Company: SPPP
Filing Date: 2025-06-12
Form Type: F-10EF
Source: 0001999371-25-007710
Chunk: 14

Company: SPROTT PHYSICAL PLATINUM & PALLADIUM TRUST
Filing Date: 2025-06-12
Form: F-10EF
Chunk 14
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 Services acts as custodian
on behalf of the Trust for the Trust’s assets other than physical platinum and palladium bullion. RBC Investor Services is
only responsible for the Trust’s assets that are directly held by it, its affiliates or appointed sub-custodians.

Under the Trust Agreement, the Manager,
with the consent of the Trustee, may determine to change the custodial arrangements of the Trust.

Principal Offices

The Trust’s office is located at
Royal Bank Plaza, South Tower, 200 Bay Street, Suite 2600, Toronto, Ontario, Canada M5J 2J1. The Manager’s office is located
at Royal Bank Plaza, South Tower, 200 Bay Street, Suite 2600, Toronto, Ontario, Canada M5J 2J1 and its telephone number is (416)
943-8099 (toll free: 1-855-943-8099). The Trustee’s office is located at 155 Wellington Street West, Street Level, Toronto,
Ontario, Canada M5V 3L3. The custodian for the Trust’s physical platinum and palladium bullion, the Mint, has its office
located at 320 Sussex Drive, Ottawa, Ontario, Canada K1A 0G8 and 520 Lagimodière Blvd., Winnipeg, Manitoba, Canada R2J 3E7.
The Mint has engaged Loomis as a sub-custodian for the Trust’s physical palladium bullion. Loomis’s principal office
is located at 130 Sheridan Blvd., Inwood, New York, USA 11096. The custodian for the Trust’s assets other than physical platinum
and palladium bullion, RBC Investor Services, has its office located at 155 Wellington Street West, Street Level, Toronto, Ontario,
Canada M5V 3L3.

Business of the Trust

Investment Objectives of the Trust

The Trust was created to invest and hold
substantially all of its assets in physical platinum and palladium bullion. The Trust seeks to provide a convenient and exchange-traded
investment alternative for investors interested in holding physical platinum and palladium bullion without the inconvenience that
is typical of a direct investment in physical platinum and palladium bullion. The Trust invests primarily in long-term holdings
of unencumbered, fully allocated, physical platinum and palladium bullion and will not speculate with regard to short-term changes
in platinum and palladium prices. The