Select Redemption Date:
.

Enter Number of ETRs:
    There is a minimum redemption of 5,000 ETRs.

Select currency of ETRs:
USD     CAD

Entitlement to Silver:

2,933.1970668 troy Ounces

Based on above entitlement to silver calculation.

# of tubes of 1 oz SML coins (1 tube=25 SML coins):
= 43 fabrication fee = $75.00

# of silver 100 oz bars:
= 1,534 fabrication fee = $1,350.00

# of London Good Delivery bars:
= 3,409 fabrication fee = $500.00

Note: Approximate value, London Good Delivery bars vary in weight from 750 to 1100 troy ounces

PHYSICAL REDEMPTION TOTALS:

Physical Redemption Fee:	$71.14
Fabrication Fees:	$1,925.00
Total Fees:	$1,996.14

ETRs required for silver products:	4,986
ETRs to cover fees:	112
Total ETRs required:	5,098

Remaining ETRs:	-98
Cash for remaining ETRs:	($1,754.20)

ETRs representing less than 25 troy ounces of physical silver bullion will be paid in cash by the Mint at the NAV per ETR on the Redemption Date. The silver price for redemptions will be determined by the Bank of Canada daily average USD/CDN exchange rate and the London Fix on the redemption date (the 15th of each month or, if not a business day, the next business day).

Based on above entitlement to silver calculation.

Approximate Cash Value:	$89,462.51
Cash Entitlement (95%):	$84,989.38

The cash redemption price (the "Cash Redemption Price") per ETR paid by the Mint is equal to 95% of the lesser of (i) the volume-weighted average trading price of the ETRs on the TSX for the last five trading days prior to and including the Redemption Date, and (ii) the net asset value ("NAV") per ETR on the Redemption Date. The NAV per ETR on any day is determined by multiplying the Per ETR Entitlement to Silver by the Silver Price on that day.

These are estimated figures. Actual values may differ.