Business Description

2 Trust Objective 2 Overview of the Silver Industry 3 Operation of the Silver Bullion Markets 6 Secondary Market Trading 8 Valuation of Silver and Computation of Net Asset Value 8 Trust Expenses 9 Creation and Redemption of Shares 10 Creation and Redemption Transaction Fee 13 The Sponsor 13 The Trustee 14 The Custodian 15 Inspection of Silver 15 Description of the Shares 15 Custody of the Trust’s Silver 16 United States Federal Income Tax Consequences 17 ERISA and Related Considerations 19