Company: SPPP
Filing Date: 2025-06-12
Form Type: F-10EF
Source: 0001999371-25-007710
Chunk: 17

Company: SPROTT PHYSICAL PLATINUM & PALLADIUM TRUST
Filing Date: 2025-06-12
Form: F-10EF
Chunk 17
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 and palladium bullion will be responsible for expenses
incurred by the Trust in connection with such redemption. These expenses include those associated with the handling of the Bullion
Redemption Notice (as defined below), the delivery and transportation of the physical platinum and palladium bullion for trust
units that are being redeemed, the applicable fees charged by the Mint or any subcustodian, including but not limited to the applicable
platinum and palladium storage redemption fees, repackaging fees and administration charges and applicable taxes.

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Since inception, 22,884,991 trust units
have been redeemed for physical platinum and palladium bullion.

A unitholder that owns a sufficient number
of trust units who desires to exercise redemption privileges for physical platinum and palladium bullion must do so by instructing
his, her or its broker, who must be a direct or indirect participant of CDS Clearing and Depository Services Inc. (“CDS”)
or The Depository Trust Company (“DTC”), to withdraw such position with CDS or DTC, as applicable, and to deliver to
the transfer agent on behalf of the unitholder a written notice (the “Bullion Redemption Notice”), of the unitholder’s
intention to redeem trust units for physical platinum and palladium bullion (the registrar and transfer agent of the Trust is permitted
to directly accept redemption requests. See “Exemptions and Approvals”). If a unitholder desires to redeem trust units
for bullion, and such unitholder holds his, her or its trust units through the direct registration system (“DRS”),
the holder first has to request and then receive a trust unit certificate before engaging in the redemption process. A Bullion
Redemption Notice must be received by the Trust’s transfer agent no later than 4:00 p.m., Toronto time, on the 15th day of
the month in which the Bullion Redemption Notice will be processed or, if such day is not a business day, then on the immediately
following day that is a business day. Any Bullion Redemption Notice received after such time will be processed in the next month.
Any Bullion Redemption Notice must include a valid signature guarantee to be deemed valid by the Trust. If the Trust’s transfer
agent and the Manager determine that the Bullion Redemption Notice complies with all applicable requirements, it will provide a
notice to such redeeming unitholder’s broker confirming that