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Sprott Hedge Fund L.P.

(Class A)
Sprott Asset Management LP
Royal Bank Plaza, South Tower Tel: 416-943-6707 / 866-299-9906
200 Bay St., STE 2700 Web: www.sprott.com Benchmark 1: S&P 500 Index (CAD)
Toronto, ON., Canada M5J 2J1 Email: invest@sprott.com Benchmark 2: Credit Suisse/Tremont HFI L/S Equity
Monthly Performance (%) Net of Fees
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
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%
Fund Description
The Sprott Hedge Fund L.P. (the “Fund”) investment objective is to maximize absolute returns on investments. The Fund intends to accomplish its set
objective through superior securities selection by taking both long and short investment positions. The Fund’s managers may also execute arbitrage
strategies, seek spin-off opportunities and participate in select private placements in order to maximize investment returns. The investment team will
vary the allocation of long and short positions depending on their view of the domestic and international economy and market trends including liquidity
flows within the U.S. financial system. The Fund will overweight certain industry sectors and asset classes, such as cash and gold when deemed
appropriate by the Investment Manager.
Statistical Analysis
Compound Rate of Return (Annualized) 22.76% Standard Deviation 22.94%
Compound Rate of Return (Monthly) 1.72% Downside Deviation (10.0%) 13.71%
Cumulative Return (Since Inception) 489.13% Total Positive Months 65
Cumulative VAMI (Growth of $1,000) $5,891 Total Down Months 39
Best 12-month Return 112.55% Largest Monthly Gain 17.24%
Worst 12-month Return -26.21% Largest Monthly Loss -13.83%
Growth of Initial Investment ($1,000) Distribution of Monthly Returns
$9,000
$8,000 14
Monthly Periods

$7,000 12
$6,000 10
$5,000
$4,000 8
$3,000 6
$2,000 4
$1,000 2
$0
0
N -01

N -02

N -03

N -04

N -05

N -06

N -07

N -08

9
M -00

M -01

M -02

M -03

M -04

M -05

M -06

M -07

M -08

< -10%
-10 to -9
-9 to -8
-8 to -7
-7 to -6
-6 to -5
-5 to -4
-4 to -3
-3 to -2
-2 to -1
-1 to 0
0 to 1
1 to 2
2 to 3
3 to 4
4 to 5
5 to 6
6 to 7
7 to 8
8 to 9

> 10%
9 to 10
-0
ay

ay

ay

ay

ay

ay

ay

ay

ay
ov

ov

ov

ov

ov

ov

ov

ov

ov
N

Sprott Hedge Fund L.P. (Class A) Return Range (%)


S&P 500 Index (CAD)
Credit Suisse/Tremont HFI L/S Equity*

Sprott Credit
Hedge S&P 500 Suisse/Tre
Fund L.P. Index mont HFI
Comparative Analytics vs. Benchmarks (Class A) (CAD) L/S Equity* Fund Information
Compound Rate of Return (Annualized) 22.76% -7.99% 5.07% Lead Portfolio Manager Eric Sprott
Performance (YTD) -1.55% -2.91% 8.25% Fund Status CLOSED
Sharpe Ratio (5.0%) 0.80 -0.87 0.05 Fund Assets Under Management $489 million
Sortino Ratio (10.0%) 0.77 -1.37 -0.72 Net Asset Value Per Unit $58.91
Alpha 1.54% 1.70% Management Fee / Incentive Fee 2% / 20% over 10% hurdle
Annualized Alpha 20.06% 22.42% Minimum Initial Subscription / Term $150,000 / 6 month lock-up
Beta -0.66 0.68 Redemptions Monthly (60 Day Notice Period)
Correlation -0.40 0.22 Fund Code SPR 002
R-squared 0.16 0.05 Fund Administrator Citigroup
Legal Counsel Heenan Blaikie LLP
* Figures updated as at May 29, 2009 Auditors Ernst & Young LLP
Sprott Hedge Fund L.P. II (Class A)
Sprott Asset Management LP
Royal Bank Plaza, South Tower Tel: 416-943-6707 / 866-299-9906
200 Bay St., STE 2700 Web: www.sprott.com Benchmark 1: S&P 500 Index (CAD)
Toronto, ON., Canada M5J 2J1 Email: invest@sprott.com Benchmark 2: Credit Suisse/Tremont HFI L/S Equity
Monthly Performance (%) Net of Fees
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
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%
Fund Description
The Sprott Hedge Fund L.P. II (the “Fund”) investment objective is to maximize absolute returns on investments. The Fund intends to accomplish its set
objective through superior securities selection by taking both long and short investment positions. The Fund’s managers may also execute arbitrage
strategies, seek spin-off opportunities and participate in select private placements in order to maximize investment returns. The investment team will
vary the allocation of long and short positions depending on their view of the domestic and international economy and market trends including liquidity
flows within the U.S. financial system. The Fund will overweight certain industry sectors and asset classes, such as cash and gold when deemed
appropriate by the Investment Manager.
Statistical Analysis
Compound Rate of Return (Annualized) 9.21% Standard Deviation 21.86%
Compound Rate of Return (Monthly) 0.74% Downside Deviation (10.0%) 14.41%
Cumulative Return (Since Inception) 82.63% Total Positive Months 45
Cumulative VAMI (Growth of $1,000) $1,826 Total Down Months 37
Best 12-month Return 49.50% Largest Monthly Gain 16.79%
Worst 12-month Return -22.30% Largest Monthly Loss -13.20%
Growth of Initial Investment ($1,000) Distribution of Monthly Returns
$2,400
10
$2,200
$2,000
Monthly Periods

8
$1,800
$1,600 6
$1,400
4
$1,200
$1,000 2
$800
$600
0
-10 to -9
< -10%

-9 to -8
-8 to -7
-7 to -6
-6 to -5
-5 to -4
-4 to -3
-3 to -2
-2 to -1
-1 to 0
0 to 1
1 to 2

> 10%
2 to 3
3 to 4
4 to 5
5 to 6
6 to 7
7 to 8
8 to 9
9 to 10
M 2

Se 3

M 3

Se 4

M 4

Se 5

M 5

Se 6

M 6

Se 7

M 7

Se 8

M 8
9
-0

-0

-0

-0

-0

-0

-0
0

0
p-

p-

p-

p-

p-

p-

p-
ar

ar

ar

ar

ar

ar

ar
Se

Sprott Hedge Fund L.P. II (Class A) Return Range (%)


S&P 500 Index (CAD)
Credit Suisse/Tremont HFI L/S Equity*

Credit
S&P 500 Suisse/Tre
Sprott Hedge
Fund L.P. II Index mont HFI
Comparative Analytics vs. Benchmarks (Class A) (CAD) L/S Equity* Fund Information
Compound Rate of Return (Annualized) 9.21% -4.16% 7.56% Lead Portfolio Manager Eric Sprott
Performance (YTD) -3.88% -2.91% 8.25% Fund Status OPEN
Sharpe Ratio (5.0%) 0.29 -0.61 0.35 Fund Assets Under Management $532 million
Sortino Ratio (10.0%) -0.05 -1.15 -0.35 Net Asset Value Per Unit $18.26
Alpha 0.76% 0.46% Management Fee / Incentive Fee 2% / 20%
Annualized Alpha 9.56% 5.63% Minimum Initial Subscription $150,000†
Beta -0.61 0.86 Term 6 month lock-up period
Correlation -0.38 0.30 Contributions Monthly
R-squared 0.14 0.09 Redemptions Monthly (60 Day Notice Period)
Fund Code SPR 004
Fund 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
Sprott Bull/Bear RSP Fund (Class A)
Sprott Asset Management LP
Royal Bank Plaza, South Tower Tel: 416-943-6707 / 866-299-9906
200 Bay St., STE 2700 Web: www.sprott.com Benchmark 1: S&P 500 Index (CAD)
Toronto, ON., Canada M5J 2J1 Email: invest@sprott.com Benchmark 2: Credit Suisse/Tremont HFI L/S Equity
Monthly Performance (%) Net of Fees
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
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%
Fund Description
The Sprott Bull/Bear RSP Fund (the “Fund”) investment objective is to maximize absolute returns on investments. The Fund intends to accomplish its
set objective through superior securities selection by taking both long and short investment positions. The Investment Managers intend to invest in
opportunities that provide what they, at the time of investment, believe to be the best reward per unit of risk. Allocations of long and short positions will
depend on the investment teams view of the domestic and international economy and market trends including liquidity flows within the U.S. financial
system. The Fund will overweight certain industry sectors and asset classes, such as cash and gold when deemed appropriate by the Investment
Manager.
Statistical Analysis
Compound Rate of Return (Annualized) 12.63% Standard Deviation 21.13%
Compound Rate of Return (Monthly) 1.00% Downside Deviation (10.0%) 13.32%
Cumulative Return (Since Inception) 120.88% Total Positive Months 45
Cumulative VAMI (Growth of $1,000) $2,209 Total Down Months 34
Best 12-month Return 47.84% Largest Monthly Gain 16.47%
Worst 12-month Return -17.09% Largest Monthly Loss -12.70%
Growth of Initial Investment ($1,000) Distribution of Monthly Returns
$2,850
$2,600 12
Monthly Periods

$2,350 10
$2,100
$1,850 8
$1,600
$1,350 6
$1,100 4
$850
$600 2
0
N 3

N 4

N 5

N 6

N 7

N 8

9
M 2

M 3

M 4

M 5

M 6

M 7

M 8
-0

-0

-0

-0

-0

-0

-0
-0

-0

-0

-0

-0

-0

-0

-10 to -9
< -10%

-9 to -8
-8 to -7
-7 to -6
-6 to -5
-5 to -4
-4 to -3
-3 to -2
-2 to -1
-1 to 0
0 to 1
1 to 2
2 to 3
3 to 4
4 to 5
5 to 6
6 to 7
7 to 8
8 to 9
9 to 10
> 10%
ay

ay

ay

ay

ay

ay

ay
ov

ov

ov

ov

ov

ov

ov
N

Sprott Bull/Bear RSP Fund (Class A)


S&P 500 Index (CAD)
Return Range (%)
Credit Suisse/Tremont HFI L/S Equity*

Sprott Credit
Bull/Bear S&P 500 Suisse/Tre
RSP Fund Index mont HFI
Comparative Analytics vs. Benchmarks (Class A) (CAD) L/S Equity* Fund Information
Compound Rate of Return (Annualized) 12.63% -3.94% 7.82% Lead Portfolio Manager Eric Sprott
Performance (YTD) -3.18% -2.91% 8.25% Fund Status OPEN
Sharpe Ratio (5.0%) 0.44 -0.62 0.38 Fund Assets Under Management $145 million
Sortino Ratio (10.0%) 0.17 -1.17 -0.31 Net Asset Value Per Unit†† $8.84
Alpha 1.03% 0.70% Management Fee / Incentive Fee 2% / 20%
Annualized Alpha 13.04% 8.78% Minimum Initial Subscription $150,000†
Beta -0.60 0.85 Term 180 Days (3% Penalty)
Correlation -0.36 0.31 Contributions Monthly
R-squared 0.13 0.10 Redemptions Monthly (7 calendar days notice)
Fund Code SPR 005
Fund 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
Sprott Opportunities Hedge Fund L.P. (Class A)
Sprott Asset Management LP
Royal Bank Plaza, South Tower Tel: 416-943-6707 / 866-299-9906
200 Bay St., STE 2700 Web: www.sprott.com Benchmark 1: S&P 500 Index (CAD)
Toronto, ON., Canada M5J 2J1 Email: invest@sprott.com Benchmark 2: Credit Suisse/Tremont HFI L/S Equity
Monthly Performance (%) Net of Fees
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
2009 0.65% -0.19% -0.08% 0.15% 1.49% -0.49% 1.53%
2008 -2.35% 5.79% -0.48% -0.37% 6.72% 0.88% -3.84% -2.21% -2.74% -1.11% 0.77% -0.19% 0.31%
2007 0.05% 4.17% -0.48% 3.49% 0.04% 4.19% 3.12% -2.90% 2.74% 2.63% -2.60% 3.71% 19.32%
2006 7.30% -0.83% 3.90% 3.18% -0.97% -1.25% 2.68% -0.60% -2.58% 0.71% -0.94% 3.42% 14.44%
2005 5.39% 7.47% -1.54% -1.44% 1.06% 3.22% 6.93% 3.63% 4.02% -0.99% 1.67% 4.38% 38.85%
2004 0.00% 1.80% 1.38% 0.87% 2.11% 11.10% 1.52% 8.76% 5.21% 37.20%
Fund Description
The Sprott Opportunities Hedge Fund L.P. (the "Fund") investment objective is to provide long term capital growth through fundamental securities
selection by taking both long and short investment positions primarily in equity securities. The allocation of long and short positions will vary depending
on the opportunities the Investment Manager believes have the best reward per unit of risk. In executing the strategy, the following investment
techniques will be employed: 1) Investing long in undervalued securities; 2) Short selling overvalued securities; 3) Managing long and short positions;
4) Strategic use of leverage; 5) Pairs trading. The manager will also execute convertible and warrant arbitrage strategies; enter into private placements
and IPO's; and buy or sell commodities in an attempt to maximize returns. The Partnership has no geographic, industry sector, asset class or market
capitalization restrictions.
Statistical Analysis
Compound Rate of Return (Annualized) 20.47% Standard Deviation 10.82%
Compound Rate of Return (Monthly) 1.56% Downside Deviation (10.0%) 4.28%
Cumulative Return (Since Inception) 164.96% Total Positive Months 40
Cumulative VAMI (Growth of $1,000) $2,650 Total Down Months 23
Best 12-month Return 63.97% Largest Monthly Gain 11.10%
Worst 12-month Return -7.64% Largest Monthly Loss -3.84%
Growth of Initial Investment ($1,000) Distribution of Monthly Returns
$2,900
14
$2,600
$2,300 12
Monthly Periods

$2,000 10
$1,700 8
$1,400
$1,100 6
$800 4
$500 2
0
De 0 4
Ap 04

De 0 5
Ap 05

De 0 6
Ap 06

De 0 7
Ap 07

De 0 8
Ap 08
Au 04

Au 05

Au 06

Au 07

Au 08

09
g-
c-

g-
c-

g-
c-

g-
c-

g-
c-
r-

r-

r-

r-

r-

r-

-10 to -9
< -10%

-9 to -8
-8 to -7
-7 to -6
-6 to -5
-5 to -4
-4 to -3
-3 to -2
-2 to -1
-1 to 0
0 to 1
1 to 2
2 to 3
3 to 4
4 to 5
5 to 6
6 to 7
7 to 8
8 to 9
9 to 10
> 10%
Ap

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


S&P 500 Index (CAD)
Credit Suisse/Tremont HFI L/S Equity* Return Range (%)

Credit
Sprott S&P 500 Suisse/Tre
Opportunities
Hedge Fund Index mont HFI
Comparative Analytics vs. Benchmarks L.P. (Class A) (CAD) L/S Equity* Fund Information
Compound Rate of Return (Annualized) 20.47% -6.25% 5.66% Portfolio Managers Jamie Horvat and Charles Oliver
Performance (YTD) 1.53% -2.91% 8.25% Fund Status OPEN
Sharpe Ratio (5.0%) 1.33 -0.81 0.12 Fund Assets Under Management $362 million
Sortino Ratio (10.0%) 1.81 -1.34 -0.56 Net Asset Value Per Unit $26.49
Alpha 1.60% 1.27% Management Fee / Incentive Fee 2% / 20%
Annualized Alpha 21.02% 16.36% Minimum Initial Subscription $150,000†
Beta -0.01 0.75 Term 6 month lock-up period
Correlation -0.01 0.59 Redemptions Monthly (30 Day Notice Period)
R-squared 0.00 0.35 Fund Code SPR 009
Fund Administrator RBC Dexia
Legal Counsel Heenan Blaikie LLP
Auditors Ernst & Young LLP

* Figures updated as at May 29, 2009 † $25,000 minimum available to accredited investors
Sprott Opportunities RSP Fund
Sprott Asset Management LP
Royal Bank Plaza, South Tower Tel: 416-943-6707 / 866-299-9906
200 Bay St., STE 2700 Web: www.sprott.com Benchmark 1: S&P 500 Index (CAD)
Toronto, ON., Canada M5J 2J1 Email: invest@sprott.com Benchmark 2: Credit Suisse/Tremont HFI L/S Equity
Monthly Performance (%) Net of Fees
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
2009 0.70% -0.21% -0.14% 0.14% 1.53% -0.55% 1.47%
2008 -2.38% 5.81% -0.54% -0.34% 6.70% 0.83% -3.81% -2.25% -2.77% -1.11% 0.77% -0.21% 0.14%
2007 0.00% 4.17% -0.48% 3.46% 0.00% 4.20% 3.06% -2.90% 2.76% 2.61% -2.62% 3.70% 19.10%
2006 7.34% -0.89% 3.85% 3.19% -1.00% -1.26% 2.65% -0.58% -2.60% 0.68% -0.94% 3.45% 14.30%
2005 -1.10% 1.72% 4.27% 4.90%
Fund Description
The Sprott Opportunities RSP Fund (the "Fund") investment objective is to provide long term capital growth through fundamental securities selection by
taking both long and short investment positions primarily in equity securities. The allocation of long and short positions will vary depending on the
opportunities the Investment Manager believes have the best reward per unit of risk. In executing the strategy, the following investment techniques will
be employed: 1) Investing long in undervalued securities; 2) Short selling overvalued securities; 3) Managing long and short positions; 4) Strategic use of
leverage; 5) Pairs trading. The manager will also execute convertible and warrant arbitrage strategies; enter into private placements and IPO's; and buy
or sell commodities in an attempt to maximize returns. The Partnership has no geographic, industry sector, asset class or market capitalization
restrictions.
Statistical Analysis
Compound Rate of Return (Annualized) 10.43% Standard Deviation 9.29%
Compound Rate of Return (Monthly) 0.83% Downside Deviation (10.0%) 4.91%
Cumulative Return (Since Inception) 45.10% Total Positive Months 24
Cumulative VAMI (Growth of $1,000) $1,451 Total Down Months 21
Best 12-month Return 21.31% Largest Monthly Gain 7.34%
Worst 12-month Return -7.76% Largest Monthly Loss -3.81%
Growth of Initial Investment ($1,000) Distribution of Monthly Returns
$1,700
12
$1,500
Monthly Periods

10
$1,300 8
$1,100 6
4
$900
2
$700
0
$500
-10 to -9
< -10%

-9 to -8
-8 to -7
-7 to -6
-6 to -5
-5 to -4
-4 to -3
-3 to -2
-2 to -1
-1 to 0
0 to 1
1 to 2
2 to 3
3 to 4
4 to 5
5 to 6
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7 to 8
8 to 9
9 to 10
> 10%
5
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Ju

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Ja

Ja

Ja
O

Sprott Opportunities RSP Fund Return Range (%)


S&P 500 Index (CAD)
Credit Suisse/Tremont HFI L/S Equity*

Credit
S&P 500 Suisse/Tre
Sprott
Opportunities Index mont HFI
Comparative Analytics vs. Benchmarks RSP Fund (CAD) L/S Equity* Fund Information
Compound Rate of Return (Annualized) 10.43% -7.44% 4.11% Portfolio Managers Charles Oliver and Jamie Horvat
Performance (YTD) 1.47% -2.91% 8.25% Fund Status OPEN
Sharpe Ratio (5.0%) 0.59 -0.85 -0.04 Fund Code SPR 091
Sortino Ratio (10.0%) 0.07 -1.36 -0.67 Fund Assets Under Management $97 million
Alpha 0.84% 0.67% Management Fee / Incentive Fee 2% / 20%
Annualized Alpha 10.52% 8.40% Minimum Initial Subscription 150000†
Beta -0.05 0.60 Term 180 days (3% penalty)
Correlation -0.07 0.61 Net Asset Value Per Unit $14.51
R-squared 0.01 0.37 Redemptions Monthly (30 Day Notice Period)
Fund Administrator RBC Dexia
Legal Counsel Heenan Blaikie LLP
Auditors Ernst & Young LLP

* Figures updated as at May 29, 2009 † $25,000 minimum available to accredited investors
Sprott Small Cap Hedge Fund
Sprott Asset Management LP
Royal Bank Plaza, South Tower Tel: 416-943-6707 / 866-299-9906
200 Bay St., STE 2700 Web: www.sprott.com Benchmark 1: S&P/TSX SmallCap Total Return Index
Toronto, ON., Canada M5J 2J1 Email: invest@sprott.com Benchmark 2: Credit Suisse/Tremont HFI L/S Equity
Monthly Performance (%) Net of Fees
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
2009 7.71% -0.89% 8.95% 3.29% 10.69% 0.52% 33.67%
2008 -8.76% 8.12% -5.77% 1.05% 13.96% 0.58% -8.39% -3.01% -21.75% -24.44% -10.90% -2.56% -50.89%
2007 7.53% 1.17% 9.14% 3.48% -0.40% 1.07% -9.20% 6.48% 7.07% -7.89% 4.00% 22.65%
Fund Description
The Sprott Small Cap Hedge Fund's investment objective is to provide unitholders with long-term capital growth. The Fund invests primarily in Canadian
equity securities, with a significant bias toward small to medium capitalization stocks where the pricing of securities is less efficient. The Manager uses a
variety of tools in order to assess a security before it enters the portfolio. The tools include quantitative and qualitative factors. The Manager uses a database
of over 700 small and medium size securities to screen for those with strong earnings growth, high returns on equity, reasonable valuations and strong
balance sheets. The Manager meets with over 500 management teams a year in order to qualitatively assess their investment merit. Preference is given to
those companies that fit the Manager's "growth at a reasonable price" criteria. The above-mentioned factors form the basis of the Manager's decision making
process to select those stocks which should be purchased and those which should be shorted.

Statistical Analysis
Compound Rate of Return (Annualized) 33.67% Standard Deviation 31.53%
Compound Rate of Return (Monthly) -0.74% Downside Deviation (10.0%) 25.89%
Cumulative Return (Since Inception) -19.49% Total Positive Months 17
Cumulative VAMI (Growth of $1,000) $805 Total Down Months 12
Standard Deviation 31.53% Largest Monthly Gain 13.96%
Downside Deviation (10.0%) 25.89% Largest Monthly Loss -24.44%
Growth of Initial Investment ($1,000) Distribution of Monthly Returns

$1,400
4
$1,200
Monthly Periods

$1,000 3

$800
2
$600
$400 1
Aug-07
Feb-07
Apr-07

Oct-07

Apr-08

Aug-08
Jun-07

Dec-07
Feb-08

Oct-08

Feb-09
Apr-09
Jun-08

Dec-08

Jun-09

0
< -10%

> 10%
-10 to -9
-9 to -8
-8 to -7
-7 to -6
-6 to -5
-5 to -4
-4 to -3
-3 to -2
-2 to -1
-1 to 0

9 to 10
0 to 1
1 to 2
2 to 3
3 to 4
4 to 5
5 to 6
6 to 7
7 to 8
8 to 9
Sprott Small Cap Hedge Fund
S&P/TSX SmallCap Total Return Index
Credit Suisse/Tremont HFI L/S Equity* Return Range (%)

Sprott S&P/TSX Credit


Small Cap SmallCap Suisse/Tre
Hedge Total Return mont HFI
Comparative Analytics vs. Benchmarks Fund Index L/S Equity* Fund Information
Compound Rate of Return (Annualized) -8.58% -16.93% -1.04% Director of Small Cap Investments Allan Jacobs
Performance (YTD) 33.67% 17.92% 8.25% Investment Strategist Peter Imhof
Sharpe Ratio (5.0%) -0.28 -0.71 -0.50 Fund Status OPEN
Sortino Ratio (10.0%) -0.70 -1.11 -1.08 Launch Date January 31, 2007
Alpha 0.92% -0.24% Fund Assets Under Management $22 million
Annualized Alpha 11.65% -2.82% Net Asset Value Per Unit $8.05
Beta 1.03 2.69 Management Fee / Incentive Fee 2% / 20%
Correlation 0.89 0.90 Minimum Initial Subscription $150,000†
R-squared 0.79 0.81 Term 1 Year hold period (or 5% penalty)
Redemptions Monthly (30 Day Notice Period)
Fund Code SPM 400
Prime Broker Scotia Capital Inc.
Fund Valuation SGGG Fund Services Inc.
Legal Counsel Heenan Blaikie LLP
Auditors PricewaterhouseCoopers LLP
* Figures updated as at May 29, 2009 † $25,000 minimum available to accredited investors
Sprott Bull/Bear RSP Fund, Sprott Global Market Neutral Fund, Sprott Hedge Fund L.P., Sprott
Hedge Fund L.P. II, Sprott Opportunities Hedge Fund L.P., Sprott Opportunities RSP Fund,
Sprott Peak Oil Fund and the Sprott Small Cap Hedge Fund are offered on a private placement
basis pursuant to an offering memorandum and are only available to investors who meet certain
eligibility or minimum purchase amount requirements under applicable securities legislation. The
offering memorandum contains important information about the "Funds", including their
investment objective and strategies, purchase options, applicable management fees,
performance fees, other charges and expenses, and should be read carefully before investing.
Performance data represents past performance of the Fund and is not indicative of future
performance. Data based on performance history of less than five years may not give
prospective investors enough information to base investment decisions on. Please contact your
own personal advisor on your particular circumstance. This communication does not constitute
an offer to sell or solicitation to purchase securities of the Fund.

The information contained herein does not constitute an offer or solicitation by anyone in
the United States or in any other jurisdiction in which such an offer or solicitation is not
authorized or to any person to whom it is unlawful to make such an offer or solicitation.
Prospective investors who are not resident in Canada should contact their financial
advisor to determine whether securities of the Fund may be lawfully sold in their
jurisdiction.