Silver Bullion Trust Enters Into Definitive Agreement for ETF with Purpose; DO NOT TENDER to Sprott's Offer & WITHDRAW Your Units if Tendered

TORONTO, ONTARIO--(Marketwired - Nov. 30, 2015) -

Dear Fellow Silver Bullion Trust Unitholders,

On November 26, 2015, Silver Bullion Trust (TSX:SBT.UN) (C$) (TSX:SBT.U) (US$) ("SBT") entered into a new definitive agreement with Purpose Investments Inc. ("Purpose"), regarding the conversion of SBT into a silver bullion exchange-traded fund ("ETF") managed by Purpose and Silver Administrators Limited. The proposed ETF conversion, which is subject to unitholder approval, has the unanimous support of your Independent Trustees and represents an exciting opportunity for SBT unitholders.

Purpose has current assets under management of over $1.4 billion across 17 funds and is one of Canada's most experienced ETF managers, with significant experience in managing and marketing bullion funds. Purpose's predecessor company, Claymore Investments, which was acquired by BlackRock in 2012, managed the Claymore Silver Bullion Trust, which was successfully converted into an ETF in 2012. For further information on Purpose, we encourage unitholders to visit their website at www.purposeinvest.com.

The proposed conversion is expected to immediately result in the units trading in-line with net asset value ("NAV"), to eliminate any material future discounts to NAV and provide unitholders with significantly enhanced liquidity, consistent with other silver bullion ETFs. At the same time, unitholders will continue to benefit from SBT's low management fees, industry-leading bullion security and safeguards and its Canadian domiciled, tax-efficient structure.

Put simply: the proposed ETF conversion represents a clearly superior alternative for all SBT unitholders compared to Sprott's inadequate offer.

Anticipated Benefits of the Proposed ETF Conversion

• Expected elimination of material trading discounts to NAV;
• Maintains SBT's existing low management fees, which are 75% lower than Sprott(1);
• Retains SBT's industry-leading bullion security and safeguards, which are superior to those of Sprott;
• Provides unitholders with significantly enhanced liquidity;
• Allows for enhanced ability to grow as units will be continuously offered at NAV;
• Significantly improves marketing capability at no additional cost to unitholders;
• SBT anticipates that the conversion should not have any material adverse tax effect on SBT or its unitholders and should preserve SBT's tax efficient structure; and
• Provides stewardship by highly experienced leaders in ETF management and bullion investment administration.

As an ETF, SBT would be managed by Purpose and Silver Administrators Limited, SBT's current administrator. The Trustees believe that Purpose's ETF management and marketing expertise will be beneficial to unitholders as SBT transitions to the ETF structure. Importantly, SBT's management fees, which are 75% lower than Sprott's, will remain the same after the conversion to an ETF¹. In addition, to help compensate unitholders for the costs SBT has incurred in defending unitholder interests with respect to Sprott's hostile take-over bid, your Independent Trustees have agreed with Purpose and Silver Administrators Limited's offer of a 25% reduction in their already low monthly management fees until such time as up to $100,000(2) of costs incurred have been recovered for the benefit of unitholders.