Silver Bullion Trust Points Out Flaws in Sprott's Misleading and Self-Serving Analysis; Reminds Unitholders Continue to Reject the Sprott Offer by Taking No Action - Seite 2

Your Trustees continue to act in your best interest, and recommend that you ignore Sprott's self-serving statements and do not tender your Units. We recognize that Unitholders have been bombarded with information regarding this offer and we thank SBT Unitholders for their patience and continued support."

Your Trustees recommend that Unitholders REJECT the Sprott offer, TAKE NO ACTION, DO NOT TENDER their Units to the Sprott offer and WITHDRAW their Units if already tendered.

Unitholders who have already tendered to the Sprott offer can withdraw their Units by contacting D.F. King & Co at 1-800-398-2816, or via email at [e-mail]

About Silver Bullion Trust

Silver Bullion Trust (established on July 9, 2009) is a passive, self-governing, single purpose trust, which invests primarily in long-term holdings of silver bullion and does not speculate in silver prices. At September 3, 2015, the Units were 100% invested in unencumbered, allocated and physically segregated silver bullion. Units may be purchased or sold on the Toronto Stock Exchange.

Additional Information and Where to Find It

The recommendation is contained in the Trustees' Circular, which has been filed with Canadian securities regulatory authorities. Unitholders are urged to read the Trustees' Circular and other relevant materials because they contain important information. The Trustees' Circular and other filings made by SBT with Canadian securities regulatory authorities since 2009 may be obtained without charge at http://www.sedar.com and at the investor relations section of the SBT website at http://silverbulliontrust.com/Filings%20and%20News.htm.

Forward-Looking Statements

Certain statements contained in this press release constitute "forward-looking statements" under United States federal securities laws and "forward-looking information" under Canadian securities laws (collectively, "Forward-Looking Statements"), including those related to: the reasons of the Board of Trustees for recommending to Unitholders the rejection of the Sprott Offer, not taking any action with respect to the Sprott Offer and not tendering any Units to the Sprott Offer; the anticipated costs, risks and uncertainties associated with the Sprott Offer, including any anticipated impacts on bullion security, governance and Unitholder rights, potential tax risks, leverage to rising silver prices and fees to be collected by Sprott; the anticipated timing, mechanics, completion and settlement of the Sprott Offer; the value of the Sprott Physical Silver Trust units that would be received as consideration under the Sprott Offer; the ability of Sprott to complete the transactions contemplated by the Sprott Offer; any anticipated results or performance of Sprott Physical Silver Trust or any other affiliates of Sprott; any anticipated changes to the market price of Sprott Physical Silver Trust units or any other securities of Sprott and their affiliates; and any anticipated future prices of silver and the Units.