Net Asset Value

Net Asset Value per Unit*	$11.11
Premium/Discount Calculation	5%
(In U.S. Dollars. Data last updated Thursday, May 17, 2012 6:00 PM EST) Premium/Discount Calculation is calculated using the mid-point of the trust unit's bid-ask price at the close of trading and the calculation of premium or discount of that price, expressed as a percentage, to the trust unit's Net Asset Value as calculated by the Valuation Agent for that same day.
Intraday Indicative Value**	The market is now closed
Intraday Premium/Discount Calculation	The market is now closed
Intraday Premium/Discount Calculation is the premium/discount expressed as percentage of the trust unit's Last Traded Price against the Intraday Indicative Value. Intraday data only populates during active market trading hours.
Units Outstanding	83,866,125
Previous Closing Price	$11.64
Trading Volume	1,025,123
Total Ounces of Silver held within Trust	32,878,296
Total Market Value of Silver held within Trust	$921,825,231
Total Net Asset Value of Trust	$931,682,727
(In U.S. Dollars. Data last updated Thursday, May 17, 2012 6:00 PM EST)

* Includes value of cash reserve held within Trust for ongoing expenses.

** The IIVS calculated and disseminated and any other data disseminated by NYSE Arca or any of its affiliates or agents are for informational purposes only and are not intended for trading purposes. As such, the IIVS and other data disseminated by NYSE Arca are provided on an “as is” basis. NYSE Arca makes no warranty, express or implied, relating to the IIVS, data or information covered by this agreement, or as to results to be attained by customer and the redeemable trust units or others from the use of the IIVS or data, including, but not limited to, express or implied warranties of merchantability, fitness for a particular purpose or use, title or noninfringement. NYSE Arca does not warrant that the IIVS and data will be uninterrupted or error-free, that defects will be corrected, or that the IIVS and data are free of viruses or other harmful components. NYSE Arca does not warrant or represent the use of the IIVS or data in terms of their correctness, accuracy, reliability or otherwise.