Sprott Hedge Funds June09

Sprott Hedge Fund L.P. (Class A)

Sprott Asset Management LPRoyal Bank Plaza, South TowerTel: 416-943-6707 / 866-299-9906200 Bay St., STE 2700Web:

www.sprott.com

Benchmark 1: S&P 500 Index (CAD)Toronto, ON., Canada M5J 2J1Email:invest@sprott.comBenchmark 2: Credit Suisse/Tremont HFI L/S Equity YearJanFebMarAprMayJunJulAugSepOctNovDecYear

2009

12.12%3.84%-3.02%-13.83%5.92%-4.46%

-1.55%2008

-2.44%17.24%-2.87%-5.51%12.77%7.78%-9.87%-11.19%-12.78%-4.15%11.82%0.19%

-4.35%2007

-2.86%6.85%4.12%0.56%-2.53%-0.18%7.38%-9.52%10.32%6.05%-2.76%5.98%

23.85%2006

9.32%-2.89%12.52%4.91%-4.98%-3.00%4.37%2.25%-8.28%2.98%8.31%-0.47%

25.50%2005

1.33%6.04%-3.08%-0.93%-3.96%-0.56%2.37%2.21%8.14%-3.89%-3.43%8.14%

11.90%2004

1.57%5.19%3.63%1.42%-3.17%-2.34%5.42%-0.72%7.54%0.15%6.91%-1.91%

25.51%2003

0.79%1.34%-6.44%-12.56%-7.28%-3.95%5.57%5.94%3.87%4.26%2.33%2.14%

-5.79%2002

12.33%13.37%8.21%11.44%8.15%-1.24%4.12%4.69%6.21%-11.05%-9.04%13.25%

73.97%2001

3.52%16.52%3.71%1.40%1.17%11.32%5.73%5.63%8.48%-0.53%-5.38%0.84%

64.24%2000

4.90%1.50%

6.47%

Compound Rate of Return (Annualized)22.76%Standard Deviation22.94%Compound Rate of Return (Monthly)1.72%Downside Deviation (10.0%)13.71%Cumulative Return (Since Inception)489.13%Total Positive Months65Cumulative VAMI (Growth of $1,000)$5,891Total Down Months39Best 12-month Return112.55%Largest Monthly Gain17.24%Worst 12-month Return-26.21%Largest Monthly Loss-13.83%Comparative Analytics vs. BenchmarksCompound Rate of Return (Annualized)22.76%-7.99%5.07%Lead Portfolio ManagerPerformance (YTD)-1.55%-2.91%8.25%Fund Status

CLOSED

Sharpe Ratio (5.0%)0.80-0.870.05Fund Assets Under Management

$489 million

Sortino Ratio (10.0%)0.77-1.37-0.72Net Asset Value Per Unit

$58.91

Alpha1.54%1.70%Management Fee / Incentive Fee

2% / 20% over 10% hurdle

Annualized Alpha20.06%22.42%Minimum Initial Subscription / Term

$150,000 / 6 month lock-up

Beta-0.660.68Redemptions

Monthly (60 Day Notice Period)

Correlation-0.400.22Fund CodeR-squared0.160.05Fund Administrator

Citigroup

Legal Counsel

Heenan Blaikie LLP

* Figures updated as at May 29, 2009

Auditors

Ernst & Young LLP

Fund DescriptionStatistical AnalysisMonthly Performance (% ) Net of Fees

Growth of Initial Investment ($1,000)Distribution of Monthly Returns

Eric SprottSPR 002

Fund Information

SprottHedgeFund L.P.(Class A)

S&P 500Index(CAD)

CreditSuisse/Tremont HFIL/S Equity*

$0$1,000$2,000$3,000$4,000$5,000$6,000$7,000$8,000$9,000

N o v - 0 0 M a y - 0 1 N o v - 0 1 M a y - 0 2 N o v - 0 2 M a y - 0 3 N o v - 0 3 M a y - 0 4 N o v - 0 4 M a y - 0 5 N o v - 0 5 M a y - 0 6 N o v - 0 6 M a y - 0 7 N o v - 0 7 M a y - 0 8 N o v - 0 8 M a y - 0 9

Sprott Hedge Fund L.P. (Class A)S&P 500 Index (CAD)Credit Suisse/Tremont HFI L/S Equity*

02468101214

< - 1 0 % - 1 0 t o - 9 - 9 t o - 8 - 8 t o - 7 - 7 t o - 6 - 6 t o - 5 - 5 t o - 4 - 4 t o - 3 - 3 t o - 2 - 2 t o - 1 - 1 t o 0 0 t o 1 1 t o 2 2 t o 3 3 t o 4 4 t o 5 5 t o 6 6 t o 7 7 t o 8 8 t o 9 9 t o 1 0 > 1 0 %

Return Range (%)

M o n t h l y P e r i o d s

TheSprottHedgeFundL.P.(the“Fund”)investmentobjectiveistomaximizeabsolutereturnsoninvestments.TheFundintendstoaccomplishitssetobjectivethroughsuperiorsecuritiesselectionbytakingbothlongandshortinvestmentpositions.TheFund’smanagersmayalsoexecutearbitragestrategies,seekspin-offopportunitiesandparticipateinselectprivateplacementsinordertomaximizeinvestmentreturns.TheinvestmentteamwillvarytheallocationoflongandshortpositionsdependingontheirviewofthedomesticandinternationaleconomyandmarkettrendsincludingliquidityflowswithintheU.S.financialsystem.TheFundwilloverweightcertainindustrysectorsandassetclasses,suchascashandgoldwhendeemedappropriate by the Investment Manager.

Sprott Hedge Fund L.P. II (Class A)

Sprott Asset Management LPRoyal Bank Plaza, South TowerTel: 416-943-6707 / 866-299-9906200 Bay St., STE 2700Web:

www.sprott.com

Benchmark 1: S&P 500 Index (CAD)Toronto, ON., Canada M5J 2J1Email:

invest@sprott.com

Benchmark 2: Credit Suisse/Tremont HFI L/S Equity YearJanFebMarAprMayJunJulAugSepOctNovDecYear

2009

9.02%4.91%-3.01%-13.20%4.74%-4.69%

-3.88%2008

-2.33%16.44%-2.08%-5.93%12.93%8.04%-8.84%-9.48%-8.73%-0.65%11.46%-0.44%

6.12%2007

-2.61%6.40%3.86%0.54%-2.52%-0.37%7.44%-8.52%8.47%5.64%-2.19%6.19%

22.92%2006

8.96%-3.07%11.26%4.28%-4.99%-3.02%4.15%2.14%-8.37%3.04%8.26%-0.64%

21.99%2005

1.30%5.76%-3.11%-0.71%-3.32%-0.46%2.33%1.64%7.18%-3.69%-2.52%6.51%

10.56%2004

1.60%5.28%3.09%1.45%-2.65%-2.41%5.26%-0.31%6.34%0.00%7.02%-2.97%

23.15%2003

0.11%0.84%-7.23%-11.74%-6.91%-3.57%4.84%5.57%3.73%4.34%2.26%1.98%

-7.29%2002

3.20%-11.14%-11.67%16.79%

-5.40%

Compound Rate of Return (Annualized)9.21%Standard Deviation21.86%Compound Rate of Return (Monthly)0.74%Downside Deviation (10.0%)14.41%Cumulative Return (Since Inception)82.63%Total Positive Months45Cumulative VAMI (Growth of $1,000)$1,826Total Down Months37Best 12-month Return49.50%Largest Monthly Gain16.79%Worst 12-month Return-22.30%Largest Monthly Loss-13.20%Comparative Analytics vs. BenchmarksCompound Rate of Return (Annualized)9.21%-4.16%7.56%Lead Portfolio ManagerPerformance (YTD)-3.88%-2.91%8.25%Fund Status

OPEN

Sharpe Ratio (5.0%)0.29-0.610.35Fund Assets Under Management

$532 million

Sortino Ratio (10.0%)-0.05-1.15-0.35Net Asset Value Per Unit

$18.26

Alpha0.76%0.46%Management Fee / Incentive Fee

2% / 20%

Annualized Alpha9.56%5.63%Minimum Initial Subscription

$150,000

†

Beta-0.610.86Term

6 month lock-up period

Correlation-0.380.30Contributions

Monthly

R-squared0.140.09Redemptions

Monthly (60 Day Notice Period)

Fund CodeFund Administrator

Citigroup

Legal Counsel

Heenan Blaikie LLP

Auditors

Ernst & Young LLP

* Figures updated as at May 29, 2009

† $25,000 minimum available to accredited investors

Eric SprottSPR 004

Fund Information

Sprott HedgeFund L.P. II(Class A)

S&P 500Index(CAD)

CreditSuisse/Tremont HFIL/S Equity*

Fund DescriptionStatistical AnalysisMonthly Performance (% ) Net of Fees

Growth of Initial Investment ($1,000)Distribution of Monthly Returns

$600$800$1,000$1,200$1,400$1,600$1,800$2,000$2,200$2,400

S e p - 0 2 M a r - 0 3 S e p - 0 3 M a r - 0 4 S e p - 0 4 M a r - 0 5 S e p - 0 5 M a r - 0 6 S e p - 0 6 M a r - 0 7 S e p - 0 7 M a r - 0 8 S e p - 0 8 M a r - 0 9

Sprott Hedge Fund L.P. II (Class A)S&P 500 Index (CAD)Credit Suisse/Tremont HFI L/S Equity*

0246810

< - 1 0 % - 1 0 t o - 9 - 9 t o - 8 - 8 t o - 7 - 7 t o - 6 - 6 t o - 5 - 5 t o - 4 - 4 t o - 3 - 3 t o - 2 - 2 t o - 1 - 1 t o 0 0 t o 1 1 t o 2 2 t o 3 3 t o 4 4 t o 5 5 t o 6 6 t o 7 7 t o 8 8 t o 9 9 t o 1 0 > 1 0 %

Return Range (%)

M o n t h l y P e r i o d s

TheSprottHedgeFundL.P.II(the“Fund”)investmentobjectiveistomaximizeabsolutereturnsoninvestments.TheFundintendstoaccomplishitssetobjectivethroughsuperiorsecuritiesselectionbytakingbothlongandshortinvestmentpositions.TheFund’smanagersmayalsoexecutearbitragestrategies,seekspin-offopportunitiesandparticipateinselectprivateplacementsinordertomaximizeinvestmentreturns.TheinvestmentteamwillvarytheallocationoflongandshortpositionsdependingontheirviewofthedomesticandinternationaleconomyandmarkettrendsincludingliquidityflowswithintheU.S.financialsystem.TheFundwilloverweightcertainindustrysectorsandassetclasses,suchascashandgoldwhendeemedappropriate by the Investment Manager.

Sprott Bull/Bear RSP Fund (Class A)

Sprott Asset Management LPRoyal Bank Plaza, South TowerTel: 416-943-6707 / 866-299-9906200 Bay St., STE 2700Web:

www.sprott.com

Benchmark 1: S&P 500 Index (CAD)Toronto, ON., Canada M5J 2J1Email:invest@sprott.comBenchmark 2: Credit Suisse/Tremont HFI L/S Equity YearJanFebMarAprMayJunJulAugSepOctNovDecYear

2009

8.87%4.93%-3.36%-12.70%6.02%-5.25%

-3.18%2008

-2.38%16.47%-2.09%-5.81%12.43%7.51%-9.08%-9.33%-9.37%3.43%11.11%-0.26%

8.18%2007

-2.58%6.38%4.19%0.00%-2.39%0.22%7.77%-8.86%8.70%6.03%-2.55%5.73%

23.21%2006

9.30%-2.66%11.89%5.01%-5.00%-3.06%3.79%2.55%-8.30%2.98%7.91%-0.70%

23.98%2005

1.13%5.77%-2.88%-1.25%-2.84%-0.16%2.28%1.91%7.34%-3.78%-2.42%6.67%

11.51%2004

1.59%4.69%3.17%0.72%-2.51%-1.84%4.32%-0.36%6.86%-0.17%6.77%-2.22%

22.42%2003

0.57%1.13%-6.17%-10.96%-5.82%-3.80%3.95%5.70%3.60%4.34%2.70%2.02%

-4.18%2002

-9.20%15.86%

5.20%

Compound Rate of Return (Annualized)12.63%Standard Deviation21.13%Compound Rate of Return (Monthly)1.00%Downside Deviation (10.0%)13.32%Cumulative Return (Since Inception)120.88%Total Positive Months45Cumulative VAMI (Growth of $1,000)$2,209Total Down Months34Best 12-month Return47.84%Largest Monthly Gain16.47%Worst 12-month Return-17.09%Largest Monthly Loss-12.70%Comparative Analytics vs. BenchmarksCompound Rate of Return (Annualized)12.63%-3.94%7.82%Lead Portfolio ManagerPerformance (YTD)-3.18%-2.91%8.25%Fund Status

OPEN

Sharpe Ratio (5.0%)0.44-0.620.38Fund Assets Under Management

$145 million

Sortino Ratio (10.0%)0.17-1.17-0.31Net Asset Value Per Unit††

$8.84

Alpha1.03%0.70%Management Fee / Incentive Fee

2% / 20%

Annualized Alpha13.04%8.78%Minimum Initial Subscription

$150,000†

Beta-0.600.85Term

180 Days (3% Penalty)

Correlation-0.360.31Contributions

Monthly

R-squared0.130.10Redemptions

Monthly (7 calendar days notice)

Fund CodeFund Administrator

RBC Dexia

Legal Counsel

Heenan Blaikie LLP

Auditors

Ernst & Young LLP

† $25,000 minimum available to accredited investors

* Figures updated as at May 29, 2009

†† Post-distribution of $2.24 at 12/31/2008

SPR 005Eric Sprott

Fund Information

SprottBull/BearRSP Fund(Class A)

S&P 500Index(CAD)

CreditSuisse/Tremont HFIL/S Equity*

Fund DescriptionStatistical AnalysisMonthly Performance (% ) Net of Fees

Growth of Initial Investment ($1,000)Distribution of Monthly Returns

$600$850$1,100$1,350$1,600$1,850$2,100$2,350$2,600$2,850

N o v - 0 2 M a y - 0 3 N o v - 0 3 M a y - 0 4 N o v - 0 4 M a y - 0 5 N o v - 0 5 M a y - 0 6 N o v - 0 6 M a y - 0 7 N o v - 0 7 M a y - 0 8 N o v - 0 8 M a y - 0 9

Sprott Bull/Bear RSP Fund (Class A)S&P 500 Index (CAD)Credit Suisse/Tremont HFI L/S Equity*

024681012

< - 1 0 % - 1 0 t o - 9 - 9 t o - 8 - 8 t o - 7 - 7 t o - 6 - 6 t o - 5 - 5 t o - 4 - 4 t o - 3 - 3 t o - 2 - 2 t o - 1 - 1 t o 0 0 t o 1 1 t o 2 2 t o 3 3 t o 4 4 t o 5 5 t o 6 6 t o 7 7 t o 8 8 t o 9 9 t o 1 0 > 1 0 %

Return Range (%)

M o n t h l y P e r i o d s

TheSprottBull/BearRSPFund(the“Fund”)investmentobjectiveistomaximizeabsolutereturnsoninvestments.TheFundintendstoaccomplishitssetobjectivethroughsuperiorsecuritiesselectionbytakingbothlongandshortinvestmentpositions.TheInvestmentManagersintendtoinvestinopportunitiesthatprovidewhatthey,atthetimeofinvestment,believetobethebestrewardperunitofrisk.AllocationsoflongandshortpositionswilldependontheinvestmentteamsviewofthedomesticandinternationaleconomyandmarkettrendsincludingliquidityflowswithintheU.S.financialsystem.TheFundwilloverweightcertainindustrysectorsandassetclasses,suchascashandgoldwhendeemedappropriatebytheInvestmentManager.