Fund Description: Sprott Physical Platinum and Palladium Trust is a commodity trust created to invest and hold substantially all of its assets in physical platinum and palladium bullion. INVESTMENT OBJECTIVE: The Sprott Physical Platinum and Palladium Trust seeks to provide a convenient and exchange-traded investment alternative for investors interested in holding physical platinum and palladium bullion without the inconvenience that is typical of a direct investment in physical platinum and palladium bullion. TRUST STRATEGY: The Trust intends to invest primarily in long-term holdings of unencumbered, fully allocated, physical platinum and palladium bullion and will not speculate with regard to short-term changes in platinum and palladium prices. Except with respect to cash held by the Trust to pay expenses and anticipated cash redemptions, the Trust expects to own only physical platinum and palladium bullion that is certified as conforming to the Good Delivery Standard of the London Platinum and Palladium Market, or LPPM. The Manager intends to invest and hold approximately 97% of the total net assets of the Trust in physical platinum and palladium bullion, which will be stored in Good Delivery plate and/or ingot form. The Trust will purchase approximately equal dollar amounts of each of physical platinum and palladium bullion. The Trust will not invest in platinum or palladium certificates, futures or other financial instruments that represent platinum or palladium or that may be exchanged for platinum or palladium. For information on fees and expenses of the Trust, see page 34 of the Prospectus. TRUST MANAGEMENT: RBC Investor Services Trust is the trustee of the Trust and holds title to the Trust's assets and has exclusive authority over the assets and affairs of the Trust. Sprott Asset Management LP will serve as the manager to the Trust and is responsible for the day-to-day business and administration of the Trust.