Company: SPPP
Filing Date: 2025-06-12
Form Type: F-10EF
Source: 0001999371-25-007710
Chunk: 22

Company: SPROTT PHYSICAL PLATINUM & PALLADIUM TRUST
Filing Date: 2025-06-12
Form: F-10EF
Chunk 22
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’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;                        |

| (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.                                                                         |

<div align='center'>-10</div>

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 default of its obligations under the Trust Agreement and such default continues for
120 days from the date the Manager receives notice of such default from the Trustee and no successor manager has been appointed
by the unitholders, the Manager experiences certain insolvency events or the assets of the Manager become subject to seizure or
confisc