0001047469-10-006332 Sample Contracts

SPROTT ASSET MANAGEMENT LP SPROTT PHYSICAL SILVER TRUST TRUST AGREEMENT Dated as of June 30, 2010

Trust Agreement • July 9th, 2010 • Sprott Physical Silver Trust • Ontario

• Contract Type
  Trust Agreement
• Filed
  July 9th, 2010
• Company
  Sprott Physical Silver Trust
• Jurisdiction
  Ontario

WHEREAS the Settlor wishes to establish a closed-end mutual fund trust to be known as the “Sprott Physical Silver Trust” (the “Trust”) as a mutual fund trust within the meaning of the Income Tax Act (Canada) and to cause the units of the Trust to be listed for trading on the Toronto Stock Exchange and the New York Stock Exchange Arca;