Canadian Warrants

Registration of interests in, and transfers of, the fund units and warrants will be made only through the book-entry only system of CDS. On the date of closing, the fund will deliver to CDS certificates evidencing the total fund units and warrants subscribed for under the offering. The fund units and warrants must be purchased, transferred and surrendered for retraction only through a CDS participant. All rights of an owner of fund units and warrants must be exercised through, and all payments or other property to which such owner is entitled will be made or delivered by, CDS or the CDS participant through which the owner holds such fund units and warrants. Upon purchase of any fund units and warrants, the owner will receive only the customary confirmation.

The warrants will be governed by the terms of a warrant indenture to be dated the closing date of the offering, anticipated to be July 15, 2009, between the fund and Equity Transfer & Trust Company as warrant agent. The warrant indenture provides for appropriate adjustments to the warrants in the event of stock dividends, subdivisions, consolidations and other forms of capital reorganization.

Additional information on the units may be found in the final prospectus dated June 29, 2009, which is available at SEDAR.

Fund units:
Stock symbol: SVR.UN
Cusip: 18387H 16 4
Trading currency: Canadian

Warrants:
Stock symbol: SVR.WT
Cusip: 18387H 11 5
Trading currency: Canadian

Temporary market maker: GMP Securities LP

Other markets: None

Incorporation: The fund is a closed-end investment trust established under the laws of the Province of Ontario pursuant to a declaration of trust dated June 29, 2009.

Fiscal year-end: Dec. 15

Nature of business: The fund has been created to provide holders of units with an exposure to physical silver bullion with a currency hedge against the U.S. dollar. The manager believes that the fund will provide a secure, low-cost and convenient alternative to investors interested in holding silver bullion. Given that silver bullion is priced in U.S. dollars, the fund will hedge substantially all of the fund's U.S. dollar currency value back to the Canadian dollar.

Transfer agent and registrar: Equity Transfer & Trust Company at its principal offices in Toronto.

Distributions: The fund does not anticipate making regular distributions on its fund units.

Automatic conversion to an exchange traded fund: Commencing after Jan. 15, 2010, if for a period of 10 consecutive trading days, the daily weighted average trading price (or, in the event there has been no trading on a particular day, the average of closing bid and ask prices) of the fund units is greater than a discount of 2 per cent of NAV per fund unit for that day, there will be an automatic conversion of the fund to an ETF. The manager will issue a news release announcing the conversion on the effective date of the conversion.

Initial public offering: Pursuant to the terms of the prospectus, a maximum of 20 million units at a price of $10 per unit, are being offered to the public by GMP Securities LP, TD Securities Inc., Canaccord Capital Corp., BMO Nesbitt Burns Inc., Scotia Capital Inc., Dundee Securities Corp., National Bank Financial Inc., Blackmont Capital Inc., Haywood Securities Inc., Raymond James Ltd., Research Capital Corp., Wellington West Capital Inc., Desjardins Securities Inc., Genuity Capital Markets, HSBC Securities (Canada) Inc., Richardson Partners Financial Ltd. and Rothenberg Capital Management Inc., as agents.