Securities Law & Instruments

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, subject to certain conditions.

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), (2)(b).

June 3, 2016

Borden Ladner Gervais LLP
Scotia Plaza, 40 King Street W
Toronto, ON
M5H 3Y4

Attention: Whitney Bell

Dear Ms. Bell:

Re: Sprott Gold Bullion Class and Sprott Silver Bullion Class (the "Funds")

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

Application No. 2016/0285; SEDAR Project No. 2474653

By letter dated May 30, 2016 (the Application), Sprott Asset Management LP, on behalf of the Funds, 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,

"Darren McKall"
Manager,
Investment Funds & Structured Products Branch
Ontario Securities Commission