Silver Bullion Trust Issues Letter to Unitholders

TORONTO, ONTARIO--(Marketwired - Aug. 31, 2015) - Silver Bullion Trust (TSX:SBT.UN)(TSX:SBT.U)(TSX:SBT.WT)(TSX:SBT.WT.U) -

Dear Fellow Unitholders,

As you know, Sprott Asset Management LP, a subsidiary of Sprott Inc. (together with its affiliates, "Sprott"), launched a hostile take-over bid on May 27^th (the "Sprott Offer") to acquire all of the outstanding Units of Silver Bullion Trust ("SBT") in exchange for units of Sprott Physical Silver Trust ("Sprott PSLV"). The Sprott Offer is now set to expire on Friday, September 18, 2015, unless extended or withdrawn.

Your Trustees have carefully examined the Sprott Offer and have repeatedly advised Unitholders to REJECT the Sprott Offer and NOT tender SBT Units to the Offer.

The Trustees note the recent announcement by Sprott that they intend to pay financial advisors and brokers to secure tenders to their Offer, a clear indication that the Sprott Offer has thus far been unable to attract sufficient Unitholder support. The Trustees caution Unitholders regarding any advice or recommendations they may receive from their financial advisors or brokers, which may be biased and based on their desire to collect solicitation fees from Sprott. Sprott is paying your broker to convince you to tender. Don't be talked into tendering!

Nothing has changed in the views of your Trustees, which are fully outlined in the Trustees' Circular dated June 9, 2015, and mailed to all Unitholders, which is also available at www.silverbulliontrust.com. We urge you to carefully review the Trustees' Circular before making any decision about the Sprott Offer and your Units.

Even before making its Offer, Sprott began a public smear campaign which continues today, making many inaccurate and disparaging statements about SBT, its Trustees and its administrator. We urge you to NOT believe or be persuaded by anything that Sprott has alleged because much of it is untrue or misleading and all of it is entirely self-serving. We believe Sprott seeks to deflect your attention from the deficiencies in the Sprott Offer, their very poor track record as investment managers and their singular motive of generating higher fees for Sprott.