Sprott Private Wealth LP Royal Bank Plaza, South Tower 200 Bay Street Suite 2700, P.O. Box 89 Toronto, Ontario M5J 2J2 Telephone: 416.943.6707 Facsimile: 416.362.4928 Toll Free: 1.866.299.9906 November 16, 2009 RE: 2009 YEAR-END TAX REPORTING DISTRIBUTION ESTIMATES As part of the income tax reporting for the Sprott Funds you may receive certain tax reporting forms as set out in the chart below. Please note that these estimates are subject to change prior to year-end. We encourage you to incorporate any possible distributions into your 2009 tax planning and seek independent tax advice with respect to your own particular circumstances. Fund owned Income Tax Forms Expected distribution MuTual Funds On or before March 31, 2010, you may receive: No distributions are currently expected • Sprott Canadian Equity Fund • T3 Statement of Trust Income or on any of the Funds, with the exception of Sprott Gold Bullion Fund, which is • Sprott Gold and Precious Minerals Fund • Relevé 16 (Quebec residents only) expected to realize and distribute net • Sprott Energy Fund taxable capital gains of $0.02 per unit • Sprott Growth Fund for both Class A and Class F units. • Sprott Global Equity Fund • Sprott Small Cap Equity Fund • Sprott All Cap Fund • Sprott Gold Bullion Fund • Sprott Multi-Manager Fund HEdgE Funds sET up as TrusTs On or before March 31, 2010, you may receive: No distributions are currently expected. • Sprott Small Cap Hedge Fund • T3 Statement of Trust Income or • Relevé 16 (Quebec residents only) HEdgE Funds sET up as lIMITEd On or around March 31, 2010, you may receive: No net income or capital gains parTnErsHIps • 5013 Statement of Partnership Income or T distribution are currently expected . • Sprott Hedge Fund L.P. • Relevé 15 (Quebec residents only) • Sprott Hedge Fund L.P. II • Sprott Opportunities Hedge Fund L.P. Assumes that units were held throughout the entire year 1 Should you have any questions, please do not hesitate to contact your investment representative or customer service at (416) 943-6707 or toll free at 1-866-299-9906. This letter does not constitute income tax advice and we are not able to provide income tax advice. You may visit our website www.sprottwealth.com, under the “Investment Centre” tab we have provided some additional tax information and some tax-specific frequently asked questions. Yours truly, Iryna McCoubrey Chief Financial Officer Sprott Private Wealth LP The information contained herein is subject to change without notice and is directed only to clients who are residents of Canada. Sprott Private Wealth LP accepts no liability whatsoever for any loss or damage of any kind arriving out of the use of all or part of this information. The information contained herein is unaudited. This information is not intended to provide specific individual advice. Please ensure you contact your own professional advisor regarding your specific tax situation. Commissions, trailing commissions, management fees, incentive fees and expenses may all be associated with mutual fund and hedge fund investments. Mutual funds and hedge funds are not guaranteed, their values change frequently and past performance may not be repeated. Please read the prospectus/offering memorandum before investing. Copies are available from your advisor or from Sprott Private Wealth LP.