Company: SPPP
Filing Date: 2025-06-12
Form Type: F-10EF
Source: 0001999371-25-007710
Chunk: 37

Company: SPROTT PHYSICAL PLATINUM & PALLADIUM TRUST
Filing Date: 2025-06-12
Form: F-10EF
Chunk 37
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 underwriter or dealer, may, in connection with the distribution, enter into any transaction that is intended
to stabilize or maintain the market price of the trust units or securities of the same class as the trust units distributed under
the “at-the-market” prospectus, including selling an aggregate number or principal amount of trust units that would
result in the underwriter or dealer creating an over-allocation position in the trust units.

The trust units may also be sold directly
by the Trust at such prices and upon such terms as are agreed to by the Manager, on behalf of the Trust, and the purchaser or through
agents designated by the Manager on behalf of the Trust from time to time. Any agent involved in the offering and sale of the trust
units in respect of which this prospectus is delivered will be named, and any commissions payable by the Trust to such agent will
be set forth, in a prospectus supplement. Unless otherwise indicated in the prospectus supplement, any agent would be acting on
a best-efforts basis for the period of its appointment.

Underwriters, dealers and agents who participate
in the distribution of the trust units may be entitled, under agreements to be entered into with the Trust, to indemnification
by the Trust against certain liabilities, including liabilities under securities legislation, or to contribution with respect to
payments which such underwriters, dealers or agents may be required to make in respect thereof.

<div align='center'>MATERIAL
TAX CONSIDERATIONS</div>

The accompanying prospectus supplement
will describe certain Canadian federal income tax consequences applicable to the acquisition, holding and disposition of trust
units by a unitholder who is a resident of Canada or a non-resident of Canada. The applicable prospectus supplement will also describe
certain U.S. federal income tax consequences of the ownership and disposition of trust units offered thereunder by a U.S. person
(within the meaning of the U.S. Internal Revenue Code). Prospective unitholders should consult their own tax advisors prior to
deciding to purchase any trust units.

<div align='center'>CERTAIN
ERISA AND BENEFIT PLAN CONSIDERATIONS</div>

The following disclosure is a summary of
certain aspects of laws and regulations applicable to retirement plan investments as in existence on the date hereof, all of which
are subject to change. This summary is general in nature and does not address every issue that may be applicable to the trust units
or a particular investor.

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