Sprott Asset Management LP and Sprott Silver Bullion Fund

Headnote

National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions -- Relief from the prescribed risk disclosure in requirements in Part I, Item 4(1) and (2)(b) of Form 81-101F3 Contents of a Fund Facts Document.

Applicable Legislative Provisions

National Instrument 81-101 Mutual Fund Prospectus Disclosure, s. 6.1.

Form 81-101F3 Contents of a Fund Facts Document, Part I, Item 4(1), Item 4(2)(b).

June 10, 2016

Attention: Andrew McLean

Dear Mr. McLean:

Re: Sprott Asset Management LP (the Filer) and Sprott Silver Bullion Fund (the Fund)

Simplified Prospectus dated May 27, 2016

Exemptive Relief Application under Part 6 of National Instrument 81-101 Mutual Fund Prospectus Disclosure (NI 81-101)

Application No. 2016/0295; SEDAR Project No. 2470843

By letter dated June 1, 2016 (the Application), the Filer, on behalf of the Fund, applied to the Director of the Ontario Securities Commission (the Director) under Part 6 of NI 81-101 for relief from Item 4 of Form 81-101F3 Contents of Fund Facts in order to vary the prescribed disclosure under the heading "How risky is it?" and the sub-heading "Risk rating" in the fund facts document.

This letter confirms that, based on the information and representations made in the Application, and for the purposes described in the Application, the Director intends to grant the requested exemption to be evidenced by the issuance of a receipt for the Fund's prospectus.

Yours very truly,