Company: SPPP
Filing Date: 2025-06-12
Form Type: F-10EF
Source: 0001999371-25-007710
Chunk: 23

Company: SPROTT PHYSICAL PLATINUM & PALLADIUM TRUST
Filing Date: 2025-06-12
Form: F-10EF
Chunk 23
---
ation by any public or governmental authority. In addition, the Manager may, in its discretion, at any time terminate and
dissolve the Trust, without unitholder approval, if, in the opinion of the Manager, after consulting with the independent review
committee, the value of the net assets of the Trust has been reduced such that it is no longer economically feasible to continue
the Trust and it would be in the best interests of the unitholders to terminate the Trust, by giving the Trustee and each holder
of trust units at the time not less than 60 days and not more than 90 days written notice prior to the effective date of the termination
of the Trust. To the extent such termination in the discretion of the Manager may involve a matter that would be a “conflict
of interest” matter as set forth under applicable Canadian securities legislation, the matter will be referred by the Manager
to the independent review committee for its recommendation. In connection with the termination of the Trust, the Trust will, to
the extent possible, convert its assets into cash and, after paying or making adequate provision for all of the Trust’s liabilities,
distribute the net assets of the Trust to unitholders, on a pro rata basis, as soon as practicable after the termination
date.

<div align='center'>FEES AND
EXPENSES</div>

This table lists the fees and expenses
that the Trust pays for the continued operation of its business and that unitholders may have to pay if they invest in the Trust.
Payment of these fees and expenses will reduce the value of the unitholders’ investment in the Trust. The unitholders will
have to pay fees and expenses directly if they redeem their trust units for physical platinum and palladium bullion.

Fees and Expenses Payable by the Trust

| Type of Fee         |     | Amount and Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Management Fee:     |     | The Trust pays the Manager a monthly management fee equal to 1/12 of 0.50% of the value of net assets of the Trust (determined in accordance with the Trust Agreement), plus any applicable Canadian taxes (such as harmonized sales tax (“HST”)). The management fee is calculated and accrued daily and payable monthly in arrears on the last day of each month.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| Operating Expenses: |