Sprott-7 09 Hedge Funds

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%-7.89%

-9.32%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)21.37%Standard Deviation23.07%Compound Rate of Return (Monthly)1.62%Downside Deviation (10.0%)13.93%Cumulative Return (Since Inception)442.63%Total Positive Months65Cumulative VAMI (Growth of $1,000)$5,426Total Down Months40Best 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)21.37%-7.95%5.01%Lead Portfolio ManagerPerformance (YTD)-9.32%-3.23%8.21%Fund Status

CLOSED

Sharpe Ratio (5.0%)0.75-0.87-0.02Fund Assets Under Management

$448 million

Sortino Ratio (10.0%)0.68-1.38-0.78Net Asset Value Per Unit

$54.26

Alpha1.44%1.65%Management Fee / Incentive Fee

2% / 20% over 10% hurdle

Annualized Alpha18.75%21.74%Minimum Initial Subscription / Term

$150,000 / 6 month lock-up

Beta-0.660.71Redemptions

Monthly (60 Day Notice Period)

Correlation-0.400.23Fund CodeR-squared0.160.06Fund Administrator

Citigroup

Legal Counsel

Heenan Blaikie LLP

* Figures updated as at June 30, 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

The Sprott Hedge Fund L.P. (the “Fund”) investment objective is to maximize absolute returns on investments. The Fund intends toaccomplish its set objective through superior securities selection by taking both long and short investment positions. The Fund’s managersmayalsoexecutearbitragestrategies,seekspin-offopportunitiesandparticipateinselectprivateplacementsinordertomaximizeinvestmentreturns.TheinvestmentteamwillvarytheallocationoflongandshortpositionsdependingontheirviewofthedomesticandinternationaleconomyandmarkettrendsincludingliquidityflowswithintheU.S.financialsystem.TheFundwilloverweightcertainindustrysectorsandassetclasses,suchascashandgold when deemed appropriate 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%-8.70%

-12.24%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)7.67%Standard Deviation22.04%Compound Rate of Return (Monthly)0.62%Downside Deviation (10.0%)14.73%Cumulative Return (Since Inception)66.74%Total Positive Months45Cumulative VAMI (Growth of $1,000)$1,667Total Down Months38Best 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)7.67%-4.15%7.46%Lead Portfolio ManagerPerformance (YTD)-12.24%-3.23%8.21%Fund Status

OPEN

Sharpe Ratio (5.0%)0.22-0.610.35Fund Assets Under Management

$483 million

Sortino Ratio (10.0%)-0.14-1.16-0.35Net Asset Value Per Unit

$16.67

Alpha0.65%0.46%Management Fee / Incentive Fee

2% / 20%

Annualized Alpha8.05%5.63%Minimum Initial Subscription

$150,000

†

Beta-0.610.86Term

6 month lock-up period

Correlation-0.370.30Contributions

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 June 30, 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.TheFundintendstoaccomplishitssetobjective through superior securities selection by taking both long and short investment positions. The Fund’s managersmayalsoexecutearbitragestrategies,seekspin-offopportunitiesandparticipateinselectprivateplacementsinordertomaximizeinvestmentreturns.TheinvestmentteamwillvarytheallocationoflongandshortpositionsdependingontheirviewofthedomesticandinternationaleconomyandmarkettrendsincludingliquidityflowswithintheU.S.financialsystem.TheFundwilloverweightcertainindustrysectorsandassetclasses,suchascashandgold when deemed appropriate 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%-8.03%

-10.95%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)11.07%Standard Deviation21.30%Compound Rate of Return (Monthly)0.88%Downside Deviation (10.0%)13.63%Cumulative Return (Since Inception)103.14%Total Positive Months45Cumulative VAMI (Growth of $1,000)$2,031Total Down Months36Best 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)11.07%-3.93%7.72%Lead Portfolio ManagerPerformance (YTD)-10.95%-3.23%8.21%Fund Status

OPEN

Sharpe Ratio (5.0%)0.37-0.620.38Fund Assets Under Management

$134 million

Sortino Ratio (10.0%)0.07-1.18-0.31Net Asset Value Per Unit††

$8.13

Alpha0.91%0.70%Management Fee / Incentive Fee

2% / 20%

Annualized Alpha11.51%8.78%Minimum Initial Subscription

$150,000†

Beta-0.590.85Term

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 June 30, 2009

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

Fund DescriptionStatistical AnalysisMonthly Performance (% ) Net of Fees

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

SPR 005Eric Sprott

Fund Information

SprottBull/BearRSP Fund(Class A)

S&P 500Index(CAD)

CreditSuisse/Tremont HFIL/S Equity*

$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

The Sprott Bull/Bear RSP Fund (the “Fund”) investment objective is to maximize absolute returns on investments. The Fund intends toaccomplish its set objective through superior securities selection by taking both long and short investment positions. The InvestmentManagersintendtoinvestinopportunitiesthatprovidewhatthey,atthetimeofinvestment,believetobethebestrewardperunitofrisk.Allocationsof long and short positions will depend on the investment teams view of the domestic and international economy and markettrendsincludingliquidityflowswithintheU.S.financialsystem.TheFundwilloverweightcertainindustrysectorsandassetclasses,suchascashandgold when deemed appropriate by the Investment Manager.