Company: SPPP
Filing Date: 2025-06-12
Form Type: F-10EF
Source: 0001999371-25-007710
Chunk: 5

Company: SPROTT PHYSICAL PLATINUM & PALLADIUM TRUST
Filing Date: 2025-06-12
Form: F-10EF
Chunk 5
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ITS                           | 20 |
| PLAN OF DISTRIBUTION                                  | 20 |
| MATERIAL TAX CONSIDERATIONS                           | 21 |
| CERTAIN ERISA AND BENEFIT PLAN CONSIDERATIONS         | 21 |
| INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM         | 22 |
| LEGAL MATTERS                                         | 23 |
| DOCUMENTS FILED AS PART OF THE REGISTRATION STATEMENT | 23 |

<div align='center'>FINANCIAL
INFORMATION AND ACCOUNTING PRINCIPLES</div>

Unless otherwise indicated, financial information
in this prospectus has been prepared in accordance with IFRS. The financial information of the Trust incorporated by reference
herein is presented in U.S. dollars. Unless otherwise noted herein, all references to “$”, “U.S.$”, “United States dollars”, “U.S. dollars” or “dollars” are to the currency of the United States and all references to “Cdn$” or “Canadian dollars” are to the currency of Canada.

<div align='center'>EXCHANGE
RATE</div>

The following table sets out certain exchange
rates based upon the daily average rate published by the Bank of Canada. The rates are set out as United States dollars per Cdn$1.00.

|         |     |  Years Ended 
 December 31, |     |         |
|         |     |         2023 |     |    2024 |
| Low     |     |      $0.7207 |     | $0.6937 |
| High    |     |      $0.7617 |     | $0.7510 |
| Average |     |      $0.7410 |     | $0.7302 |
| End     |     |      $0.7561 |     | $0.6950 |

On June 10, 2025, the daily average rate
for United States dollars in terms of Canadian dollars, as quoted by the Bank of Canada was Cdn$1.00 = U.S.$0.7308.

<div align='center'>DOCUMENTS
INCORPORATED BY REFERENCE</div>

Incorporated by reference in this prospectus
is certain information contained in documents filed by the Trust with the securities regulatory authorities in each of the provinces
and territories of Canada, which have also been filed with, or furnished to, the SEC. This means that the Trust is disclosing important
information to you by referring