Company: SPPP
Filing Date: 2025-06-12
Form Type: F-10EF
Source: 0001999371-25-007710
Chunk: 28

Company: SPROTT PHYSICAL PLATINUM & PALLADIUM TRUST
Filing Date: 2025-06-12
Form: F-10EF
Chunk 28
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, has a fair market value that is greater than 50%
of the fair market value of all the interests in the income or capital, as the case may be, of the Trust. A loss restriction event
could occur because a particular unitholder or an affiliate acquires trust units. Unitholders should consult their own tax advisors
regarding the tax consequences of a distribution to unitholders.

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Global events outside of the Trust’s
control may adversely affect the Trust’s business, financial condition and results of operations.

The Trust cautions that global events outside
the Trust’s control may have a significant negative effect on the Trust and may negatively impact the Trust’s business,
financial condition and results of operations, including the ability of the Trust to provide services. The success of the Trust’s
activities may be affected by general market conditions, the outbreak of pandemics or contagious diseases, armed conflict, flooding
and other natural disasters, interest rates, availability of credit, inflation rates, economic uncertainty, changes in laws, global
disruptions to information technology systems and national and international political circumstances, including, but not limited
to, evolving global trade policies and the imposition of tariffs. Examples of recent global events include the COVID-19 pandemic,
Russia’s invasion of Ukraine, the Israel-Hamas war, the conflict between Israel and Iran and the CrowdStrike outage. In addition,
unexpected volatility or illiquidity could have a significant negative effect on the Trust. These as well as other global or macroeconomic
events may also result in market uncertainty, which could have a material adverse impact on taxation, liquidity of units and other
unitholder rights generally.

The Trust’s reliance on third-party
service providers and key information technology systems could have an adverse effect on its business.

The Trust depends on key information technology
systems to accurately and efficiently transact its business, provide information to management and prepare financial reports. It
relies on third-party providers for various networking, application hosting and related business process services that support
its key information systems, as well as those that collect, maintain and process data about customers, employees, business partners
and others, including information about individuals, as well as proprietary information belonging to its business such as trade
secrets. The Trust’s business activities may be materially disrupted in the event of a partial or complete failure of any
of these systems, or those of its third-party providers, which could result from, among other things, natural disasters, war,