Silver Bullion Trust Responds to Sprott's Self-Serving Criticism of SBT's Proposed ETF Conversion

TORONTO, ONTARIO--(Marketwired - Dec. 1, 2015) - Silver Bullion Trust ("SBT") (TSX:SBT.UN) (C$) (TSX:SBT.U) (US$) responded to the press release issued by Sprott Asset Management LP and Sprott Physical Silver Trust (collectively, "Sprott") on November 30, 2015, which offers nothing but self-serving criticism of the proposed conversion of SBT into an exchange-traded silver bullion fund ("ETF"). Full details on the proposed ETF conversion and its anticipated benefits will be outlined in an information circular (the "Information Circular") that will be mailed to unitholders shortly. The Board of Trustees of SBT recommends that SBT unitholders review the Information Circular before making any decisions.

Bruce Heagle, Chair of the Special Committee of Independent Trustees, stated: "It is regrettable but not surprising that Sprott's latest press commentary delivers alarmist criticism and confusion in order to forward their own agenda. Sprott is the desperate party in this debate - they are seeking to draw attention away from the obvious deficiencies of their offer relative to the proposed ETF conversion. Your Independent Trustees recommend that unitholders ignore Sprott's fear-mongering accusations, as Sprott is seeking to prevent unitholders from considering a better alternative to their inadequate, self-serving offer, which has yet to garner sufficient unitholder support despite seven extensions. All of the pertinent information regarding the proposed ETF conversion and its benefits to unitholders relative to Sprott's offer will be in the Information Circular, which will be sent to unitholders shortly. Upon review of the forthcoming Information Circular and the benefits of the ETF conversion, I am confident that you will reach the same conclusion as your Independent Trustees: that the proposed ETF conversion in partnership with Purpose Investments is clearly a superior alternative to Sprott's deficient offer. We thank unitholders for their patience and continued support of Silver Bullion Trust."

In order to preserve your ability to consider the superior alternative recommended by your Independent Trustees, do not tender your units to Sprott's offer and WITHDRAW YOUR UNITS IMMEDIATELY if already tendered in order to revoke your power of attorney. Unitholders who wish to withdraw any units tendered to Sprott must WITHDRAW them prior to 5:00 pm (Toronto time) on December 7, 2015.