Sprott Asset Management LP Announces Mutual Fund Risk Rating Change

TORONTO, ONTARIO--(Marketwired - April 10, 2014) - Sprott Asset Management LP, the new manager of Sprott Timber Fund (formerly, Exemplar Timber Fund) today announced a change to the risk rating of this Fund. Sprott acquired the right to manage this Fund from Arrow Capital Management Inc. effective March 31, 2014 (the "Transaction").

In connection with the Transaction, the Manager applied the methodology it uses to determine the risk rating for the Fund which is the methodology recommended by the Fund Risk Classification Task Force of The Investment Funds Institute of Canada (the "Methodology"). As a result of applying the Methodology, the Manager has assigned a risk rating of Medium to High to the Fund.

This change will be reflected in the amended and restated simplified prospectus of the Fund which will be filed with Canadian securities regulators on or about April 10, 2014.

The investment objectives and strategies of the Fund will not change as a result of the risk rating change.

For further information on Sprott Asset Management LP and the Sprott Mutual Funds, please visit www.sprott.com or call us at (866) 299-9906 or email us at invest@sprott.com.

Sprott Asset Management LP (www.sprott.com), a wholly owned subsidiary of Sprott Inc. (www.sprottinc.com), is a fund company dedicated to achieving superior returns for its investors over time. Sprott Asset Management LP manages assets primarily for institutions, endowments and high net worth individuals and is the investment manager of the Sprott Mutual Funds. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. 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 should consult their financial advisor to determine if the Sprott Mutual Funds may be sold in their jurisdiction.