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| SILVER BULLION TRUST | ||||||||
| 4:45 PM | 09-Mar-10 | US$ | CDN$ | |||||
| Net Asset Value per Unit (See Note) | $11.04 | $11.32 | ||||||
| Trading Symbols on TSX | SBT.U | SBT.UN | ||||||
| Closing Market in Units | 09-Mar-10 | 11.57 | 11.31 | |||||
| Premium / -Discount | 4.8% | -0.1% | ||||||
| Number of Units traded on exchange | 0 | 10,505 | ||||||
| Trading Symbols on TSX for Warrants | SBT.WT.U | SBT.WT | ||||||
| Closing Market in Warrants | 1.70 | 1.12 | ||||||
| Number of Warrants traded | 0 | 11,600 | ||||||
| Total Market Capitalization of all | ||||||||
| 3,171,212 | Units outstanding | U.S. | $36,690,923 | CDN | $35,866,408 | |||
| Portfolio Update | ||||||||
| Ounces | US$ | CDN$ | % | |||||
| Silver Certificates | 0 | 0 | 0 | 0.0 | ||||
| Silver Bullion | 1,913,330 | 32,622,277 | 33,441,096 | 93.2 | ||||
| Cash Assets | 2,393,519 | 2,453,596 | 6.8 | |||||
| ________ | __________ | __________ | _____ | |||||
| 1,913,330 | $35,015,795 | $35,894,692 | 100.0 | |||||
| Valuation Basis | ||||||||
| London Silver Fixing | US$ | 17.0500 | ||||||
| US$/CDN$ Bank of Canada noon exchange rate | CDN$ 1.00= | US$ | 0.9755 | |||||
| Note: | ||||||||
| There are currently | 2,399,612 | Warrants that are exercisable into | ||||||
| Units of the Trust at an exercise price of one Warrant plus 10.00 US$ = one Unit. | ||||||||
| The expiry date of the Warrants is April 29, 2010. | ||||||||
| To date 458,300 Warrants have been exercised. Given all outstanding were exercised | ||||||||
| today, on a fully diluted basis, the Net Asset Value per Unit would be: | $ 10.59 | US$ | ||||||
| $ 10.86 | CDN$ | |||||||
| FOR FURTHER INFORMATION | ||||||||
| Contact: Investor & Unitholder Services Tel: 905-304-4653 Fax: 905-648-4196 | ||||||||
| P.O. Box 10106, Ancaster, Ontario L9K 1P3 | ||||||||
| email: info@silverbulliontrust.com | website: www.silverbulliontrust.com | |||||||
