Company: SPPP
Filing Date: 2025-10-10
Form Type: F-10EF
Source: 0001999371-25-015206
Chunk: 21

Company: SPROTT PHYSICAL PLATINUM & PALLADIUM TRUST
Filing Date: 2025-10-10
Form: F-10EF
Chunk 21
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 case may be;                                                                                                             |

| (i) | will ensure that the physical platinum and palladium bullion remains unencumbered; |

| (j) | will ensure that the physical platinum and palladium bullion is subject to a physical count by a representative                 
 of the Manager periodically on a spot-inspection basis as well as subject to audit procedures by the Trust’s independent public 
 accountants on at least an annual basis;                                                                                        |

| (k) | will not guarantee the securities or obligations of any person other than the Manager, and then only in 
 respect of the activities of the Trust;                                                                 |

| (l) | in connection with requirements of the Tax Act, will not make or hold any investment that would result 
 in the Trust failing to qualify as a “mutual fund trust” within the meaning of the Tax Act;            |

| (m) | in connection with requirements of the Tax Act, will not invest in any security that would be a “tax 
 shelter investment” within the meaning of section 143.2 of the Tax Act;                              |

| (n) | in connection with requirements of the Tax Act, will not invest in the securities of any non-resident                      
 corporation, trust or other non-resident entity (or of any partnership that holds such securities) if the Trust (or the    
 partnership) would be required to include any significant amount in income under sections 94, 94.1 or 94.2 of the Tax Act; |

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| (o) | in connection with requirements of the Tax Act, will not invest in any security of an issuer that would 
 be a foreign affiliate of the Trust for purposes of the Tax Act; and                                    |

| (p) | in connection with requirements of the Tax Act, will not carry on any business and make or hold any investments                  
 that would result in the Trust itself being subject to the tax for specified investment flow-through (“SIFT”) trusts as provided 
 for in section 122 of the Tax Act.                                                                                               |

Termination of the Trust The Trust does not have a fixed termination date but will be terminated in the event there are no trust units outstanding, the Trustee resigns or is removed and no successor trustee is appointed by the Manager by the time the resignation or removal becomes effective, the Manager resigns and no successor manager is appointed by the Manager and approved by unitholders by the time the resignation becomes effective, the Manager is, in the opinion of the Trustee, in material