not issue Units following the completion of the Trust’s initial public offering except (i) if the net proceeds per Unit to be received by the Trust are not less than 100% of the most recently calculated Net Asset Value per Unit prior to, or upon, the determination of the pricing of such issuance or (ii) by way of Unit distribution in connection with an income distribution; ; (g) will ensure that no part of the stored physical silver bullion may be delivered out of safekeeping by the Silver Custodian (except to an authorized sub-custodian) or, if the physical silver bullion is held by another custodian, that custodian, without receipt of an instruction from the Manager in the form specified by the Silver Custodian or such other custodian indicating the purpose of the delivery and giving direction with respect to the specific amount; ; (h) will ensure that no director or officer of the Manager or the Manager’s general partner, or representative of the Trust or the Manager will be authorized to enter into the physical silver bullion storage vaults without being accompanied by at least one representative of the Silver Custodian or, if the physical silver bullion is held by another custodian, that custodian, as the case may be; ; (i) will ensure that the physical silver bullion remains unencumbered; -71- ; (j) will ensure that the physical silver bullion is subject to a physical count by a representative of the Manager periodically on a spot-inspection basis as well as subject to audit procedures by the Auditors on at least an annual basis; ; (k) will not guarantee the securities or obligations of any Person other than the Manager, and then only in respect of the activities of the Trust; ; (l) in connection with requirements of the Tax Act, will not make or hold any investment that would result in the Trust failing to qualify as a “mutual fund trust” within the meaning of the Tax Act; ; (m) in connection with requirements of the Tax Act, will not invest in any security that would be a tax shelter investment within the meaning of section 143.2 of the Tax Act; ; (n) in connection with requirements of the Tax Act, will not invest in the securities of any non-resident corporation, trust or other non-resident entity (or of any partnership that holds such securities) if the Trust (or the partnership) would be required to include any significant amount in income under sections 94 or 94.1 of the Tax Act; ; (o) in connection with requirements of the Tax Act, will not invest in any security of an issuer that would be a foreign Affiliate of the Trust for purposes of the Tax Act; and and (p) in connection with requirements of the Tax Act, will not carry on any business and make or hold any investments that would result in the Trust itself being subject to the tax for SIFT trusts as provided for in section 122 of the Tax Act.

Investment and Operating Restrictions. The investment activities of the Trust are intended to be conducted in accordance with, among other things, the following investment and operating restrictions and they provide that the Trust: : (a) will invest in and hold a minimum of 90% of the total net assets of the Trust in physical gold and silver bullion in London Good Delivery bar form and hold no more than 10% of the total net assets of the Trust, at the discretion of the Manager, in physical gold and silver bullion (in London Good Delivery Bar form or otherwise), gold or silver coins, debt obligations of or guaranteed by the Government of Canada or a province of Canada or by the Government of the United States of America or a state thereof, short-term commercial paper obligations of a corporation or other person whose short-term commercial paper is rated R-1 (or its equivalent, or higher) by DBRS Dominion Bond Rating Service Limited or its successors or assigns or F1 (or its equivalent, or higher) by Fitch Ratings or its successors or assigns or A-1 (or its equivalent, or higher) by Standard & Poor’s or its successors or assigns or P-1 (or its equivalent, or higher) by Xxxxx’x Mxxxx’x Investor Service or its successors or assigns, interest-bearing accounts and short-term certificates of deposit issued or guaranteed by a Canadian chartered bank or trust company, money market mutual funds, short-term government debt or short-term investment grade corporate debt, cash or other short-term debt obligations approved by the Manager from time to time (for the purpose of this paragraph, the term “short-term” means having a date of maturity or call for payment not more than 182 days from the date on which the investment is made), except during the 60-day period following the closing of the Trust’s initial public offering or additional offerings or prior to the distribution of the assets of the Trust; ; (b) will not invest in gold or silver certificates or other financial instruments that represent gold or silver or that may be exchanged for gold or silver; ; (c) will store all physical gold and silver bullion owned by the Trust at the Silver Bullion Custodian (including at a facility located in Canada leased by the Silver Custodian for this purpose) or in the treasury vaults of a Schedule I Canadian chartered bank or an Affiliate or division thereof in Canada on a fully allocated basis, provided that the physical gold and silver bullion held in London Good Delivery bar form may be stored with a custodian only if the physical gold and silver bullion will remain London Good Delivery while with that custodian; ; (d) will not hold any property described in paragraphs (a) and (c) through (k) (inclusive) of the definition of “taxable Canadian Property” within the meaning in subsection 248(1) of the Tax Act; ; (e) will not purchase, sell or hold derivatives; ; (f) will not issue Units following the completion of the Trust’s initial public offering Effective Date except (i) if the net proceeds per Unit to be received by the Trust are not less than 100% of the most recently calculated Net Asset Value per Unit prior to, or upon, the determination of the pricing of such issuance or (ii) by way of Unit distribution in connection with an income distribution; ; (g) will ensure that no part of the stored physical gold and silver bullion may be delivered out of safekeeping by the Silver Bullion Custodian (except to an authorized sub-custodian) or, if the physical gold and silver bullion is held by another custodian, that custodian, without receipt of an instruction from the Manager in the form specified by the Silver Bullion Custodian or such other custodian indicating the purpose of the delivery and giving direction with respect to the specific amount; ; (h) will ensure that no director or officer of the Manager or the Manager’s general partner, or representative of the Trust or the Manager will be authorized to enter into the physical gold and silver bullion storage vaults without being accompanied by at least one representative of the Silver Bullion Custodian or, if the physical gold and silver bullion is held by another custodian, that custodian, as the case may be; ; (i) will ensure that the physical gold and silver bullion remains unencumbered; -71- ; (j) will ensure that inspect or cause to be inspected the stored physical gold and silver bullion is subject to periodically on a physical count by spot inspection basis and, together with a representative of the Manager periodically on a spot-inspection basis as well as subject Auditors, physically audit each bar annually to audit procedures by confirm the Auditors on at least an annual basis; bar number; (k) will not guarantee the securities or obligations of any Person other than the Manager, and then only in respect of the activities of the Trust; ; (l) in connection with requirements of the Tax Act, will not make or hold any investment that would result in the Trust failing to qualify as a “mutual fund trust” within the meaning of the Tax Act; ; (m) in connection with requirements of the Tax Act, will not invest in any security that would be a tax shelter investment within the meaning of section 143.2 of the Tax Act; ; (n) in connection with requirements of the Tax Act, will not invest in the securities of any non-resident corporation, trust or other non-resident entity (or of any partnership that holds such securities) if the Trust (or the partnership) would be required to include any significant amount in income under sections 94 94, 94.1 or 94.1 94.2 of the Tax Act; ; (o) in connection with requirements of the Tax Act, will not invest in any security of an issuer that would be a foreign Affiliate affiliate of the Trust for purposes of the Tax Act; and and (p) in connection with requirements of the Tax Act, will not carry on any business and make or hold any investments that would result in the Trust itself being subject to the tax for SIFT trusts as provided for in section 122 of the Tax Act.