Texas Precious Metals Trust

The exchange of Shares for the delivery of Physical Silver is subject to the following Processing Fees. The Processing Fees must be submitted with the Delivery Application. The Processing Fees include the Exchange Fee and the Delivery Fee.

The Custodian may waive or reduce applicable Processing Fees from time to time. Any waiver or reduction in applicable Processing Fees will be published on the Fund’s website and available to any eligible Delivery Applicant. When available, if implemented, waivers or reductions in Processing Fees may apply during certain limited time periods, for Delivery Applicants seeking particular denominations of Physical Silver, or for Delivery Applicants completing multiple Delivery Applications over proscribed time periods. Because Processing Fees are not paid by the Fund, they do not impact the value of Physical Silver held by the Fund.

Exchange Fee: The Exchange Fee compensates the Custodian for services provided as part of the delivery process, including the cost to the Custodian [and the Transfer Agent] to process the Share Submission and the cost associated with the over-the-counter transactions to exchange the Fund’s Physical Silver for Silver of different specifications. The Exchange Fee is $[ ] plus a flat fee per ounce of the Physical Silver represented by the Shares submitted on the Share Submission Day. In times of high demand for bars, including when mints are closed as a result of a pandemic, Exchange Fees may be elevated, reflecting higher premiums of coins and bars in the market. As of [ ], 2025, Exchange Fees are as follows:

The Exchange Fee is due at the time the Delivery Application is submitted to the Custodian. The Exchange Fee is fully reimbursable until the Delivery Applicant submits his or her Shares to the Transfer Agent.

The Custodian may change the Exchange Fee with notice as published on the Fund’s website.

There is no Exchange Fee applied to the Troy Ounces in the Share Submission Quantity in excess of the Troy Ounces of Physical Silver to be delivered. This means that there is no Exchange Fee due on the Cash Proceeds for Physical Silver.

Delivery Fee: The Delivery Fee covers the cost of preparing and transporting Physical Silver from the Custodian to the location specified by the Delivery Applicant in the Delivery Application. The Delivery Fee also includes the cost of insuring Physical Silver during transport. Delivery Fees, if applicable, will be quoted to Delivery Applicants upon filing a Delivery Application. See “TAKING DELIVERY OF PHYSICAL SILVER – Delivery Method” below for further discussion.

Sales Taxes: The Fund currently does not anticipate sales taxes applying to the delivery of Physical Silver to Delivery Applicants. However, if such taxes do apply, they are the sole responsibility of the Delivery Applicant.