Company: SPPP
Filing Date: 2025-06-12
Form Type: F-10EF
Source: 0001999371-25-007710
Chunk: 15

Company: SPROTT PHYSICAL PLATINUM & PALLADIUM TRUST
Filing Date: 2025-06-12
Form: F-10EF
Chunk 15
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 Trust does not anticipate making regular cash distributions to unitholders.

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Investment Strategies of the Trust

The Trust is expressly prohibited from
investing in units or shares of other investment funds or collective investment schemes other than money market mutual funds and
then only to the extent that its interest does not exceed 10% of the total net assets of the Trust.

The Trust may not borrow funds except under
limited circumstances as set out in NI 81-102 and, in any event, not in excess of 10% of the total net assets of the Trust.

Borrowing Arrangements

The Trust has no borrowing arrangements
in place and is unleveraged. The Trust has historically not used leverage and the Manager has no intention of doing so in the future
(save for the short-term borrowings to settle trades). Unitholders will be notified of any changes to the Trust’s use of
leverage.

Calculating Net Asset Value (“NAV”)

The value of the net assets of the Trust
and the net asset value for a particular class or series of a class of trust units (the “Class Net Asset Value”) are
determined daily as of 4:00 p.m., Toronto time, on each business day by the Trust’s valuation agent, which is RBC Investor
Services. Throughout this prospectus, unless otherwise indicated, the term “business day” refers to any day on which
the NYSE Arca or the TSX is open for trading. In addition, the Manager may calculate the value of the net assets of the Trust,
the Class Net Asset Value and the NAV per trust unit at such other times as the Manager deems appropriate. The value of the net
assets of the Trust on any such day is equal to the aggregate fair market value of the assets of the Trust as of such date, less
an amount equal to the fair value of the liabilities of the Trust (excluding all liabilities represented by outstanding trust units,
if any) as of such date. The valuation agent calculates the NAV by dividing the value of the net assets of the class of the Trust
represented by the trust units on that day by the total number of trust units of that class then outstanding on such day. The total
NAV of the Trust as of June 10, 2025 was U.S.$276,445,449.87.

Redemption of Trust Units for Physical
Platinum and Palladium Bullion

Subject to the terms of the