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|   |                                            |                                                   | Page   |
|--------|-------------------------------------------------|--------------------------------------------------------|--------|
|   |                                            |                                                   |   |
|   |                                            |                                                   |   |
| I.     | DEFINITIONS AND INCORPORATION      BY REFERENCE | 1                                                      |
|   |                                            |                                                   |   |
|   | 1.01                                            | Definitions                                            | 1      |
|   | 1.02                                            | Other Definitions                                      | 7      |
|   | 1.03                                            | Incorporation by      Reference of Trust Indenture Act | 8      |
|   | 1.04                                            | Rules of Construction                                  | 8      |
|   |                                            |                                                   |   |
| II.    | THE SECURITIES                                  | 9                                                      |
|   |                                            |                                                   |   |
|   | 2.01                                            | Form and Dating                                        | 9      |
|   | 2.02                                            | Execution and      Authentication of Securities        | 10     |
|   | 2.03                                            | Registrar, Paying Agent and Conversion      Agent      | 10     |
|   | 2.04                                            | Paying Agent to Hold      Money in Trust               | 11     |
|   | 2.05                                            | Securityholder Lists                                   | 11     |
|   | 2.06                                            | Transfer and    Exchange                               | 11     |
|   | 2.07                                            | Replacement Securities                                 | 12     |
|   | 2.08                                            | Outstanding      Securities                            | 12     |
|   | 2.09                                            | Securities Held by the Company or an      Affiliate    | 13     |
|   | 2.10                                            | Temporary Securities                                   | 13     |
|   | 2.11                                            | Cancellation                                           | 14     |
|   | 2.12                                            | Interest Payment and      Record Dates                 | 14     |
|   | 2.13                                            | No Sinking Fund                                        | 14     |
|   | 2.14                                            | Defaulted Interest                                     | 14     |
|   | 2.15                                            | CUSIP Numbers                                          | 14     |
|   | 2.16                                            | Deposit of Moneys                                      | 15     |
|   | 2.17                                            | Book-Entry Provisions for Global      Securities       | 15     |
|   | 2.18                                            | Special Transfer      Provisions                       | 16     |
|   | 2.19                                            | Restrictive Legends                                    | 18     |
|   | 2.20                                            | Ranking                                                | 18     |
|   | 2.21                                            | Additional Securities                                  | 18     |
|   |                                            |                                                   |   |
| III.   | REDEMPTION AND      REPURCHASE                  | 18                                                     |
|   |                                            |                                                   |   |
|   | 3.01                                            | Rights of Redemption and Repurchase                    | 18     |
|   | 3.02                                            | Notices toTrustee                                      | 19     |
|   | 3.03                                            | Selection of Securities to Be Redeemed.                | 19     |
|   | 3.04                                            | Notice of Redemption                                   | 20     |
|   | 3.05                                            | Effect of Notice of Redemption                         | 21     |
|   | 3.06                                            | Deposit of Redemption      Price                       | 22     |
|   | 3.07                                            | Securities Redeemed in Part                            | 22     |
|   | 3.08                                            | Tax Redemption                                         | 22     |

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|   | 3.09                  | Purchase of Securities      at Option of the Holder           | 23     |
|--------|-----------------------|---------------------------------------------------------------|--------|
|   | 3.10                  | Repurchase at Option of      Holder Upon a Fundamental Change | 27     |
|   |                  |                                                          |   |
| IV.    | COVENANTS             | 34                                                            |
|   |                  |                                                          |   |
|   | 4.01                  | Payment of    Securities                                      | 34     |
|   | 4.02                  | Maintenance of Office or      Agency                          | 34     |
|   | 4.03                  | Rule 144A Information      and SEC Reports                    | 35     |
|   | 4.04                  | Compliance      Certificate                                   | 36     |
|   | 4.05                  | Stay, Execution and      Usury Laws                           | 36     |
|   | 4.06                  | Corporate Existence                                           | 36     |
|   | 4.07                  | Notice of Default                                             | 36     |
|   | 4.08                  | Further Instruments and      Acts                             | 37     |
|   | 4.09                  | Payment of Additional      Amounts                            | 37     |
|   |                  |                                                          |   |
| V.     | SUCCESSORS            | 39                                                            |
|   |                  |                                                          |   |
|   | 5.01                  | When Company May Merge,      Etc                              | 39     |
|   | 5.02                  | Successor Substituted                                         | 40     |
|   |                  |                                                          |   |
| VI.    | DEFAULTS AND REMEDIES | 40                                                            |
|   |                  |                                                          |   |
|   | 6.01                  | Events of Default.                                            | 40     |
|   | 6.02                  | Acceleration                                                  | 42     |
|   | 6.03                  | Other Remedies                                                | 42     |
|   | 6.04                  | Waiver of Past      Defaults                                  | 43     |
|   | 6.05                  | Control by    Majority                                        | 43     |
|   | 6.06                  | Limitation on Suits                                           | 43     |
|   | 6.07                  | Rights of Holders to      Receive Payment                     | 44     |
|   | 6.08                  | Collection Suit by      Trustee                               | 44     |
|   | 6.09                  | Trustee May File Proofs      of Claim                         | 44     |
|   | 6.10                  | Priorities                                                    | 45     |
|   | 6.11                  | Undertaking for Costs                                         | 45     |
|   |                  |                                                          |   |
| VII.   | TRUSTEE               | 45                                                            |
|   |                  |                                                          |   |
|   | 7.01                  | Duties of Trustee                                             | 45     |
|   | 7.02                  | Rights of Trustee                                             | 46     |
|   | 7.03                  | Individual Rights of      Trustee                             | 48     |
|   | 7.04                  | Disclaimer of the      Trustee                                | 48     |
|   | 7.05                  | Notice of Defaults                                            | 48     |
|   | 7.06                  | Reports by Trustee to      Holders                            | 49     |
|   | 7.07                  | Compensation and      Indemnity                               | 49     |
|   | 7.08                  | Replacement of      Trustee                                   | 50     |
|   | 7.09                  | Successor Trustee by      Merger, Etc.                        | 51     |
|   | 7.10                  | Eligibility;      Disqualification                            | 51     |
|   | 7.11                  | Preferential Collection      of Claims Against Company        | 51     |

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| VIII.  | DISCHARGE OF INDENTURE | 51                                                                                                                            |
|--------|------------------------|-------------------------------------------------------------------------------------------------------------------------------|
|   |                   |                                                                                                                          |   |
|   | 8.01                   | Termination of the      Obligations of the Company                                                                            | 51 |
|   | 8.02                   | Application of Trust Money                                                                                                    | 52 |
|   | 8.03                   | Repayment to Company                                                                                                          | 52 |
|   | 8.04                   | Reinstatement                                                                                                                 | 52 |
|   |                   |                                                                                                                          |   |
| IX.    | AMENDMENTS             | 53                                                                                                                            |
|   |                   |                                                                                                                          |   |
|   | 9.01                   | Without Consent of Holders                                                                                                    | 53 |
|   | 9.02                   | With Consent of      Holders                                                                                                  | 53 |
|   | 9.03                   | Compliance with Trust Indenture    Act                                                                                        | 55 |
|   | 9.04                   | Revocation and Effect of      Consents                                                                                        | 55 |
|   | 9.05                   | Notation on or Exchange of    Securities                                                                                      | 55 |
|   | 9.06                   | Trustee Protected                                                                                                             | 55 |
|   | 9.07                   | Effect of Supplemental Indentures                                                                                             | 56 |
|   |                   |                                                                                                                          |   |
| X.     | CONVERSION             | 56                                                                                                                            |
|   |                   |                                                                                                                          |   |
|   | 10.01                  | Conversion Privilege; Restrictive      Legends                                                                                | 56 |
|   | 10.02                  | Conversion Procedure and      Payment Upon Conversion                                                                         | 59 |
|   | 10.03                  | Taxes on Conversion                                                                                                           | 62 |
|   | 10.04                  | Company to Provide      Common Shares                                                                                         | 62 |
|   | 10.05                  | Adjustment of Conversion Rate                                                                                                 | 63 |
|   | 10.06                  | No Adjustment                                                                                                                 | 67 |
|   | 10.07                  | Other Adjustments.                                                                                                            | 68 |
|   | 10.08                  | Adjustments for Tax      Purposes                                                                                             | 68 |
|   | 10.09                  | Notice of Adjustment                                                                                                          | 68 |
|   | 10.10                  | Notice of Certain      Transactions                                                                                           | 69 |
|        | 10.11                  | Effect of Reclassifications,      Consolidations, Mergers, Binding Share Exchanges or Sales on Conversion      Privilege      | 69 |
|   | 10.12                  | Trustee’s    Disclaimer                                                                                                 | 71 |
|   | 10.13                  | Rights Distributions Pursuant to      Shareholders’ Rights Plans                                                        | 71 |
|        | 10.14                  | Increased Conversion      Rate Applicable to Certain Notes Surrendered in Connection With Make-Whole      Fundamental Changes | 72 |
|   |                   |                                                                                                                          |   |
| XI.    | MISCELLANEOUS          | 75                                                                                                                            |
|   |                   |                                                                                                                          |   |
|   | 11.01                  | Trust Indenture Act      Controls                                                                                             | 75 |
|   | 11.02                  | Notices.                                                                                                                      | 75 |
|   | 11.03                  | Communication By Holders      With Other Holders                                                                              | 76 |
|   | 11.04                  | Certificate and Opinion as to Conditions      Precedent                                                                       | 76 |
|   | 11.05                  | Statements Required In      Certificate Or Opinion                                                                            | 77 |
|   | 11.06                  | Rules By Trustee and Agents                                                                                                   | 77 |
|   | 11.07                  | Legal Holidays                                                                                                                | 77 |
|   | 11.08                  | Duplicate Originals                                                                                                           | 77 |
|   | 11.09                  | Governing Law                                                                                                                 | 78 |

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|   | 11.10 | Submission To Jurisdiction                                                   | 78 |
|--------|-------|------------------------------------------------------------------------------|----|
|   | 11.11 | Judgment Currency                                                            | 78 |
|   | 11.12 | No Adverse Interpretation of Other      Agreements                           | 79 |
|   | 11.13 | Successors                                                                   | 79 |
|   | 11.14 | Separability                                                                 | 79 |
|   | 11.15 | Table of Contents,      Headings, Etc.                                       | 79 |
|   | 11.16 | Calculations in Respect of the      Securities                               | 79 |
|   | 11.17 | No Personal Liability of      Directors, Officers, Employees or Shareholders | 79 |

| Exhibit A   | - | Form of      Global Security                                                                        |
|-------------|---|-----------------------------------------------------------------------------------------------------|
| Exhibit B-1 | - | Form of Legend for Global      Security                                                             |
| Exhibit B-2 | - | Form of      Private Placement Legend                                                               |
| Exhibit B-3 | - | Form of Canadian Legend                                                                             |
| Exhibit C   | - | Form of      Notice of Transfer Pursuant to Registration Statement                                  |
| Exhibit D   | - | Form of Opinion of Counsel      in Connection with Registration of Securities                       |
| Exhibit E   | - | Form of      Certificate to be Delivered in Connection with Transfers Pursuant to      Regulation S |

| TIA     |    | Indenture         |
|---------|---------|-------------------|
| Section | Section |
| 310     | (a)(1)  | 7.10              |
|    | (a)(2)  | 7.10              |
|    | (a)(3)  | N.A.              |
|    | (a)(4)  | N.A.              |
|    | (a)(5)  | N.A.              |
|    | (b)     | 7.08; 7.10; 11.02 |
|    | (c)     | N.A.              |
| 311     | (a)     | 7.11              |
|    | (b)     | 7.11              |
|    | (c)     | N.A.              |
| 312     | (a)     | 2.05              |
|    | (b)     | 11.03             |
|    | (c)     | 11.03             |
| 313     | (a)     | 7.06              |
|    | (b)(1)  | N.A.              |
|    | (b)(2)  | 7.06              |
|    | (c)     | 7.06; 11.02       |
|    | (d)     | 7.06              |
| 314     | (a)     | 4.03              |
|    | (b)     | N.A.              |
|    | (c)(1)  | 11.04             |
|    | (c)(2)  | 11.04             |
|    | (c)(3)  | N.A.              |
|    | (d)     | N.A.              |
|    | (e)     | 11.05             |
|    | (f)     | N.A.              |

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| 315    | (a)                 | 7.01(B)     |
|--------|---------------------|-------------|
|   | (b)                 | 7.05; 11.02 |
|   | (c)                 | 7.01(A)     |
|   | (d)                 | 7.01(C)     |
|   | (e)                 | 6.11        |
| 316    | (a) (last sentence) | 2.09        |
|   | (a)(1)(A)           | 6.05        |
|   | (a)(1)(B)           | 6.04        |
|   | (a)(2)              | N.A.        |
|   | (b)                 | 6.07        |
|   | (c)                 | N.A.        |
| 317    | (a)(1)              | 6.08        |
|   | (a)(2)              | 6.09        |
|   | (b)                 | 2.04        |
| 318    | (a)                 | 11.01       |

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| Term                                                   | Defined in      Section |
|--------------------------------------------------------|-------------------------|
|                                                   |                    |
| “Acquisition of Voting      Control”       | 3.10                    |
| “Additional Amounts”                       | 4.09                    |
| “Additional Securities”                    | 1.01                    |
| “Aggregate      Amount”                    | 10.05                   |
| “Applicable Price”                         | 10.14                   |
| “Bankruptcy Law”                           | 6.01                    |
| “BCF Make-Whole Cap”                       | 10.14                   |
| “Business      Day”                        | 11.07                   |
| “Canadian Taxes”                           | 4.09                    |
| “Cash      Settlement Averaging Period”    | 10.02                   |
| “Change in Control”                        | 3.10                    |
| “Collective Election”                      | 10.11                   |
| “Conversion Agent”                         | 2.03                    |
| “Conversion Date”                          | 10.02                   |
| “Conversion Value”                         | 10.01                   |
| “Custodian”                                | 6.01                    |
| “Daily Conversion Value”                   | 10.02                   |
| “Daily Net      Shares”                    | 10.02                   |
| “Daily Principal Return”                   | 10.02                   |
| “Effective      Date”                      | 10.14                   |
| “Event of Default”                         | 6.01                    |
| “Excluded      Holder”                     | 4.09                    |
| “Excluded Taxes”                           | 4.09                    |
| “Ex      Date”                             | 10.05                   |
| “Expiration Date”                          | 10.05                   |
| “Expiration Time”                          | 10.05                   |
| “Extension Period”                         | 10.01                   |
| “Fundamental Change”                       | 3.10                    |
| “Fundamental Change      Notice”           | 3.10                    |
| “Fundamental Change Repurchase      Date”  | 3.10                    |
| “Fundamental Change Repurchase      Price” | 3.10                    |
| “Fundamental Change Repurchase      Right” | 3.10                    |
| “Global Security”                          | 2.01                    |
| “Interest”                                 | 1.04                    |
| “Judgment Currency”                        | 11.11                   |
| “Legal      Holiday”                       | 11.07                   |
| “Listed Shares Business      Combination”  | 3.10                    |
| “Make-Whole Applicable      Increase”      | 10.14                   |
| “Make-Whole Conversion      Period”        | 10.14                   |
| “Make-Whole      Consideration”            | 10.14                   |
| “Net Shares”                               | 10.02                   |

----

| “Notice of      Default”                      | 6.01  |
|-----------------------------------------------------------|-------|
| “Notice of Election”                          | 3.08  |
| “Note      Measurement Period”                | 10.01 |
| “Offering Memorandum”                         | 9.01  |
| “Option      Purchase Date”                   | 3.09  |
| “Option Purchase Notice”                      | 3.09  |
| “Option      Purchase Price”                  | 3.09  |
| “Participants”                                | 2.17  |
| “Paying      Agent”                           | 2.03  |
| “Physical Securities”                         | 2.01  |
| “Principal      Return”                       | 10.02 |
| “Private Placement      Legend”               | 2.19  |
| “Purchase      at Holder’s Option”      | 3.01  |
| “Purchased Shares”                            | 10.05 |
| “Redemption”                                  | 3.01  |
| “Qualified Foreign Business      Combination” | 5.01  |
| “Reference      Property”                     | 10.11 |
| “Registrar”                                   | 2.03  |
| “Repurchase Upon Fundamental      Change”     | 3.10  |
| “Resale Restriction Termination      Date”    | 2.19  |
| “Rights”                                      | 10.05 |
| “Termination of Trading”                      | 3.10  |
| “Trading      Price Condition”                | 10.01 |
| “Underlying Shares”                           | 10.05 |
| “Volume-Weighted Average      Price”          | 10.02 |

| 1.03 | INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT.  |
|------|----------------------------------------------------------|

| 1.04 | RULES OF CONSTRUCTION.  |
|------|------------------------------|

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| 2.01 | FORM AND DATING.  |
|------|------------------------|

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| 2.02 | EXECUTION AND AUTHENTICATION OF SECURITIES.  |
|------|---------------------------------------------------|

| 2.03 | REGISTRAR, PAYING AGENT AND CONVERSION AGENT.  |
|------|-----------------------------------------------------|

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| 5.01 | WHEN COMPANY MAY MERGE, ETC.  |
|------|------------------------------------|

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|   | First:  | to the Trustee for amounts due under Section 7.07;                                                                                                                                         |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |                                                                                                                                                                                       |
|   | Second: | to Securityholders for all amounts due and      unpaid on the Securities, without preference or priority of any kind,      according to the amounts due and payable on the Securities; and |
|   |    |                                                                                                                                                                                       |
|   | Third:  | to the Company.                                                                                                                                                                            |

| 7.01 | DUTIES OF TRUSTEE.  |
|------|--------------------------|

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|      |         | Effective      Date    |         |     |
|--------------------------|--------------|---------------------------------------|--------------|----------|
| Applicable               | February 21, | March 1,                              | March 1,     | March 1, | March 1, | March 5, |
| Price                    | 2008         | 2009                                  | 2010         | 2011     | 2012 | 2013 |
| US$33.33                 | 6.9238       | 6.9238                                |  6.9238 | 6.9238   | 6.9238 | 6.9238 |
| US$35.00                 | 6.9238       | 6.9238                                |  6.7079 | 6.4007   | 5.9413 | 2.3650 |
| US$40.00                 | 5.5633       | 5.3630                                |  4.9943 | 4.5679   | 3.8656 | 0.7710 |
| US$45.00                 | 4.4066       | 4.1842                                |  3.8028 | 3.3346   | 2.5547 | --- |
| US$50.00                 | 3.5470       | 3.3209                                |  2.9493 | 2.4831   | 1.7208 | --- |
| US$55.00                 | 2.8917       | 2.6722                                |  2.3223 | 1.8815   | 1.1850 | --- |
| US$60.00                 | 2.3817       | 2.1743                                |  1.8516 | 1.4475   | 0.8357 | --- |
| US$65.00                 | 1.9779       | 1.7853                                |  1.4915 | 1.1281   | 0.6038 | --- |

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| US$70.00  | 1.6532 | 1.4764 | 1.2114 | 0.8889 | 0.4464 | --- |
|-----------|--------|--------|--------|--------|--------|-----|
| US$75.00  | 1.3889 | 1.2280 | 0.9904 | 0.7066 | 0.3368 | --- |
| US$80.00  | 1.1714 | 1.0258 | 0.8138 | 0.5655 | 0.2584 | --- |
| US$85.00  | 0.9908 | 0.8596 | 0.6710 | 0.4549 | 0.2008 | --- |
| US$90.00  | 0.8396 | 0.7218 | 0.5545 | 0.3670 | 0.1574 | --- |
| US$95.00  | 0.7122 | 0.6067 | 0.4587 | 0.2965 | 0.1238 | --- |
| US$100.00 | 0.6042 | 0.5100 | 0.3792 | 0.2393 | 0.0973 | --- |
| US$105.00 | 0.5122 | 0.4284 | 0.3131 | 0.1926 | 0.0761 | --- |
| US$110.00 | 0.4335 | 0.3591 | 0.2577 | 0.1542 | 0.0589 | --- |
| US$115.00 | 0.3660 | 0.3001 | 0.2111 | 0.1226 | 0.0449 | --- |
| US$120.00 | 0.3081 | 0.2498 | 0.1720 | 0.0966 | 0.0335 | --- |
| US$125.00 | 0.2581 | 0.2069 | 0.1390 | 0.0750 | 0.0243 | --- |
| US$130.00 | 0.2151 | 0.1702 | 0.1112 | 0.0573 | 0.0169 | --- |

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|   | SILVER STANDARD RESOURCES INC.           |
|--------|------------------------------------------|
|   |                                     |
|   |                                     |
|   | By:   /s/      Signed          |
|   |          Name:  |
|   |          Title: |
|   |                                     |
|   |                                     |
|   |                                     |
|   | THE BANK OF NEW YORK, as Trustee         |
|   |                                     |
|   |                                     |
|   |                                     |
|   | By:   /s/      Signed     |
|   |          Name:  |
|   |          Title: |

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|   | SILVER STANDARD RESOURCES INC.                    |
|--------|---------------------------------------------------|
|   |                                              |
|   |                                              |
|   |                                              |
|   | By: _____________________________________________ |
|   |          Name:           |
|   |          Title:          |

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|  Dated: _______________________________ | __________________________________________________________                                                                                                                                                                                                                                                                                                                                                     |
|----------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                         |                                                                                                                                                                                                                                                                                                                                                                                                           |
|                                              | NOTICE: The signature on this assignment must      correspond with the name as it appears upon the face of the within      Security in every particular without alteration or enlargement or any      change whatsoever and be guaranteed by a guarantor institution      participating in the Securities Transfer Agents Medallion Program or in      such other guarantee program acceptable to the Trustee. |

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| (1) ____ | to the Company or any subsidiary thereof; or                                                                                                                     |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|     |                                                                                                                                                                  |
| (2) ____ | pursuant to and in compliance with Rule 144A under the      Securities Act; or                                                                                   |
|     |                                                                                                                                                                  |
| (3) ____ | outside the United States to a person other than a      “U.S. person” in compliance with Rule 904 of Regulation S under the      Securities Act; or  |
|     |                                                                                                                                                                  |
| (4) ____ | pursuant to the exemption from registration provided by Rule 144 under      the Securities Act; or                                                                    |
|     |                                                                                                                                                                  |
| (5) ____ | pursuant to an effective registration statement under the Securities      Act; or                                                                                     |
|     |                                                                                                                                                                  |
| (6) ____ | pursuant to another available exemption from registration under the      Securities Act.                                                                              |

| [    ] | The transferee is an Affiliate of the Company. (If the      Security is transferred to an Affiliate, the restrictive legend must      remain on the Security for one year following the date of the transfer). |
|-----------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Dated:  _________________________________________ | Signed:        _________________________________________        |
|--------------------------------------------------------|---------------------------------------------------------------------------|
|                                                   |                                                                      |
|                                                   | (Sign exactly as name appears on the other side      of this Security)    |
|                                                   |                                                                           |
|                                                   | Signature Guarantee:       _________________________________________ |

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| Dated:  _________________________________________ | Signed:        _________________________________________ |
|--------------------------------------------------------|--------------------------------------------------------------------|
|                                                   |                                                                    |
|                                                   | NOTICE: To be executed by an executive officer      of Purchaser   |

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| Dated:  _________________________________________ | Signed:        _________________________________________                                                                                                                                       |
|--------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                   | _________________________________________                                                                                                                                                                |
|                                                   | (Sign exactly as your name(s) appear(s) on the      other side of this Security)                                                                                                                         |
|                                                   |                                                                                                                                                                                                     |
| Signature(s) guaranteed by:                            |                                                                                                                                                                                                     |
|                                                   | (All signatures must be guaranteed by a guarantor      institution participating in the Securities Transfer Agents Medallion      Program or in such other guarantee program acceptable to the Trustee.) |

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| Date: __________________    | Signature(s):    __________________________________                                                                                                                                                      |
|-----------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                        |                                                                                                                                                                                                     |
|                        |                                                                                                                                                                                                     |
|                        | (Sign exactly as your name(s) appear(s) on the      other                                                                                                                                                |
|                        | side of this Security)                                                                                                                                                                                   |
|                        |                                                                                                                                                                                                     |
| Signature(s) guaranteed by: |                                                                                                                                                                                                     |
|                             | (All signatures must be guaranteed by a guarantor      institution participating in the Securities Transfer Agents Medallion      Program or in such other guarantee program acceptable to the Trustee.) |

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| Date: __________________    | Signature(s):    __________________________________                                                                                                                                                      |
|-----------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                        |                                                                                                                                                                                                     |
|                        |                                                                                                                                                                                                     |
|                        | (Sign exactly as your name(s) appear(s) on the      other                                                                                                                                                |
|                        | side of this Security)                                                                                                                                                                                   |
|                        |                                                                                                                                                                                                     |
| Signature(s) guaranteed by: |                                                                                                                                                                                                     |
|                             | (All signatures must be guaranteed by a guarantor      institution participating in the Securities Transfer Agents Medallion      Program or in such other guarantee program acceptable to the Trustee.) |

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|             |                |                | Principal amount of |                 |
|------------------|---------------------|---------------------|---------------------|----------------------|
|             | Amount of decrease  | Amount of Increase  | this Global         | Signature or         |
|             | in Principal amount | in Principal amount | Security following  | authorized signatory |
|             | of this Global      | of this Global      | such decrease       | of Trustee or Note   |
| Date of Exchange | Security            | Security            | or increase         | Custodian            |

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>                THIS    SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE    HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A    NOMINEE OF A DEPOSITORY OR A SUCCESSOR DEPOSITORY. THIS SECURITY IS NOT    EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN    THE DEPOSITORY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED    IN THE INDENTURE, AND NO TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER OF    THIS SECURITY AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR    BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE    DEPOSITORY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED    IN THE INDENTURE.                 UNLESS    THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE    DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR    ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY    CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH    OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY    PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY    AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE    HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS    THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.                 TRANSFERS    OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN    PART, TO NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH    SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL    BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH    IN THE INDENTURE.  

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> THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S.    SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND ACCORDINGLY,    MAY NOT BE OFFERED OR SOLD EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE. BY    ITS ACQUISITION HEREOF, THE HOLDER AGREES (1) THAT IT WILL NOT RESELL OR    OTHERWISE TRANSFER THE SECURITY EVIDENCED HEREBY, EXCEPT (A) TO THE ISSUER,    SILVER STANDARD RESOURCES INC., OR A SUBSIDIARY OF THE ISSUER; (B) UNDER A    REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES    ACT; (C) TO A PERSON THE SELLER REASONABLY BELIEVES IS A QUALIFIED    INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A ADOPTED UNDER THE SECURITIES    ACT) THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER    QUALIFIED INSTITUTIONAL BUYER AND TO WHOM NOTICE IS GIVEN THAT THE TRANSFER    IS BEING MADE IN RELIANCE ON RULE 144A, ALL IN COMPLIANCE WITH RULE 144A (IF    AVAILABLE); (D) OUTSIDE THE UNITED STATES IN A TRANSACTION MEETING THE    REQUIREMENTS OF REGULATION S UNDER THE SECURITIES ACT; OR (E) UNDER ANY    OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE    SECURITIES ACT; AND (2) THAT IT WILL, PRIOR TO ANY TRANSFER OF THIS    SECURITY, FURNISH TO THE ISSUER AND THE TRUSTEE OR TRANSFER AGENT FOR THIS    SECURITY, AS APPLICABLE, SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER    INFORMATION AS MAY BE REQUIRED TO CONFIRM THAT SUCH TRANSFER IS BEING MADE    PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE    REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.  [TO BE INCLUDED ONLY ON CERTIFICATES REPRESENTING COMMON    SHARES —  THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE LISTED    ON THE TORONTO STOCK EXCHANGE (“TSX”); HOWEVER, THE SAID SECURITIES CANNOT    BE TRADED THROUGH THE FACILITIES OF TSX SINCE THEY ARE NOT FREELY    TRANSFERABLE, AND CONSEQUENTLY ANY CERTIFICATE REPRESENTING SUCH SECURITIES    IS NOT “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON TSX.]  

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> IN CANADA, UNLESS PERMITTED UNDER SECURITIES LEGISLATION,    THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE JUNE 28,    2008.  

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|   | Re:    | Silver Standard Resources Inc. (the “Company”)                 |
|--------|--------|----------------------------------------------------------------------------|
|   |   | 4.5% Convertible Senior Notes due 2028 (the      “Securities”) |

|   | Very truly yours,                                 |
|--------|---------------------------------------------------|
|   |                                              |
|   |  ___________________________________________ |
|   | (Name)                                            |

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|   | Re:    | Silver Standard Resources Inc (the “Company”)                  |
|--------|--------|----------------------------------------------------------------------------|
|   |   | 4.5% Convertible Senior Notes due 2028 (the      “Securities”) |

|   | Yours truly, |
|--------|--------------|

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|   | Very truly yours,                           |
|--------|---------------------------------------------|
|   | [Name of Transferor]                        |
|   | ___________________________________________ |
|   | By:                                         |
|   | ___________________________________________ |
|   | Authorized Signature                        |

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