Company: SPPP
Filing Date: 2025-06-12
Form Type: F-10EF
Source: 0001999371-25-007710
Chunk: 39

Company: SPROTT PHYSICAL PLATINUM & PALLADIUM TRUST
Filing Date: 2025-06-12
Form: F-10EF
Chunk 39
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 counsel before purchasing
the trust units to determine the need for, if necessary, and the availability of, any exemptive relief under any Similar Law.

Under ERISA and the U.S. Department of
Labor’s “Plan Asset Regulations” at 29 C.F.R. §2510.3-101, as modified by Section 3(42) of ERISA, when a
Plan acquires an equity interest in an entity that is neither a “publicly-offered security” nor a security issued by
an investment company registered under the Investment Company Act of 1940, as amended, the Plan’s assets include both
the equity interest and an undivided interest in each of the underlying assets of the entity, unless it is established that either
less than 25 percent of the total value of each class of equity interests in the entity is held by “benefit plan investors”
(as defined in Section 3(42) of ERISA), which we refer to as the “25 percent test”, or the entity is an “operating
company”, as defined in the Plan Asset Regulations. In order to be considered a “publicly offered security”,
the trust units must be (i) freely transferable, (ii) part of a class of securities that is owned by 100 or more investors independent
of the Trust and of one another, and (iii) either (1) part of a class of securities registered under Section 12(b) or 12(g) of
the Exchange Act or (2) sold to the Plan as part of an offering of securities to the public pursuant to an effective registration
statement under the Securities Act, and the class of securities of which the securities are a part is registered under the Exchange
Act within 120 days (or such later time as may be allowed by the SEC) after the end of the Trust’s fiscal year during which
the offering of such securities to the public occurred. It is anticipated that the Trust will not qualify as an “operating
company”, and the Trust does not intend to monitor investment by benefit plan investors in the Trust for purposes of satisfying
the 25 percent test. The Trust anticipates, however, that it will qualify for the exemption under the Plan Asset Regulations for
“publicly offered securities”, although there can be no assurance in that regard.

<div align='center'>INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM</div>

The Annual Financial Statements, incorporated
in this prospectus by reference, have