Company: SPPP
Filing Date: 2025-06-12
Form Type: F-10EF
Source: 0001999371-25-007710
Chunk: 19

Company: SPROTT PHYSICAL PLATINUM & PALLADIUM TRUST
Filing Date: 2025-06-12
Form: F-10EF
Chunk 19
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Since inception, 12,928 trust units have
been redeemed for cash.

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To redeem trust units for cash, a unitholder
must deliver a notice to redeem trust units for cash (the “Cash Redemption Notice”) to the Trust’s transfer agent
(the registrar and transfer agent of the Trust is permitted to accept redemption requests. If a unitholder desires to redeem trust
units for cash, and such unitholder holds his, her or its trust units through DRS, the holder first has to request and then receive
a trust unit certificate before engaging in the redemption process. See “Exemptions and Approvals”) or, if applicable,
instruct the unitholder’s broker to deliver a Cash Redemption Notice to the Trust’s transfer agent. A Cash Redemption
Notice must be received by the Trust’s transfer agent no later than 4:00 p.m., Toronto time, on the 15th day of the month
in which the Cash Redemption Notice will be processed or, if such day is not a business day, then on the immediately following
day that is a business day. Any Cash Redemption Notice received after such time will be processed in the next month. Any Cash Redemption
Notice must include a valid signature guarantee to be deemed valid by the Trust.

Investment and Operating Restrictions

In making investments on behalf of the
Trust, the Manager is subject to certain investment and operating restrictions (the “Investment and Operating Restrictions”),
which are set out in the Trust Agreement. The Investment and Operating Restrictions may not be changed without the prior approval
of unitholders by way of an extraordinary resolution, which must be approved, in person or by proxy, by unitholders holding trust
units representing in aggregate not less than 66/% of the value of the net assets of the Trust as determined
in accordance with the Trust Agreement, at a duly constituted meeting of unitholders, or at any adjournment thereof, called and
held in accordance with the Trust Agreement, or a written resolution signed by unitholders holding trust units representing in
aggregate not less than 66/% of the value of the net assets of the Trust as determined in accordance with
the Trust Agreement, unless such change or changes are necessary to ensure compliance with applicable laws, regulations or other
requirements imposed from time to time by applicable securities regulatory authorities.

The Investment and Operating Restrictions
provide that the Trust:

| (a) | will invest in and hold a minimum