Company: SPPP
Filing Date: 2025-06-12
Form Type: F-10EF
Source: 0001999371-25-007710
Chunk: 29

Company: SPROTT PHYSICAL PLATINUM & PALLADIUM TRUST
Filing Date: 2025-06-12
Form: F-10EF
Chunk 29
---
 terrorism
or other hostile acts, software malfunctions, equipment or telecommunications failures, processing errors, computer viruses, ransomware,
phishing, hackers, other security issues or supplier defaults, increased bandwidth requirements or other events beyond its control.
For example, the recent global CrowdStrike outage resulted in prolonged interruptions to the availability and functionality of
Microsoft applications, which the Trust and its third-party providers rely upon to perform a number of operations. In addition,
cyberattacks are expected to accelerate on a global basis in frequency and magnitude as threat actors are becoming increasingly
sophisticated in using techniques and tools - including artificial intelligence - that circumvent security controls, evade detection
and remove forensic evidence. As a result, the Trust may be unable to detect, investigate, remediate or recover from future attacks
or incidents, or to avoid a material adverse impact to its business.

Any damage, significant disruption or breach
of the Trust’s third-party providers’ information technology systems, preventing them to perform as expected, could
potentially lead to improper use of its information technology systems, unauthorized access, use, disclosure, loss, modification
or destruction of confidential information, information about its customers, employees and other individuals and operational disruptions.
In addition, a cyber-related attack or other system disruption could result in other negative consequences, including damage to
the Trust’s reputation or competitiveness, costly and time-consuming remediation or increased protection actions, compliance
and regulatory costs, fines, and penalties, litigation (including class actions) or regulatory action. The Trust’s security
measures, backup and disaster recovery capabilities, business continuity plans and crisis management procedures may not be adequate
or implemented properly to avoid such disruptions or failures. The Trust cannot guarantee that any costs and liabilities incurred
in relation to an attack or incident will be covered by its existing insurance policies or that applicable insurance will be available
to it in the future on economically reasonable terms or at all.

<div align='center'>-14</div>

Large purchases of physical platinum
or palladium bullion by the Trust in connection with an offering may temporarily affect the price of that metal.

Depending on the size of an offering, the
amount of platinum and palladium that the Trust will purchase in connection with an offering may be significant on a short-term
basis and such purchase may have the effect of temporarily increasing the spot price of platinum or palladium bullion. In the event
that the purchase of physical platinum or palladium bullion by the Trust in connection with an offering temporarily increases the