<SEC-DOCUMENT>0001387131-18-003430.txt : 20180730
<SEC-HEADER>0001387131-18-003430.hdr.sgml : 20180730
<ACCEPTANCE-DATETIME>20180730160013
ACCESSION NUMBER:		0001387131-18-003430
CONFORMED SUBMISSION TYPE:	S-3
PUBLIC DOCUMENT COUNT:		10
FILED AS OF DATE:		20180730
DATE AS OF CHANGE:		20180730

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ETFS Platinum Trust
		CENTRAL INDEX KEY:			0001460235
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-226424
		FILM NUMBER:		18977592

	BUSINESS ADDRESS:	
		STREET 1:		712 FIFTH AVENUE
		STREET 2:		49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		1-212-446-2020

	MAIL ADDRESS:	
		STREET 1:		712 FIFTH AVENUE
		STREET 2:		49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3
<SEQUENCE>1
<FILENAME>pplt-s3_073018.htm
<DESCRIPTION>REGISTRATION STATEMENT
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">As Filed with the Securities and Exchange Commission
        on July 30, 2018</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Registration No. 333-[ &nbsp; ] &nbsp;</B></P></TD></TR>
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    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 13pt"><B>UNITED STATES</B></FONT></TD></TR>
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    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 13pt"><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT></TD></TR>
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    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11.5pt"><B>WASHINGTON, D.C. 20549</B></FONT></TD></TR>
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    <TD>&nbsp;</TD></TR>
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    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 17pt"><B>FORM S-3</B></FONT></TD></TR>
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    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt"><B>REGISTRATION STATEMENT UNDER</B></FONT></TD></TR>
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    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt"><B>THE SECURITIES ACT OF 1933</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD></TR>
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    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 23pt"><B>ETFS PLATINUM TRUST</B></FONT></TD></TR>
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    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">(Exact name of Registrant as specified in its charter)</FONT></TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 30%; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>New York</B></FONT></TD>
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="width: 30%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>26-4732885</B></FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">(State or other jurisdiction of</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">(I.R.S. Employer</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">incorporation or organization)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">Identification No.)</FONT></TD></TR>
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    <TD COLSPAN="3">&nbsp;</TD></TR>
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    <TD COLSPAN="3" STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>712 Fifth Avenue &ndash; 49<SUP>th</SUP> Floor</B></FONT></TD></TR>
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    <TD COLSPAN="3" STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>New York, NY 10019</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>844-383-7289</B></FONT></TD></TR>
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    <TD COLSPAN="3" STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">(Address, including zip code, and telephone number, including area code,</FONT></TD></TR>
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    <TD COLSPAN="3" STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">of Registrant&rsquo;s principal executive offices)</FONT></TD></TR>
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    <TD COLSPAN="3">&nbsp;</TD></TR>
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    <TD COLSPAN="3" STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>Corporation Service Company</B></FONT></TD></TR>
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    <TD COLSPAN="3" STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>80 State Street</B></FONT></TD></TR>
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    <TD COLSPAN="3" STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>Albany, NY 12207-2543</B></FONT></TD></TR>
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    <TD COLSPAN="3" STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>(800) 927-9800</B></FONT></TD></TR>
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    <TD COLSPAN="3" STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">(Name, address, including zip code, and telephone number, including area code, of agent for service)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD></TR>
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    <TD COLSPAN="3" STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">Copies to:</FONT></TD></TR>
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    <TD STYLE="width: 100%">&nbsp;</TD></TR>
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    <TD STYLE="border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>David T. Mittelman</B></FONT></TD></TR>
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    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>Joseph M. Motto</B></FONT></TD></TR>
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    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>Reed Smith LLP</B></FONT></TD></TR>
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    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>225 Fifth Avenue</B></FONT></TD></TR>
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    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>Pittsburgh, PA 15222</B></FONT></TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Approximate date of commencement of proposed
sale to the public: </B>From time to time after the effective date of this registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 -11pt; text-align: justify">If the only securities being registered
on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box.</P>

<P STYLE="font: 10pt Segoe UI Symbol,sans-serif; margin: 0; text-align: right">&#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 -11pt; text-align: justify">If any of the securities being registered
on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than
securities offered only in connection with dividend or interest reinvestment plans, check the following box.</P>

<P STYLE="font: 10pt Segoe UI Symbol,sans-serif; margin: 0; text-align: right">&#9746;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 -11pt; text-align: justify">If this Form is filed to register additional
securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities
Act registration statement number of the earlier effective registration statement for the same offering.&nbsp;</P>

<P STYLE="font: 10pt Segoe UI Symbol,sans-serif; margin: 0; text-align: right">&#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 -11pt; text-align: justify">If this Form is a post-effective amendment
filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement
number of the earlier effective registration statement for the same offering.&nbsp;</P>

<P STYLE="font: 10pt Segoe UI Symbol,sans-serif; margin: 0; text-align: right">&#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 -11pt; text-align: justify">If this Form is a registration statement
pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission
pursuant to Rule 462(e) under the Securities Act, check the following box.</P>

<P STYLE="font: 10pt Segoe UI Symbol,sans-serif; margin: 0; text-align: right">&#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 -11pt; text-align: justify">If this Form is a post-effective amendment
to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes
of securities pursuant to Rule 413(b) under the Securities Act, check the following box.</P>

<P STYLE="font: 10pt Segoe UI Symbol,sans-serif; margin: 0; text-align: right">&#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth
company. See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo;, &ldquo;smaller reporting
company&rdquo; and &ldquo;emerging growth company&rdquo; in Rule 12b-2 of the Exchange Act.</P>



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    <TD STYLE="width: 39%">&nbsp;</TD>
    <TD STYLE="width: 11%; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 39%; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 11%; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
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    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 0; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Large accelerated filer</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 0; text-align: left; vertical-align: top"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 0; text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">Accelerated filer</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 0; text-align: left; vertical-align: top"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9746;</FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
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    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Non accelerated filer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;(do not check if a smaller reporting company)</P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">
                                                                           <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt"></FONT></P>
                                                                           <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Segoe UI Symbol,sans-serif">&#9744;</FONT></P></TD>
    <TD>

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Smaller reporting company</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Emerging growth company</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">&#9744;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Segoe UI Symbol,sans-serif; margin: 0">&#9744;</P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR>
    <TD STYLE="vertical-align: top; width: 95%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act. </FONT></TD>
    <TD STYLE="vertical-align: top; width: 5%; font: 12pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CALCULATION OF REGISTRATION FEE</B>&nbsp;</P>

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    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 32%">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 15%">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 15%">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 15%">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 15%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Title of each class of</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>securities to be </B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>registered</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Amount to be </B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>registered<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Proposed maximum </B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>offering price per </B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>unit<SUP>(2</SUP></B><B><SUP>)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Proposed maximum </B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>aggregate offering </B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>price<SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Amount
    of </B></FONT><BR>
    <FONT STYLE="font-size: 10pt"><B>registration</B></FONT><BR>
    <FONT STYLE="font-size: 10pt"><B>fee<SUP>(1)(2)(3)</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">ETFS Physical Platinum Shares</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">3,670,000&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">$78.75</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">$289,012,500</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">$42,504.92&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">In accordance with Rule 415(a)(6) under the Securities Act of 1933, as amended (the &ldquo;Securities
Act&rdquo;), the ETFS Physical Platinum Shares (&ldquo;Shares&rdquo;) registered pursuant to this registration statement include
670,000 unsold Shares (the &ldquo;Unsold Shares&rdquo;) previously registered pursuant to the registration statement on Form S-3
(File No. 333-211792) effective on July 1, 2016 (the &ldquo;2016 Registration Statement&rdquo;). The Unsold Shares initially were
registered pursuant to the registration statement on Form S-3 (File No. 333-189061) effective on June 10, 2013 (the &ldquo;2013
Registration Statement&rdquo;) and subsequently carried forward to the 2016 Registration Statement in accordance with Rule 415(a)(6).
To the extent that, after the filing date hereof and prior to the effectiveness of this registration statement, the Registrant
sells any Unsold Shares pursuant to the 2016 Registration Statement, the Registrant will file a pre-effective amendment to this
registration statement to reduce the amount of Unsold Shares from the 2016 Registration Statement that are included in this registration
statement by the amount of Unsold Shares so sold under the 2016 Registration Statement. In accordance with Rule 415(a)(6), the
offering of Unsold Shares pursuant to the 2016 Registration Statement will be deemed terminated as of the date of effectiveness
of this registration statement.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">Estimated solely for the purpose of calculating the amount of the registration fee in accordance
with Rule 457(c) under the Securities Act, based on the average of the high and low prices for the Shares reported on the consolidated
reporting system for NYSE Arca on July 23, 2018, which is within five business days prior to the initial filing date of this registration
statement.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify">The registration fee reflects the sum of amounts attributable to the Unsold Shares and to an additional
3,000,000 Shares registered pursuant to this registration statement. In connection with filing the 2013 Registration Statement,
as subsequently carried forward to the 2016 Registration Statement, the Registrant paid a registration fee of $13,091.79 with respect
to the Unsold Shares. Accordingly, no additional registration fee is due with respect to the Unsold Shares. A filing fee of $29,413.13
with respect to the additional 3,000,000 Shares included in this registration statement is being paid in connection with the filing
of this registration statement.</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify"><B>The registrant hereby amends this
registration statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a
further amendment which specifically states that this registration statement shall thereafter become effective in accordance with
Section 8(a) of the Securities Act of 1933 or until this registration statement shall become effective on such date as the Securities
and Exchange Commission, acting pursuant&nbsp;to said Section 8(a), may determine.</B> &nbsp; &nbsp;</P>










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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Red"><B>The information in this preliminary
prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the
Securities and Exchange Commission is effective. This prospectus is not an offer to sell, we are not soliciting offers to buy,
these securities in any state where the offer or sale of these securities is not permitted.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Red"><B>SUBJECT TO COMPLETION,
DATED JULY 30, 2018</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: right">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; text-align: center; border-bottom: Black 1pt solid; width: 100%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 92px; width: 211px"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>3,670,000 ETFS Physical Platinum Shares</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; text-align: center"><FONT STYLE="font-size: 16pt"><B>ETFS Platinum Trust</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The ETFS Platinum Trust (Trust) issues
ETFS Physical Platinum Shares (Shares) which represent units of fractional undivided beneficial interest in and ownership of the
Trust. ETF Securities USA LLC is the sponsor of the Trust (Sponsor), The Bank of New York Mellon is the trustee of the Trust (Trustee),
and JPMorgan Chase Bank, N.A. is the custodian of the Trust (Custodian). The Trust intends to issue additional Shares on a continuous
basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Shares may be purchased from the
Trust only in one or more blocks of 50,000 Shares (a block of 50,000 Shares is called a Basket). The Trust issues Shares in Baskets
to certain authorized participants (Authorized Participants) on an ongoing basis as described in &ldquo;Plan of Distribution.&rdquo;
Baskets will be offered continuously at the net asset value (NAV) for 50,000 Shares on the day that an order to create a Basket
is accepted by the Trustee. The Trust will not issue fractions of a Basket.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Shares trade on the NYSE Arca under
the symbol &ldquo;PPLT.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Investing in the Shares involves significant
risks. See &ldquo;Risk Factors&rdquo; starting on page 6.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Neither the Securities and Exchange
Commission (SEC) nor any state securities commission has approved or disapproved of the securities offered in this prospectus,
or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Shares are neither interests in nor
obligations of the Sponsor or the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trust issues Shares from time to
time in Baskets, as described in &ldquo;Creation and Redemption of Shares.&rdquo; It is expected that the Shares will be sold to
the public at varying prices to be determined by reference to, among other considerations, the price of platinum and the trading
price of the Shares on the NYSE Arca at the time of each sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center">The date of this prospectus is [ ].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt; width: 83%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 6pt; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; text-align: right; width: 16%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">Pages</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt"><A HREF="#c65480a001_v1"><FONT STYLE="font-size: 10pt">Statement Regarding Forward-Looking Statements</FONT></A></TD>
    <TD STYLE="vertical-align: top; padding-top: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">ii</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt"><A HREF="#c65480a002_v1"><FONT STYLE="font-size: 10pt">Glossary of Defined Terms</FONT></A></TD>
    <TD STYLE="vertical-align: top; padding-top: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">iii</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_002">Prospectus Summary</A></FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt"><A HREF="#c65480a004_v1"><FONT STYLE="font-size: 10pt">The Offering</FONT></A></TD>
    <TD STYLE="vertical-align: top; padding-top: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">3</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt"><A HREF="#c65480a005_v1"><FONT STYLE="font-size: 10pt">Risk Factors</FONT></A></TD>
    <TD STYLE="vertical-align: top; padding-top: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">6</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt"><A HREF="#c65480a006_v1"><FONT STYLE="font-size: 10pt">Use of Proceeds</FONT></A></TD>
    <TD STYLE="vertical-align: top; padding-top: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">15</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt"><A HREF="#c65480a007_v1"><FONT STYLE="font-size: 10pt">Overview of the Platinum Industry</FONT></A></TD>
    <TD STYLE="vertical-align: top; padding-top: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">15</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt"><A HREF="#c65480a008_v1"><FONT STYLE="font-size: 10pt">Operation of the Platinum Market</FONT></A></TD>
    <TD STYLE="vertical-align: top; padding-top: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">18</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt"><A HREF="#c65480a009_v1"><FONT STYLE="font-size: 10pt">Business of the Trust</FONT></A></TD>
    <TD STYLE="vertical-align: top; padding-top: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">21</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt"><A HREF="#c65480a010_v1"><FONT STYLE="font-size: 10pt">Description of the Trust</FONT></A></TD>
    <TD STYLE="vertical-align: top; padding-top: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">25</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt"><A HREF="#c65480a011_v1"><FONT STYLE="font-size: 10pt">The Sponsor</FONT></A></TD>
    <TD STYLE="vertical-align: top; padding-top: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">26</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt"><A HREF="#c65480a012_v1"><FONT STYLE="font-size: 10pt">The Trustee</FONT></A></TD>
    <TD STYLE="vertical-align: top; padding-top: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">27</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt"><A HREF="#c65480a013_v1"><FONT STYLE="font-size: 10pt">The Custodian</FONT></A></TD>
    <TD STYLE="vertical-align: top; padding-top: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">28</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt"><A HREF="#c65480a014_v1"><FONT STYLE="font-size: 10pt">Description of the Shares</FONT></A></TD>
    <TD STYLE="vertical-align: top; padding-top: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">29</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt"><A HREF="#c65480a015_v1"><FONT STYLE="font-size: 10pt">Custody of the Trust&rsquo;s Platinum</FONT></A></TD>
    <TD STYLE="vertical-align: top; padding-top: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">30</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt"><A HREF="#c65480a016_v1"><FONT STYLE="font-size: 10pt">Description of the Custody Agreements</FONT></A></TD>
    <TD STYLE="vertical-align: top; padding-top: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">31</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt"><A HREF="#c65480a017_v1"><FONT STYLE="font-size: 10pt">Creation and Redemption of Shares</FONT></A></TD>
    <TD STYLE="vertical-align: top; padding-top: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">35</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt"><A HREF="#c65480a018_v1"><FONT STYLE="font-size: 10pt">Description of the Trust Agreement</FONT></A></TD>
    <TD STYLE="vertical-align: top; padding-top: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">40</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt"><A HREF="#c65480a019_v1"><FONT STYLE="font-size: 10pt">United States Federal Income Tax Consequences</FONT></A></TD>
    <TD STYLE="vertical-align: top; padding-top: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">50</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt"><A HREF="#c65480a020_v1"><FONT STYLE="font-size: 10pt">ERISA and Related Considerations</FONT></A></TD>
    <TD STYLE="vertical-align: top; padding-top: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">53</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt"><A HREF="#c65480a021_v1"><FONT STYLE="font-size: 10pt">Plan of Distribution</FONT></A></TD>
    <TD STYLE="vertical-align: top; padding-top: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">54</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt"><A HREF="#c65480a022_v1"><FONT STYLE="font-size: 10pt">Legal Matters</FONT></A></TD>
    <TD STYLE="vertical-align: top; padding-top: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">56</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt"><A HREF="#c65480a023_v1"><FONT STYLE="font-size: 10pt">Experts</FONT></A></TD>
    <TD STYLE="vertical-align: top; padding-top: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">56</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt"><A HREF="#ValuationOfBullion"><FONT STYLE="font-size: 10pt">Valuation of Platinum</FONT></A></TD>
    <TD STYLE="vertical-align: top; padding-top: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">56</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt"><A HREF="#c65480a024_v1"><FONT STYLE="font-size: 10pt">Incorporation by Reference of Certain Documents</FONT></A></TD>
    <TD STYLE="vertical-align: top; padding-top: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">57</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt"><A HREF="#c65480a025_v1"><FONT STYLE="font-size: 10pt">Where You Can Find More Information</FONT></A></TD>
    <TD STYLE="vertical-align: top; padding-top: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">58</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">This prospectus, including the materials
incorporated by reference herein, contains information you should consider when making an investment decision about the Shares.
You may rely on the information contained in this prospectus. The Trust and the Sponsor have not authorized any person to provide
you with different information and, if anyone provides you with different or inconsistent information, you should not rely on it.
This prospectus is not an offer to sell the Shares in any jurisdiction where the offer or sale of the Shares is not permitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Shares are not registered for public
sale in any jurisdiction other than the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>S<A NAME="c65480a001_v1"></A>TATEMENT
REGARDING FORWARD-LOOKING STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">This prospectus contains &ldquo;forward-looking
statements&rdquo; within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended, and within the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking
statements may relate to the Trust&rsquo;s financial conditions, results of operations, plans, objectives, future performance and
business. Statements preceded by, followed by or that include words such as &ldquo;may,&rdquo; &ldquo;should,&rdquo; &ldquo;expect,&rdquo;
&ldquo;plan,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo; &ldquo;estimate,&rdquo; &ldquo;predict,&rdquo; &ldquo;potential&rdquo;
or similar expressions are intended to identify some of the forward-looking statements. All statements (other than statements of
historical fact) included in this prospectus that address activities, events or developments that will or may occur in the future,
including such matters as changes in commodity prices and market conditions (for platinum and the Shares), the Trust&rsquo;s operations,
the Sponsor&rsquo;s plans and references to the Trust&rsquo;s future success and other similar matters are forward-looking statements.
These statements are only predictions. Actual events or results may differ materially. These statements are based upon certain
assumptions and analyses the Sponsor made based on its perception of historical trends, current conditions and expected future
developments, as well as other factors appropriate in the circumstances. Whether or not actual results and developments will conform
to the Sponsor&rsquo;s expectations and predictions, however, is subject to a number of risks and uncertainties, including the
special considerations discussed in this prospectus, general economic, market and business conditions, changes in laws or regulations,
including those concerning taxes, made by governmental authorities or regulatory bodies, and other world economic and political
developments. See &ldquo;Risk Factors.&rdquo; Consequently, all the forward-looking statements made in this prospectus are qualified
by these cautionary statements, and there can be no assurance that the actual results or developments the Sponsor anticipates will
be realized or, even if substantially realized, that they will result in the expected consequences to, or have the expected effects
on, the Trust&rsquo;s operations or the value of the Shares. Neither the Trust nor the Sponsor is under a duty to update any of
the forward-looking statements to conform such statements to actual results or to reflect a change in the Sponsor&rsquo;s expectations
or predictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>G<A NAME="c65480a002_v1"></A>LOSSARY
OF DEFINED TERMS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">In this prospectus, each of the following
quoted terms have the meanings set forth after such term:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&ldquo;Allocated Account Agreement&rdquo;&mdash;The
agreement between the Trustee and the Custodian which establishes the Trust Allocated Account. The Allocated Account Agreement
and the Unallocated Account Agreement are sometimes referred to together as the &ldquo;Custody Agreements.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&ldquo;ANAV&rdquo;&mdash;Adjusted NAV.
See &ldquo;Description of the Trust Agreement&mdash;Valuation of Platinum, Definition of Net Asset Value and Adjusted Net Asset
Value&rdquo; for a description of how the ANAV of the Trust is calculated. The ANAV of the Trust is used to calculate the fees
of the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&ldquo;Authorized Participant&rdquo;&mdash;A
person who (1) is a registered broker-dealer or other securities market participant such as a bank or other financial institution
which is not required to register as a broker-dealer to engage in securities transactions, (2) is a participant in DTC, (3) has
entered into an Authorized Participant Agreement with the Trustee and the Sponsor and (4) has established an Authorized Participant
Unallocated Account. Only Authorized Participants may place orders to create or redeem one or more Baskets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&ldquo;Authorized Participant Agreement&rdquo;&mdash;An
agreement entered into by each Authorized Participant, the Sponsor and the Trustee which provides the procedures for the creation
and redemption of Baskets and for the delivery of the platinum and any cash required for such creations and redemptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&ldquo;Authorized Participant Unallocated
Account&rdquo;&mdash;An unallocated platinum account, either loco London or loco Zurich, established with the Custodian or a platinum
clearing bank by an Authorized Participant. Each Authorized Participant&rsquo;s Authorized Participant Unallocated Account is used
to facilitate the transfer of platinum deposits and platinum redemption distributions between the Authorized Participant and the
Trust in connection with the creation and redemption of Baskets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&ldquo;Authorized Participant Unallocated
Bullion Account Agreement&rdquo;&mdash;The agreement between an Authorized Participant and the Custodian or a platinum clearing
bank which establishes the Authorized Participant Unallocated Account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&ldquo;Basket&rdquo;&mdash;A block of
50,000 Shares is called a &ldquo;Basket.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&ldquo;Book Entry System&rdquo;&mdash;The
Federal Reserve Treasury Book Entry System for United States and federal agency securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&ldquo;CEA&rdquo;&mdash;Commodity Exchange
Act of 1936, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&ldquo;CFTC&rdquo;&mdash;Commodity Futures
Trading Commission, an independent agency with the mandate to regulate commodity futures, options, swaps and derivatives markets
in the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&ldquo;Clearing Agency&rdquo;&mdash;Any
clearing agency or similar system other than the Book Entry System or DTC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&ldquo;Code&rdquo;&mdash;The United States
Internal Revenue Code of 1986, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&ldquo;Creation Basket Deposit&rdquo;&mdash;The
total deposit required to create a Basket. The deposit will be an amount of platinum and cash, if any, that is in the same proportion
to the total assets of the Trust (net of estimated accrued but unpaid fees, expenses and other liabilities) on the date an order
to purchase one or more Baskets is properly received as the number of Shares comprising the number of Baskets to be created in
respect of the deposit bears to the total number of Shares outstanding on the date such order is properly received.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&ldquo;Custodian&rdquo; or &ldquo;JPMorgan&rdquo;&mdash;JPMorgan
Chase Bank, N.A., a national banking association and a market maker, clearer and approved weigher under the rules of the LPPM.
JPMorgan is the custodian of the Trust&rsquo;s platinum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&ldquo;Custody Agreements&rdquo;&mdash;The
Allocated Account Agreement together with the Unallocated Account Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&ldquo;Custody Rules&rdquo;&mdash;The
rules, regulations, practices and customs of the LPPM or any applicable regulatory body which apply to platinum made available
in physical form by the Custodian.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&ldquo;DTC&rdquo;&mdash;The Depository
Trust Company. DTC is a limited purpose trust company organized under New York law, a member of the US Federal Reserve System and
a clearing agency registered with the SEC. DTC acts as the securities depository for the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&ldquo;DTC Participant&rdquo;&mdash;A
participant in DTC, such as a bank, broker, dealer or trust company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&ldquo;Evaluation Time&rdquo;&mdash;The
time at which the Trustee evaluates the platinum held by the Trust and determines both the NAV and the ANAV of the Trust, which
is currently as promptly as practicable after 4:00 p.m., New York time, on each day other than (1) a Saturday or Sunday or (2)
any day on which the NYSE Arca is not open for regular trading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&ldquo;Exchange&rdquo; or &ldquo;NYSE
Arca&rdquo;&mdash;NYSE Arca, Inc., the venue where Shares are listed and traded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&ldquo;FCA&rdquo;&mdash;The Financial
Conduct Authority, an independent non-governmental body which exercises statutory regulatory power under the FSM Act and which
regulates the major participating members of the LPPM in the United Kingdom.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&ldquo;FINRA&rdquo;&mdash;The Financial
Industry Regulatory Authority, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&ldquo;FSM Act&rdquo;&mdash;The Financial
Services and Markets Act 2000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&ldquo;Good Delivery Platinum Plate or
Ingot&rdquo;&mdash;Platinum in plate or ingot form with a minimum fineness and purity of 99.95% weighing between 32.151 and 192.904
troy ounces. One troy ounce equals 31.103 grams meeting the London/Zurich Good Delivery Standards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&ldquo;Indirect Participants&rdquo;&mdash;Those
banks, brokers, dealers, trust companies and others who maintain, either directly or indirectly, a custodial relationship with
a DTC Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&ldquo;LME&rdquo;&mdash;The London Metal
Exchange. The LME, which is owned by Hong Kong Exchanges &amp; Clearing Ltd., was founded in 1877 and is a leading venue for the
trading of industrial metals. More than 80% of all non&#45;ferrous metal futures business is transacted on LME platforms. As a
recognized investment exchange, the LME is regulated by the FCA. The LME administers and supervises the determination of the LME
PM Fix.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&ldquo;LBMA&rdquo;&mdash;The London Bullion
Market Association. The LBMA is the trade association that acts as the coordinator for activities conducted on behalf of its members
and other participants in the London bullion market. In addition to coordinating market activities, the LBMA acts as the principal
point of contact between the market and its regulators. A primary function of the LBMA is its involvement in the promotion of refining
standards by maintenance of the &ldquo;London Good Delivery Lists,&rdquo; which are the lists of LBMA accredited melters and assayers
of gold and silver. Further, the LBMA coordinates market clearing and vaulting, promotes good trading practices and develops standard
documentation. The major participating members of the LBMA are regulated by the FCA in the United Kingdom under the FSM Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&ldquo;LME PM Fix&rdquo;&mdash;The
afternoon session of the twice daily fix of the price of an ounce of platinum which starts at 2:00 p.m. London, England time
and is performed by an electronic pricing system (LME bullion) administered by the LME on behalf of the LPPFCL in London in
which participating members of the LPPM directly and other market participants indirectly through participating members of
the LPPM submit buying and selling orders. See &ldquo;Operation of the Platinum Market&mdash;The Platinum Market&rdquo; for a
description of the operation of the LME PM Fix.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&ldquo;London/Zurich Good Delivery Standards&rdquo;
or &ldquo;Good Delivery Standards&rdquo;&mdash;The specifications for weight, dimensions, fineness (or purity), identifying marks
and appearance of platinum plates and ingots as set forth in &ldquo;The Good Delivery Rules for Platinum and Palladium Plates and
Ingots&rdquo; published by the LPPM. The London/Zurich Good Delivery Standards are described in &ldquo;Operation of the Platinum
Market&mdash;The Platinum Market.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&ldquo;LPPFCL&rdquo;&mdash;The London
Platinum and Palladium Fixing Company Limited. The LPPFCL has been delegated by the LPPM with, among other things, the responsibility
to establish twice each London trading day a clearing price or &ldquo;fix&rdquo; for platinum bullion transactions. As of December
1, 2014, the LPPFCL transferred ownership of the historic and future intellectual property of the twice daily &ldquo;fix&rdquo;
for platinum and palladium bullion transactions to a subsidiary company of the LBMA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&ldquo;LPPM&rdquo;&mdash;The London Platinum
and Palladium Market. The LPPM is the trade association that acts as the coordinator for activities conducted on behalf of its
members and other participants in the London platinum market. In addition to coordinating market activities, the LPPM acts as the
principal point of contact between the market and its regulators. A primary function of the LPPM is its involvement in the promotion
of refining standards by maintenance of the &ldquo;London/Zurich Good Delivery Lists,&rdquo; which are the lists of LPPM accredited
melters and assayers of platinum. Further, the LPPM coordinates market clearing and vaulting, promotes good trading practices and
develops standard documentation. The major participating members of the LPPM are regulated by the FCA in the United Kingdom under
the FSM Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&ldquo;Marketing Agent&rdquo;&mdash;ETF
Securities (US) LLC (formerly known as ETFS Marketing LLC), a Delaware limited liability company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&ldquo;NAV&rdquo;&mdash;Net asset value.
See &ldquo;Description of the Trust Agreement&mdash;Valuation of Platinum, Definition of Net Asset Value and Adjusted Net Asset
Value&rdquo; for a description of how the NAV of the Trust and the NAV per Share are calculated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&ldquo;NFA&rdquo;&mdash;National Futures
Association, a futures association and self-regulatory organization organized under the CEA and CFTC regulations with the mandate
to regulate intermediaries trading in futures, swaps and options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&ldquo;OTC&rdquo;&mdash;The global Over-the-Counter
market for the trading of platinum which consists of transactions in spot, forwards, and options and other derivatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&ldquo;Securities Act&rdquo;&mdash;The
Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&ldquo;Shareholders&rdquo;&mdash;Owners
of beneficial interests in the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&ldquo;Shares&rdquo;&mdash;Units of fractional
undivided beneficial interest in and ownership of the Trust which are issued by the Trust and named &ldquo;ETFS Physical Platinum
Shares.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&ldquo;Sponsor&rdquo;&mdash;ETF Securities
USA LLC, a Delaware limited liability company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&ldquo;Sponsor&rsquo;s Fee&rdquo;&mdash;The
remuneration due to the Sponsor in exchange for which the Sponsor has agreed to assume the ordinary administrative and marketing
expenses that the Trust is expected to incur. The fee accrues daily and is payable in-kind in platinum monthly in arrears.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&ldquo;tonne&rdquo;&mdash;One metric
tonne which is equivalent to 1,000 kilograms or 32,150.7465 troy ounces.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&ldquo;Trust&rdquo;&mdash;The ETFS Platinum
Trust, a common law trust, formed on December 30, 2009 under New York law pursuant to the Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&ldquo;Trust Agreement&rdquo;&mdash;The
Depositary Trust Agreement between the Sponsor and the Trustee under which the Trust is formed and which sets forth the rights
and duties of the Sponsor, the Trustee and the Custodian.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&ldquo;Trust Allocated Account&rdquo;&mdash;The
allocated platinum account of the Trust established with the Custodian by the Allocated Account Agreement. The Trust Allocated
Account is used to hold the platinum deposited with the Trust in allocated form (<I>i.e.</I>, as individually identified plates
and ingots of platinum).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&ldquo;Trustee&rdquo; or &ldquo;BNYM&rdquo;&mdash;The
Bank of New York Mellon, a banking corporation organized under the laws of the State of New York with trust powers. BNYM is the
trustee of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&ldquo;Trust Unallocated Account&rdquo;&mdash;The
unallocated platinum account of the Trust established with the Custodian by the Unallocated Account Agreement. The Trust Unallocated
Account is used to facilitate the transfer of platinum deposits and platinum redemption distributions between Authorized Participants
and the Trust in connection with the creation and redemption of Baskets and the sale of platinum made by the Trustee for the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&ldquo;Unallocated Account Agreement&rdquo;&mdash;The
agreement between the Trustee and the Custodian which establishes the Trust Unallocated Account. The Allocated Account Agreement
and the Unallocated Account Agreement are sometimes referred to together as the &ldquo;Custody Agreements.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&ldquo;Zurich Sub-Custodian&rdquo;&mdash;The
Zurich Sub-Custodian is any firm selected by the Custodian to hold the Trust&rsquo;s platinum in the Trust Allocated Account in
the firm&rsquo;s Zurich vault premises on a segregated basis and whose appointment has been approved by the Sponsor. The Custodian
will use reasonable care in selecting the Zurich Sub-Custodian. As of the date of the Custody Agreements, the Zurich Sub-Custodian
that the Custodian uses is UBS AG.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><A NAME="a_002"></A><B>PROSPECTUS SUMMARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><I>This is only a summary of the
prospectus and, while it contains material information about the Trust and its Shares, it does not contain or summarize all
of the information about the Trust and the Shares contained in this prospectus which is material and/or which may be
important to you. You should read this entire prospectus, including &ldquo;Risk Factors&rdquo; beginning on page 6, and the
materials incorporated by reference herein, before making an investment decision about the Shares.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Trust Structure</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trust is a common law trust, formed
on December 30, 2009 under New York law pursuant to the Trust Agreement. The Trust holds platinum and from time to time issues
Baskets in exchange for deposits of platinum and distributes platinum in connection with redemptions of Baskets. The investment
objective of the Trust is for the Shares to reflect the performance of the price of physical platinum, less the Trust&rsquo;s expenses.
The Sponsor believes that, for many investors, the Shares represent a cost-effective investment in platinum. The material terms
of the Trust Agreement are discussed in greater detail under the section &ldquo;Description of the Trust Agreement.&rdquo; The
Shares represent units of fractional undivided beneficial interest in and ownership of the Trust and are traded under the ticker
symbol &ldquo;PPLT&rdquo; on the NYSE Arca.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trust&rsquo;s Sponsor is ETF Securities
USA LLC, a Delaware limited liability company formed on June&nbsp;17, 2009. Prior to April 27, 2018, the Sponsor was wholly-owned
by ETF Securities Limited, a Jersey, Channel Islands based company. Effective April 27, 2018, ETF Securities Limited sold its membership
interest in the Sponsor to Aberdeen Asset Management Inc. (&ldquo;AAMI&rdquo;), a Delaware corporation. As a result of the sale,
AAMI became the sole member of the Sponsor. AAMI is a wholly-owned indirect subsidiary of Standard Life Aberdeen plc, which together
with its affiliates and subsidiaries, is collectively referred to as &ldquo;Aberdeen.&rdquo; Aberdeen Standard Investments is a
brand of the investment businesses of Aberdeen Asset Management and Standard Life Investments. In the United States, Aberdeen Standard
Investments is the marketing name for the following affiliated, registered investment advisers: Aberdeen Asset Management Inc.,
Aberdeen Asset Managers Ltd., Aberdeen Asset Management Ltd., Aberdeen Asset Management Asia Ltd., Aberdeen Asset Capital Management,
LLC, Standard Life Investments (Corporate Funds) Ltd., and Standard Life Investments (USA) Ltd. The Trust is governed by the Trust
Agreement. Under the Delaware Limited Liability Company Act and the governing documents of the Sponsor, AAMI, the sole member of
the Sponsor, is not responsible for the debts, obligations and liabilities of the Sponsor solely by reason of being the sole member
of the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Sponsor arranged for the creation
of the Trust, the registration of the Shares for their public offering in the United States and the listing of the Shares on the
NYSE Arca. The Sponsor has agreed to assume the following administrative and marketing expenses incurred by the Trust: the Trustee&rsquo;s
monthly fee and out-of-pocket expenses, the Custodian&rsquo;s fee and expenses reimbursable under the Custody Agreements, exchange
listing fees, SEC registration fees, printing and mailing costs, audit fees and up to $100,000 per annum in legal expenses. The
Sponsor also pays the costs of the sale of the Shares, including the applicable SEC registration fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trustee is The Bank of New York Mellon.
The Trustee is generally responsible for the day-to-day administration of the Trust. This includes (1) transferring the Trust&rsquo;s
platinum as needed to pay the Sponsor&rsquo;s Fee in platinum (platinum transfers for payment of the Sponsor&rsquo;s Fee are expected
to occur approximately monthly in the ordinary course), (2) calculating the NAV of the Trust and the NAV per Share, (3) receiving
and processing orders from Authorized Participants to create and redeem Baskets and coordinating the processing of such orders
with the Custodian and The Depository Trust Company (DTC) and (4) selling the Trust&rsquo;s platinum as needed to pay any extraordinary
Trust expenses that are not assumed by the Sponsor. The general role, responsibilities and regulation of the Trustee are further
described in &ldquo;The Trustee.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Custodian is JPMorgan Chase Bank,
N.A. The Custodian is responsible for the safekeeping of the Trust&rsquo;s platinum deposited with it by Authorized Participants
in connection with the creation of Baskets. The Custodian also facilitates the transfer of platinum in and out of the Trust through
platinum accounts it maintains for Authorized Participants and the Trust. The Custodian is a market maker, clearer and approved
weigher under the rules of the London Platinum and Palladium Market (LPPM). The Custodian holds the Trust&rsquo;s loco London allocated
platinum in its London, England vaulting premises on a segregated basis and has selected the Zurich Sub-Custodian to hold the Trust&rsquo;s
loco Zurich allocated platinum on the Custodian&rsquo;s behalf at the Zurich Sub-Custodian&rsquo;s Zurich, Switzerland vaulting
premises on a segregated basis. The general role, responsibilities and regulation of the Custodian are further described in &ldquo;The
Custodian&rdquo; and &ldquo;Custody of the Trust&rsquo;s Platinum.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Detailed descriptions of certain specific
rights and duties of the Trustee and the Custodian are set forth in &ldquo;Description of the Trust Agreement&rdquo; and &ldquo;Description
of the Custody Agreements.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Trust Overview</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The investment objective of the Trust
is for the Shares to reflect the performance of the price of physical platinum held by the Trust, less the expenses of the Trust&rsquo;s
operations. The Shares are designed for investors who want a cost-effective and convenient way to invest in platinum with minimal
credit risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trust is one of several exchange-traded
products (&ldquo;ETPs&rdquo;) that seek to track the price of physical platinum bullion. Some of the distinguishing features of
the Trust and its Shares include holding of physical platinum bullion, vaulting of Trust platinum in London or Zurich, the experience
of the Sponsor&rsquo;s management team, the use of JPMorgan Chase Bank, N.A. as Custodian, third-party vault inspection and the
allocation of almost all of the Trust&rsquo;s platinum. See &ldquo;Business of the Trust.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Investing in the Shares does not insulate
the investor from certain risks, including price volatility. See &ldquo;Risk Factors.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Principal Offices</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trust&rsquo;s office is located
at 712 Fifth Avenue &ndash; 49th Floor, New York, NY 10019 and its telephone number is 844-383-7289. The Sponsor&rsquo;s
office is c/o Aberdeen Asset Management Inc., 1735 Market Street, 32<SUP>nd</SUP> Floor, Philadelphia, PA 19103 and its
telephone number is 844-383-7289. The Trustee has a trust office at 2 Hanson Place, Brooklyn, New York 11217. The Custodian
is located at 25 Bank Street, Canary Wharf, London, E14 5JP, United Kingdom.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">The Zurich Sub-Custodian that the Custodian currently uses
is UBS AG, which is located at 45 Bahnhofstrasse, 8021 Zurich, Switzerland.<B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>T<A NAME="c65480a004_v1"></A>HE OFFERING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; text-align: justify; padding-right: 3pt"><FONT STYLE="font-size: 10pt"><B>Offering</B></FONT></TD>
    <TD STYLE="width: 80%; padding-right: 5.9pt; text-align: justify"><FONT STYLE="font-size: 10pt">The Shares represent units of fractional undivided beneficial interest in and ownership of the Trust. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.9pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 3pt"><FONT STYLE="font-size: 10pt"><B>Use of proceeds</B></FONT></TD>
    <TD STYLE="padding-right: 5.9pt; text-align: justify"><FONT STYLE="font-size: 10pt">Proceeds received by the Trust from the issuance and sale of Baskets, including the Shares (as described on the front page of this prospectus) consist of platinum deposits and, possibly from time to time, cash. Pursuant to the Trust Agreement, during the life of the Trust such proceeds will only be (1) held by the Trust, (2) distributed to Authorized Participants in connection with the redemption of Baskets or (3) disbursed to pay the Sponsor&rsquo;s Fee or sold as needed to pay the Trust&rsquo;s expenses not assumed by the Sponsor. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.9pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 3pt"><FONT STYLE="font-size: 10pt"><B>Exchange symbol</B></FONT></TD>
    <TD STYLE="padding-right: 5.9pt; text-align: justify"><FONT STYLE="font-size: 10pt">PPLT </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.9pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 3pt"><FONT STYLE="font-size: 10pt"><B>CUSIP</B></FONT></TD>
    <TD STYLE="padding-right: 5.9pt; text-align: justify"><FONT STYLE="font-size: 10pt">26922V 10 1 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.9pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 3pt"><FONT STYLE="font-size: 10pt"><B>Creation and redemption</B></FONT></TD>
    <TD STYLE="padding-right: 5.9pt; text-align: justify"><FONT STYLE="font-size: 10pt">The Trust expects to create and redeem Shares from time to time, but only in one or more Baskets (a Basket equals a block of 50,000 Shares). The creation and redemption of Baskets requires the delivery to the Trust or the distribution by the Trust of the amount of platinum and any cash represented by the Baskets being created or redeemed, the amount of which will be based on the combined NAV of the number of Shares included in the Baskets being created or redeemed. The number of ounces of platinum required to create a Basket or to be delivered upon the redemption of a Basket gradually decreases over time, due to the accrual of the Trust&rsquo;s expenses and the sale or delivery of the Trust&rsquo;s platinum to pay the Trust&rsquo;s expenses. See &ldquo;Business of the Trust&mdash;Trust Expenses.&rdquo; Baskets may be created or redeemed only by Authorized Participants, who pay a transaction fee for each order to create or redeem Baskets and may sell the Shares included in the Baskets they create to other investors. The Trust will not issue fractions of a Basket. See &ldquo;Creation and Redemption of Shares&rdquo; for more details. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.9pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 3pt"><FONT STYLE="font-size: 10pt"><B>Net Asset Value</B></FONT></TD>
    <TD STYLE="padding-right: 5.9pt; text-align: justify"><FONT STYLE="font-size: 10pt">The NAV of the Trust is the aggregate
    value of the Trust&rsquo;s assets less its liabilities (which include estimated accrued but unpaid fees and expenses). In
    determining the NAV of the Trust, the Trustee values the platinum held by the Trust on the basis of the price of an ounce of
    platinum as set by the afternoon session of the twice daily fix of the price of an ounce of platinum which starts at 2:00
    p.m. London, England time (LME PM Fix) and is performed by an electronic pricing system (LME bullion) administered by the
    London Metal Exchange (LME) on behalf of the London Platinum and Palladium Fixing Company Limited (LPPFCL) in London in which
    participating members of the LPPM directly and other market participants indirectly through participating members of the LPPM
    submit buying and selling orders. See &ldquo;Operation of the Platinum Market&mdash;The Platinum Market&rdquo; for a
    description of the operation of the London platinum price fix. The Trustee determines the NAV of the Trust on each day the
    NYSE Arca is open for regular trading, as promptly as practicable after 4:00 p.m. New York time. If no LME PM Fix is made on
    a particular evaluation day or has not been announced by 4:00 p.m. New York time on a particular evaluation day, the next
    most recent LME PM Fix is used in the determination of the NAV of the Trust, unless the Sponsor determines that such price is
    inappropriate to use as basis for such determination. The Trustee also determines the NAV per Share, which equals the NAV of
    the Trust, divided by the number of outstanding Shares. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.9pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; padding-right: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Trust expenses</B></FONT></TD>
    <TD STYLE="width: 80%; padding-right: 5.9pt; text-align: justify"><FONT STYLE="font-size: 10pt">The Trust&rsquo;s only ordinary recurring charge is expected to be the remuneration due to the Sponsor (Sponsor&rsquo;s Fee). In exchange for the Sponsor&rsquo;s Fee, the Sponsor has agreed to assume the ordinary administrative and marketing expenses that the Trust is expected to incur. The Sponsor also pays the costs of the sale of the Shares, including the applicable SEC registration fees.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.9pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>Secondary Market Trading</B></FONT></TD>
    <TD STYLE="padding-right: 5.9pt; text-align: justify"><FONT STYLE="font-size: 10pt">While the Trust&rsquo;s investment
    objective is for the Shares to reflect the performance of platinum bullion, less the expenses of the Trust, only Authorized
    Participants can buy or sell Shares at NAV per Share, Shares may trade in the secondary market on the NYSE Arca at prices
    that are lower or higher relative to their NAV. The amount of the discount or premium in the trading price relative to the
    NAV per Share may be influenced by non-concurrent trading hours between the NYSE Arca, and the London and Zurich platinum
    bullion markets. While the Shares trade on the NYSE Arca until 4:00 p.m. New York time, liquidity in the global platinum
    market is reduced after the close of the Commodity Exchange, Inc., (&ldquo;COMEX&rdquo;) a member of the CME Group of
    exchanges (&ldquo;CME Group&rdquo;) at 1:30 p.m. New York time. As a result, during this time, trading spreads, and the
    resulting premium or discount, on the Shares may widen.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.9pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Sponsor&rsquo;s Fee</B></FONT></TD>
    <TD STYLE="padding-right: 5.9pt; text-align: justify"><FONT STYLE="font-size: 10pt">The Sponsor&rsquo;s Fee accrues daily at an annualized rate equal to 0.60% of the adjusted NAV (&ldquo;ANAV&rdquo;) of the Trust and is payable in-kind in platinum monthly in arrears. The Sponsor, from time to time, may waive all or a portion of the Sponsor&rsquo;s Fee at its discretion for stated periods of time. The Sponsor is under no obligation to continue a waiver after the end of such stated period, and, if such waiver is not continued, the Sponsor&rsquo;s Fee will thereafter be paid in full. Presently, the Sponsor does not intend to waive any of its fee. The Trustee, from time to time, delivers platinum in such quantity as may be necessary to permit payment of the Sponsor&rsquo;s Fee and sells platinum in such quantity as may be necessary to permit payment in cash of Trust expenses not assumed by the Sponsor. The Trustee is authorized to sell platinum at such times and in the smallest amounts required to permit such cash payments as they become due, it being the intention to avoid or minimize the Trust&rsquo;s holdings of assets other than platinum. Accordingly, the amount of platinum to be sold varies from time to time depending on the level of the Trust&rsquo;s expenses and the market price of platinum. See &ldquo;Business of the Trust&mdash;Trust Expenses.&rdquo;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.9pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.9pt; text-align: justify"><FONT STYLE="font-size: 10pt">Each delivery or sale of platinum by the Trust to pay the Sponsor&rsquo;s Fee or other expenses will be a taxable event to Shareholders. See &ldquo;United States Federal Income Tax Consequences&mdash;Taxation of US Shareholders.&rdquo;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Termination events</B></FONT></TD>
    <TD COLSPAN="5" STYLE="padding-right: 4.8pt; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">The Trustee will terminate and liquidate the Trust if one of the following events occurs:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-bottom: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 4.8pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">the Shares are delisted from the NYSE Arca and are not approved for listing on another national securities exchange within five business days of their delisting;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-bottom: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 4.8pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">Shareholders acting in respect of at least 75% of the outstanding Shares notify the Trustee that they elect to terminate the Trust;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-bottom: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 4.8pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">60 days have elapsed since the Trustee notified the Sponsor of the Trustee&rsquo;s election to resign and a successor trustee has not been appointed and accepted its appointment;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-bottom: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 4.8pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">the SEC determines that the Trust is an investment company under the Investment Company Act of 1940 and the Trustee has actual knowledge of that determination;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-bottom: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 4.8pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">the aggregate market capitalization of the Trust, based on the closing price for the Shares, was less than $350 million (as adjusted for inflation by reference to the US Consumer Price Index) at any time after the first anniversary after the Trust&rsquo;s formation and the Trustee receives, within six months after the last trading date on which the aggregate market capitalization of the Trust was less than $350 million, notice from the Sponsor of its decision to terminate the Trust;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-bottom: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 4.8pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">the CFTC determines that the Trust is a commodity pool under the Commodity Exchange Act and the Trustee has actual knowledge of that determination;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-bottom: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 4.8pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">the Trust fails to qualify for treatment, or ceases to be treated, for US federal income tax purposes, as a grantor trust, and the Trustee receives notice from the Sponsor that the Sponsor determines that, because of that tax treatment or change in tax treatment, termination of the Trust is advisable; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-bottom: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 4.8pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">60 days have elapsed since DTC ceases to act as depository with respect to the Shares and the Sponsor has not identified another depository which is willing to act in such capacity; or </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-bottom: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 4.8pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">the Trustee elects to terminate the Trust after the Sponsor is deemed conclusively to have resigned effective immediately as a result of the Sponsor being adjudged bankrupt or insolvent, or a receiver of the Sponsor or of its property being appointed, or a trustee or liquidator or any public officer taking charge or control of the Sponsor or of its property or affairs for the purpose of rehabilitation, conservation or liquidation. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-bottom: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 4.8pt; padding-bottom: 6pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-right: 5.9pt; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">Upon the termination of the Trust, the Trustee will sell the Trust&rsquo;s platinum and, after paying or making provision for the Trust&rsquo;s liabilities, distribute the proceeds to Shareholders surrendering Shares. See &ldquo;Description of the Trust Agreement&mdash;Termination of the Trust.&rdquo; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 4.8pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-right: 5.9pt; padding-left: 0.05pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 4.8pt; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Authorized Participants</B></FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 0; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">Baskets may be created or redeemed only by Authorized Participants. Each Authorized Participant must (1) be a registered broker-dealer or other securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer to engage in securities transactions, (2) be a participant in DTC, (3) have entered into an agreement with the Trustee and the Sponsor (Authorized Participant Agreement) and (4) have established an unallocated platinum account with the Custodian or a physical platinum clearing bank (Authorized Participant Unallocated Account). The Authorized Participant Agreement provides the procedures for the creation and redemption of Baskets and for the delivery of platinum and any cash required for such creations or redemptions. A list of the current Authorized Participants can be obtained from the Trustee or the Sponsor. See &ldquo;Creation and Redemption of Shares&rdquo; for more details. </FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 0"><FONT STYLE="font-size: 10pt"><B>Clearance and settlement</B></FONT></TD>
    <TD COLSPAN="4" STYLE="padding-top: 0; padding-right: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Shares are evidenced by one or more global certificates that the Trustee issues to DTC. The Shares are available only in book entry form. Shareholders may hold their Shares through DTC, if they are participants in DTC, or indirectly through entities that are participants in DTC. </FONT></TD></TR>
<TR>
    <TD STYLE="width: 20%; padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 68%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Summary of Financial Condition</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">As of the close of business on July 23,
2018, the NAV of the Trust, which represents the value of the platinum deposited into and held by the Trust, was $476,420,394.50
and the NAV per Share $78.74717.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>R<A NAME="c65480a005_v1"></A>ISK FACTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><I>You should consider carefully the
risks described below before making an investment decision. You should also refer to the other information included in this prospectus,
including the Trust&rsquo;s financial statements and the related notes, as reported in our Annual Report on Form 10-K for the fiscal
year ended December 31, 2017 and our subsequent Quarterly Report on Form 10-Q, which are incorporated by reference herein. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>The value of the Shares relates directly
to the value of the platinum held by the Trust and fluctuations in the price of platinum could materially adversely affect an investment
in the Shares.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Shares are designed to mirror as
closely as possible the performance of the price of platinum bullion, and the value of the Shares relates directly to the value
of the platinum held by the Trust, less the Trust&rsquo;s liabilities (including estimated accrued but unpaid expenses). The price
of platinum has fluctuated widely over the past several years. Several factors may affect the price of platinum, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; text-align: justify"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 97%; text-align: justify"><FONT STYLE="font-size: 10pt">Global platinum supply, which is influenced by such factors as production and cost levels in major platinum-producing countries such as South Africa. Recycling, autocatalyst demand, industrial demand, jewelry demand and investment demand are also important drivers of platinum supply and demand;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Investors&rsquo; expectations with respect to the rate of inflation;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Currency exchange rates;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Interest rates;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Investment and trading activities of hedge funds and commodity funds; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Global or regional political, economic or financial events and situations.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">In addition, investors should be aware
that there is no assurance that platinum will maintain its long-term value in terms of purchasing power in the future. In the event
that the price of platinum declines, the Sponsor expects the value of an investment in the Shares to decline proportionately.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>The Shares may trade at a price which
is at, above or below the NAV per Share and any discount or premium in the trading price relative to the NAV per Share may widen
as a result of non-concurrent trading hours between the NYSE Arca and London, Zurich and COMEX.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Shares may trade at, above or
below the NAV per Share. The NAV per Share fluctuates with changes in the market value of the Trust&rsquo;s assets. The
trading price of the Shares fluctuates in accordance with changes in the NAV per Share as well as market supply and demand.
The amount of the discount or premium in the trading price relative to the NAV per Share may be influenced by non-concurrent
trading hours between the NYSE Arca and the major platinum markets. While the Shares trade on the NYSE Arca until 4:00 p.m.
New York time, liquidity in the market for platinum is reduced after the close of the major world platinum markets, including
London, Zurich and the COMEX. As a result, during this time, trading spreads, and the resulting premium or discount on the Shares,
may widen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>A possible &ldquo;short squeeze&rdquo;
due to a sudden increase in demand of Shares that largely exceeds supply may lead to price volatility in the Shares.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Investors may purchase Shares to hedge
existing platinum exposure or to speculate on the price of platinum. Speculation on the price of platinum may involve long and
short exposures. To the extent aggregate short exposure exceeds the number of Shares available for purchase (for example, in the
event that large redemption requests by Authorized Participants dramatically affect Share liquidity), investors with short exposure
may have to pay a premium to repurchase Shares for delivery to Share lenders. Those repurchases may in turn, dramatically increase
the price of the Shares until additional Shares are created through the creation process. This is often referred to as a &ldquo;short
squeeze.&rdquo; A short squeeze could lead to volatile price movements in Shares that are not directly correlated to the price
of platinum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Purchasing activity in the platinum
market associated with Basket creations or selling activity following Basket redemptions may affect the price of platinum and Share
trading prices. These price changes may adversely affect an investment in the Shares.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Purchasing activity associated with acquiring
the platinum required for deposit into the Trust in connection with the creation of Baskets may increase the market price of platinum,
which will result in higher prices for the Shares. Increases in the market price of platinum may also occur as a result of the
purchasing activity of other market participants. Other market participants may attempt to benefit from an increase in the market
price of platinum that may result from increased purchasing activity of platinum connected with the issuance of Baskets. Consequently,
the market price of platinum may decline immediately after Baskets are created. If the price of platinum declines, the trading
price of the Shares will also decline.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Selling activity associated with sales
of platinum withdrawn from the Trust in connection with the redemption of Baskets may decrease the market price of platinum, which
will result in lower prices for the Shares. Decreases in the market price of platinum may also occur as a result of the selling
activity of other market participants. If the price of platinum declines, the trading price of the Shares will also decline.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Sponsor is unable to ascertain whether
the platinum price movements since the commencement of the Trust&rsquo;s initial public offering on January 8, 2010 were attributable
to the Trust&rsquo;s Basket creation and redemption process or independent metal market forces or both. Nevertheless, the Trust
and the Sponsor cannot assure you that future Basket creations or redemptions will have no effect on the platinum metal prices
and, consequently, Share trading prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Since there is no limit on the amount
of platinum that the Trust may acquire, the Trust, as it grows, may have an impact on the supply and demand of platinum that ultimately
may affect the price of the Shares in a manner unrelated to other factors affecting the global market for platinum.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trust Agreement places no limit on
the amount of platinum the Trust may hold. Moreover, the Trust may issue an unlimited number of Shares, subject to registration
requirements, and thereby acquire an unlimited amount of platinum. The global market for platinum is characterized by supply and
demand constraints that are generally not present in the markets for other precious metals such as gold and silver. From 2013 to
2017, world platinum mine supply averaged 5.9 million ounces, while world net demand averaged 6.2 million ounces. If the amount
of platinum acquired by the Trust is large enough in relation to global platinum supply and demand, further in-kind creations and
redemptions of Shares could have an impact on the supply and demand of platinum unrelated to other factors affecting the global
market for platinum. Such an impact could affect the price for platinum that would directly affect the price at which Shares are
traded on the Exchange or the price of future Baskets created or redeemed by the Trust. The Trust and the Sponsor cannot provide
you any assurance that increased metal holdings by the Trust in the future will have no such long-term metal price impact thereby
affecting Share trading prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>The Shares and their value could decrease
if unanticipated operational or trading problems arise.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">There may be unanticipated problems or
issues with respect to the mechanics of the Trust&rsquo;s operations and the trading of the Shares that could have a material adverse
effect on an investment in the Shares. In addition, although the Trust is not actively &ldquo;managed&rdquo; by traditional methods,
to the extent that unanticipated operational or trading problems or issues arise, the Sponsor&rsquo;s past experience and qualifications
may not be suitable for solving these problems or issues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>The LME PM Fix may prove unreliable.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Since December 1, 2014, the Trust has
utilized the LME PM Fix as the benchmark price for valuing platinum held, received or delivered by the Trust. Prior to December
1, 2014, the Trust utilized the London afternoon platinum fix as its benchmark for valuation purposes. The London afternoon fix
for platinum was the price of an ounce of platinum as set by four fixing members of the LPPM at approximately 2:00 p.m., London
time, on each working day and was widely accepted among platinum market participants. As of the close of business on November 30,
2014, the LPPFCL transferred the ownership of the historic and future intellectual property of the twice daily &ldquo;fix&rdquo;
for platinum and palladium to a subsidiary company of the LBMA and the administration of platinum price fixing mechanisms to the
LME, which now results in, for the purposes of the Trust, the LME PM Fix. The LME has not operated this fixing process previously
and the LME PM Fix may, among other things:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 -11pt; text-align: justify">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">not
behave over time like the London afternoon platinum fix has historically;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">be based on procedures and subject to regulation and oversight significantly different than those
applicable to the London afternoon platinum fix;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 -11pt; text-align: justify">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">result
in delays or errors in the determination of a daily benchmark price of platinum; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 -11pt; text-align: justify">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">otherwise
prove unreliable as a benchmark price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">If the LME PM Fix is unreliable for any
reason, the price of platinum and the market price for the Shares may decline or be subject to greater volatility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Additionally, any concern about the integrity
or reliability of the LME PM Fix, even if later shown to be without merit, could disrupt trading in platinum, palladium and products
using the LME PM Fix, such as the Shares. This could lead to less liquidity or greater price volatility for platinum, palladium
and products using the LME PM Fix, such as the Shares, or otherwise could have an adverse impact on the trading price of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Regulatory activity or lawsuits with
respect to the historical methods of setting the prices of gold, silver, platinum and palladium, which were used prior to the adoption
of the LBMA PM Gold Price in March 2015, the LBMA Silver Price in August 2014 and the LME PM Fix in December 2014, may impact market
confidence in the LBMA PM Gold Price, the LBMA Silver Price or the LME PM Fix.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The historical methods of setting the
prices of gold, silver, platinum and palladium have been the subject of litigation and regulatory investigations which remain pending.&nbsp;&nbsp;Within
the last four&nbsp;years, electronic auction methodologies have replaced the historical non-electronic auction methods of setting
the prices of gold, silver, platinum and palladium. However, if there is a perception that the price setting mechanisms for gold,
silver, platinum or palladium are susceptible to intentional disruption, or if the LBMA PM Gold Price, the LBMA Silver Price or
the LME PM Fix are not received with confidence by the markets, the behavior of investors and traders in gold, silver, platinum
or palladium may reflect the lack of confidence and it may have an effect on the prices of these metals as reflected by the LBMA
PM Gold Price, the LBMA Silver Price or the LME PM Fix (and, consequently, the value of the Shares or their correlation with the
prices of these metals), or could lead to less liquidity or greater price volatility for these metals and products that use these
benchmark prices, such as the Shares, or otherwise could have an adverse impact on the trading price of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>If the process of creation and redemption
of Baskets encounters any unanticipated difficulties, the possibility for arbitrage transactions the effect of which would be to
keep the price of the Shares closely linked to the price of platinum by allowing the market participants to profit from divergences,
may not exist and, as a result, the price of the Shares may fall. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">If the processes of creation and redemption
of Shares (which depend on timely transfers of platinum to and by the Custodian) encounter any unanticipated difficulties, potential
market participants who would otherwise be willing to purchase or redeem Baskets to take advantage of any arbitrage opportunity
arising from discrepancies between the price of the Shares and the price of the underlying platinum may not take the risk that,
as a result of those difficulties, they may not be able to realize the profit they expect. If this is the case, the liquidity of
Shares may decline and the price of the Shares may fluctuate independently of the price of platinum and may fall. Additionally,
redemptions could be suspended for any period during which (1) the NYSE Arca is closed (other than customary weekend or holiday
closings) or trading on the NYSE Arca is suspended or restricted, or (2) an emergency exists as a result of which delivery, disposal
or evaluation of the platinum is not reasonably practicable.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>The liquidity of the Shares may be
affected by the withdrawal from participation of one or more Authorized Participants.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">In the event that one or more Authorized
Participants having substantial interests in Shares or otherwise responsible for a significant portion of the Shares&rsquo; daily
trading volume on the Exchange withdraw from participation, the liquidity of the Shares will likely decrease which could adversely
affect the market price of the Shares and result in your incurring a loss on your investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Shareholders do not have the protections
associated with ownership of shares in an investment company registered under the Investment Company Act of 1940 or the protections
afforded by the Commodity Exchange Act (&ldquo;CEA&rdquo;). </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trust is not registered as an investment
company under the Investment Company Act of 1940 and is not required to register under such act. Consequently, Shareholders do
not have the regulatory protections provided to investors in investment companies. The Trust does and will not hold or trade in
commodity futures contracts, &ldquo;commodity instruments&rdquo; or any other instruments regulated by the CEA, as administered
by the CFTC and the NFA. Furthermore, the Trust is not a commodity pool for purposes of the CEA and the Shares are not &ldquo;commodity
interests&rdquo;, and neither the Sponsor nor the Trustee is subject to regulation by the CFTC as a commodity pool operator or
a commodity trading advisor in connection with the Trust or the Shares. Consequently, Shareholders do not have the regulatory protections
provided to investors in CEA-regulated instruments or commodity pools operated by registered commodity pool operators or advised
by commodity trading advisors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>The Trust may be required to terminate
and liquidate at a time that is disadvantageous to Shareholders.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">If the Trust is required to terminate
and liquidate, such termination and liquidation could occur at a time which is disadvantageous to Shareholders, such as when platinum
prices are lower than the platinum prices at the time when Shareholders purchased their Shares. In such a case, when the Trust&rsquo;s
platinum is sold as part of the Trust&rsquo;s liquidation, the resulting proceeds distributed to Shareholders will be less than
if platinum prices were higher at the time of sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>The lack of an active trading market
for the Shares may result in losses on investment at the time of disposition of the Shares.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Although Shares are listed for trading
on the NYSE Arca, it cannot be assumed that an active trading market for the Shares will develop or be maintained. If an investor
needs to sell Shares at a time when no active market for Shares exists, such lack of an active market will most likely adversely
affect the price the investor receives for the Shares (assuming the investor is able to sell them).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Shareholders do not have the rights
enjoyed by investors in certain other vehicles.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">As interests in an investment trust,
the Shares have none of the statutory rights normally associated with the ownership of shares of a corporation (including, for
example, the right to bring &ldquo;oppression&rdquo; or &ldquo;derivative&rdquo; actions). In addition, the Shares have limited
voting and distribution rights (for example, Shareholders do not have the right to elect directors or approve amendments to the
Trust Agreement and do not receive dividends).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>An investment in the Shares may be
adversely affected by competition from other methods of investing in platinum.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trust competes with other financial
vehicles, including traditional debt and equity securities issued by companies in the platinum industry and other securities backed
by or linked to platinum, direct investments in platinum and investment vehicles similar to the Trust. Market and financial conditions,
and other conditions beyond the Sponsor&rsquo;s control, may make it more attractive to invest in other financial vehicles or to
invest in platinum directly, which could limit the market for the Shares and reduce the liquidity of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>The price of platinum may be affected
by the sale of ETVs tracking platinum markets.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">To the extent existing exchange traded
vehicles (&ldquo;ETVs&rdquo;) tracking platinum markets represent a significant proportion of demand for physical platinum bullion,
large redemptions of the securities of these ETVs could negatively affect physical platinum bullion prices and the price and NAV
of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Crises may motivate large-scale sales
of platinum which could decrease the price of platinum and adversely affect an investment in the Shares.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The possibility of large-scale distress
sales of platinum in times of crisis may have a short-term negative impact on the price of platinum and adversely affect an investment
in the Shares. For example, the 2008 financial credit crisis resulted in significantly depressed prices of platinum largely due
to forced sales and deleveraging from institutional investors such as hedge funds and pension funds. Crises in the future may impair
platinum&rsquo;s price performance which would, in turn, adversely affect an investment in the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>Several factors may have the effect
of causing a decline in the prices of platinum and a corresponding decline in the price of Shares. Among them:</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">A significant increase in platinum hedging activity by platinum producers. Should there be an increase
in the level of hedge activity of platinum producing companies, it could cause a decline in world platinum prices, adversely affecting
the price of the Shares.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&bull;</TD><TD STYLE="text-align: justify">A significant change in the attitude of speculators, investors and central banks towards platinum.
Should the speculative community take a negative view towards platinum or central banking authorities determine to sell national
platinum reserves, either event could cause a decline in world platinum prices, negatively impacting the price of the Shares.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&bull;</TD><TD STYLE="text-align: justify">A widening of interest rate differentials between the cost of money and the cost of platinum could
negatively affect the price of platinum which, in turn, could negatively affect the price of the Shares.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&bull;</TD><TD STYLE="text-align: justify">A combination of rising money interest rates and a continuation of the current low cost of borrowing
platinum could improve the economics of selling platinum forward. This could result in an increase in hedging by platinum mining
companies and short selling by speculative interests, which would negatively affect the price of platinum. Under such circumstances,
the price of the Shares would be similarly affected.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&bull;</TD><TD STYLE="text-align: justify">Autocatalysts, automobile components that use platinum, accounted for approximately 40% of the
net global demand in platinum in 2017. While the automotive sector in China and the US is showing signs of recovery, the European
market is currently experiencing declining demand and, in certain cases, solvency concerns. Reduced automotive industry sales in
Europe may result in a decline in autocatalyst demand.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&bull;</TD><TD STYLE="text-align: justify">A decline in the global automotive industry may impact the price of platinum and affect the price
of the Shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>A decline in the automobile industry
or a shift from gasoline-powered to electric vehicles may have the effect of causing a decline in the prices of platinum and a
corresponding decline in the price of Shares.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Autocatalysts, automobile
components for emissions control that use platinum, accounted for approximately 40% of the global demand in platinum in
2017. Reduced automotive industry sales or a shift from gasoline-powered to electric vehicles may result in a
decline in autocatalyst demand.&nbsp;&nbsp;A contraction in the global automotive industry or more widespread acceptance of
electric vehicles may impact the price of platinum&nbsp;and affect the price of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>The amount of platinum represented
by each Share will decrease over the life of the Trust due to the recurring deliveries of platinum necessary to pay the Sponsor&rsquo;s
Fee in-kind and potential sales of platinum to pay in cash the Trust expenses not assumed by the Sponsor. Without increases in
the price of platinum sufficient to compensate for that decrease, the price of the Shares will also decline proportionately over
the life of the Trust. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The amount of platinum represented by
each Share decreases each day by the Sponsor&rsquo;s Fee. In addition, although the Sponsor has agreed to assume all organizational
and certain administrative and marketing expenses incurred by the Trust, in exceptional cases certain Trust expenses may need to
be paid by the Trust. Because the Trust does not have any income, it must either make payments in-kind by deliveries of platinum
(as is the case with the Sponsor&rsquo;s Fee) or it must sell platinum to obtain cash (as in the case of any exceptional expenses).
The result of these sales of platinum and recurring deliveries of platinum to pay the Sponsor&rsquo;s Fee in-kind is a decrease
in the amount of platinum represented by each Share. New deposits of platinum, received in exchange for new Shares issued by the
Trust, will not reverse this trend.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">A decrease in the amount of platinum
represented by each Share results in a decrease in each Share&rsquo;s price even if the price of platinum does not change. To retain
the Share&rsquo;s original price, the price of platinum must increase. Without that increase, the lesser amount of platinum represented
by the Share will have a correspondingly lower price. If this increase does not occur, or is not sufficient to counter the lesser
amount of platinum represented by each Share, you will sustain losses on your investment in Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">An increase in Trust expenses not assumed
by the Sponsor, or the existence of unexpected liabilities affecting the Trust, will require the Trustee to sell larger amounts
of platinum, and will result in a more rapid decrease of the amount of platinum represented by each Share and corresponding decrease
in its value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>The Trust&rsquo;s platinum may be
subject to loss, damage, theft or restriction on access.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">There is a risk that part or all of the
Trust&rsquo;s platinum could be lost, damaged or stolen. Access to the Trust&rsquo;s platinum could also be restricted by natural
events (such as an earthquake) or human actions (such as a terrorist attack). Any of these events may adversely affect the operations
of the Trust and, consequently, an investment in the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>The Trust&rsquo;s lack of insurance
protection and the Shareholders&rsquo; limited rights of legal recourse against the Trust, the Trustee, the Sponsor, the Custodian,
any Zurich Sub-Custodian and any other sub-custodian exposes the Trust and its Shareholders to the risk of loss of the Trust&rsquo;s
platinum for which no person is liable.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trust does not insure its platinum.
The Custodian maintains insurance with regard to its business on such terms and conditions as it considers appropriate in connection
with its custodial obligations and is responsible for all costs, fees and expenses arising from the insurance policy or policies.
The Trust is not a beneficiary of any such insurance and does not have the ability to dictate the existence, nature or amount of
coverage. Therefore, Shareholders cannot be assured that the Custodian maintains adequate insurance or any insurance with respect
to the platinum held by the Custodian on behalf of the Trust. In addition, the Custodian and the Trustee do not require the Zurich
Sub-Custodian or any other direct or indirect sub-custodians to be insured or bonded with respect to their custodial activities
or in respect of the platinum held by them on behalf of the Trust. Further, Shareholders&rsquo; recourse against the Trust, the
Trustee and the Sponsor, under New York law, the Custodian, the Zurich Sub-Custodian and any other sub-custodian under English
law and any sub-custodians under the law governing their custody operations is limited. Consequently, a loss may be suffered with
respect to the Trust&rsquo;s platinum which is not covered by insurance and for which no person is liable in damages.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>The Custodian&rsquo;s limited liability
under the Custody Agreements and English law may impair the ability of the Trust to recover losses concerning its platinum and
any recovery may be limited, even in the event of fraud, to the market value of the platinum at the time the fraud is discovered.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The liability of the Custodian is limited
under the Custody Agreements. Under the Custody Agreements between the Trustee and the Custodian which establish the Trust Unallocated
Account and the Trust Allocated Account, the Custodian is only liable for losses that are the direct result of its own negligence,
fraud or willful default in the performance of its duties. Any such liability is further limited to the market value of the platinum
lost or damaged at the time such negligence, fraud or willful default is discovered by the Custodian provided the Custodian notifies
the Trust and Trustee promptly after discovery of the loss or damage. Under each Authorized Participant Unallocated Bullion Account
Agreement (between the Custodian or other platinum bullion clearing bank and an Authorized Participant establishing an Authorized
Participant Unallocated Account), the Custodian is not contractually or otherwise liable for any losses suffered by any Authorized
Participant or Shareholder that are not the direct result of its own gross negligence, fraud or willful default in the performance
of its duties under such agreement, and in no event will its liability exceed the market value of the balance in the Authorized
Participant Unallocated Account at the time such gross negligence, fraud or willful default is discovered by the Custodian. For
any Authorized Participant Unallocated Bullion Account Agreement between an Authorized Participant and another platinum clearing
bank, the liability of the platinum clearing bank to the Authorized Participant may be greater or lesser than the Custodian&rsquo;s
liability to the Authorized Participant described in the preceding sentence, depending on the terms of the agreement. In addition,
the Custodian will not be liable for any delay in performance or any non-performance of any of its obligations under the Allocated
Account Agreement, the Unallocated Account Agreement or the Authorized Participant Unallocated Bullion Account Agreement by reason
of any cause beyond its reasonable control, including acts of God, war or terrorism. As a result, the recourse of the Trustee or
the Shareholders, under English law, is limited. Furthermore, under English common law, the Custodian, the Zurich Sub-Custodian
or any sub-custodian will not be liable for any delay in the performance or any non-performance of its custodial obligations by
reason of any cause beyond its reasonable control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>The obligations of the Custodian,
the Zurich Sub-Custodian and any other sub-custodians are governed by English law, which may frustrate the Trust in attempting
to receive legal redress against the Custodian, the Zurich Sub-Custodian or any other sub-custodian concerning its platinum.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The obligations of the Custodian under
the Custody Agreements are, and the Authorized Participant Unallocated Bullion Account Agreements may be, governed by English law.
The Custodian has entered into arrangements with the Zurich Sub-Custodian and may enter into arrangements with any other sub-custodians
for all or a significant portion of the Trust&rsquo;s platinum, which arrangements may also be governed by English law. The Trust
is a New York common law trust. Any United States, New York or other court situated in the United States may have difficulty interpreting
English law (which, insofar as it relates to custody arrangements, is largely derived from court rulings rather than statute),
LPPM rules or the customs and practices in the London custody market. It may be difficult or impossible for the Trust to sue the
Zurich Sub-Custodian or any other sub-custodian in a United States, New York or other court situated in the United States. In addition,
it may be difficult, time consuming and/or expensive for the Trust to enforce in a foreign court a judgment rendered by a United
States, New York or other court situated in the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Although the relationship between
the Custodian and the Zurich Sub-Custodian concerning the Trust&rsquo;s allocated platinum is expressly governed by English law,
a court hearing any legal dispute concerning that arrangement may disregard that choice of law and apply Swiss law, in which case
the ability of the Trust to seek legal redress against the Zurich Sub-Custodian may be frustrated.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The obligations of the Zurich Sub-Custodian
under its arrangement with the Custodian with respect to the Trust&rsquo;s allocated platinum is expressly governed by English
law. Nevertheless, a court in the United States, England or Switzerland may determine that English law should not apply and, instead,
apply Swiss law to that arrangement. Not only might it be difficult or impossible for a United States or English court to apply
Swiss law to the Zurich Sub-Custodian&rsquo;s arrangement, but application of Swiss law may, among other things, alter the relative
rights and obligations of the Custodian and the Zurich Sub-Custodian to an extent that a loss to the Trust&rsquo;s platinum may
not have adequate or any legal redress. Further, the ability of the Trust to seek legal redress against the Zurich Sub-Custodian
may be frustrated by application of Swiss law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>The Trust may not have adequate sources
of recovery if its platinum is lost, damaged, stolen or destroyed.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">If the Trust&rsquo;s platinum is lost,
damaged, stolen or destroyed under circumstances rendering a party liable to the Trust, the responsible party may not have the
financial resources sufficient to satisfy the Trust&rsquo;s claim. For example, as to a particular event of loss, the only source
of recovery for the Trust might be limited to the Custodian, the Zurich Sub-Custodian or any other sub-custodian or, to the extent
identifiable, other responsible third parties (e.g., a thief or terrorist), any of which may not have the financial resources (including
liability insurance coverage) to satisfy a valid claim of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Shareholders and Authorized Participants
lack the right under the Custody Agreements to assert claims directly against the Custodian, the Zurich Sub-Custodian and any other
sub-custodian</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Neither the Shareholders nor any Authorized
Participant have a right under the Custody Agreements to assert a claim of the Trust against the Custodian, the Zurich Sub-Custodian
or any other sub-custodian. Claims under the Custody Agreements may only be asserted by the Trustee on behalf of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>The Custodian is reliant on the Zurich
Sub-Custodian for the safekeeping of all or a substantial portion of the Trust&rsquo;s platinum. Furthermore, the Custodian has
limited obligations to oversee or monitor the Zurich Sub-Custodian. As a result, failure by any Zurich Sub-Custodian to exercise
due care in the safekeeping of the Trust&rsquo;s platinum could result in a loss to the Trust.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Platinum generally trades on a loco London
or loco Zurich basis whereby the physical platinum is held in vaults located in London or Zurich or is transferred into accounts
established in London or Zurich. The Custodian does not have a vault in Zurich and is reliant on the Zurich Sub-Custodian for the
safekeeping of all or a substantial portion of the Trust&rsquo;s allocated platinum. Other than obligations to (1) use reasonable
care in appointing the Zurich Sub-Custodian, (2) require any Zurich Sub-Custodian to segregate the platinum held by it for the
Trust from any other platinum held by it for the Custodian and any other customers of the Custodian by making appropriate entries
in its books and records and (3) ensure that the Zurich Sub-Custodian provides confirmation to the Trustee that it has undertaken
to segregate the platinum held by it for the Trust, the Custodian is not liable for the acts or omissions of the Zurich Sub-Custodian.
Other than as described above, the Custodian does not undertake to monitor the performance by the Zurich Sub-Custodian of its custody
functions. The Trustee&rsquo;s obligation to monitor the performance of the Custodian is limited to receiving and reviewing the
reports of the Custodian. The Trustee does not monitor the performance of the Zurich Sub-Custodian or any other sub-custodian.
In addition, the ability of the Trustee and the Sponsor to monitor the performance of the Custodian may be limited because under
the Custody Agreements, the Trustee and the Sponsor have only limited rights to visit the premises of the Custodian or the Zurich
Sub-Custodian for the purpose of examining the Trust&rsquo;s platinum and certain related records maintained by the Custodian or
the Zurich Sub-Custodian.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">As a result of the above, any failure
by any Zurich Sub-Custodian to exercise due care in the safekeeping of the Trust&rsquo;s platinum may not be detectable or controllable
by the Custodian or the Trustee and could result in a loss to the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>The Custodian relies on its Zurich
Sub-Custodian to hold the platinum allocated to the Trust Allocated Account and used to settle redemptions. As a result, settlement
of platinum in connection with redemptions loco London may require more than two days.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Custodian is reliant on its Zurich
Sub-Custodian to hold the platinum allocated to the Trust Allocated Account in order to effect redemption of Shares. As a result,
in the case for redemption orders electing platinum deliveries to be received loco London, it may take longer than two business
days for platinum to be credited to the Authorized Participant Unallocated Account, which may result in a delay of settlement of
the redemption order that is settled loco London.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Because the Trustee does
not oversee or monitor the activities of sub-custodians who may hold the Trust&rsquo;s platinum, failure by the
sub-custodians to exercise due care in the safekeeping of the Trust&rsquo;s platinum could result in a loss to the
Trust.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Under the Allocated Account Agreement,
the Custodian may appoint from time to time one or more sub-custodians to hold the Trust&rsquo;s platinum on a temporary basis
pending delivery to the Custodian. The sub-custodians which the Custodian currently uses are Brink&rsquo;s Limited, Malca-Amit
UK Limited, Loomis UK Limited, Johnson Matthey plc, Royston and UBS, Zurich. The Custodian has selected the Zurich Sub-Custodian,
and the Zurich Sub-Custodian maintains custody of all of the Trust&rsquo;s allocated platinum to be held in Zurich for the Custodian.
The Custodian is required under the Allocated Account Agreement to use reasonable care in appointing the Zurich Sub-Custodian and
any other sub-custodians, making the Custodian liable only for negligence or bad faith in the selection of such sub-custodians,
and has an obligation to use commercially reasonable efforts to obtain delivery of the Trust&rsquo;s platinum from any sub-custodians
appointed by the Custodian. Otherwise, the Custodian is not liable for the acts or omissions of its sub-custodians. These sub-custodians
may in turn appoint further sub-custodians, but the Custodian is not responsible for the appointment of these further sub-custodians.
The Custodian does not undertake to monitor the performance by sub-custodians of their custody functions or their selection of
further sub-custodians. The Trustee does not monitor the performance of the Custodian other than to review the reports provided
by the Custodian pursuant to the Custody Agreements and does not undertake to monitor the performance of any sub-custodian. Furthermore,
except for the Zurich Sub-Custodian, the Trustee may have no right to visit the premises of any sub-custodian for the purposes
of examining the Trust&rsquo;s platinum or any records maintained by the sub-custodian, and no sub-custodian will be obligated
to cooperate in any review the Trustee may wish to conduct of the facilities, procedures, records or creditworthiness of such sub-custodian.
In addition, the ability of the Trustee to monitor the performance of the Custodian may be limited because under the Allocated
Account Agreement and the Unallocated Account Agreement the Trustee has only limited rights to visit the premises of the Custodian
and the Zurich Sub-Custodian for the purpose of examining the Trust&rsquo;s platinum and certain related records maintained by
the Custodian and the Zurich Sub-Custodian.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>The obligations of any sub-custodian
of the Trust&rsquo;s platinum are not determined by contractual arrangements but by LPPM rules and London platinum market customs
and practices, which may prevent the Trust&rsquo;s recovery of damages for losses on its platinum custodied with sub-custodians.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Except for the Custodian&rsquo;s arrangement
with the Zurich Sub-Custodian, there are expected to be no written contractual arrangements between sub-custodians that hold the
Trust&rsquo;s platinum and the Trustee or the Custodian because traditionally such arrangements are based on the LPPM&rsquo;s rules
and on the customs and practices of the London platinum market. In the event of a legal dispute with respect to or arising from
such arrangements, it may be difficult to define such customs and practices. The LPPM&rsquo;s rules may be subject to change outside
the control of the Trust. Under English law, neither the Trustee nor the Custodian would have a supportable breach of contract
claim against a sub-custodian for losses relating to the safekeeping of platinum. If the Trust&rsquo;s platinum is lost or damaged
while in the custody of a sub-custodian, the Trust may not be able to recover damages from the Custodian or the sub-custodian.
Whether a sub-custodian will be liable for the failure of sub-custodians appointed by it to exercise due care in the safekeeping
of the Trust&rsquo;s platinum will depend on the facts and circumstances of the particular situation. Shareholders cannot be assured
that the Trustee will be able to recover damages from sub-custodians whether appointed by the Custodian or by another sub-custodian
for any losses relating to the safekeeping of platinum by such sub-custodians.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Platinum bullion allocated to the
Trust in connection with the creation of a Basket may not meet the London/Zurich Good Delivery Standards and, if a Basket is issued
against such platinum, the Trust may suffer a loss.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Neither the Trustee nor the Custodian
independently confirms the fineness of the platinum allocated to the Trust in connection with the creation of a Basket. The platinum
bullion allocated to the Trust by the Custodian may be different from the reported fineness or weight required by the LPPM&rsquo;s
standards for platinum plates or ingots delivered in settlement of a platinum trade (London/Zurich Good Delivery Standards), the
standards required by the Trust. If the Trustee nevertheless issues a Basket against such platinum, and if the Custodian fails
to satisfy its obligation to credit the Trust the amount of any deficiency, the Trust may suffer a loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Platinum held in the Trust&rsquo;s
unallocated platinum account and any Authorized Participant&rsquo;s unallocated platinum account is not segregated from the Custodian&rsquo;s
assets. If the Custodian becomes insolvent, its assets may not be adequate to satisfy a claim by the Trust or any Authorized Participant.
In addition, in the event of the Custodian&rsquo;s insolvency, there may be a delay and costs incurred in identifying the bullion
held in the Trust&rsquo;s allocated platinum account.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Platinum which is part of a deposit for
a purchase order or part of a redemption distribution is held for a time in the Trust Unallocated Account and, previously or subsequently
in, the Authorized Participant Unallocated Account of the purchasing or redeeming Authorized Participant. During those times, the
Trust and the Authorized Participant, as the case may be, have no proprietary rights to any specific plates or ingots of platinum
held by the Custodian and are each an unsecured creditor of the Custodian with respect to the amount of platinum held in such unallocated
accounts. In addition, if the Custodian fails to allocate the Trust&rsquo;s platinum in a timely manner, in the proper amounts
or otherwise in accordance with the terms of the Unallocated Account Agreement, or if a sub-custodian fails to so segregate platinum
held by it on behalf of the Trust, unallocated platinum will not be segregated from the Custodian&rsquo;s assets, and the Trust
will be an unsecured creditor of the Custodian with respect to the amount so held in the event of the insolvency of the Custodian.
In the event the Custodian becomes insolvent, the Custodian&rsquo;s assets might not be adequate to satisfy a claim by the Trust
or the Authorized Participant for the amount of platinum held in their respective unallocated platinum accounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">In the case of the insolvency of the
Custodian, a liquidator may seek to freeze access to the platinum held in all of the accounts held by the Custodian, including
the Trust Allocated Account. Although the Trust would be able to claim ownership of properly allocated platinum, the Trust could
incur expenses in connection with asserting such claims, and the assertion of such a claim by the liquidator could delay creations
and redemptions of Baskets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>In issuing Baskets, the Trustee relies
on certain information received from the Custodian which is subject to confirmation after the Trustee has relied on the information.
If such information turns out to be incorrect, Baskets may be issued in exchange for an amount of platinum which is more or less
than the amount of platinum which is required to be deposited with the Trust.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Custodian&rsquo;s definitive records
are prepared after the close of its business day. However, when issuing Baskets, the Trustee relies on information reporting the
amount of platinum credited to the Trust&rsquo;s accounts which it receives from the Custodian during the business day and which
is subject to correction during the preparation of the Custodian&rsquo;s definitive records after the close of business. If the
information relied upon by the Trustee is incorrect, the amount of platinum actually received by the Trust may be more or less
than the amount required to be deposited for the issuance of Baskets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>The sale of the Trust&rsquo;s platinum
to pay expenses not assumed by the Sponsor at a time of low platinum prices could adversely affect the value of the Shares.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trustee sells platinum held by the
Trust to pay Trust expenses not assumed by the Sponsor on an as-needed basis irrespective of then-current platinum prices. The
Trust is not actively managed and no attempt will be made to buy or sell platinum to protect against or to take advantage of fluctuations
in the price of platinum. Consequently, the Trust&rsquo;s platinum may be sold at a time when the platinum price is low, resulting
in a negative effect on the value of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>The value of the Shares will be adversely
affected if the Trust is required to indemnify the Sponsor or the Trustee under the Trust Agreement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Under the Trust Agreement, each of the
Sponsor and the Trustee has a right to be indemnified from the Trust for any liability or expense it incurs without gross negligence,
bad faith, willful misconduct, willful malfeasance or reckless disregard on its part. That means the Sponsor or the Trustee may
require the assets of the Trust to be sold in order to cover losses or liability suffered by it. Any sale of that kind would reduce
the NAV of the Trust and the value of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>U<A NAME="c65480a006_v1"></A>SE OF
PROCEEDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Proceeds received by the Trust from
the issuance and sale of Baskets, including the Shares (which are described on the front page of this prospectus), consist of
platinum deposits and, possibly from time to time, cash. Pursuant to the Trust Agreement, during the life of the Trust such proceeds
will only be (1) held by the Trust, (2) distributed to Authorized Participants in connection with the redemption of Baskets or
(3) disbursed to pay the Sponsor&rsquo;s Fee or sold as needed to pay the Trust&rsquo;s expenses not assumed by the Sponsor.<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>O<A NAME="c65480a007_v1"></A>VERVIEW
OF THE PLATINUM INDUSTRY </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Introduction </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">This section provides a brief introduction
to the platinum industry by looking at some of the key participants and detailing the primary sources of demand and supply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><I>Platinum Group Metals </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Platinum and palladium are the two best
known metals of the six platinum group metals (PGMs). Platinum and palladium have the greatest economic importance and are found
in the largest quantities. The other four&mdash;iridium, rhodium, ruthenium and osmium&mdash;are produced only as co-products of
platinum and palladium.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">PGMs are found primarily in South Africa
and Russia. South Africa is the world&rsquo;s leading platinum producer and the second largest palladium producer. Russia is the
largest producer of palladium and most production is concentrated in the Norilsk region. All of South Africa&rsquo;s production
is sourced from the Bushveld Igneous Complex, which hosts the world&rsquo;s largest resource of PGMs. Together, South Africa and
Russia accounted for 84% of platinum supply in 2017 and 78% of palladium supply in 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><B>World Platinum Supply and Demand 2008&ndash;2017</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The following table sets forth a summary
of the world platinum supply and demand for the last ten years and is based on information reported by Johnson Matthey and the
Platinum 2018 Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 30%; padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt"><FONT STYLE="font-size: 10pt; color: #333333"><I>(thousands of ounces)</I></FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #333333"><B>2008</B></FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #333333"><B>2009</B></FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #333333"><B>2010</B></FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #333333"><B>2011</B></FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #333333"><B>2012</B></FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #333333"><B>2013</B></FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #333333"><B>2014</B></FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #333333"><B>2015</B></FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #333333"><B>2016</B></FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #333333"><B>2017</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt"><FONT STYLE="font-size: 10pt; color: #313231"><B>Supply</B></FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt"><FONT STYLE="font-size: 10pt; color: #313231">South Africa</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;4,515</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;4,635</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;4,635</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;4,860</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;4,110</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;4,205</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;3,547</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;4,572 </FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;4,392 </FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;4,459 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt"><FONT STYLE="font-size: 10pt; color: #313231">Russia</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;805</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;785</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;825</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;835</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;801</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;725</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;709</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;669 </FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;717 </FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;691 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt"><FONT STYLE="font-size: 10pt; color: #313231">North America</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;325</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;260</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;200</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;350</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;306</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;318</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;339</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;315 </FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;338 </FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;338 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt"><FONT STYLE="font-size: 10pt; color: #313231">Zimbabwe</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;180</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;230</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;280</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;340</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;337</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;410</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;401</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;399 </FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;489 </FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;466 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-bottom: 0.05pt"><FONT STYLE="font-size: 10pt; color: #313231">Others</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;115</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;115</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;110</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;100</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;126</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;143</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;130</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;151 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;161 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;158 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-bottom: 0.05pt"><FONT STYLE="font-size: 10pt; color: #313231"><B>Total Supply</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-right: 3.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231"><B>&nbsp;5,940</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-right: 3.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231"><B>&nbsp;6,025</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-right: 3.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231"><B>&nbsp;6,050</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-right: 3.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231"><B>&nbsp;6,485</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-right: 3.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231"><B>&nbsp;5,680</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-right: 3.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231"><B>&nbsp;5,801</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-right: 3.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231"><B>&nbsp;5,126</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-right: 3.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231"><B>190</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-right: 3.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;190 </B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-right: 3.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;190 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt"><FONT STYLE="font-size: 10pt; color: #313231"><B>Demand</B></FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt"><FONT STYLE="font-size: 10pt; color: #313231">Autocatalyst</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;3,655</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;2,185</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;3,075</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;3,185</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;3,158</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;3,114</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;3,270</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;3,234 </FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;3,331 </FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;3,292 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt"><FONT STYLE="font-size: 10pt; color: #313231">Chemical</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;400</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;290</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;440</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;470</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;452</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;546</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;549</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;498 </FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;476 </FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;505 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt"><FONT STYLE="font-size: 10pt; color: #313231">Electrical</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;230</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;190</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;230</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;230</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;176</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;218</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;225</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;228 </FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;228 </FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;235 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt"><FONT STYLE="font-size: 10pt; color: #313231">Glass</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;315</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;10</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;385</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;515</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;153</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;97</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;191</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;222 </FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;248 </FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;363 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt"><FONT STYLE="font-size: 10pt; color: #313231">Investment</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;555</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;660</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;655</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;460</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;450</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;871</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;273</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;453 </FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;621 </FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;357 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt"><FONT STYLE="font-size: 10pt; color: #313231">Jewelry</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;2,060</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;2,810</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;2,420</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;2,475</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;2,783</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;3,028</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;2,894</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;2,749 </FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;2,411 </FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;2,296 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt"><FONT STYLE="font-size: 10pt; color: #313231">Medical &amp; Biomedical</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;245</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;250</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;230</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;230</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;223</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;214</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;211</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;212 </FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;219 </FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;219 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt"><FONT STYLE="font-size: 10pt; color: #313231">Petroleum</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;240</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;210</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;170</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;210</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;112</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;159</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;165</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;141 </FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;177 </FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;222 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-bottom: 0.05pt"><FONT STYLE="font-size: 10pt; color: #313231">Other</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;290</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;190</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;300</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;320</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;395</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;418</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;423</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;444 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;457 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-right: 3.25pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;476 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-bottom: 0.05pt"><FONT STYLE="font-size: 10pt; color: #313231"><B>Total Gross Demand</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-right: 3.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231"><B>&nbsp;7,990</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-right: 3.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231"><B>&nbsp;6,795</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-right: 3.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231"><B>&nbsp;7,905</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-right: 3.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231"><B>&nbsp;8,095</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-right: 3.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231"><B>&nbsp;7,902</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-right: 3.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231"><B>&nbsp;8,665</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-right: 3.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231"><B>&nbsp;8,201</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-right: 3.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;8,182 </B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-right: 3.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;8,166 </B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-right: 3.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;7,964 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt"><FONT STYLE="font-size: 10pt; color: #313231"><B>Recycling</B></FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt"><FONT STYLE="font-size: 10pt; color: #313231">Autocatalyst</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 0.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;(1,130)</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 0.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;(830)</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 0.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;(1,085)</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 0.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;(1,240)</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 0.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;(1,120)</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 0.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;(1,205)</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 0.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;(1,282)</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 0.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(1,109)</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 0.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(1,161)</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 0.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(1,283)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt"><FONT STYLE="font-size: 10pt; color: #313231">Electrical</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 0.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;(5)</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 0.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;(10)</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 0.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;(10)</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 0.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;(10)</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 0.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;(22)</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 0.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;(24)</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 0.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;(27)</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 0.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(29)</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 0.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(32)</FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 0.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(32)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-bottom: 0.05pt"><FONT STYLE="font-size: 10pt; color: #313231">Jewelry</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-right: 0.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;(695)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-right: 0.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;(565)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-right: 0.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;(735)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-right: 0.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;(810)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-right: 0.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;(895)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-right: 0.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;(790)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-right: 0.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231">&nbsp;(762)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-right: 0.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(576)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-right: 0.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(739)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-right: 0.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;(637)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-bottom: 0.05pt"><FONT STYLE="font-size: 10pt; color: #313231"><B>Total Recycling</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231"><B>&nbsp;(1,830)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231"><B>&nbsp;(1,405)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231"><B>&nbsp;(1,830)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231"><B>&nbsp;(2,060)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231"><B>&nbsp;(2,037)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231"><B>&nbsp;(2,019)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231"><B>&nbsp;(2,071)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;(1,714)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;(1,932)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;(1,952)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-bottom: 0.05pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-bottom: 0.05pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.05pt; padding-bottom: 0.05pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1.5pt solid; padding-top: 0.05pt; padding-bottom: 0.05pt"><FONT STYLE="font-size: 10pt; color: #313231"><B>Total Net Demand</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding-top: 0.05pt; padding-right: 3.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231"><B>&nbsp;6,160</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding-top: 0.05pt; padding-right: 3.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231"><B>&nbsp;5,390</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding-top: 0.05pt; padding-right: 3.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231"><B>&nbsp;6,075</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding-top: 0.05pt; padding-right: 3.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231"><B>&nbsp;6,035</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding-top: 0.05pt; padding-right: 3.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231"><B>&nbsp;5,865</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding-top: 0.05pt; padding-right: 3.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231"><B>&nbsp;6,646</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding-top: 0.05pt; padding-right: 3.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231"><B>&nbsp;6,130</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding-top: 0.05pt; padding-right: 3.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;6,469 </B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding-top: 0.05pt; padding-right: 3.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;6,234 </B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding-top: 0.05pt; padding-right: 3.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;6,012 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt"><FONT STYLE="font-size: 10pt; color: #313231"><B>Movements in Stocks</B></FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231"><B>&nbsp;(220)</B></FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231"><B>&nbsp;635</B></FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231"><B>&nbsp;(25)</B></FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-right: 3.15pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231"><B>&nbsp;450</B></FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231"><B>&nbsp;(185)</B></FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231"><B>&nbsp;(845)</B></FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #313231"><B>&nbsp;(1,004)</B></FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;(363)</B></FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;(138)</B></FONT></TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;100 </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05pt; padding-bottom: 0.05pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #313231"><I>Source: Johnson Matthey PGM Market Report 2018</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0">The following are some of the main characteristics of the
platinum market illustrated by the table:</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The main supplier of platinum is South Africa,
providing over 70 per cent. of total mine supply over the past five years (2013-2017). Russia is the second largest supplier of
platinum. Its share of world production has remained steady at around 12 per cent. of total mine supply over the past ten years.
Recovery of platinum from autocatalysts is the other main source of supply and provided around 24 per cent. of total supply from
2013 to 2017 on average. This source of supply increases along with autocatalyst production.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Over the past decade, jewellery demand for
platinum peaked at 41 per cent. of total demand in 2009. Jewellery demand has since declined to 29 per cent. total demand in 2017.
Autocatalyst demand for platinum accounted for around 42 per cent. of total demand at the end of 2017. Investment demand accounted
for 4 per cent. of the total in 2017, down from 10 per cent. in 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Historical Chart of the Price of Platinum
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">The price of platinum is volatile and
fluctuations are expected to have a direct impact on the value of the Shares. However, movements in the price of platinum in the
past are not a reliable indicator of future movements. The following chart illustrates the movements in the price of an ounce of
platinum in US dollars from December 31, 2006 to December 31, 2017.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><IMG SRC="image_002.jpg" ALT="" STYLE="height: 380px; width: 481px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0; margin-top: 12pt">In the second half of
2008, platinum prices fell sharply (from a high of $2,276 per ounce in March to a low of $814 per ounce at the end of October 2008)
as industrial demand collapsed on the back of the global financial crisis. Prices remained weak in the first few months of 2009
as industrial activity continued to slow. As global manufacturing started to turn up in early 2009, platinum prices began to rise.
During this period, the prices of a wide range of commodities, equities and other cyclically-oriented assets also began to rebound
strongly from the lows of late 2008/early 2009. As it became clear that auto sales in the US and China were rebounding on a sustainable
basis, platinum and palladium continued to rise. By the end of 2009, platinum prices had risen to $1,416 per ounce, representing
a 63% increase from the beginning of 2009 and 64% of the March 2008 high. The Japanese earthquake in early 2011, coupled with the
unfolding of the European financial crisis with Portugal being bailed out, weighed on platinum performance in the second half of
2011. Platinum prices dropped by 26% in the six months to December 2011, from a high of $1,840 in June to a low of $1,369 in December
2011. Continued weakness in the European auto market weighed on platinum performance since then, with prices only partially recouping
from 2011 lows. In 2012, platinum prices rose on the back of supply disruptions in South Africa, which accounts for over 80% of
world&rsquo;s supply of platinum. A strike at one of South Africa&rsquo;s biggest platinum mines caused the price of platinum to
rise from $1,387 to $1,709 per ounce in August 2012. At the beginning of 2013, Anglo American Platinum, the world&rsquo;s biggest
producer of the metal, announced its intention to close 4 mine shafts and it is looking to sell another mine complex as part of
a radical overhaul of its South African operations. This statement prompted a strong reaction on platinum prices, which rose from
$1,656 to $1,736 per ounce in the days following the announcement, on fears of a further tightening in platinum supply. However,
platinum&rsquo;s correlation to gold weighed on platinum prices in 2013 overall. Prolonged strikes at South African mines in 2014
led to the deepest supply deficit in platinum since 1975 (the earliest date we have supply and demand data). However, that failed
to arrest the price slide which saw prices fall 11% in 2014, highlighting the extent of negative sentiment towards industrially-exposed
precious metals. Despite autocatalyst demand for platinum increasing in 2015, tightening nitrogen oxide emission standards have
led to pessimism about the future demand for platinum-heavy diesel autocatalysts relative to palladium-heavy gasoline autocatalysts.
Further pessimistic outlook for South Africa&rsquo;s economy and its currency, the South African Rand, weighed on platinum prices
throughout 2017. Platinum rose 3% in 2017 to $930.5 per ounce reaching a 2017 high of $1,030 per ounce in February 2017 and a low
of $880 per ounce in December 2017.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>O<A NAME="c65480a008_v1"></A>PERATION
OF THE PLATINUM MARKET</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The global trade in platinum consists
of Over-the-Counter (OTC) transactions in spot, forwards, and options and other derivatives, together with exchange-traded futures
and options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Global Over-The-Counter Market </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The OTC market trades on a 24-hour per
day continuous basis and accounts for most global platinum trading. Market makers, as well as others in the OTC market, trade with
each other and with their clients on a principal-to-principal basis. All risks and issues of credit are between the parties directly
involved in the transaction. Market makers include the market making members of the London Platinum and Palladium Market (&ldquo;LPPM&rdquo;),
the trade association that acts as the coordinator for activities conducted on behalf of its members and other participants in
the LPPM. Eight market making members of the LPPM are currently participating in the electronic LME PM Fix (as described below)
process administered by the London Metal Exchange (&ldquo;LME&rdquo;). The OTC market provides a relatively flexible market in
terms of quotes, price, size, destinations for delivery and other factors. Bullion dealers customize transactions to meet clients&rsquo;
requirements. The OTC market has no formal structure and no open outcry meeting place.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The main centers of the OTC market are
London, New York, Hong Kong and Zurich. Mining companies, manufacturers of jewelry and industrial products, together with investors
and speculators, tend to transact their business through one of these market centers. Centers such as Dubai and several cities
in the Far East also transact substantial OTC market business, typically involving jewelry and small plates or ingots (1 kilogram
or less) and will hedge their exposure by selling into one of these main OTC centers. Precious metals dealers have offices around
the world and most of the world&rsquo;s major bullion dealers are either members or associate members of the London Bullion Market
Association (LBMA) and/or the LPPM. In the OTC market, the standard size of platinum trades between market makers is 1,000 ounces.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Liquidity in the OTC market can vary
from time to time during the course of the 24-hour trading day. Fluctuations in liquidity are reflected in adjustments to dealing
spreads&mdash;the differential between a dealer&rsquo;s &ldquo;buy&rdquo; and &ldquo;sell&rdquo; prices. The period of greatest
liquidity in the platinum market generally occurs at the time of day when trading in the European time zones overlaps with trading
in the United States, which is when OTC market trading in London, New York, Zurich and other centers coincides with futures and
options trading on the COMEX. This period lasts for approximately four hours each New York business day morning.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>The Platinum Market </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><I>The Zurich and London Platinum Bullion
Market</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Although the market for physical platinum
is distributed globally, most platinum is stored and most OTC market trades are cleared through Zurich. As of September 1, 2009,
London also serves as a center for the clearing of OTC trades in platinum. In addition to coordinating market activities, the LPPM
acts as the principal point of contact between the market and its regulators. A primary function of the LPPM is its involvement
in the promotion of refining standards by maintenance of the &ldquo;London/Zurich Good Delivery Lists,&rdquo; which are the lists
of LPPM accredited melters and assayers of platinum. The LPPM also coordinates market clearing and vaulting, promotes good trading
practices and develops standard documentation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Platinum is traded generally on a &ldquo;loco
Zurich&rdquo; basis, meaning the precious metal is physically held in vaults in Zurich or is transferred into accounts established
in Zurich. As of September 1, 2009, platinum began trading on a &ldquo;loco London&rdquo; basis as well, meaning the precious metal
is physically held in vaults in London or is transferred into accounts established in London. The basis for settlement and delivery
of a loco Zurich spot trade is payment (generally in U.S. dollars) two business days after the trade date against delivery. Delivery
of the platinum can either be by physical delivery or through the clearing systems to an unallocated account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The unit of trade in London and Zurich
is the troy ounce, whose conversion between grams is: 1,000 grams is equivalent to 32.1507465 troy ounces, and one troy ounce is
equivalent to 31.1034768 grams. A good delivery platinum plate or ingot is acceptable for delivery in settlement of a transaction
on the OTC market (a &ldquo;Good Delivery Platinum Plate or Ingot&rdquo;). A Good Delivery Platinum Plate or Ingot must contain
between 32 and 192 troy ounces of platinum with a minimum fineness (or purity) of 999.5 parts per 1,000 (99.95%), be of good appearance,
and be easy to handle and stack. The platinum content of a platinum Good Delivery Platinum Plate or Ingot is calculated by multiplying
the gross weight by the fineness of the plate or ingot. A Good Delivery Platinum Plate or Ingot must also bear the stamp of one
of the melters and assayers who are on the LPPM approved list. Unless otherwise specified, the platinum spot price always refers
to the &ldquo;Good Delivery Standards&rdquo; set by the LPPM. Business is generally conducted over the phone and through electronic
dealing systems.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Since December 1, 2014, the LME has
been administering the operation of an electronic platinum bullion price fixing systems (LME bullion) that replicates
electronically the manual London platinum fix processes previously employed by the LPPFCL as well as providing electronic
market clearing processes for platinum bullion transactions at the fixed prices established by the LME pricing mechanism. The
LME&rsquo;s electronic price fixing processes, like the previous London platinum fix processes, establishes and publishes
fixed prices for troy ounces of platinum twice each London trading day during fixing sessions beginning at 9:45 a.m. London
time (the &ldquo;LME AM Fix&rdquo;) and 2:00 p.m. London time (the &ldquo;LME PM Fix&rdquo;). In addition to utilizing the
same London platinum fix standards and methods, the LME also supervises the platinum electronic price fixing processes
through its market operations, compliance, internal audit and third-party complaint handling capabilities in order to support
the integrity of the LME PM Fix. The LME, in administering LME bullion, uses a pricing methodology that meets the
administrative and regulatory needs of platinum market participants, including the International Organization of Securities
Commissions&rsquo; (IOSCO) Principles for Financial Benchmarks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Daily during London trading hours the
LME AM Fix and the LME PM Fix each provide reference platinum prices for that day&rsquo;s trading. Many long-term contracts are
priced on the basis of either the LME AM Fix or the LME PM Fix, and market participants will usually refer to one or the other
of these prices when looking for a basis for valuations. The LME AM Fix and the LME PM Fix are viewed as a full and fair representation
of all market interest at the conclusion of the electronic price fixing process. The Trust values its platinum on the basis of
the LME PM Fix.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The LME PM Fix results from the LME
bullion. Formal participation in the LME PM Fix is limited to participating LPPM members, each of which is a bullion dealer.
Eight LPPM members are currently participating in establishing the LME PM Fix (Goldman Sachs International, HSBC Bank USA NA,
ICBC Standard Bank PLC, JP Morgan Chase Bank, Standard Chartered Bank, The Bank of Nova Scotia, ScotiaMocatta, The
Toronto-Dominion Bank and UBS AG). Any other market participant wishing to participate in the trading on the LME PM Fix is
required to do so through one of the participating LPPM members.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Orders are placed either with one
of the participating LPPM members or with another precious metals dealer who will then be in contact with a participating
LPPM member during the fixing. The fixing members net-off all orders when communicating their net interest at the fixing. The
fix begins with the LME bullion system suggesting a &ldquo;trying price,&rdquo; reflecting the market price prevailing at the
opening of the fix. This is relayed by the fixing members to their dealing rooms which have direct communication with all
interested parties. Any market participant may enter the fixing process at any time, or adjust or withdraw his order. The
platinum price is adjusted up or down until all the buy and sell orders are electronically matched, at which time the price
is declared fixed. All fixing orders are transacted on the basis of this fixed price, which is instantly relayed to the
market through various media.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The LBMA and the LME have asserted that
the LME&rsquo;s electronic price fixing processes are similar to the non-electronic processes previously used to establish the
applicable London platinum fix where the London platinum fix process adjusted the platinum price up or down until all the buy
and sell orders entered by the participating LPPM members are matched, at which time the price was declared fixed. Nevertheless,
the LME PM Fix has several advantages over the previous London platinum fix. The LME&rsquo;s electronic price fixing processes
are fully transparent. The LME asserts that its electronic price fixing processes also will be fully auditable by third parties
since an audit trail exists from the beginning of each fixing session. The LME also asserts that the market operation, compliance,
internal audit and third-party complaint handling capabilities of the LME will support the integrity of the LME PM Fix.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Since December 1, 2014, the Sponsor determined
that the London platinum fix, which has been revised based on the new LME method and is now known as the LME PM Fix, will be an
appropriate basis for valuing platinum bullion received upon purchase of the Trust&rsquo;s Shares, delivered upon redemption of
the Trust&rsquo;s Shares and for determining the value of the Trust&rsquo;s platinum bullion each trading day. The &ldquo;Benchmark
Price&rdquo; (as defined in the Trust Agreement) of the Trust&rsquo;s platinum bullion as of any day will be the LME PM Fix for
such day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">As of December 1, 2014, the LPPFCL transferred
the ownership of the historic and future intellectual property of the twice daily &ldquo;fix&rdquo; for platinum and palladium
bullion to a subsidiary company of the LBMA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Futures Exchanges </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The most significant platinum futures
exchanges are the COMEX and the Tokyo Commodity Exchange (TOCOM). The COMEX is the largest exchange in the world for trading precious
metals futures and options and launched platinum futures in 1956, followed with options in 1990. The TOCOM has been trading platinum
since 1984. Trading on these exchanges is based on fixed delivery dates and transaction sizes for the futures and options contracts
traded. Trading costs are negotiable. As a matter of practice, only a small percentage of the futures market turnover ever comes
to physical delivery of the platinum represented by the contracts traded. Both exchanges permit trading on margin. Margin trading
can add to the speculative risk involved given the potential for margin calls if the price moves against the contract holder. The
COMEX operates through a central clearing system. On June 6, 2003, the TOCOM adopted a similar clearance system. In each case,
the exchange acts as a counterparty for each member for clearing purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><I>Market Regulation </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The global platinum markets are overseen
and regulated by both governmental and self-regulatory organizations. In addition, certain trade associations have established
rules and protocols for market practices and participants. In the United Kingdom, responsibility for the regulation of the financial
market participants, including the major participating members of the LPPM, falls under the authority of the Financial Conduct
Authority (FCA) as provided by the Financial Services and Markets Act 2000 (&ldquo;FSM Act&rdquo;). Under this act, all UK-based
banks, together with other investment firms, are subject to a range of requirements, including fitness and properness, capital
adequacy, liquidity, and systems and controls.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The FCA is responsible for regulating
investment products, including derivatives, and those who deal in investment products. Regulation of spot, commercial forwards,
and deposits of platinum not covered by the FSM Act is provided for by The London Code of Conduct for Non-Investment Products,
which was established by market participants in conjunction with the Bank of England.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The TOCOM has authority to perform financial
and operational surveillance on its members&rsquo; trading activities, scrutinize positions held by members and large-scale customers,
and monitor the price movements of futures markets by comparing them with cash and other derivative markets&rsquo; prices. To act
as a Futures Commission Merchant Broker on the TOCOM, a broker must obtain a license from Japan&rsquo;s Ministry of Economy, Trade
and Industry (METI), the regulatory authority that oversees the operations of the TOCOM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Not A Regulated Commodity Pool </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trust does not trade in platinum
futures contracts on the COMEX or on any other futures exchange. The Trust takes delivery of physical platinum that complies with
the LPPM platinum delivery rules. Because the Trust does not trade in platinum futures contracts on any futures exchange or trade
any other derivatives on platinum (e.g., options or swaps), the Trust is not regulated by the CFTC under the Commodity Exchange
Act as a &ldquo;commodity pool,&rdquo; and is not operated by a CFTC-regulated commodity pool operator. Investors in the Trust
do not receive the regulatory protections afforded to investors in regulated commodity pools, nor may the COMEX or any futures
exchange enforce its rules with respect to the Trust&rsquo;s activities. In addition, investors in the Trust do not benefit from
the protections afforded to investors in platinum futures contracts on regulated futures exchanges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>B<A NAME="c65480a009_v1"></A>USINESS
OF THE TRUST</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The activities of the Trust are limited
to (1) issuing Baskets in exchange for the platinum deposited with the Custodian as consideration, (2) delivering platinum as necessary
to cover the Sponsor&rsquo;s Fee and selling platinum as necessary to pay Trust expenses not assumed by the Sponsor and other liabilities
and (3) delivering platinum in exchange for Baskets surrendered for redemption. The Trust is not actively managed. It does not
engage in any activities designed to obtain a profit from, or to ameliorate losses caused by, changes in the price of platinum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Trust Objective </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The investment objective of the Trust
is for the Shares to reflect the performance of the price of physical platinum, less the Trust&rsquo;s expenses. The Shares are
intended to constitute a simple and cost-effective means of making an investment similar to an investment in platinum. An investment
in physical platinum requires expensive and sometimes complicated arrangements in connection with the assay, transportation, warehousing
and insurance of the metal. Although the Shares are not the exact equivalent of an investment in platinum, they provide investors
with an alternative that allows a level of participation in the platinum market through the securities market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Strategy Behind the Shares </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Shares are intended to offer investors
an opportunity to participate in the platinum market through an investment in securities. The logistics of storing and insuring
platinum are dealt with by the Custodian and the related expenses are built into the price of the Shares. Therefore, the investor
does not have any additional tasks or costs over and above those associated with dealing in any other publicly traded security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Shares are intended to provide institutional
and retail investors with a simple and cost-efficient means, with minimal credit risk, of gaining investment benefits similar to
those of holding physical platinum bullion. The Shares offer an investment that is:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;&bull;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Easily Accessible and Relatively Cost Efficient</I>. Investors can access the platinum market through a traditional brokerage account. The Sponsor believes that investors are able to more effectively implement strategic and tactical asset allocation strategies that use platinum by using the Shares instead of using the traditional means of purchasing, trading and holding platinum, and for many investors, transaction costs related to the Shares are lower than those associated with the purchase, storage and insurance of physical platinum. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&bull;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Exchange Traded and Transparent</I>. The Shares trade on the NYSE Arca, providing investors with an efficient means to implement various investment strategies. The Shares are eligible for margin accounts and are backed by the assets of the Trust and the Trust does not hold or employ any derivative securities. Furthermore, the value of the Trust&rsquo;s holdings are reported on the Trust&rsquo;s website daily. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&bull;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Minimal Credit Risk</I>. The Shares represent an interest in physical platinum owned by the Trust (other than an amount held in unallocated form which is not sufficient to make up a whole plate or ingot, or which is held temporarily in unallocated form to effect a creation or redemption of Shares). Physical platinum of the Trust in the Custodian&rsquo;s possession is not subject to borrowing arrangements with third parties. Other than the platinum temporarily being held in an unallocated platinum account with the Custodian, the physical platinum of the Trust is not subject to counterparty or credit risks. See &ldquo;Risk Factors&mdash;Platinum held in the Trust&rsquo;s unallocated platinum account and any Authorized Participant&rsquo;s unallocated platinum account is not segregated from the Custodian&rsquo;s assets....&rdquo; This contrasts with most other financial products that gain exposure to platinum through the use of derivatives that are subject to counterparty and credit risks. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Trust differentiates itself from competing
platinum ETPs in the following ways:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; text-align: justify; width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;&bull;</FONT></TD>
    <TD STYLE="padding-top: 0; text-align: justify; width: 97%"><FONT STYLE="font-size: 10pt"><I>Location of Platinum Vault</I>. The Trust&rsquo;s Custodian holds platinum bullion in a secure vault in London or with a sub-custodian in Zurich. This custodial arrangement differentiates the Trust from other precious metals ETPs, which may custody bullion in locations such as the United States, Canada, the United Kingdom or Switzerland or which may use financial instruments to seek their investment objectives. The geographic and political considerations of owning platinum in London or Zurich may appeal to certain investors.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&bull;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Experienced Management Team</I>. The Sponsor has operated the Trust since its inception on December 30, 2009. The management team of the Sponsor has established a long track record of operating precious metals ETPs backed by physical gold, silver, platinum and palladium. Prior to April 27, 2018, the Sponsor was wholly-owned by ETF Securities Limited, a Jersey, Channel Islands
based company. Effective April 27, 2018, ETF Securities Limited sold its membership interest in the Sponsor to AAMI. See &ldquo;Prospectus
Summary&mdash;Trust Structure&rdquo; for more information regarding AAMI&rsquo;s acquisition of the Trust&rsquo;s Sponsor.&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&bull;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Platinum Plate and Ingot List</I>. In the interests of transparency, the Custodian maintains a list of the uniquely identifiable platinum ingots and plates held by the Trust. This list is updated daily and published at <U>www.etfsus.com</U>. Although some precious metals ETPs that custody physical bullion, such as the ETFS Gold Trust, may utilize similar disclosure, United States and non-United States precious metals ETPs that do not hold platinum in allocated form do not maintain inventory reports of platinum holdings. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&bull;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Vault Inspection</I>. The Sponsor has contracted with a specialist bullion assaying firm to provide biannual inspections of the platinum plates and ingots held on behalf of the Trust. One audit will be conducted at the end of each calendar year and the other at random, with the consent of the Custodian, on a date selected by the assaying firm. Other platinum ETPs may not allow third party inspections of bullion bar, plate or ingot holdings. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&bull;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Custodian</I>. The Custodian of the Trust&rsquo;s platinum is JPMorgan Chase Bank, N.A. The Custodian may be different for other platinum ETPs. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&bull;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Allocated Platinum</I>. The Trust holds physical platinum in allocated form with the Custodian in the Custodian&rsquo;s London vaulting premises or the Zurich Sub-Custodian&rsquo;s Zurich vaulting premises. The physical allocated platinum of the Trust is not subject to counterparty or credit risks. A small portion of the Trust&rsquo;s physical platinum bullion, which amount is not expected to exceed 192 ounces of platinum on any given day, is held in unallocated form. This may differ from other platinum ETPs that provide platinum exposure through other means, such as the use of financial instruments. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&bull;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Structure</I>. The Shares intend to track the performance of the price of platinum bullion, less the Trust&rsquo;s expenses. The Trust seeks to achieve this objective by holding physical platinum bullion. This structure may be different from other precious metals ETPs that seek to track the performance of the price of platinum bullion through the use of commodity futures contracts or through derivatives. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&bull;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Sponsor&rsquo;s Fee</I>. The Sponsor&rsquo;s Fee associated with the Trust is a competitive factor that may influence an investor&rsquo;s decision to purchase Shares. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Secondary Market Trading </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">While the Trust&rsquo;s investment objective
is for the Shares to reflect the performance of platinum bullion, less the expenses of the Trust, the Shares may trade in the secondary
market on the NYSE Arca at prices that are lower or higher relative to their net asset value, which is the value of the Trust&rsquo;s
assets less its liabilities (&ldquo;NAV&rdquo;), per Share. The amount of the discount or premium in the trading price relative
to the NAV per Share may be influenced by non-concurrent trading hours between the NYSE Arca and the COMEX, and the London and
Zurich platinum bullion markets. While the Shares trade on the NYSE Arca until 4:00 p.m. New York time, liquidity in the global
platinum market is reduced after the close of the COMEX at 1:30 p.m. New York time. As a result, during this time, trading spreads,
and the resulting premium or discount, on the Shares may widen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Trust Expenses </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trust&rsquo;s only ordinary recurring
expense is expected to be the Sponsor&rsquo;s Fee. In exchange for the Sponsor&rsquo;s Fee, the Sponsor has agreed to assume the
following administrative and marketing expenses incurred by the Trust: the Trustee&rsquo;s monthly fee and out-of-pocket expenses,
the Custodian&rsquo;s fee and reimbursement of the Custodian&rsquo;s expenses under the Custody Agreements, Exchange listing fees,
SEC registration fees, printing and mailing costs, audit fees and up to $100,000 per annum in legal expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Sponsor&rsquo;s Fee accrues daily
at an annualized rate equal to 0.60% of the adjusted net asset value of the Trust and is payable monthly in arrears. The Sponsor,
from time to time, may temporarily waive all or a portion of the Sponsor&rsquo;s Fee at its discretion for a stated period of time.
Presently, the Sponsor does not intend to waive any of its fee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Furthermore, the Sponsor may, in its
sole discretion, agree to rebate all or a portion of the Sponsor&rsquo;s Fee attributable to Shares held by certain institutional
investors subject to minimum Share holding and lock up requirements as determined by the Sponsor to foster stability in the Trust&rsquo;s
asset levels. Any such rebate will be subject to negotiation and written agreement between the Sponsor and the investor on a case
by case basis. The Sponsor is under no obligation to provide any rebates of the Sponsor&rsquo;s Fee. Neither the Trust nor the
Trustee will be a party to any Sponsor&rsquo;s Fee rebate arrangements negotiated by the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Sponsor&rsquo;s Fee is paid by delivery
of platinum to an account maintained by the Custodian for the Sponsor on an unallocated basis, monthly on the first business day
of the month in respect of fees payable for the prior month. The delivery is of that number of ounces of platinum which equals
the daily accrual of the Sponsor&rsquo;s Fee for such prior month calculated at the LME PM Fix.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trustee will, when directed by the
Sponsor, and, in the absence of such direction, may, in its discretion, sell platinum in such quantity and at such times as may
be necessary to permit payment in cash of Trust expenses not assumed by the Sponsor. The Trustee is authorized to sell platinum
at such times and in the smallest amounts required to permit such payments as they become due, it being the intention to avoid
or minimize the Trust&rsquo;s holdings of assets other than platinum. Accordingly, the amount of platinum to be sold will vary
from time to time depending on the level of the Trust&rsquo;s expenses and the market price of platinum. The Custodian is authorized
to purchase from the Trust, at the request of the Trustee, platinum needed to cover Trust expenses not assumed by the Sponsor at
the price used by the Trustee to determine the value of the platinum held by the Trust on the date of the sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Cash held by the Trustee pending payment
of the Trust&rsquo;s expenses will not bear any interest. Each delivery or sale of platinum by the Trust to pay the Sponsor&rsquo;s
Fee or other Trust expenses will be a taxable event to Shareholders. See &ldquo;United States Federal Income Tax Consequences&mdash;Taxation
of US Shareholders.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Impact of Trust Expenses on the Trust&rsquo;s
Net Asset Value </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trust delivers platinum to the Sponsor
to pay the Sponsor&rsquo;s Fee and sells platinum to raise the funds needed for the payment of all Trust expenses not assumed by
the Sponsor. The purchase price received as consideration for such sales is the Trust&rsquo;s sole source of funds to cover its
liabilities. The Trust does not engage in any activity designed to derive a profit from changes in the price of platinum. Platinum
not needed to redeem Baskets, or to cover the Sponsor&rsquo;s Fee and Trust expenses not assumed by the Sponsor, is held in physical
form by the Custodian (except for residual amounts not exceeding 192 ounces of platinum, the maximum weight to make one Good Delivery
Platinum Plate or Ingot, which will be held in unallocated form by the Custodian on behalf of the Trust). As a result of the recurring
deliveries of platinum necessary to pay the Sponsor&rsquo;s Fee in-kind and potential sales of platinum to pay in cash the Trust
expenses not assumed by the Sponsor, the NAV of the Trust and, correspondingly, the fractional amount of physical platinum represented
by each Share will decrease proportionately over the life of the Trust. New deposits of platinum, received in exchange for additional
new Baskets issued by the Trust, will not reverse this trend.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Hypothetical Expense Example</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The following table, prepared by the
Sponsor, illustrates the anticipated impact of the deliveries and sales of platinum discussed above on the fractional amount of
platinum represented by each outstanding Share for three years. It assumes that the only dispositions of platinum will be those
deliveries needed to pay the Sponsor&rsquo;s Fee and that the price of platinum and the number of Shares remain constant during
the three-year period covered. The table does not show the impact of any extraordinary expenses the Trust may incur. Any such
extraordinary expenses, if and when incurred, will accelerate the proportional decrease in the fractional amount of platinum represented
by each Share. In addition, the table does not show the effect of any waivers of the Sponsor&rsquo;s Fee that may be in effect
from time to time.&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">1</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">3</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; font-size: 10pt; text-indent: -8.65pt; padding-left: 8.65pt">Hypothetical platinum price per ounce</TD><TD STYLE="width: 5%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 11%; font-size: 10pt; text-align: right">1,000.00</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 11%; font-size: 10pt; text-align: right">1,000.00</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 11%; font-size: 10pt; text-align: right">1,000.00</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Sponsor&rsquo;s Fee</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.60</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.60</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.60</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-indent: -8.65pt; padding-left: 8.65pt">Shares of Trust, beginning</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">100,000.00</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">100,000.00</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">100,000.00</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Ounces of platinum in Trust, beginning</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">10,000.00</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">9,940.00</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">9,880.36</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Beginning adjusted net asset value of the Trust</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">10,000,000.00</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">9,940,000.00</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">9,880,360.00</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Ounces of platinum to be delivered to cover Sponsor&rsquo;s Fee</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">60.00</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">59.64</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">59.28</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Ounces of platinum in Trust, ending</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">9,940.00</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">9,880.36</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">9,821.08</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Ending adjusted net asset value of the Trust</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">9,940,000.00</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">9,880,360.00</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">9,821,078.00</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-indent: -8.65pt; padding-left: 8.65pt">Ending NAV per share</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">99.40</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">98.80</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">98.21</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>D<A NAME="c65480a010_v1"></A>ESCRIPTION
OF THE TRUST</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trust is a common law trust, formed
on December 30, 2009 under New York law pursuant to the Trust Agreement. The Trust holds platinum and is expected from time to
time to issue Baskets in exchange for deposits of platinum and to distribute platinum in connection with redemptions of Baskets.
The investment objective of the Trust is for the Shares to reflect the performance of the price of physical platinum, less the
Trust&rsquo;s expenses. The Sponsor believes that, for many investors, the Shares represent a cost-effective investment relative
to traditional means of investing in platinum. The material terms of the Trust Agreement are discussed under &ldquo;Description
of the Trust Agreement.&rdquo; The Shares represent units of fractional undivided beneficial interest in and ownership of the Trust.
The Trust is not managed like a corporation or an active investment vehicle. The platinum held by the Trust will only be delivered
to pay the Sponsor&rsquo;s Fee, distributed to Authorized Participants in connection with the redemption of Baskets or sold (1)
on an as-needed basis to pay Trust expenses not assumed by the Sponsor, (2) in the event the Trust terminates and liquidates its
assets, or (3) as otherwise required by law or regulation. The delivery or sale of platinum to pay fees and expenses by the Trust
is a taxable event to Shareholders. See &ldquo;United States Federal Income Tax Consequences&mdash;Taxation of US Shareholders.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trust is not registered as an investment
company under the Investment Company Act of 1940 and is not required to register under such act. The Trust does not hold or trade
in commodity futures contracts, &ldquo;commodity interests&rdquo; or any other instruments regulated by the CEA, as administered
by the CFTC or NFA. The Trust is not a commodity pool for purposes of the CEA, and neither the Sponsor, nor the Trustee is subject
to regulation as a commodity pool operator or a commodity trading adviser in connection with the Trust or Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trust creates and redeems Shares
from time to time but only in Baskets (a Basket equals a block of 50,000 Shares). The number of outstanding Shares is expected
to increase and decrease from time to time as a result of the creation and redemption of Baskets. The creation and redemption of
Baskets requires the delivery to the Trust or the distribution by the Trust of the amount of platinum and any cash represented
by the Baskets being created or redeemed. The total amount of platinum and any cash required for the creation of Baskets is based
on the combined NAV of the number of Baskets being created or redeemed. The number of ounces of platinum required to create a Basket
or to be delivered upon a redemption of a Basket gradually decreases over time. This is because the Shares comprising a Basket
represent a decreasing amount of platinum due to the delivery or sale of the Trust&rsquo;s platinum to pay the Sponsor&rsquo;s
Fee or the Trust&rsquo;s expenses not assumed by the Sponsor. Baskets may be created or redeemed only by Authorized Participants,
who pay a transaction fee of $500 for each order to create or redeem Baskets. Authorized Participants may sell to other investors
all or part of the Shares included in the Baskets they purchase from the Trust. See &ldquo;Plan of Distribution.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trustee determines the NAV of the
Trust on each day that the NYSE Arca is open for regular trading, as promptly as practicable after 4:00 p.m. New York time. The
NAV of the Trust is the aggregate value of the Trust&rsquo;s assets less its estimated accrued but unpaid liabilities (which include
accrued expenses). In determining the Trust&rsquo;s NAV, the Trustee values the platinum held by the Trust based on the LME PM
Fix price for an ounce of platinum or such other publicly available price as the Sponsor may deem fairly represents the commercial
value of the Trust&rsquo;s platinum. The Trustee also determines the NAV per Share. If on a day when the Trust&rsquo;s NAV is being
calculated the LME PM Fix is not available or has not been announced by 4:00&nbsp;p.m. New York time, the platinum price from the
next most recent LME PM Fix is used, unless the Sponsor determines that such price is inappropriate to use.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trust&rsquo;s assets consist of allocated
physical platinum, platinum credited to an unallocated platinum account and, from time to time, cash, which is used to pay expenses
not assumed by the Sponsor. Except for the transfer of platinum in or out of the Trust Unallocated Account in connection with the
creation or redemption of Baskets, upon a delivery of platinum to pay the Sponsor&rsquo;s Fee or upon a sale of platinum to pay
the Trust&rsquo;s expenses not assumed by the Sponsor, it is anticipated that only a small amount of unallocated platinum will
be held in the Trust Unallocated Account. Cash held by the Trust will not generate any income. Each Share represents a proportional
interest, based on the total number of Shares outstanding, in the platinum and any cash held by the Trust, less the Trust&rsquo;s
liabilities (which include accrued but unpaid fees and expenses). The Sponsor expects that the secondary market trading price of
the Shares will fluctuate over time in response to the price of platinum. In addition, the Sponsor expects that the trading price
of the Shares will reflect the estimated accrued but unpaid expenses of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Investors may obtain on a 24-hour basis
platinum pricing information based on the spot price for an ounce of platinum from various financial information service providers.
Current spot prices are also generally available with bid/ask spreads from physical platinum dealers. In addition, the Trust&rsquo;s
website (<U>https://www.etfsus.com/institutional/us/en-us/products/product/etfs-physical-platinum-shares-pplt-arca</U>) provides
ongoing pricing information for platinum spot prices and the Shares. Market prices for the Shares are available from a variety
of sources including brokerage firms, information websites and other information service providers. The NAV of the Trust is published
by the Sponsor on each day that the NYSE Arca is open for regular trading and is posted on the Trust&rsquo;s website.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trust has no fixed termination date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>T<A NAME="c65480a011_v1"></A>HE SPONSOR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Sponsor is a Delaware limited liability
company. The Sponsor&rsquo;s office is located at 1735 Market Street, 32nd Floor, Philadelphia, Pennsylvania 19103. Under the Delaware
Limited Liability Company Act and the governing documents of the Sponsor, the sole member of the Sponsor, AAMI, is not responsible
for the debts, obligations and liabilities of the Sponsor solely by reason of being the sole member of the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>The Sponsor&rsquo;s Role</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Sponsor arranged for the creation
of the Trust, the registration of the Shares for their public offering in the United States and the listing of the Shares on the
NYSE Arca. The Sponsor has agreed to assume the following administrative and marketing expenses incurred by the Trust: the Trustee&rsquo;s
monthly fee and out-of-pocket expenses, the Custodian&rsquo;s fee and the reimbursement of the Custodian&rsquo;s expenses under
the Custody Agreements, Exchange listing fees, SEC registration fees, printing and mailing costs, audit fees and up to $100,000
per annum in legal expenses. The Sponsor also paid the costs of the Trust&rsquo;s organization and the initial sale of the Shares,
including the applicable SEC registration fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Sponsor does not exercise day-to-day
oversight over the Custodian. The Sponsor may remove the Trustee and appoint a successor Trustee (1) if the Trustee
ceases to meet certain objective requirements (including the requirement that it have capital, surplus and undivided profits of
at least $150 million); (2) if, having received written notice of a material breach of its obligations under the Trust Agreement,
the Trustee has not cured the breach within 30 days; or (3) if the Trustee refuses to consent to the implementation of an amendment
to the Trust&rsquo;s initial Internal Control Over Financial Reporting. The Sponsor also has the right to replace the Trustee during
the 90 days following any merger, consolidation or conversion in which the Trustee is not the surviving entity or, in its discretion,
on the fifth anniversary of the creation of the Trust or on any subsequent third anniversary thereafter. The Sponsor also has the
right to approve any new or additional custodian that the Trustee may wish to appoint and any new or additional Zurich Sub-Custodian
that the Custodian may wish to appoint.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Sponsor or one of its affiliates
or agents (1) develops a marketing plan for the Trust on an ongoing basis, (2)&nbsp;prepares marketing materials regarding the
Shares, including the content of the Trust&rsquo;s website and (3) executes the marketing plan for the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>T<A NAME="c65480a012_v1"></A>HE TRUSTEE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Bank of New York Mellon, a banking
corporation organized under the laws of the State of New York with trust powers (&ldquo;BNYM&rdquo;), serves as the Trustee. BNYM
has a trust office at 2 Hanson Place, Brooklyn, New York 11217. BNYM is subject to supervision by the New York State Financial
Services Department and the Board of Governors of the Federal Reserve System. Information regarding creation and redemption Basket
composition, NAV of the Trust, transaction fees and the names of the parties that have each executed an Authorized Participant
Agreement may be obtained from BNYM. A copy of the Trust Agreement is available for inspection at BNYM&rsquo;s trust office identified
above. Under the Trust Agreement, the Trustee is required to have capital, surplus and undivided profits of at least $150 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>The Trustee&rsquo;s Role</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trustee is generally responsible
for the day-to-day administration of the Trust, including keeping the Trust&rsquo;s operational records. The Trustee&rsquo;s principal
responsibilities include (1) transferring the Trust&rsquo;s platinum as needed to pay the Sponsor&rsquo;s Fee in platinum (platinum
transfers are expected to occur approximately monthly in the ordinary course), (2) valuing the Trust&rsquo;s platinum and calculating
the NAV of the Trust and the NAV per Share, (3) receiving and processing orders from Authorized Participants to create and redeem
Baskets and coordinating the processing of such orders with the Custodian and DTC, (4) selling the Trust&rsquo;s platinum as needed
to pay any extraordinary Trust expenses that are not assumed by the Sponsor, (5) when appropriate, making distributions of cash
or other property to Shareholders, and (6) receiving and reviewing reports from or on the Custodian&rsquo;s custody of and transactions
in the Trust&rsquo;s platinum. The Trustee shall, with respect to directing the Custodian, act in accordance with the instructions
of the Sponsor. If the Custodian resigns, the Trustee shall appoint an additional or replacement custodian selected by the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trustee intends to regularly communicate
with the Sponsor to monitor the overall performance of the Trust. The Trustee does not monitor the performance of the Custodian,
the Zurich Sub-Custodian or any other sub-custodian other than to review the reports provided by the Custodian pursuant to the
Custody Agreements. The Trustee, along with the Sponsor, liaises with the Trust&rsquo;s legal, accounting and other professional
service providers as needed. The Trustee assists and supports the Sponsor with the preparation of all periodic reports required
to be filed with the SEC on behalf of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trustee&rsquo;s monthly fees and
out-of-pocket expenses are paid by the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Affiliates of the Trustee may from time
to time act as Authorized Participants or purchase or sell platinum or Shares for their own account, as agent for their customers
and for accounts over which they exercise investment discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>T<A NAME="c65480a013_v1"></A>HE CUSTODIAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">JPMorgan Chase Bank, N.A. (&ldquo;JPMorgan&rdquo;)
serves as the Custodian of the Trust&rsquo;s platinum. JPMorgan is a national banking association organized under the laws of the
United States of America. JPMorgan is subject to supervision by the Federal Reserve Bank of New York and the Federal Deposit Insurance
Corporation. JPMorgan&rsquo;s London office is regulated by the FCA and is located at 25 Bank Street, London, E14 5JP, United Kingdom.
JPMorgan Chase Bank, N.A. is a subsidiary of JPMorgan Chase &amp; Co. While the UK operations of the Custodian are regulated by
the FCA, the custodial services provided by the Custodian and any sub-custodian, including the Zurich Sub-Custodian under the Custody
Agreements are presently not a regulated activity subject to the supervision and rules of the FCA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>The Custodian&rsquo;s Role</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Custodian is responsible for the
safekeeping of the Trust&rsquo;s platinum deposited with it by Authorized Participants in connection with the creation of Baskets.
The Custodian is also responsible for selecting the Zurich Sub-Custodian and its other direct sub-custodians, if any. The Custodian
facilitates the transfer of platinum in and out of the Trust through the unallocated platinum accounts it maintains for each Authorized
Participant and the unallocated and allocated platinum accounts it maintains for the Trust. The Custodian holds at its London,
England vault premises that portion of the Trust&rsquo;s allocated platinum to be held in London. The Zurich Sub-Custodian holds
at its Zurich, Switzerland vault premises that portion of the Trust&rsquo;s allocated platinum to be held in Zurich on behalf of
the Custodian. The Custodian is responsible for allocating specific plates or ingots of physical platinum to the Trust&rsquo;s
allocated platinum account. The Custodian provides the Trustee with regular reports detailing the platinum transfers in and out
of the Trust&rsquo;s unallocated and allocated platinum accounts and identifying the platinum plates or ingots held in the Trust&rsquo;s
allocated platinum account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Custodian&rsquo;s fees and expenses
under the Custody Agreements are paid by the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Custodian and its affiliates may
from time to time act as Authorized Participants or purchase or sell platinum or Shares for their own account, as agent for their
customers and for accounts over which they exercise investment discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Inspection of Platinum</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Under the Custody Agreements, the Trustee,
the Sponsor and the Sponsor&rsquo;s auditors and inspectors may, only up to twice a year, visit the premises of the Custodian for
the purpose of examining the Trust&rsquo;s platinum and certain related records maintained by the Custodian. Under the Allocated
Account Agreement, the Custodian agreed to procure similar inspection rights from the Zurich Sub-Custodian. Any such inspection
rights with respect to the Zurich Sub-Custodian are expected to be granted in accordance with the normal course of dealing between
the Custodian and the Zurich Sub-Custodian. Visits by auditors and inspectors to the Zurich Sub-Custodian&rsquo;s facilities will
be arranged through the Custodian. Other than with respect to the Zurich Sub-Custodian, the Trustee and the Sponsor have no right
to visit the premises of any sub-custodian for the purposes of examining the Trust&rsquo;s platinum or any records maintained by
the sub-custodian, and no sub-custodian is obligated to cooperate in any review the Trustee or the Sponsor may wish to conduct
of the facilities, procedures, records or creditworthiness of such sub-custodian.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Sponsor has exercised its right
to visit the Custodian and the Zurich Sub-Custodian in order to examine the platinum and the records maintained by them. The most
recent inspections were conducted by Inspectorate International Limited, a leading commodity inspection and testing company retained
by the Sponsor, on May 16, 2018 and May 26, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The results can be found on <U>www.etfsus.com</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>D<A NAME="c65480a014_v1"></A>ESCRIPTION
OF THE SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trustee is authorized under the Trust
Agreement to create and issue an unlimited number of Shares. The Trustee creates Shares only in Baskets (a Basket equals a block
of 50,000 Shares) and only upon the order of an Authorized Participant. The Shares represent units of fractional undivided beneficial
interest in and ownership of the Trust and have no par value. Any creation and issuance of Shares above the amount registered on
the Trust&rsquo;s then-current and effective registration statement with the SEC will require the registration of such additional
Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Description of Limited Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Shares do not represent a traditional
investment and you should not view them as similar to &ldquo;shares&rdquo; of a corporation operating a business enterprise with
management and a board of directors. Shareholders do not have the statutory rights normally associated with the ownership of shares
of a corporation, including, for example, the right to bring &ldquo;oppression&rdquo; or &ldquo;derivative&rdquo; actions. All
Shares are of the same class with equal rights and privileges. Each Share is transferable, is fully paid and non-assessable and
entitles the holder to vote on the limited matters upon which Shareholders may vote under the Trust Agreement. The Shares do not
entitle their holders to any conversion or pre-emptive rights, or, except as provided below, any redemption rights or rights to
distributions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Distributions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">If the Trust is terminated and liquidated,
the Trustee will distribute to the Shareholders any amounts remaining after the satisfaction of all outstanding liabilities of
the Trust and the establishment of such reserves for applicable taxes, other governmental charges and contingent or future liabilities
as the Trustee shall determine. Shareholders of record on the record date fixed by the Trustee for a distribution will be entitled
to receive their pro rata portion of any distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Voting and Approvals</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Under the Trust Agreement, Shareholders
have no voting rights, except in limited circumstances. The Trustee may terminate the Trust upon the agreement of Shareholders
owning at least 75% of the outstanding Shares. In addition, certain amendments to the Trust Agreement require advance notice to
the Shareholders before the effectiveness of such amendments, but no Shareholder vote or approval is required for any amendment
to the Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Redemption of the Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Shares may only be redeemed by or
through an Authorized Participant and only in Baskets. See &ldquo;Creation and Redemption of Shares&rdquo; for details on the redemption
of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Book Entry Form</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Individual certificates will not be issued
for the Shares. Instead, one or more global certificates are deposited by the Trustee with DTC and registered in the name of Cede
&amp; Co., as nominee for DTC. The global certificates evidence all of the Shares outstanding at any time. Under the Trust Agreement,
Shareholders are limited to (1) participants in DTC such as banks, brokers, dealers and trust companies (DTC Participants), (2)
those who maintain, either directly or indirectly, a custodial relationship with a DTC Participant (Indirect Participants), and
(3) those banks, brokers, dealers, trust companies and others who hold interests in the Shares through DTC Participants or Indirect
Participants. The Shares are only transferable through the book entry system of DTC. Shareholders who are not DTC Participants
may transfer their Shares through DTC by instructing the DTC Participant holding their Shares (or by instructing the Indirect Participant
or other entity through which their Shares are held) to transfer the Shares. Transfers are made in accordance with standard securities
industry practice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>C<A NAME="c65480a015_v1"></A>USTODY
OF THE TRUST&rsquo;S PLATINUM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Custody of the physical platinum deposited
with and held by the Trust is provided by the Custodian at its London, England vaults and by the Zurich Sub-Custodian selected
by the Custodian in its Zurich vaults and by other sub-custodians on a temporary basis. The Custodian is a market maker, clearer
and approved weigher under the rules of the LPPM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Custodian is the custodian of the
physical platinum credited to Trust Allocated Account in accordance with the Custody Agreements. The Custodian segregates the physical
platinum credited to the Trust Allocated Account from any other precious metal it holds or holds for others by entering appropriate
entries in its books and records, and requires the Zurich Sub-Custodian to also segregate the physical platinum of the Trust from
the other platinum held by it for other customers of the Custodian and the Zurich Sub-Custodian&rsquo;s other customers. The Custodian
requires the Zurich Sub-Custodian to identify in its books and records the Trust as having the rights to the physical platinum
credited to its Trust Allocated Account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Custodian, as instructed by the Trustee
on behalf of the Trust, is authorized to accept, on behalf of the Trust, deposits of platinum in unallocated form. Acting on standing
instructions specified in the Custody Agreements, the Custodian will or will require the Zurich Sub-Custodian to allocate platinum
deposited in unallocated form with the Trust by selecting plates or ingots of physical platinum for deposit to the Trust Allocated
Account. All physical platinum allocated to the Trust must conform to the rules, regulations, practices and customs of the LPPM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The process of withdrawing platinum from
the Trust for a redemption of a Basket will follow the same general procedure as for depositing platinum with the Trust for a creation
of a Basket, only in reverse. Each transfer of platinum between the Trust Allocated Account and the Trust Unallocated Account connected
with a creation or redemption of a Basket may result in a small amount of platinum being held in the Trust Unallocated Account
after the completion of the transfer. In making deposits and withdrawals between the Trust Allocated Account and the Trust Unallocated
Account, the Custodian will use commercially reasonable efforts to minimize the amount of platinum held in the Trust Unallocated
Account as of the close of each business day. See &ldquo;Creation and Redemption of Shares.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>D<A NAME="c65480a016_v1"></A>ESCRIPTION
OF THE CUSTODY AGREEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Allocated Account Agreement between
the Trustee and the Custodian establishes the Trust Allocated Account. The Unallocated Account Agreement between the Trustee and
the Custodian establishes the Trust Unallocated Account. These agreements are sometimes referred to together as the &ldquo;Custody
Agreements&rdquo; in this prospectus. The following is a description of the material terms of the Custody Agreements. As the Custody
Agreements are similar in form, they are discussed together, with material distinctions between the agreements noted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Reports</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Custodian provides the Trustee with
reports for each business day, no later than the following business day, identifying the movements of platinum in and out of the
Trust Allocated Account and the credits and debits of platinum to the Trust Unallocated Account and containing sufficient information
to identify each plate or ingot of platinum held in the Trust Allocated Account and whether the Custodian or the Zurich Sub-Custodian
has possession of such plate or ingot. The Custodian also provides the Trustee with monthly statements of account for the Trust
Allocated Account and the Trust Unallocated Account as of the last business day of each month. Under the Custody Agreements, a
&ldquo;business day&rdquo; generally means any day that is both a &ldquo;London Business Day,&rdquo; when commercial banks generally
and the London platinum market are open for the transaction of business in London, and a &ldquo;Zurich Business Day,&rdquo; when
commercial banks generally and the Zurich platinum market are open for the transaction of business in Zurich.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Custodian&rsquo;s records of all
deposits to and withdrawals from, and all debits and credits to, the Trust Allocated Account and the Trust Unallocated Account
which are to occur on a business day, and all end of business day account balances in the Trust Allocated Account and Trust Unallocated
Account, are stated as of the close of the Custodian&rsquo;s business (usually 4:00 PM London time) on such business day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Zurich Sub-Custodian</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Under the Allocated Account Agreement,
the Custodian selects the Zurich Sub-Custodian for the custody and safekeeping of the Trust&rsquo;s physical platinum to be held
in Zurich in its vault premises.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Custodian will use reasonable care
in selecting any Zurich Sub-Custodian. The Custodian must require the Zurich Sub-Custodian to segregate the platinum held by it
for the Trust from platinum which it holds for its other customers, the Custodian, and any other customers of the Custodian by
making appropriate entries in its books and records. The Custodian has required the Zurich Sub-Custodian to deliver, and the Zurich
Sub-Custodian has delivered, to the Custodian (with a copy to the Trustee and the Sponsor) an acknowledgement and undertaking to
segregate all physical platinum held by it for the Trust from any platinum which it owns or holds for others and which it holds
for the Custodian and any other customers of the Custodian, and in each case make appropriate entries in its books and records
reflecting such segregation of the Trust&rsquo;s platinum. The Zurich Sub-Custodian that the Custodian currently uses is UBS AG.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Sub-custodians</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Under the Allocated Account Agreement,
the Custodian may select, with the exception of the Zurich Sub-Custodian, other sub-custodians solely for the temporary holding
of platinum for it until transported to the Custodian&rsquo;s London vault premises or the Zurich Sub-Custodian&rsquo;s Zurich
vault premises. These sub-custodians may in turn select other sub-custodians to perform their duties, including temporarily holding
platinum for them, but the Custodian is not responsible for (and therefore has no liability in relation to) the selection of those
other sub-custodians. The Allocated Account Agreement requires the Custodian to use reasonable care in selecting any sub-custodian
and provides that, except for the Custodian&rsquo;s obligation to use commercially reasonable efforts to obtain delivery of platinum
held by any other sub-custodians when necessary, the Custodian is not liable for the acts or omissions, or for the solvency, of
any sub-custodian that it selects unless the selection of that sub-custodian was made negligently or in bad faith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The sub-custodians selected and used
by the Custodian as of the date of this prospectus are: Brink&rsquo;s Limited, Malca-Amit UK Limited, London, Loomis UK Limited,
Johnson Matthey plc, Royston and UBS AG, Zurich. The Allocated Account Agreement provides that the Custodian will notify the Trustee
if it selects any additional sub-custodians or stops using any sub-custodian it has previously selected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Location and Segregation of Platinum;
Access</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Platinum held for the Trust Allocated
Account by the Custodian is held at the Custodian&rsquo;s London vault premises or by the Zurich Sub-Custodian in its Zurich vault
premises. Platinum may be temporarily held for the Trust Allocated Account by other sub-custodians selected by the Custodian and
by sub-custodians of sub-custodians in vaults located in England, Zurich or in other locations. Where the physical platinum is
held for the Trust Allocated Account by any sub-custodian, the Custodian agrees to use commercially reasonable efforts to promptly
arrange for the delivery of any such physical platinum held on behalf of the Trust to the Custodian&rsquo;s London vault premises
or the Zurich Sub-Custodian&rsquo;s Zurich vault premises at the Custodian&rsquo;s own cost and risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Custodian segregates by identification
in its books and records the Trust&rsquo;s platinum in the Trust Allocated Account from any other platinum which it owns or holds
for others and requires the Zurich Sub-Custodian and any other sub-custodians it selects to so segregate the Trust&rsquo;s platinum
held by them. This requirement reflects the current custody practice in the London platinum market, and under the Allocated Account
Agreement, the Custodian is required to communicate this segregation requirement to the Zurich Sub-Custodian, who in turn must
provide written acknowledgment of this requirement to the Custodian. The Custodian&rsquo;s books and records are expected, as a
matter of current London platinum market custody practice, to identify every plate or ingot of platinum held in the Trust Allocated
Account in its own vault by refiner, assay or fineness, serial number and gross and fine weight. The Zurich Sub-Custodian and any
other sub-custodians selected by the Custodian are also expected, as a matter of current industry practice, to identify in their
books and records each plate or ingot of platinum held for the Custodian by serial number and such sub-custodians may use other
identifying information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trustee and the Sponsor and their
auditors may, during normal business hours, visit the Custodian&rsquo;s premises up to twice a year and examine the Trust&rsquo;s
platinum held there and such records of the Custodian concerning the Trust Allocated Account and the Trust Unallocated Account
as they may be reasonably required to perform their respective duties to investors in the Shares. With respect to the Trust Unallocated
Account, a second visit to the Custodian&rsquo;s premises in any calendar year shall require the consent of the Custodian, which
consent may not be withheld unreasonably. Visits by auditors and inspectors to the Zurich Sub-Custodian&rsquo;s facilities will
be arranged through the Custodian.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Transfers into the Trust Unallocated
Account</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Custodian credits to the Trust Unallocated
Account the amount of platinum it receives from the Trust Allocated Account, an Authorized Participant Unallocated Account or from
other third party unallocated accounts for credit to the Trust Unallocated Account. Unless otherwise agreed by the Custodian in
writing, the only platinum the Custodian accepts for credit to the Trust Unallocated Account is platinum that the Trustee has transferred
from the Trust Allocated Account, an Authorized Participant Unallocated Account or a third party unallocated account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Transfers from the Trust Unallocated
Account</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Custodian transfers platinum from
the Trust Unallocated Account only in accordance with the Trustee&rsquo;s instructions to the Custodian. A transfer of platinum
from the Trust Unallocated Account may only be made (1) by transferring platinum to an Authorized Participant Unallocated Account;
(2) by transferring platinum to the Trust Allocated Account; (3) by transferring platinum to pay the Sponsor&rsquo;s Fee; (4) by
making platinum available for collection at the Custodian&rsquo;s vault premises or at such other location as the Custodian may
direct, at the Trust&rsquo;s expense and risk; (5) by delivering the platinum to such location as the Trustee directs, at the Trust&rsquo;s
expense and risk; or (6) by transfer to an account maintained by the Custodian or by a third party on an unallocated basis in connection
with the sale of platinum or other transfers permitted under the Trust Agreement. Transfers made pursuant to clauses (4) and (5)
will be made only on an exceptional basis, with transfers under clause (6) expected to include transfers made in connection with
a sale of platinum to pay expenses of the Trust not paid by the Sponsor or with the liquidation of the Trust. Any platinum made
available in physical form will be in a form which complies with the rules, regulations, practices and customs of the LPPM or any
applicable regulatory body (Custody Rules) or in such other form as may be agreed between the Trustee and the Custodian, and in
all cases will comprise one or more whole platinum plates or ingots selected by the Custodian.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Custodian uses commercially reasonable
efforts to transfer platinum from the Trust Unallocated Account to the Trust Allocated Account by 2:00 p.m. London time on each
business day. In doing so, the Custodian shall identify plates and ingots of a weight most closely approximating, but not exceeding,
the balance in the Trust Unallocated Account and shall transfer such weight from the Trust Unallocated Account to the Trust Allocated
Account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Transfers into the Trust Allocated
Account</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Custodian receives transfers of platinum
into the Trust Allocated Account only at the Trustee&rsquo;s instructions given pursuant to the Unallocated Account Agreement by
debiting platinum from the Trust Unallocated Account and crediting such platinum to the Trust Allocated Account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><BR STYLE="clear: both">
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Transfers from the Trust Allocated
Account</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Custodian transfers platinum from
the Trust Allocated Account only in accordance with the Trustee&rsquo;s instructions. Generally, the Custodian transfers platinum
from the Trust Allocated Account only by debiting platinum from the Trust Allocated Account and crediting the platinum to the Trust
Unallocated Account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Right to Refuse Transfers or Amend
Transfer Procedures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Custodian may refuse to accept instructions
to transfer platinum to or from the Trust Unallocated Account and the Trust Allocated Account if in the Custodian&rsquo;s opinion
they are or may be contrary to the rules, regulations, practices and customs of the LPPM or contrary to any applicable law. The
Custodian may amend the procedures for transferring platinum to or from the Trust Unallocated Account or for the physical withdrawal
of platinum from the Trust Unallocated Account or the Trust Allocated Account or impose such additional procedures in relation
to the transfer of platinum to or from the Trust Unallocated Account as the Custodian may from time to time consider necessary
due to a change in rules of the LPPM or a banking or regulatory association governing the Custodian. The Custodian will notify
the Trustee within a commercially reasonable time before the Custodian amends these procedures or imposes additional ones.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Custodian receives no fee under the
Unallocated Account Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Trust Unallocated Account Credit and
Debit Balances</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">No interest will be paid by the Custodian
on any credit balance to the Trust Unallocated Account. The Trust Unallocated Account may not at any time have a debit or negative
balance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Exclusion of Liability</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Custodian uses reasonable care in
the performance of its duties under the Custody Agreements and is only responsible for any loss or damage suffered by the Trust
as a direct result of any negligence, fraud or willful default in the performance of its duties. The Custodian&rsquo;s liability
under the Allocated Account Agreement is further limited to the market value of the platinum lost or damaged at the time such negligence,
fraud or willful default is discovered by the Custodian, provided that the Custodian promptly notifies the Trustee after any discovery of such lost or damaged platinum.
The Custodian&rsquo;s liability under the Unallocated Account Agreement is further limited to the market value of the platinum
lost or damaged at the time such negligence, fraud or willful default is discovered by the Custodian, provided that the Custodian
promptly notifies the Trustee after any discovery of such lost or damaged platinum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Furthermore, the Custodian has no duty
to make or take or to require the Zurich Sub-Custodian or any other sub-custodian selected by it to make or take any special arrangements
or precautions beyond those required by the Custody Rules or as specifically set forth in the Custody Agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Indemnity</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trustee will, solely out of the Trust&rsquo;s
assets, indemnify the Custodian (on an after tax basis) on demand against all costs and expenses, damages, liabilities and losses
which the Custodian may suffer or incur in connection with the Custody Agreements, except to the extent that such sums are due
directly to the Custodian&rsquo;s negligence, willful default or fraud.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Insurance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Custodian maintains such insurance
for its business, including its bullion and custody business, as it deems appropriate in connection with its custodial and other
obligations and is responsible for all costs, fees and expenses arising from the insurance policy or policies attributable to its
relationship with the Trust. Consistent with industry standards, the Custodian maintains a group insurance policy that covers all
metals held in its, its sub-custodians&rsquo;, and the Zurich Sub-Custodian&rsquo;s vaults for the accounts of all its customers
for a variety of events. The Trustee and the Sponsor may, subject to confidentiality restrictions, be provided with details of
this insurance coverage from time to time upon reasonable prior notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Force Majeure</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Custodian is not liable for any delay
in performance or any non-performance of any of its obligations under the Custody Agreements by reason of any cause beyond its
reasonable control, including acts of God, war or terrorism.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Termination</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Custody Agreements have an initial
five year term and will automatically renew for successive five year terms unless otherwise terminated. The Trustee and the Custodian
may each terminate any Custody Agreement for any reason, including if either the Custodian or the Zurich Sub-Custodian ceases to
offer the services contemplated by the Custody Agreements to its clients or proposes to withdraw from the physical platinum business,
upon 90 business days&rsquo; prior notice. The Custody Agreements may also be terminated with immediate effect as follows: (1)
by the Trustee, if the Custodian ceased to offer the services contemplated by the Custody Agreement to its clients or proposed
to withdraw from the physical platinum business; (2) by the Trustee or the Custodian, if it becomes unlawful for the Custodian
or the Trustee to have entered into the Custody Agreements or to provide or receive the services thereunder; (3) by the Custodian,
if the Custodian determines in its reasonable view that the Trust is insolvent or faces impending insolvency, or by the Trustee
if the Trustee determines in its sole view that the Custodian is insolvent or faces impending insolvency; (4) by the Trustee, if
the Trust is to be terminated; or (5) by the Trustee or the Custodian, if either of the Custody Agreements ceases to be in full
force and effect. If either the Allocated Account Agreement or the Unallocated Account Agreement is terminated, the other agreement
automatically terminates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">If redelivery arrangements acceptable
to the Custodian for the platinum held in the Trust Allocated Account are not made, the Custodian may continue to store the platinum
and continue to charge for its fees and expenses, and, after six months from the termination date, the Custodian may sell the platinum
and account to the Trustee for the proceeds. If arrangements acceptable to the Custodian for redelivery of the balance in the Trust
Unallocated Account are not made, the Custodian may continue to charge for its fees and expenses payable under the Allocated Account
Agreement, and, after six months from the termination date, the Custodian may close the Trust Unallocated Account and account to
the Trustee for the proceeds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Governing Law</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Custody Agreements and the Custodian&rsquo;s
arrangement with the Zurich Sub-Custodian are governed by English law. The Trustee and the Custodian both consent to the non-exclusive
jurisdiction of the courts of the State of New York and the federal courts located in the borough of Manhattan in New York City.
Such consent is not required for any person to assert a claim of New York jurisdiction over the Trustee or the Custodian.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>C<A NAME="c65480a017_v1"></A>REATION
AND REDEMPTION OF SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trust creates and redeems Shares
from time to time, but only in one or more Baskets (a Basket equals a block of 50,000 Shares). The creation and redemption of Baskets
is only made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of platinum and any cash
represented by the Baskets being created or redeemed, the amount of which is based on the combined NAV of the number of Shares
included in the Baskets being created or redeemed determined on the day the order to create or redeem Baskets is properly received.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Authorized Participants are the only
persons that may place orders to create and redeem Baskets. Authorized Participants must be (1) registered broker-dealers or other
securities market participants, such as banks and other financial institutions, which are not required to register as broker-dealers
to engage in securities transactions, and (2) participants in DTC. To become an Authorized Participant, a person must enter into
an Authorized Participant Agreement with the Sponsor and the Trustee. The Authorized Participant Agreement provides the procedures
for the creation and redemption of Baskets and for the delivery of the platinum and any cash required for such creations and redemptions.
The Authorized Participant Agreement and the related procedures attached thereto may be amended by the Trustee and the Sponsor,
without the consent of any Shareholder or Authorized Participant. Authorized Participants pay a transaction fee of $500 to the
Trustee for each order they place to create or redeem one or more Baskets. Authorized Participants who make deposits with the Trust
in exchange for Baskets receive no fees, commissions or other form of compensation or inducement of any kind from either the Sponsor
or the Trust, and no such person has any obligation or responsibility to the Sponsor or the Trust to effect any sale or resale
of Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Authorized Participants are cautioned
that some of their activities will result in their being deemed participants in a distribution in a manner which would render them
statutory underwriters and subject them to the prospectus-delivery and liability provisions of the Securities Act, as described
in &ldquo;Plan of Distribution.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Prior to initiating any creation or redemption
order, an Authorized Participant must have entered into an agreement with the Custodian or a platinum clearing bank to establish
an Authorized Participant Unallocated Account in London or Zurich (Authorized Participant Unallocated Bullion Account Agreement).
Platinum held in Authorized Participant Unallocated Accounts is typically not segregated from the Custodian&rsquo;s or other platinum
clearing bank&rsquo;s assets, as a consequence of which an Authorized Participant will have no proprietary interest in any specific
plates or ingots of platinum held by the Custodian or the platinum clearing bank. Credits to its Authorized Participant Unallocated
Account are therefore at risk of the Custodian&rsquo;s or other platinum clearing bank&rsquo;s insolvency. No fees will be charged
by the Custodian for the use of the Authorized Participant Unallocated Account as long as the Authorized Participant Unallocated
Account is used solely for platinum transfers to and from the Trust Unallocated Account and the Custodian (or one of its affiliates)
receives compensation for maintaining the Trust Allocated Account. Authorized Participants should be aware that the Custodian&rsquo;s
liability threshold under the Authorized Participant Unallocated Bullion Account Agreement is generally gross negligence, not negligence,
which is the Custodian&rsquo;s liability threshold under the Trust&rsquo;s Custody Agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">As the terms of the Authorized Participant
Unallocated Bullion Account Agreement differ in certain respects from the terms of the Trust Unallocated Account Agreement, potential
Authorized Participants should review the terms of the Authorized Participant Unallocated Bullion Account Agreement carefully.
A copy of the Authorized Participant Agreement may be obtained by potential Authorized Participants from the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Certain Authorized Participants are expected
to have the facility to participate directly in the physical platinum market and the platinum futures market. In some cases, an
Authorized Participant may from time to time acquire platinum from or sell platinum to its affiliated platinum trading desk, which
may profit in these instances. Each Authorized Participant must be registered as a broker-dealer under the Securities Exchange
Act of 1934 (Exchange Act) and regulated by FINRA or be exempt from being or otherwise not be required to be so regulated or registered,
and be qualified to act as a broker or dealer in the states or other jurisdictions where the nature of its business so requires.
Certain Authorized Participants are regulated under federal and state banking laws and regulations. Each Authorized Participant
has its own set of rules and procedures, internal controls and information barriers as it determines is appropriate in light of
its own regulatory regime.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Authorized Participants may act for their
own accounts or as agents for broker-dealers, custodians and other securities market participants that wish to create or redeem
Baskets. An order for one or more Baskets may be placed by an Authorized Participant on behalf of multiple clients. As of the date
of this prospectus, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., EWT, LLC, Goldman Sachs &amp; Co., Goldman
Sachs Execution &amp; Clearing, L.P., HSBC Securities (USA) Inc., J.P. Morgan Securities Inc., Merrill Lynch Professional Clearing
Corp., Morgan Stanley &amp; Co. Incorporated, Newedge USA, LLC, Scotia Capital (USA) Inc., UBS Securities LLC and Virtu Financial
BD, LLC have each signed an Authorized Participant Agreement with the Trust and, upon the effectiveness of such agreement, may
create and redeem Baskets as described above. Persons interested in purchasing Baskets should contact the Sponsor or the Trustee
to obtain the contact information for the Authorized Participants. Shareholders who are not Authorized Participants will only be
able to redeem their Shares through an Authorized Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">All platinum is delivered to the Trust
and distributed by the Trust in unallocated form through credits and debits between Authorized Participant Unallocated Accounts
and the Trust Unallocated Account. Platinum transferred from an Authorized Participant Unallocated Account to the Trust in unallocated
form will first be credited to the Trust Unallocated Account. Thereafter, the Custodian will allocate, or cause the allocation
by the Zurich Sub-Custodian of, specific plates or ingots of platinum representing the amount of platinum credited to the Trust
Unallocated Account (to the extent such amount is representable by whole platinum plates or ingots) to the Trust Allocated Account.
The movement of platinum is reversed for the distribution of platinum to an Authorized Participant in connection with the redemption
of Baskets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">All physical platinum represented by
a credit to any Authorized Participant Unallocated Account and to the Trust Unallocated Account and all physical platinum held
in the Trust Allocated Account with the Custodian or for the Custodian by the Zurich Sub-Custodian must be of at least a minimum
fineness (or purity) of 999.5 parts per 1,000 (99.95%) and otherwise conform to the rules, regulations practices and customs of
the LPPM, including the specifications for a Good Delivery Platinum Plate or Ingot.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Under the Authorized Participant Agreement,
the Sponsor has agreed to indemnify the Authorized Participants against certain liabilities, including liabilities under the Securities
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><I>Loco London &amp; Loco Zurich Platinum
Delivery Elections</I>. Authorized Participants can elect to deliver platinum loco London or loco Zurich in connection with the
creation of a Basket. Authorized Participants can also elect to receive delivery of platinum loco London or loco Zurich in connection
with the redemption of a Basket. A Basket creation order that elects a loco London or loco Zurich delivery of platinum will cause
the Custodian to effect an allocation of such platinum to the Trust Allocated Account maintained by the Custodian in its London
vault premises or by the Zurich Sub-Custodian in its Zurich vault premises. Likewise, a Basket redemption order that elects a loco
London or loco Zurich delivery of platinum will cause the Custodian to effect a de-allocation of platinum necessary to satisfy
such redemption requests from the Trust Allocated Account maintained by the Custodian to the Trust Unallocated Account. In the
event that there is not sufficient platinum in the Trust Allocated Account in London to satisfy loco London redemptions, the Custodian
shall cause the Zurich Sub-Custodian to de-allocate sufficient platinum held in the Trust Allocated Account in Zurich and cause
a transfer of platinum from the Trust Unallocated Account maintained by the Custodian in Zurich to the Authorized Participant Unallocated
Account maintained in London. Likewise, in the event that there is not sufficient platinum in the Trust Allocated Account in Zurich
to satisfy loco Zurich redemptions, the Custodian will initiate the reverse procedure to transfer platinum from London to Zurich.
These transfers between London and Zurich unallocated accounts will generally occur pursuant to loco swap arrangements and will
not expose the Authorized Participant or the Trust to any additional expense. The Custodian has assumed the responsibility and
expenses for loco swap transfers and shall bear any risk of loss related to the platinum being transferred. If no loco swap counterparty
is available, the Custodian shall arrange, at its own expense and risk, for the physical transportation of platinum between the
Zurich Sub-Custodian&rsquo;s Zurich vault premises and the Custodian&rsquo;s London vault premises. If such a loco swap or physical
transfer is necessary to effect a loco London or loco Zurich redemption, the settlement of loco London or loco Zurich redemption
deliveries may be delayed more than two, but not more than five, business days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The following description of the procedures
for the creation and redemption of Baskets is only a summary and an investor should refer to the relevant provisions of the Trust
Agreement and the form of Authorized Participant Agreement for more detail, each of which is attached as an exhibit to the registration
statement of which this prospectus is a part. See &ldquo;Where You Can Find More Information&rdquo; for information about where
you can obtain the registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Creation Procedures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">On any business day, an Authorized Participant
may place an order with the Trustee to create one or more Baskets. Creation and redemption orders are accepted on &ldquo;business
days&rdquo; the NYSE Arca is open for regular trading. Settlements of such orders requiring receipt or delivery, or confirmation
of receipt or delivery, of platinum in the United Kingdom, Zurich or another jurisdiction will occur on &ldquo;business days&rdquo;
when (1) banks in the United Kingdom, Zurich and such other jurisdiction and (2) the London and Zurich platinum markets are regularly
open for business. If such banks or the London or Zurich platinum markets are not open for regular business for a full day, such
a day will only be a &ldquo;business day&rdquo; for settlement purposes if the settlement procedures can be completed by the end
of such day. Redemption settlements including platinum deliveries loco London may be delayed longer than two, but no more than
five, business days following the redemption order date. Settlement of orders requiring receipt or delivery, or confirmation of
receipt or delivery, of Shares will occur, after confirmation of the applicable platinum delivery, on &ldquo;business days&rdquo;
when the NYSE Arca is open for regular trading. Purchase orders must be placed no later than 3:59:59 p.m. on each business day
the NYSE Arca is open for regular trading. The day on which the Trustee receives a valid purchase order is the purchase order date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">By placing a purchase order, an Authorized
Participant agrees to deposit platinum with the Trust. Prior to the delivery of Baskets for a purchase order, the Authorized Participant
must also have wired to the Trustee the non-refundable transaction fee due for the purchase order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><I>Determination of required deposits</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The amount of the required platinum deposit
is determined by dividing the number of ounces of platinum held by the Trust by the number of Baskets outstanding, as adjusted
for the amount of platinum constituting estimated accrued but unpaid fees and expenses of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Fractions of a fine ounce of platinum
smaller than 0.001 of a fine ounce which are included in the platinum deposit amount are disregarded in the foregoing calculation.
All questions as to the composition of a Creation Basket Deposit will be finally determined by the Trustee. The Trustee&rsquo;s
determination of the Creation Basket Deposit shall be final and binding on all persons interested in the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><I>Delivery of required deposits</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">An Authorized Participant who places
a purchase order is responsible for crediting its Authorized Participant Unallocated Account with the required platinum deposit
amount by the second business day in London or Zurich following the purchase order date. Upon receipt of the platinum deposit amount,
the Custodian, after receiving appropriate instructions from the Authorized Participant and the Trustee, will transfer on the second
business day following the purchase order date the platinum deposit amount from the Authorized Participant Unallocated Account
to the Trust Unallocated Account and the Trustee will direct DTC to credit the number of Baskets ordered to the Authorized Participant&rsquo;s
DTC account. The expense and risk of delivery, ownership and safekeeping of platinum until such platinum has been received by the
Trust shall be borne solely by the Authorized Participant. If platinum is to be delivered other than as described above, the Sponsor
is authorized to establish such procedures and to appoint such custodians and establish such custody accounts in addition to those
described in this prospectus, as the Sponsor determines to be desirable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Acting on standing instructions given
by the Trustee, the Custodian will transfer the platinum deposit amount from the Trust Unallocated Account to the Trust Allocated
Account by transferring platinum plates and ingots from its inventory or the inventory of the Zurich Sub-Custodian to the Trust
Allocated Account. The Custodian will use commercially reasonable efforts to complete the transfer of platinum to the Trust Allocated
Account prior to the time by which the Trustee is to credit the Basket to the Authorized Participant&rsquo;s DTC account; if, however,
such transfers have not been completed by such time, the number of Baskets ordered will be delivered against receipt of the platinum
deposit amount in the Trust Unallocated Account, and all Shareholders will be exposed to the risks of unallocated platinum to the
extent of that platinum deposit amount until the Custodian completes the allocation process or the Zurich Sub-Custodian completes
the allocation process for the Custodian. See &ldquo;Risk Factors&mdash;Platinum held in the Trust&rsquo;s unallocated platinum
account and any Authorized Participant&rsquo;s unallocated platinum account is not segregated from the Custodian&rsquo;s assets....&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Because platinum is allocated only in
multiples of whole plates or ingots, the amount of platinum allocated from the Trust Unallocated Account to the Trust Allocated
Account may be less than the total fine ounces of platinum credited to the Trust Unallocated Account. Any balance will be held
in the Trust Unallocated Account. The Custodian uses commercially reasonable efforts to minimize the amount of platinum held in
the Trust Unallocated Account; no more than 192 ounces of platinum (maximum weight to make one Good Delivery Platinum Plate or
Ingot) is expected to be held in the Trust Unallocated Account at the close of each business day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><I>Rejection of purchase orders</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trustee may reject a purchase order
or a Creation Basket Deposit if such order or Creation Basket Deposit is not presented in proper form as described in the Authorized
Participant Agreement or if the fulfillment of the order, in the opinion of counsel, might be unlawful. None of the Trustee, the
Sponsor or the Custodian will be liable for the rejection of any purchase order or Creation Basket Deposit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Redemption Procedures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The procedures by which an Authorized
Participant can redeem one or more Baskets mirror the procedures for the creation of Baskets. On any business day, an Authorized
Participant may place an order with the Trustee to redeem one or more Baskets. Redemption orders must be placed no later than 3:59:59
p.m. on each business day the NYSE Arca is open for regular trading. A redemption order so received is effective on the date it
is received in satisfactory form by the Trustee. The redemption procedures allow Authorized Participants to redeem Baskets and
do not entitle an individual Shareholder to redeem any Shares in an amount less than a Basket, or to redeem Baskets other than
through an Authorized Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">By placing a redemption order, an Authorized
Participant agrees to deliver the Baskets to be redeemed through DTC&rsquo;s book entry system to the Trust not later than the
second business day following the effective date of the redemption order. Prior to the delivery of the redemption distribution
for a redemption order, the Authorized Participant must also have wired to the Trustee the non-refundable transaction fee due for
the redemption order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><I>Determination of redemption distribution</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The redemption distribution from the
Trust consists of a credit to the redeeming Authorized Participant&rsquo;s Authorized Participant Unallocated Account representing
the amount of the platinum held by the Trust evidenced by the Shares being redeemed. Fractions of a fine ounce of platinum included
in the redemption distribution smaller than 0.001 of a fine ounce are disregarded. Redemption distributions will be subject to
the deduction of any applicable tax or other governmental charges which may be due.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><I>Delivery of redemption distribution</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The redemption distribution due from
the Trust will be delivered to the Authorized Participant on the second business day following a loco Zurich redemption order date
if, by 10:00 AM New York time on such second business day, the Trustee&rsquo;s DTC account has been credited with the Baskets to
be redeemed. The redemption distribution due from the Trust will be delivered to the Authorized Participant on or before the fifth
business day following a loco London redemption order date if, by 10:00 a.m. New York time on the second business day after the
loco London redemption order date, the Trustee&rsquo;s DTC account has been credited with the Baskets to be redeemed. If a loco
swap or physical transfer is necessary to effect a loco London or loco Zurich redemption, the redemption distribution due from
the Trust will be delivered to the Authorized Participant on or before the fifth business day following such a loco London or loco
Zurich redemption order date if, by 10:00 a.m. New York time on the second business day after the loco London or loco Zurich redemption
order date, the Trustee&rsquo;s DTC account has been credited with the Baskets to be redeemed. In the event that, by 10:00 a.m.
New York time on the second business day following the order date of a redemption order, the Trustee&rsquo;s DTC account has not
been credited with the total number of Shares corresponding to the total number of Baskets to be redeemed pursuant to such redemption
order, the Trustee shall send to the Authorized Participant and the Custodian via fax or electronic mail message notice of such
fact and the Authorized Participant shall have two business days following receipt of such notice to correct such failure. If such
failure is not cured within such two business day period, the Trustee (in consultation with the Sponsor) will cancel such redemption
order and will send via fax or electronic mail message notice of such cancellation to the Authorized Participant and the Custodian,
and the Authorized Participant will be solely responsible for all costs incurred by the Trust, the Trustee or the Custodian related
to the cancelled order. The Trustee is also authorized to deliver the redemption distribution notwithstanding that the Baskets
to be redeemed are not credited to the Trustee&rsquo;s DTC account by 10:00 a.m. New York time on the second business day following
the redemption order date if the Authorized Participant has collateralized its obligation to deliver the Baskets through DTC&rsquo;s
book entry system on such terms as the Sponsor and the Trustee may from time to time agree upon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Custodian transfers the redemption
platinum amount from the Trust Allocated Account to the Trust Unallocated Account and, thereafter, to the redeeming Authorized
Participant&rsquo;s Authorized Participant Unallocated Account. The Authorized Participant and the Trust are each at risk in respect
of platinum credited to their respective unallocated accounts in the event of the Custodian&rsquo;s insolvency. See &ldquo;Risk
Factors&mdash;Platinum held in the Trust&rsquo;s unallocated platinum account and any Authorized Participant&rsquo;s unallocated
platinum account is not segregated from the Custodian&rsquo;s assets....&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">As with the allocation of platinum to
the Trust Allocated Account which occurs upon a purchase order, if in transferring platinum from the Trust Allocated Account to
the Trust Unallocated Account in connection with a redemption order there is an excess amount of platinum transferred to the Trust
Unallocated Account, the excess over the platinum redemption amount will be held in the Trust Unallocated Account. The Custodian
uses commercially reasonable efforts to minimize the amount of platinum held in the Trust Unallocated Account; no more than 192
ounces of platinum (maximum weight to make one Good Delivery Platinum Plate or Ingot) is expected to be held in the Trust Unallocated
Account at the close of each business day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><I>Suspension or rejection of redemption
orders</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trustee may, in its discretion, and
will, when directed by the Sponsor, suspend the right of redemption, or postpone the redemption settlement date, (1) for any period
during which the NYSE Arca is closed other than customary weekend or holiday closings, or trading on the NYSE Arca is suspended
or restricted or (2) for any period during which an emergency exists as a result of which delivery, disposal or evaluation of platinum
is not reasonably practicable. None of the Sponsor, the Trustee or the Custodian are liable to any person or in any way for any
loss or damages that may result from any such suspension or postponement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trustee will reject a redemption
order if the order is not in proper form as described in the Authorized Participant Agreement or if the fulfillment of the order,
in the opinion of its counsel, might be unlawful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Creation and Redemption Transaction
Fee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">To compensate the Trustee for services
in processing the creation and redemption of Baskets, an Authorized Participant is required to pay a transaction fee to the Trustee
of $500 per order to create or redeem Baskets. An order may include multiple Baskets. The transaction fee may be reduced, increased
or otherwise changed by the Trustee with the consent of the Sponsor. The Trustee shall notify DTC of any agreement to change the
transaction fee and will not implement any increase in the fee for the redemption of Baskets until 30 days after the date of the
notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Tax Responsibility</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Authorized Participants are responsible
for any transfer tax, sales or use tax, recording tax, value added tax or similar tax or governmental charge applicable to the
creation or redemption of Baskets, regardless of whether or not such tax or charge is imposed directly on the Authorized Participant,
and agree to indemnify the Sponsor, the Trustee and the Trust if they are required by law to pay any such tax, together with any
applicable penalties, additions to tax or interest thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>D<A NAME="c65480a018_v1"></A>ESCRIPTION
OF THE TRUST AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trust operates under the terms of
the Trust Agreement, dated as of December 30, 2009 between the Sponsor and the Trustee. A copy of the Trust Agreement is available
for inspection at the Trustee&rsquo;s office. The following is a description of the material terms of the Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>The Sponsor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">This section summarizes some of the important
provisions of the Trust Agreement which apply to the Sponsor. For a general description of the Sponsor&rsquo;s role concerning
the Trust, see &ldquo;The Sponsor&mdash;The Sponsor&rsquo;s Role.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><I>Liability of the Sponsor and indemnification</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Sponsor will not be liable to the
Trustee or any Shareholder for any action taken or for refraining from taking any action in good faith, or for errors in judgment
or for depreciation or loss incurred by reason of the sale of any platinum or other assets of the Trust. However, the preceding
liability exclusion will not protect the Sponsor against any liability resulting from its own gross negligence, willful misconduct
or bad faith in the performance of its duties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Sponsor and its members, managers,
directors, officers, employees, affiliates (as such term is defined under the Securities Act) and subsidiaries shall be indemnified
from the Trust and held harmless against any loss, liability or expense incurred without (1) gross negligence, bad faith, willful
misconduct or willful malfeasance on the part of such indemnified party arising out of or in connection with the performance of
its obligations under the Trust Agreement and under each other agreement entered into by the Sponsor in furtherance of the administration
of the Trust (including, without limiting the scope of the foregoing, the Custody Agreements and any Authorized Participant Agreement)
or any actions taken in accordance with the provisions of the Trust Agreement or (2) reckless disregard on the part of such indemnified
party of its obligations and duties under the Trust Agreement. Such indemnity shall include payment from the Trust of the costs
and expenses incurred by such indemnified party in defending itself against any claim or liability in its capacity as Sponsor.
Any amounts payable to an indemnified party may be payable in advance or shall be secured by a lien on the Trust. The Sponsor may,
in its discretion, undertake any action which it may deem necessary or desirable in respect of the Trust Agreement and the interests
of the Shareholders and, in such event, the legal expenses and costs of any such actions shall be expenses and costs of the Trust
and the Sponsor shall be entitled to be reimbursed therefor by the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Sponsor may rely on all information
provided by the Trustee for securities filings, including a free writing prospectus or marketing materials. If such information
is incorrect or omits material information and is the foundation for a claim against the Sponsor, the Sponsor may be entitled to
indemnification from the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><I>Successor sponsors</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">If the Sponsor is adjudged bankrupt or
insolvent, or a receiver of the Sponsor or of its property is appointed, or a trustee or liquidator or any public officer takes
charge or control of the Sponsor or of its property or affairs for the purpose of rehabilitation, conservation or liquidation,
then, in any such case, the Trustee may terminate and liquidate the Trust and distribute its remaining assets. The Trustee has
no obligation to appoint a successor sponsor or to assume the duties of the Sponsor and will have no liability to any person because
the Trust is or is not terminated as described in the preceding sentence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>The Trustee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">This section summarizes some of the important
provisions of the Trust Agreement which apply to the Trustee. For a general description of the Trustee&rsquo;s role concerning
the Trust, see &ldquo;The Trustee&mdash;The Trustee&rsquo;s Role.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><I>Qualifications of the Trustee</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trustee and any successor trustee
must be (1) a bank, trust company, corporation or national banking association organized and doing business under the laws of the
United States or any of its states, and authorized under such laws to exercise corporate trust powers; (2) a participant in DTC
or such other securities depository as shall then be acting with respect to the Shares; and (3) unless counsel to the Sponsor,
the appointment of which is acceptable to the Trustee, determines that such requirement is not necessary for the exception under
section 408(m)(3)(B) of the United States Internal Revenue Code of 1986, as amended (Code), to apply, a banking institution as
defined in Code section 408(n). The Trustee and any successor trustee must have, at all times, an aggregate capital, surplus, and
undivided profits of at least $150 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><I>General duty of care of Trustee</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trustee is a fiduciary under the
Trust Agreement; provided, however, that the fiduciary duties and responsibilities and liabilities of the Trustee are limited by,
and are only those specifically set forth in, the Trust Agreement. For limitations of the fiduciary duties of the Trustee, see
the limitations on liability set forth in &ldquo;The Trustee&mdash;Limitation on Trustee&rsquo;s liability&rdquo; and &ldquo;The
Trustee&mdash;Trustee&rsquo;s liability for custodial services and agents.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><I>Limitation on Trustee&rsquo;s liability</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trustee will not be liable for the
disposition of platinum or moneys, or in respect of any evaluation which it makes under the Trust Agreement or otherwise, or for
any action taken or omitted or for any loss or injury resulting from its actions or its performance or lack of performance of its
duties under the Trust Agreement in the absence of gross negligence, willful misconduct or bad faith on its part. In no event will
the Trustee be liable for acting in accordance with or conclusively relying upon any instruction, notice, demand, certificate or
document (1) from the Sponsor or a Custodian or any entity acting on behalf of either which the Trustee believes is given as authorized
by the Trust Agreement or a Custody Agreement, respectively; or (2) from or on behalf of any Authorized Participant which the Trustee
believes is given pursuant to or is authorized by an Authorized Participant Agreement (provided that the Trustee has complied with
the verification procedures specified in the Authorized Participant Agreement). In no event will the Trustee be liable for acting
or omitting to act in reliance upon the advice of or information from legal counsel, accountants or any other person believed by
it in good faith to be competent to give such advice or information. In addition, the Trustee will not be liable for any delay
in performance or for the non-performance of any of its obligations under the Trust Agreement by reason of causes beyond its reasonable
control, including acts of God, war or terrorism. The Trustee will not be liable for any indirect, consequential, punitive or special
damages, regardless of the form of action and whether or not any such damages were foreseeable or contemplated, or for an amount
in excess of the value of the Trust&rsquo;s assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><I>Trustee&rsquo;s liability for custodial
services and agents</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trustee will not be answerable for
the default of the Custodian, the Zurich Sub-Custodian or any other custodian of the Trust&rsquo;s platinum employed at the direction
of the Sponsor or selected by the Trustee with reasonable care. The Trustee does not monitor the performance of the Custodian,
the Zurich Sub-Custodian or any other sub-custodian other than to review the reports provided by the Custodian pursuant to the
Custody Agreements. The Trustee may also employ custodians for Trust assets other than platinum, agents, attorneys, accountants,
auditors and other professionals and shall not be answerable for the default or misconduct of any of them if they were selected
with reasonable care. The fees and expenses charged by custodians for the custody of platinum and related services, agents, attorneys,
accountants, auditors or other professionals, and expenses reimbursable to any custodian under a custody agreement authorized by
the Trust Agreement, exclusive of fees for services to be performed by the Trustee, are expenses of the Sponsor or the Trust. Fees
paid for the custody of assets other than platinum are an expense of the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><I>Taxes</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trustee will not be personally liable
for any taxes or other governmental charges imposed upon the platinum or its custody, moneys or other Trust assets, or on the income
therefrom or the sale or proceeds of the sale thereof, or upon it as Trustee or upon or in respect of the Trust or the Shares which
it may be required to pay under any present or future law of the United States of America or of any other taxing authority having
jurisdiction in the premises. For all such taxes and charges and for any expenses, including counsel&rsquo;s fees, which the Trustee
may sustain or incur with respect to such taxes or charges, the Trustee will be reimbursed and indemnified out of the Trust&rsquo;s
assets and the payment of such amounts shall be secured by a lien on the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><I>Indemnification of the Trustee</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trustee, its directors, employees
and agents shall be indemnified from the Trust and held harmless against any loss, liability or expense (including, but not limited
to, the reasonable fees and expenses of counsel) arising out of or in connection with the performance of its obligations under
the Trust Agreement and under each other agreement entered into by the Trustee in furtherance of the administration of the Trust
(including, without limiting the scope of the foregoing, the Custody Agreements and any Authorized Participant Agreement, including
the Trustee&rsquo;s indemnification obligations under these agreements) or by reason of the Trustee&rsquo;s acceptance of the Trust
incurred without (1) gross negligence, bad faith, willful misconduct or willful malfeasance on the part of such indemnified party
in connection with the performance of its obligations under the Trust Agreement or any such other agreement or any actions taken
in accordance with the provisions of the Trust Agreement or any such other agreement or (2) reckless disregard on the part of such
indemnified party of its obligations and duties under the Trust Agreement or any such other agreement. Such indemnity shall include
payment from the Trust of the costs and expenses incurred by such indemnified party in defending itself against any claim or liability
in its capacity as Trustee. Any amounts payable to an indemnified party may be payable in advance or shall be secured by a lien
on the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><I>Indemnity for actions taken to protect
the Trust</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trustee is under no obligation to
appear in, prosecute or defend any action that in its opinion may involve it in expense or liability, unless it is furnished with
reasonable security and indemnity against the expense or liability. The Trustee&rsquo;s costs resulting from the Trustee&rsquo;s
appearance in, prosecution of or defense of any such action are deductible from and will constitute a lien against the Trust&rsquo;s
assets. Subject to the preceding conditions, the Trustee shall, in its discretion, undertake such action as it may deem necessary
to protect the Trust and the rights and interests of all Shareholders pursuant to the terms of the Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><I>Protection for amounts due to Trustee</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">If any fees or costs owed to the Trustee
under the Trust Agreement are not paid when due by the Sponsor, the Trustee may sell or otherwise dispose of any Trust assets (including
platinum) and pay itself from the proceeds provided, however, that the Trustee may not charge to the Trust unpaid fees owed to
the Trustee by the Sponsor in excess of the fees payable to the Sponsor by the Trust without regard to any waiver by the Sponsor
of its fees. As security for all obligations owed to the Trustee under the Trust Agreement, the Trustee is granted a continuing
security interest in, and a lien on, the Trust&rsquo;s assets and all Trust distributions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><I>Holding of Trust property other than
platinum</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trustee holds and records the ownership
of the Trust&rsquo;s assets in a manner so that it is owned by the Trust and the Trustee as trustee thereof for the benefit of
the Shareholders for the purposes of, and subject to and limited by the terms and conditions set forth in, the Trust Agreement.
Other than issuance of the Shares, the Trust shall not issue or sell any certificates or other obligations or, except as provided
in the Trust Agreement, otherwise incur, assume or guarantee any indebtedness for money borrowed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">All moneys held by the Trustee shall
be held by it, without interest thereon or investment thereof, as a deposit for the account of the Trust. Such monies held shall
be deemed segregated by maintaining such monies in an account or accounts for the exclusive benefit of the Trust. The Trustee may
also employ custodians for Trust assets other than platinum, agents, attorneys, accountants, auditors and other professionals and
shall not be answerable for the default or misconduct of any such custodians, agents, attorneys, accountants, auditors and other
professionals if such custodians, agents, attorneys, accountants, auditors or other professionals shall have been selected with
reasonable care. Any Trust assets other than platinum or cash are held by the Trustee either directly or through the Federal Reserve/Treasury
Book Entry System for United States and federal agency securities (Book Entry System), DTC, or through any other clearing agency
or similar system (Clearing Agency), if available. The Trustee will have no responsibility or liability for the actions or omissions
of the Book Entry System, DTC or any Clearing Agency. The Trustee shall not be liable for ascertaining or acting upon any calls,
conversions, exchange offers, tenders, interest rate changes, or similar matters relating to securities held at DTC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><I>Resignation, discharge or removal
of Trustee; successor trustees</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trustee may at any time resign as
Trustee by written notice of its election so to do, delivered to the Sponsor, and such resignation shall take effect upon the appointment
of a successor Trustee and its acceptance of such appointment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Sponsor may remove the Trustee in
its discretion on the fifth anniversary of the date of the Trust Agreement by written notice delivered to the Trustee at least
90 days prior to such date or, thereafter, on the last day of any subsequent three-year period by written notice delivered to the
Trustee at least 90 days prior to such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Sponsor may also remove the Trustee
at any time if the Trustee (1) ceases to be a Qualified Bank (as defined below), (2) is in material breach of its obligations under
the Trust Agreement and fails to cure such breach within 30 days after receipt of written notice from the Sponsor or Shareholders
acting on behalf of at least 25% of the outstanding Shares specifying such default and requiring the Trustee to cure such default,
or (3) fails to consent to the implementation of an amendment to the Trust&rsquo;s initial Internal Control Over Financial Reporting
deemed necessary by the Sponsor and, after consultations with the Sponsor, the Sponsor and the Trustee fail to resolve their differences
regarding such proposed amendment. Under such circumstances, the Sponsor, acting on behalf of the Shareholders, may remove the
Trustee by written notice delivered to the Trustee and such removal shall take effect upon the appointment of a successor Trustee
and its acceptance of such appointment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">A &ldquo;Qualified Bank&rdquo; means
a bank, trust company, corporation or national banking association organized and doing business under the laws of the United States
or any State of the United States that is authorized under those laws to exercise corporate trust powers and that (1) is a DTC
Participant or a participant in such other depository as is then acting with respect to the Shares; (2) unless counsel to the Sponsor,
the appointment of which is acceptable to the Trustee, determines that the following requirement is not necessary for the exception
under section 408(m) of the Code, to apply, is a banking institution as defined in section 408(n) of the Code and (3) had, as of
the date of its most recent annual financial statements, an aggregate capital, surplus and undivided profits of at least $150 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Sponsor may also remove the Trustee
at any time if the Trustee merges into, consolidates with or is converted into another corporation or entity in a transaction in
which the Trustee is not the surviving entity. The surviving entity from such a transaction shall be the successor of the Trustee
without the execution or filing of any document or any further act; however, during the 90-day period following the effectiveness
of such transaction, the Sponsor may, by written notice to the Trustee, remove the Trustee and designate a successor Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">If the Trustee resigns or is removed,
the Sponsor, acting on behalf of the Shareholders, shall use its reasonable efforts to appoint a successor Trustee, which shall
be a Qualified Bank. Every successor Trustee shall execute and deliver to its predecessor and to the Sponsor, acting on behalf
of the Shareholders, an instrument in writing accepting its appointment, and thereupon such successor Trustee, without any further
act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor; but such predecessor,
nevertheless, upon payment of all sums due it and on the written request of the Sponsor, acting on behalf of the Shareholders,
shall execute and deliver an instrument transferring to such successor all rights and powers of such predecessor, shall duly assign,
transfer and deliver all right, title and interest in the Trust&rsquo;s assets to such successor, and shall deliver to such successor
a list of the Shareholders of all outstanding Shares. The Sponsor or any such successor Trustee shall promptly mail notice of the
appointment of such successor Trustee to the Shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">If the Trustee resigns and no successor
trustee is appointed within 60 days after the date the Trustee issues its notice of resignation, the Trustee will terminate and
liquidate the Trust and distribute its remaining assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>The Custodian and Custody of the Trust&rsquo;s
Platinum</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">This section summarizes some of the important
provisions of the Trust Agreement which apply to the Custodian and the custody of the Trust&rsquo;s platinum. For a general description
of the Custodian&rsquo;s role, see &ldquo;The Custodian&mdash;The Custodian&rsquo;s Role.&rdquo; For more information on the custody
of the Trust&rsquo;s platinum, see &ldquo;Custody of the Trust&rsquo;s Platinum&rdquo; and &ldquo;Description of the Custody Agreements.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trustee, on behalf of the Trust,
entered into the Custody Agreements with the Custodian under which the Custodian maintains the Trust Allocated Account and the
Trust Unallocated Account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">If upon the resignation of any custodian
there would be no custodian acting pursuant to the Custody Agreements, the Trustee shall, promptly after receiving notice of such
resignation, appoint a substitute custodian or custodians selected by the Sponsor pursuant to custody agreements approved by the
Sponsor; provided, however, that the rights and duties of the Trustee under the Trust Agreement and such custody agreements shall
not be materially altered without its consent. When directed by the Sponsor or if the Trustee in its discretion determines that
it is in the best interest of the Shareholders to do so and with the written approval of the Sponsor (which approval shall not
be unreasonably withheld or delayed), the Trustee shall appoint a substitute or additional custodian or custodians, which shall
thereafter be one of the custodians under the Trust Agreement. The Trustee shall not enter into or amend any custody agreement
with a custodian without the written approval of the Sponsor (which approval shall not be unreasonably withheld or delayed). When
instructed by the Sponsor, the Trustee shall demand that a custodian of the Trust deliver such of the Trust&rsquo;s platinum held
by it as is requested of it to any other custodian or such substitute or additional custodian or custodians directed by the Sponsor.
Each such substitute or additional custodian shall forthwith upon its appointment enter into a custody agreement in form and substance
approved by the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Sponsor will appoint accountants
or other inspectors to monitor the accounts and operations of the Custodian and any successor custodian or additional custodian
and for enforcing the obligations of each such custodian as is necessary to protect the Trust and the rights and interests of the
Shareholders. The Trustee has no obligation to monitor the activities of any Custodian other than to receive and review such reports
of the platinum held for the Trust by such Custodian and of transactions in platinum held for the account of the Trust made by
such Custodian pursuant to the Custody Agreements. See &ldquo;The Trustee&mdash;The Trustee&rsquo;s Role&rdquo; for a description
of limitations on the ability of the Trustee to monitor the performance of the Custodian. In the event that the Sponsor determines
that the maintenance of platinum with a particular custodian is not in the best interests of the Shareholders, the Sponsor will
direct the Trustee to initiate action to remove the platinum from the custody of such custodian or take such other action as the
Trustee determines appropriate to safeguard the interests of the Shareholders. The Trustee shall have no liability for any such
action taken at the direction of the Sponsor or, in the absence of such direction, any action taken by it in good faith. The Trustee&rsquo;s
only contractual rights are to direct the Custodian pursuant to the Custody Agreements, and the Trustee has no contractual right
or obligation to direct the Zurich Sub-Custodian.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Valuation of Platinum, Definition
of Net Asset Value and Adjusted Net Asset Value</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">On each day that the NYSE Arca is open
for regular trading, as promptly as practicable after 4:00 p.m. New York time, on such day (Evaluation Time), the Trustee evaluates
the platinum held by the Trust and determines both the ANAV and the NAV of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">At the Evaluation Time, the Trustee values
the Trust&rsquo;s platinum on the basis of that day&rsquo;s LME PM Fix or, if no LME PM Fix is made on such day, the next most
recent LME PM Fix determined prior to the Evaluation Time will be used, unless the Sponsor determines that such price is inappropriate
as a basis for evaluation. In the event the Sponsor determines that the LME PM Fix or such other publicly available price as the
Sponsor may deem fairly represents the commercial value of the Trust&rsquo;s platinum is not an appropriate basis for evaluation
of the Trust&rsquo;s platinum, it shall identify an alternative basis for such evaluation to be employed by the Trustee. Neither
the Trustee nor the Sponsor shall be liable to any person for the determination that the LME PM Fix or such other publicly available
price is not appropriate as a basis for evaluation of the Trust&rsquo;s platinum or for any determination as to the alternative
basis for such evaluation provided that such determination is made in good faith. See &ldquo;Operation of the Platinum Market&mdash;The
Platinum Market&rdquo; for a description of the LME PM Fix.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Once the value of the platinum has been
determined, the Trustee subtracts all estimated accrued but unpaid fees (other than the fees accruing for such day on which the
valuation takes place computed by reference to the value of the Trust or its assets), expenses and other liabilities of the Trust
from the total value of the platinum and any other assets of the Trust. The resulting figure is the ANAV of the Trust. The ANAV
of the Trust is used to compute the Sponsor&rsquo;s Fee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">All fees accruing for the day on which
the valuation takes place computed by reference to the value of the Trust or its assets shall be calculated using the ANAV calculated
for such day on which the valuation takes place. The Trustee shall subtract from the ANAV the amount of accrued fees so computed
for such day and the resulting figure is the NAV of the Trust. The Trustee will also determine the NAV per Share by dividing the
NAV of the Trust by the number of the Shares outstanding as of the close of trading on the NYSE Arca (which includes the net number
of any Shares created or redeemed on such evaluation day).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trustee&rsquo;s estimation of accrued
but unpaid fees, expenses and liabilities is conclusive upon all persons interested in the Trust and no revision or correction
in any computation made under the Trust Agreement will be required by reason of any difference in amounts estimated from those
actually paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Sponsor and the Shareholders may
rely on any evaluation furnished by the Trustee, and the Sponsor has no responsibility for the evaluation&rsquo;s accuracy. The
determinations the Trustee makes will be made in good faith upon the basis of, and the Trustee will not be liable for any errors
contained in, information reasonably available to it. The Trustee will not be liable to the Sponsor, DTC, Authorized Participants
or the Shareholders for errors in judgment. However, the preceding liability exclusion will not protect the Trustee against any
liability resulting from bad faith or gross negligence in the performance of its duties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Other Expenses</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">If at any time, other expenses are incurred
outside the daily business of the Trust and the Sponsor&rsquo;s Fee, the Trustee will at the discretion of the Sponsor or in its
own discretion sell the Trust&rsquo;s platinum as necessary to pay such expenses. The Trust shall not bear any expenses incurred
in connection with the issuance and distribution of the securities being registered. These expenses shall be paid by the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Sales of Platinum</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trustee will at the direction of
the Sponsor or, in the absence of such direction, may, in its discretion, sell the Trust&rsquo;s platinum as necessary to pay the
Trust&rsquo;s expenses not otherwise assumed by the Sponsor. The Trustee will not sell platinum to pay the Sponsor&rsquo;s Fee.
The Sponsor&rsquo;s Fee is paid through delivery of platinum from the Trust Unallocated Account that had been de-allocated from
the Trust Allocated Account for this purpose. When selling platinum to pay other expenses, the Trustee is authorized to sell the
smallest amounts of platinum needed to pay expenses in order to minimize the Trust&rsquo;s holdings of assets other than platinum.
The Trustee places orders with dealers (which may include the Custodian) as directed by the Sponsor or, in the absence of such
direction, with dealers through which the Trustee may reasonably expect to obtain a favorable price and good execution of orders.
The Custodian may be the purchaser of such platinum at the price used by the Trustee to determine the value of the Trust&rsquo;s
platinum on the date of sale. Neither the Trustee nor the Sponsor is liable for depreciation or loss incurred by reason of any
sale. See &ldquo;United States Federal Income Tax Consequences&mdash;Taxation of US Shareholders&rdquo; for information on the
tax treatment of platinum sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trustee will also sell the Trust&rsquo;s
platinum if the Sponsor notifies the Trustee that sale is required by applicable law or regulation or in connection with the termination
and liquidation of the Trust. The Trustee will not be liable or responsible in any way for depreciation or loss incurred by reason
of any sale of platinum directed by the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Any property received by the Trust other
than platinum, cash or an amount receivable in cash (such as, for example, an insurance claim) will be promptly sold or otherwise
disposed of by the Trustee at the direction of the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>The Securities Depository; Book Entry-Only
System; Global Security</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">DTC acts as securities depository for
the Shares. DTC is a limited-purpose trust company organized under the laws of the State of New York, a member of the Federal Reserve
System, a &ldquo;clearing corporation&rdquo; within the meaning of the New York Uniform Commercial Code, and a &ldquo;clearing
agency&rdquo; registered pursuant to the provisions of section 17A of the Exchange Act. DTC was created to hold securities of DTC
Participants and to facilitate the clearance and settlement of transactions in such securities among the DTC Participants through
electronic book entry changes. This eliminates the need for physical movement of securities certificates. DTC Participants include
securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations, some of whom (and/or
their representatives) own DTC. Access to the DTC system is also available to others such as banks, brokers, dealers and trust
companies that clear through or maintain a custodial relationship with a DTC Participant, either directly or indirectly. DTC is
expected to agree with and represent to the DTC Participants that it will administer its book entry system in accordance with its
rules and by-laws and the requirements of law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Individual certificates will not be issued
for the Shares. Instead, one or more global certificates are signed by the Trustee on behalf of the Trust, registered in the name
of Cede &amp; Co., as nominee for DTC, and deposited with the Trustee on behalf of DTC. The global certificates evidence all of
the Shares outstanding at any time. The representations, undertakings and agreements made on the part of the Trust in the global
certificates are made and intended for the purpose of binding only the Trust and not the Trustee or the Sponsor individually.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Upon the settlement date of any creation,
transfer or redemption of Shares, DTC credits or debits, on its book entry registration and transfer system, the amount of the
Shares so created, transferred or redeemed to the accounts of the appropriate DTC Participants. The Trustee and the Authorized
Participants designate the accounts to be credited and charged in the case of creation or redemption of Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Beneficial ownership of the Shares is
limited to DTC Participants, Indirect Participants and persons holding interests through DTC Participants and Indirect Participants.
Owners of beneficial interests in the Shares are shown on, and the transfer of ownership are effected only through, records maintained
by DTC (with respect to DTC Participants), the records of DTC Participants (with respect to Indirect Participants), and the records
of Indirect Participants (with respect to Shareholders that are not DTC Participants or Indirect Participants). Shareholders are
expected to receive from or through the DTC Participant maintaining the account through which the Shareholder has purchased their
Shares a written confirmation relating to such purchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Shareholders that are not DTC Participants
may transfer the Shares through DTC by instructing the DTC Participant or Indirect Participant through which the Shareholders hold
their Shares to transfer the Shares. Shareholders that are DTC Participants may transfer the Shares by instructing DTC in accordance
with the rules of DTC. Transfers are made in accordance with standard securities industry practice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">DTC may decide to discontinue providing
its service with respect to Baskets and/or the Shares by giving notice to the Trustee and the Sponsor. Under such circumstances,
the Sponsor will find a replacement for DTC to perform its functions at a comparable cost or, if a replacement is unavailable,
the Trustee will terminate the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The rights of the Shareholders generally
must be exercised by DTC Participants acting on their behalf in accordance with the rules and procedures of DTC. Because the Shares
can only be held in book entry form through DTC and DTC Participants, investors must rely on DTC, DTC Participants and any other
financial intermediary through which they hold the Shares to receive the benefits and exercise the rights described in this section.
Investors should consult with their broker or financial institution to find out about procedures and requirements for securities
held in book entry form through DTC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Share Splits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">If the Sponsor believes that the per
Share price in the secondary market for Shares has fallen outside a desirable trading price range, the Sponsor may direct the Trustee
to declare a split or reverse split in the number of Shares outstanding and to make a corresponding change in the number of Shares
constituting a Basket.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Books and Records</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trustee will keep proper books of
record and account of the Trust at its office located in New York or such office as it may subsequently designate. These books
of record are open to inspection by any person who establishes to the Trustee&rsquo;s satisfaction that such person is a Shareholder
at all reasonable times during the usual business hours of the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trustee will keep a copy of the Trust
Agreement on file in its office which is available for inspection at all reasonable times during its usual business hours by any
Shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Statements, Filings and Reports</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">After the end of each fiscal year, the
Sponsor causes to be prepared an annual report for the Trust containing audited financial statements. The annual report is in such
form and contains such information as is required by applicable laws, rules and regulations and may contain such additional information
which the Sponsor determines shall be included. The annual report shall be filed with the SEC and the NYSE Arca and shall be distributed
to such persons and in such manner, as shall be required by applicable laws, rules and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Sponsor is responsible for the registration
and qualification of the Shares under the federal securities laws and any other securities and blue sky laws of the US or any other
jurisdiction as the Sponsor may select. The Sponsor will also prepare, or cause to be prepared, and file any periodic reports or
updates required under the Exchange Act. The Trustee will assist and support the Sponsor in the preparation of such reports.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The accounts of the Trust are audited,
as required by law and as may be directed by the Sponsor, by independent registered public accountants designated from time to
time by the Sponsor. The accountant&rsquo;s report will be furnished by the Trustee to Shareholders upon request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trustee will make such elections,
file such tax returns, and prepare, disseminate and file such tax reports, as it is advised by its counsel or accountants or as
required from time to time by any applicable statute, rule or regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Fiscal Year</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The fiscal year of the Trust is the 12
month period ending December 31 of each year. The Sponsor may select an alternate fiscal year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Termination of the Trust</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trustee will set a date on which
the Trust shall terminate and mail notice of the termination to the Shareholders at least 30 days prior to the date set for termination
if any of the following occurs:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;&bull;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Trustee is notified that the Shares are delisted from the NYSE Arca and are not approved for listing on another national securities exchange within five business days of their delisting;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&bull;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Shareholders acting in respect of at least 75% of the outstanding Shares notify the Trustee that they elect to terminate the Trust;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&bull;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">60 days have elapsed since the Trustee notified the Sponsor of the Trustee&rsquo;s election to resign and a successor trustee has not been appointed and accepted its appointment;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&bull;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the SEC determines that the Trust is an investment company under the Investment Company Act of 1940 and the Trustee has actual knowledge of such SEC determination;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&bull;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the aggregate market capitalization of the Trust, based on the closing price for the Shares, was less than $350 million (as adjusted for inflation) at any time after the first anniversary after the Trust&rsquo;s formation and the Trustee receives, within six months after the last of those trading days, notice from the Sponsor of its decision to terminate the Trust;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&bull;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the CFTC determines that the Trust is a commodity pool under the CEA and the Trustee has actual knowledge of that determination;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&bull;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the Trust fails to qualify for treatment, or ceases to be treated, for US federal income tax purposes, as a grantor trust, and the Trustee receives notice from the Sponsor that the Sponsor determines that, because of that tax treatment or change in tax treatment, termination of the Trust is advisable;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&bull;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">60 days have elapsed since DTC ceases to act as depository with respect to the Shares and the Sponsor has not identified another depository which is willing to act in such capacity; or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&bull;</FONT></TD>
    <TD STYLE="text-align: justify; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt">the Trustee elects to terminate the Trust after the Sponsor is deemed conclusively to have resigned effective immediately as a result of the Sponsor being adjudged bankrupt or insolvent, or a receiver of the Sponsor or of its property being appointed, or a trustee or liquidator or any public officer taking charge or control of the Sponsor or of its property or affairs for the purpose of rehabilitation, conservation or liquidation.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">On and after the date of termination
of the Trust, the Shareholders will, upon (1) surrender of Shares then held, (2) payment of the fee of the Trustee for the surrender
of Shares, and (3) payment of any applicable taxes or other governmental charges, be entitled to delivery of the amount of Trust
assets represented by those Shares. The Trustee shall not accept any deposits of platinum after the date of termination. If any
Shares remain outstanding after the date of termination, the Trustee thereafter shall discontinue the registration of transfers
of Shares, shall not make any distributions to Shareholders, and shall not give any further notices or perform any further acts
under the Trust Agreement, except that the Trustee will continue to collect distributions pertaining to Trust assets and hold the
same uninvested and without liability for interest, pay the Trust&rsquo;s expenses and sell platinum as necessary to meet those
expenses and will continue to deliver Trust assets, together with any distributions received with respect thereto and the net proceeds
of the sale of any other property, in exchange for Shares surrendered to the Trustee (after deducting or upon payment of, in each
case, the fee of the Trustee for the surrender of Shares, any expenses for the account of the Shareholders in accordance with the
terms and conditions of the Trust Agreement, and any applicable taxes or other governmental charges).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">At any time after the expiration of 90
days following the date of termination of the Trust, the Trustee may sell the Trust assets then held under the Trust Agreement
and may thereafter hold the net proceeds of any such sale, together with any other cash then held by the Trustee under the Trust
Agreement, without liability for interest, for the pro rata benefit of the Shareholders that have not theretofore surrendered their
Shares. After making such sale, the Trustee shall be discharged from all obligations under the Trust Agreement, except to account
for such net proceeds and other cash (after deducting, in each case, any fees, expenses, taxes or other governmental charges payable
by the Trust, the fee of the Trustee for the surrender of Shares and any expenses for the account of the Shareholders in accordance
with the terms and conditions of the Trust Agreement, and any applicable taxes or other governmental charges). Upon the termination
of the Trust, the Sponsor shall be discharged from all obligations under the Trust Agreement except for its certain obligations
to the Trustee that survive termination of the Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Amendments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trustee and the Sponsor may amend
any provisions of the Trust Agreement without the consent of any Shareholder. Any amendment that imposes or increases any fees
or charges (other than taxes and other governmental charges, registration fees or other such expenses), or that otherwise prejudices
any substantial existing right of the Shareholders will not become effective as to outstanding Shares until 30 days after notice
of such amendment is given to the Shareholders. Amendments to allow redemption for quantities of platinum smaller or larger than
a Basket or to allow for the sale of platinum to pay cash proceeds upon redemption shall not require notice pursuant to the preceding
sentence. Every Shareholder, at the time any amendment so becomes effective, shall be deemed, by continuing to hold any Shares
or an interest therein, to consent and agree to such amendment and to be bound by the Trust Agreement as amended thereby. In no
event shall any amendment impair the right of the Shareholder to surrender Baskets and receive therefor the amount of Trust assets
represented thereby, except in order to comply with mandatory provisions of applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Governing Law; Consent to New York
Jurisdiction</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trust Agreement, and the rights of
the Sponsor, the Trustee, DTC (as registered owner of the Trust&rsquo;s global certificates for Shares) and the Shareholders under
the Trust Agreement, are governed by the laws of the State of New York. The Sponsor, the Trustee and each Authorized Participant
by its delivery of an Authorized Participant Agreement and each Shareholder by accepting a Share, consents to the jurisdiction
of the courts of the State of New York and any federal courts located in the borough of Manhattan in New York City. Such consent
in not required for any person to assert a claim of New York jurisdiction over the Sponsor or the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>UNITED STATES FEDERAL INCOME TAX CONSEQUENCE<A NAME="c65480a019_v1"></A>S</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The following discussion of the material
US federal income tax consequences that generally applies to the purchase, ownership and disposition of Shares by a US Shareholder
(as defined below), and certain US federal income tax consequences that may apply to an investment in Shares by a Non-US Shareholder
(as defined below). The discussion represents, insofar as it describes conclusions as to US federal income tax law and subject
to the limitations and qualifications described below, the opinion of Reed Smith LLP, counsel to the Sponsor and special US tax
counsel to the Trust. An opinion of counsel, however, is not binding on the United States Internal Revenue Service (IRS) or on
the courts, and does not preclude the IRS from taking a contrary position. The discussion below is based on the Code, United States
Treasury Regulations (&ldquo;Treasury Regulations&rdquo;) promulgated under the Code and judicial and administrative interpretations
of the Code, all as in effect on the date of this prospectus and all of which are subject to change either prospectively or retroactively.
The tax treatment of Shareholders may vary depending upon their own particular circumstances. Certain Shareholders (including broker-dealers,
traders, banks and other financial institutions, insurance companies, real estate investment trusts, tax-exempt entities, Shareholders
whose functional currency is not the US dollar or other investors with special circumstances) may be subject to special rules not
discussed below. In addition, the following discussion applies only to investors who hold Shares as &ldquo;capital assets&rdquo;
within the meaning of Code section 1221 and not as part of a straddle, hedging transaction or a conversion or constructive sale
transaction. Moreover, the discussion below does not address the effect of any state, local or foreign tax law or any transfer
tax on an owner of Shares. Purchasers of Shares are urged to consult their own tax advisors with respect to all federal, state,
local and foreign tax law or any transfer tax considerations potentially applicable to their investment in Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">For purposes of this discussion, a &ldquo;US
Shareholder&rdquo; is a Shareholder that is:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">An individual who is treated as a citizen or resident of the United States for US federal income tax purposes; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">A corporation (or other entity treated as a corporation for US federal tax purposes) created or organized in or under the laws of the United States or any political subdivision thereof; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">An estate, the income of which is includible in gross income for US federal income tax purposes regardless of its source; or </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">A trust, if a court within the United States is able to exercise primary supervision over the administration of the trust and one or more US persons have the authority to control all substantial decisions of the trust. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A Shareholder that is not a US Shareholder
as defined above (other than a partnership, or an entity treated as a partnership for US federal tax purposes) generally is considered
a &ldquo;Non-US Shareholder&rdquo; for purposes of this discussion. For US federal income tax purposes, the treatment of any beneficial
owner of an interest in a partnership, including any entity treated as a partnership for US federal income tax purposes, generally
depends upon the status of the partner and upon the activities of the partnership. Partnerships and partners in partnerships should
consult their tax advisors about the US federal income tax consequences of purchasing, owning and disposing of Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Taxation of the Trust</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trust is classified as a &ldquo;grantor
trust&rdquo; for US federal income tax purposes. As a result, the Trust itself is not subject to US federal income tax. Instead,
the Trust&rsquo;s income and expenses &ldquo;flow through&rdquo; to the Shareholders, and the Trustee reports the Trust&rsquo;s
income, gains, losses and deductions to the IRS on that basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Taxation of US Shareholders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Shareholders generally are treated, for
US federal income tax purposes, as if they directly owned a pro rata share of the underlying assets held by the Trust. Shareholders
are also treated as if they directly received their respective pro rata share of the Trust&rsquo;s income, if any, and as if they
directly incurred their respective pro rata share of the Trust&rsquo;s expenses. In the case of a Shareholder that purchases Shares
for cash, its initial tax basis in its pro rata share of the assets held by the Trust at the time it acquires its Shares is equal
to its cost of acquiring the Shares. In the case of a Shareholder that acquires its Shares as part of a creation of a Basket, the
delivery of platinum to the Trust in exchange for the Shares is not a taxable event to the Shareholder, and the Shareholder&rsquo;s
tax basis and holding period for the Shares are the same as its tax basis and holding period for the platinum delivered in exchange
therefor (except to the extent of any cash contributed for such Shares). For purposes of this discussion, it is assumed that all
of a Shareholder&rsquo;s Shares are acquired on the same date and at the same price per Share. Shareholders that hold multiple
lots of Shares, or that are contemplating acquiring multiple lots of Shares, should consult their tax advisors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">When the Trust sells or transfers platinum,
for example to pay expenses, a Shareholder generally will recognize gain or loss in an amount equal to the difference between (1)
the Shareholder&rsquo;s pro rata share of the amount realized by the Trust upon the sale or transfer and (2) the Shareholder&rsquo;s
tax basis for its pro rata share of the platinum that was sold or transferred. Such gain or loss will generally be long-term or
short-term capital gain or loss, depending upon whether the Shareholder has a holding period in its Shares of longer than one year.
A Shareholder&rsquo;s tax basis for its share of any platinum sold by the Trust generally will be determined by multiplying the
Shareholder&rsquo;s total basis for its Share immediately prior to the sale, by a fraction the numerator of which is the amount
of platinum sold, and the denominator of which is the total amount of the platinum held in the Trust immediately prior to the sale.
After any such sale, a Shareholder&rsquo;s tax basis for its pro rata share of the platinum remaining in the Trust will be equal
to its tax basis for its Shares immediately prior to the sale, less the portion of such basis allocable to its share of the platinum
that was sold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Upon a Shareholder&rsquo;s sale of some
or all of its Shares, the Shareholder will be treated as having sold a pro rata share of the platinum held in the Trust at the
time of the sale. Accordingly, the Shareholder generally will recognize gain or loss on the sale in an amount equal to the difference
between (1) the amount realized pursuant to the sale of the Shares, and (2) the Shareholder&rsquo;s tax basis for the Shares sold,
as determined in the manner described in the preceding paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">A redemption of some or all of a Shareholder&rsquo;s
Shares in exchange for the underlying platinum represented by the Shares redeemed generally will not be a taxable event to the
Shareholder. The Shareholder&rsquo;s tax basis for the platinum received in the redemption generally will be the same as the Shareholder&rsquo;s
tax basis for the Shares redeemed. The Shareholder&rsquo;s holding period with respect to the platinum received should include
the period during which the Shareholder held the Shares redeemed. A subsequent sale of the platinum received by the Shareholder
will be a taxable event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">An Authorized Participant and other investors
may be able to re-invest, on a tax-deferred basis, in-kind redemption proceeds received from exchange-traded products that are
substantially similar to the Trust in the Trust&rsquo;s Shares. Authorized Participants and other investors should consult their
tax advisors as to whether and under what circumstances the reinvestment in the Shares of proceeds from substantially similar exchange-traded
products can be accomplished on a tax-deferred basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Under current law, gains recognized by
individuals, estates or trusts from the sale of &ldquo;collectibles,&rdquo; including physical platinum, held for more than one
year are taxed at a maximum federal income tax rate of 28%, rather than the 20% rate applicable to most other long-term capital
gains. For these purposes, gain recognized by an individual upon the sale of Shares held for more than one year, or attributable
to the Trust&rsquo;s sale of any physical platinum which the Shareholder is treated (through its ownership of Shares) as having
held for more than one year, generally will be taxed at a maximum federal income tax rate of 28%. The federal income tax rates
for capital gains recognized upon the sale of assets held by an individual US Shareholder for one year or less or by a corporate
taxpayer are generally the same as those at which ordinary income is taxed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">In addition to the federal income tax
described above, high-income individuals and certain trusts and estates are subject to a 3.8% Net Investment Income Tax (sometimes
described as the Medicare contribution tax) that is imposed on net investment income and gain. Shareholders should consult their
tax advisor regarding this tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><B>Brokerage Fees and Trust Expenses</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Any brokerage or other transaction fees
incurred by a Shareholder in purchasing Shares is treated as part of the Shareholder&rsquo;s tax basis in the Shares. Similarly,
any brokerage fee incurred by a Shareholder in selling Shares reduces the amount realized by the Shareholder with respect to the
sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Shareholders will be required to recognize
a gain or loss upon a sale of platinum by the Trust (as discussed above), even though some or all of the proceeds of such sale
are used by the Trustee to pay Trust expenses. Shareholders may deduct their respective pro rata share of each expense incurred
by the Trust to the same extent as if they directly incurred the expense. Shareholders who are individuals, estates or trusts,
however, may be required to treat some or all of the expenses of the Trust, to the extent that such expenses may be deducted, as
miscellaneous itemized deductions. Individuals may deduct certain miscellaneous itemized deductions only to the extent they exceed
2% of adjusted gross income. In addition, such deductions may be subject to further limitations under applicable provisions of
the Code, and are not deductible at all for alternative minimum tax purposes. As a result of the recently enacted Tax Cuts and
Jobs Act (P.L. 115-97), miscellaneous itemized deductions, including expenses for the production of income, will not be deductible
for either regular federal income tax or alternative minimum tax purposes for taxable years beginning after December 31, 2017 and
before January 1, 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Investment by Regulated Investment
Companies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Mutual funds and other investment vehicles
which are &ldquo;regulated investment companies&rdquo; within the meaning of Code section 851 should consult with their tax advisors
concerning (1) the likelihood that an investment in Shares, although they are a &ldquo;security&rdquo; within the meaning of the
Investment Company Act of 1940, may be considered an investment in the underlying platinum for purposes of Code section 851(b),
and (2) the extent to which an investment in Shares might nevertheless be consistent with preservation of their qualification under
Code section 851.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>United States Information Reporting
and Backup Withholding Tax for US and Non-US Shareholders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trustee or the appropriate broker
will file certain information returns with the IRS, and provides certain tax-related information to Shareholders, in accordance
with applicable Treasury Regulations. Each Shareholder will be provided with information regarding its allocable portion of the
Trust&rsquo;s annual income (if any) and expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">A US Shareholder may be subject to US
backup withholding tax in certain circumstances unless it provides its taxpayer identification number and complies with certain
certification procedures. Non-US Shareholders may have to comply with certification procedures to establish that they are not US
persons in order to avoid the backup withholding tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The amount of any backup withholding
will be allowed as a credit against a Shareholder&rsquo;s US federal income tax liability and may entitle such a Shareholder to
a refund, provided that the required information is furnished to the IRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Income Taxation of Non-US Shareholders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trust does not expect to generate
taxable income except for gain (if any) upon the sale of platinum. A Non-US Shareholder generally is not subject to US federal
income tax with respect to gain recognized upon the sale or other disposition of Shares, or upon the sale of platinum by the Trust,
unless (1) the Non-US Shareholder is an individual and is present in the United States for 183 days or more during the taxable
year of the sale or other disposition, and the gain is treated as being from United States sources; or (2) the gain is effectively
connected with the conduct by the Non-US Shareholder of a trade or business in the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Taxation in Jurisdictions other than
the United States </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Prospective purchasers of Shares that
are based in or acting out of a jurisdiction other than the United States are advised to consult their own tax advisers as to the
tax consequences, under the laws of such jurisdiction, of their purchase, holding, sale and redemption of or any other dealing
in Shares and, in particular, as to whether any value added tax, other consumption tax or transfer tax is payable in relation to
such purchase, holding, sale, redemption or other dealing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>ERISA AND RELATED CONSIDERATION<A NAME="c65480a020_v1"></A>S</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Employee Retirement Income Security
Act of 1974, as amended (&ldquo;ERISA&rdquo;), and/or Code section 4975 impose certain requirements on certain employee benefit
plans and certain other plans and arrangements, including individual retirement accounts and annuities, Keogh plans, and certain
commingled investment vehicles or insurance company general or separate accounts in which such plans or arrangements are invested
(collectively, &ldquo;Plans&rdquo;), and on persons who are fiduciaries with respect to the investment of &ldquo;plan assets&rdquo;
of a Plan. Government plans and some church plans are not subject to the fiduciary responsibility provisions of ERISA or the provisions
of section 4975 of the Code, but may be subject to substantially similar rules under other federal law, or under state or local
law (&ldquo;Other Law&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">In contemplating an investment of a portion
of Plan assets in Shares, the Plan fiduciary responsible for making such investment should carefully consider, taking into account
the facts and circumstances of the Plan and the &ldquo;Risk Factors&rdquo; discussed above and whether such investment is consistent
with its fiduciary responsibilities under ERISA or Other Law, including, but not limited to: (1) whether the investment is permitted
under the plan&rsquo;s governing documents, (2) whether the fiduciary has the authority to make the investment, (3) whether the
investment is consistent with the plan&rsquo;s funding objectives, (4) the tax effects of the investment on the Plan, and (5) whether
the investment is prudent considering the factors discussed in this prospectus. In addition, ERISA and Code section 4975 prohibit
a broad range of transactions involving assets of a plan and persons who are &ldquo;parties in interest&rdquo; under ERISA or &ldquo;disqualified
persons&rdquo; under section 4975 of the Code. A violation of these rules may result in the imposition of significant excise taxes
and other liabilities. Plans subject to Other Law may be subject to similar restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">It is anticipated that the Shares will
constitute &ldquo;publicly offered securities&rdquo; as defined in the Department of Labor &ldquo;Plan Asset Regulations,&rdquo;
&sect;2510.3-101 (b)(2) as modified by section 3(42) of ERISA. Accordingly, pursuant to the Plan Asset Regulations, Shares purchased
by a Plan, and not an interest in the underlying assets held in the Trust, should be treated as assets of the Plan, for purposes
of applying the &ldquo;fiduciary responsibility&rdquo; rules of ERISA and the &ldquo;prohibited transaction&rdquo; rules of ERISA
and the Code. Fiduciaries of plans subject to Other Law should consult legal counsel to determine whether there would be a similar
result under the Other Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Investment by Certain Retirement Plans
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Code section 408(m) provides that the
acquisition of a &ldquo;collectible&rdquo; by an individual retirement account (&ldquo;IRA&rdquo;) or a participant-directed account
maintained under any plan that is tax-qualified under Code section 401(a) is treated as a taxable distribution from the account
to the owner of the IRA, or to the participant for whom the plan account is maintained, of an amount equal to the cost to the account
of acquiring the collectible. The term &ldquo;collectible&rdquo; is defined to include, with certain exceptions, &ldquo;any metal
or gem.&rdquo; The IRS has issued several private letter rulings to the effect that a purchase by an IRA, or by a participant-directed
account under a Code section 401(a) plan, of publicly-traded Shares in a trust holding precious metals will not be treated as resulting
in a taxable distribution to the IRA owner or plan participant under Code section 408(m). However, the private letter rulings provide
that if any of the Shares so purchased are distributed from the IRA or plan account to the IRA owner or plan participant, or if
any precious metal is received by such IRA or plan account upon the redemption of any of the Shares purchased by it, the Shares
or precious metal so distributed will be subject to federal income tax in the year of distribution, to the extent provided under
the applicable provisions of Code sections 408(d), 408(m) or 402.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PLAN OF DISTRIBUTIO<A NAME="c65480a021_v1"></A>N</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trust issues Shares in Baskets to
Authorized Participants in exchange for deposits of platinum on a continuous basis. The Trust does not issue fractions of a Basket.
Because new Shares can be created and issued on an ongoing basis, at any point during the life of the Trust, a &ldquo;distribution,&rdquo;
as such term is used in the Securities Act, will be occurring. Broker-dealers and other persons are cautioned that some of their
activities will result in their being deemed participants in a distribution in a manner which would render them statutory underwriters
and subject them to the prospectus-delivery and liability provisions of the Securities Act. For example, a broker-dealer firm or
its client will be deemed a statutory underwriter if it purchases a Basket from the Trust, breaks the Basket down into the constituent
Shares and sells the Shares directly to its customers; or if it chooses to couple the creation of a supply of new Shares with an
active selling effort involving solicitation of secondary market demand for the Shares. A determination of whether a particular
market participant is an underwriter must take into account all the facts and circumstances pertaining to the activities of the
broker-dealer or its client in the particular case, and the examples mentioned above should not be considered a complete description
of all the activities that could lead to designation as an underwriter. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Investors that purchase Shares through
a commission/fee-based brokerage account may pay commissions/fees charged by the brokerage account. We recommend that investors
review the terms of their brokerage accounts for details on applicable charges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Dealers that are not &ldquo;underwriters&rdquo;
but are participating in a distribution (as contrasted to ordinary secondary trading transactions), and thus dealing with Shares
that are part of an &ldquo;unsold allotment&rdquo; within the meaning of section 4(a)(3)(C) of the Securities Act, would be unable
to take advantage of the prospectus-delivery exemption provided by section 4(a)(3) of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Sponsor intends to qualify the Shares
in states selected by the Sponsor and that sales be made through broker-dealers who are members of FINRA. Investors intending to
create or redeem Baskets through Authorized Participants in transactions not involving a broker-dealer registered in such investor&rsquo;s
state of domicile or residence should consult their legal advisor regarding applicable broker-dealer or securities regulatory requirements
under the state securities laws prior to such creation or redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The offering of Baskets is being made
in compliance with applicable rules of FINRA. The Authorized Participants will not receive from the Trust or the Sponsor any compensation
in connection with an offering of the Shares. Accordingly, there is, and will be, no payment of underwriting compensation in connection
with any such offering of Shares in excess of 10% of the gross proceeds of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Pursuant to a Marketing Agent Agreement
(&ldquo;Agent Agreement&rdquo;) between ALPS Distributors, Inc. (&ldquo;ADI&rdquo;) and ETF Securities (US) LLC (formerly known
as ETFS Marketing LLC), a Delaware limited liability company (&ldquo;Marketing Agent&rdquo;), that provides marketing services
under contract to the Sponsor, ADI will be paid by the Marketing Agent a certain amount per annum, plus any fees or disbursements
incurred by ADI in connection with its assistance to the Marketing Agent in the marketing of the Trust and its Shares. The Trust
is not responsible for the payment of any amounts to ADI or the Marketing Agent. The Marketing Agent and its parent, AAMI, are
solely responsible for the payment of the amounts due to ADI under the Agent Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0">See &ldquo;Creation and Redemption of Shares&rdquo; for additional
information about the Trust&rsquo;s procedures for issuance of Shares in Baskets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0">Under the Agent Agreement, ADI provides the following services
to the Marketing Agent:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Review marketing related legal documents and contracts;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Consult with the Marketing Agent on the development of FINRA-compliant marketing campaigns;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Consult with the Trust&rsquo;s legal counsel on free-writing prospectus materials and disclosures in all marketing materials;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Review and file with FINRA marketing materials that are not free-writing prospectus materials;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Register and oversee supervisory activities of the Marketing Agent&rsquo;s FINRA-licensed personnel; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Maintain books and records related to the ADI services provided.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">The Shares trade on the NYSE Arca under the symbol &ldquo;PPLT.&rdquo;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>L<A NAME="c65480a022_v1"></A>EGAL MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The validity of the Shares has been passed
upon for the Sponsor by Reed Smith LLP, Pittsburgh, PA who, as special US tax counsel to the Trust, also rendered an opinion regarding
the material US federal income tax consequences relating to the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>E<A NAME="c65480a023_v1"></A>XPERTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The financial statements of the
Trust as of December 31, 2017 and 2016, and for each of the years in the three-year period ended December 31, 2017, and
management&rsquo;s assessment of the effectiveness of internal control over financial reporting as of December 31, 2017 have
been incorporated by reference herein and in the registration statement in reliance upon the reports of KPMG, LLP,
independent registered public accounting firm, incorporated by reference herein, and upon authority of said firm as experts
in accounting and auditing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>VALUATION <A NAME="ValuationOfBullion"></A>OF
PLATINUM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Since the Trust&rsquo;s inception, the
Sponsor determined that the Trust was not an investment company within the scope of Financial Accounting Standards Board (&ldquo;FASB&rdquo;)
Codification of Accounting Standards, Topic 946, Financial Services&mdash;Investment Companies (&ldquo;Topic 946&rdquo;). Consequently,
the Trust did not prepare the disclosures applicable to investment companies under Topic 946, including the presentation of its
platinum assets at &ldquo;fair value&rdquo; as defined in Topic 946. Instead, the Trust valued its platinum assets at the lower
of cost or fair value in accordance with ASC 330, Inventory and ASC 270, Interim Reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Following the release of FASB Accounting
Standards Update ASU 2013-08, Financial Services&mdash;Investments Companies (Topic 946): Amendments to the Scope, Measurement
and Disclosure Requirements, the Sponsor has re-evaluated whether the Trust falls within scope and has concluded that for reporting
purposes, the Trust is classified as an investment company. The Trust is not registered as an investment company under the Investment
Company Act of 1940 and is not required to register under such act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">As a result of the change in the evaluation
of investment company status, the Trust must, from January 1, 2014, present its platinum assets at &ldquo;fair value&rdquo; as
defined in Topic 946.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>I<A NAME="c65480a024_v1"></A>NCORPORATION
BY REFERENCE OF CERTAIN DOCUMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">This prospectus is a part of a registration
statement on Form S-3 filed by the Sponsor with the SEC under the Securities Act of 1933. As permitted by the rules and regulations
of the SEC, this prospectus does not contain all of the information contained in the registration statement and the exhibits and
schedules thereto. For further information about the Trust and about the securities offered hereby, you should consult the registration
statement and the exhibits and schedules thereto. You should be aware that statements contained in this prospectus concerning the
provisions of any documents filed as an exhibit to the registration statement or otherwise filed with the SEC are not necessarily
complete, and in each instance reference is made to the copy of such document as so filed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The SEC allows the &ldquo;incorporation
by reference&rdquo; of information into this prospectus, which means that information may be disclosed to you by referring you
to other documents filed or which will be filed with the SEC. The following documents filed or to be filed by the Trust are so
incorporated by reference:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.375in; text-align: justify; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="text-align: justify; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">Annual Report on Form 10-K for the fiscal year ended December 31, 2017 filed with the SEC on February 27, 2018 (&ldquo;Form 10-K&rdquo;) and Amendment No. 1 to Form 10-K on Form 10-K/A filed with the SEC on February 28, 2018; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD STYLE="text-align: justify; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2018 filed with the SEC on May 4, 2018; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">3.</FONT></TD>
    <TD STYLE="text-align: justify; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">Current Report on Form 8-K filed on May 3, 2018; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">4. </FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The description of the Shares contained in the registration statement on Form 8-A filed with the SEC on December 23, 2009.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">In addition, unless
otherwise provided therein, any reports filed by the Trust with the SEC pursuant to section 13(a), 13(c), 14 or 15(d) of the
Securities Exchange Act of 1934 after the initial filing date of the registration statement of which this prospectus forms a
part and before the termination or completion of this offering shall be deemed to be incorporated by reference in this
prospectus and to be a part of it from the filing dates of such documents and shall automatically update or replace, as
applicable, any information included in, or incorporated by reference into this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Certain statements in and portions of
this prospectus update, modify, or replace information in the above listed documents incorporated by reference. Likewise, statements
in or portions of a future document incorporated by reference in this prospectus may update, modify or replace statements in and
portions of this prospectus or the above listed documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trust posts on its website (<U>https://www.etfsus.com/institutional/us/en-us/products/product/etfs-physical-platinum-shares-pplt-arca</U>)
its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports
filed or furnished pursuant to section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, as soon as reasonably
practicable after the Sponsor, on behalf of the Trust, electronically files such material with, or furnishes it to, the SEC. The
Trust&rsquo;s website and the information contained on that site, or connected to that site, are not incorporated into and are
not a part of this prospectus. The Trust will provide to each person, including any beneficial owner, to whom a prospectus is
delivered, a copy of any and all reports or documents that have been incorporated by reference in the prospectus but which are
not delivered with the prospectus; copies of any of these documents may be obtained free of charge through the Trust&rsquo;s website
or by contacting the Trust, c/o ETF Securities (US) LLC, 712 Fifth Avenue &ndash; 49th Floor, New York, NY 10019, or by calling
844-383-7289.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">You should rely only on the information
contained in this prospectus or to which we have referred you. We have not authorized any person to provide you with different
information or to make any representation not contained in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>W<A NAME="c65480a025_v1"></A>HERE YOU
CAN FIND MORE INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Sponsor has filed on behalf of
the Trust a registration statement on Form S-3 with the SEC under the Securities Act. This prospectus does not contain all of
the information set forth in the registration statement (including the exhibits to the registration statement), parts of
which have been omitted in accordance with the rules and regulations of the SEC. For further information about the Trust or
the Shares, please refer to the registration statement, which you may inspect, without charge, at the public reference
facilities of the SEC at the below address or online at www.sec.gov, or obtain at prescribed rates from the public reference
facilities of the SEC at the below address. Information about the Trust and the Shares can also be obtained from the
Trust&rsquo;s website. The internet address of the Trust&rsquo;s website
is&nbsp;<U>https://www.etfsus.com/institutional/us/en-us/products/product/etfs-physical-platinum-shares-pplt-arca</U>.&nbsp;This
internet address is only provided here as a convenience to you to allow you to access the Trust&rsquo;s website, and the
information contained on or connected to the Trust&rsquo;s website is not part of this prospectus or the registration
statement of which this prospectus is part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Trust is subject to the informational
requirements of the Exchange Act and the Sponsor, on behalf of the Trust, will file quarterly and annual reports and other information
with the SEC. The reports and other information can be inspected at the public reference facilities of the SEC located at 100 F
Street, NE, Washington, DC 20549 and online at www.sec.gov. You may also obtain copies of such material from the public reference
facilities of the SEC at 100 F Street, NE, Washington, DC 20549, at prescribed rates. You may obtain more information concerning
the operation of the public reference facilities of the SEC by calling the SEC at 1-800-SEC-0330 or visiting online at www.sec.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-top: 6pt; padding-bottom: 6pt"><IMG SRC="image_003.jpg" ALT="" STYLE="height: 92px; width: 211px"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-top: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>PROSPECTUS</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>ETFS Platinum Trust</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center">3,670,000 ETFS Physical Platinum Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: center"><FONT STYLE="font-size: 10pt">[_______, 2018]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>PART II&mdash;INFORMATION NOT REQUIRED
IN PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 6pt; padding-left: 9.9pt; text-align: center; text-indent: -9.9pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Page</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 92%; padding-bottom: 6pt; padding-left: 9.9pt; text-indent: -9.9pt"><FONT STYLE="font-size: 10pt"><A HREF="#Item14">Item 14. Other Expenses of Issuance and Distribution</A></FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-bottom: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">II-2</FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 6pt; padding-left: 9.9pt; text-indent: -9.9pt"><FONT STYLE="font-size: 10pt"><A HREF="#Item15">Item 15. Indemnification of Directors and Officers</A></FONT></TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">II-2</FONT></TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><A HREF="#Item16">Item 16. Exhibits</A></FONT></TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; text-align: right"><FONT STYLE="font-size: 10pt">II-3</FONT></TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.9pt; text-indent: -9.9pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_001">Item 17. Undertakings</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">II-3</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B><A NAME="Item14"></A>Item 14. Other
Expenses of Issuance and Distribution.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Registrant (&ldquo;Registrant&rdquo;
or &ldquo;Trust&rdquo;) shall not bear any expenses incurred in connection with the issuance and distribution of the securities
being registered. These expenses shall be paid by ETF Securities USA LLC, the sponsor of the Registrant (&ldquo;Sponsor&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B><A NAME="Item15"></A>Item 15. Indemnification
of Directors and Officers.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Section 5.6(a) of the Registrant&rsquo;s
Depositary Trust Agreement (&ldquo;Trust Agreement&rdquo;) between The Bank of New York Mellon, the Registrant&rsquo;s Trustee
(&ldquo;Trustee&rdquo;), and the Sponsor provides that the Trustee, its directors, employees and agents (each a &ldquo;Trustee
Indemnified Party&rdquo;) shall be indemnified from the Trust and held harmless against any loss, liability or expense (including,
but not limited to, the reasonable fees and expenses of counsel) arising out of or in connection with the performance of its obligations
under the Trust Agreement and under each other agreement entered into by the Trustee in furtherance of the administration of the
Trust (including, without limiting the scope of the foregoing, the Trust&rsquo;s custody agreements and authorized participant
agreements to which the Trustee is a party, including the Trustee&rsquo;s indemnification obligations thereunder) or by reason
of the Trustee&rsquo;s acceptance of the Trust incurred without (1) gross negligence, bad faith, willful misconduct or willful
malfeasance on the part of such Trustee Indemnified Party in connection with the performance of its obligations under the Trust
Agreement or any such other agreement or any actions taken in accordance with the provisions of the Trust Agreement or any such
other agreement or (2) reckless disregard on the part of such Trustee Indemnified Party of its obligations and duties under the
Trust Agreement or any such other agreement. Such indemnity shall include payment from the Trust of the costs and expenses incurred
by such Trustee Indemnified Party in defending itself against any claim or liability in its capacity as Trustee. Any amounts payable
to a Trustee Indemnified Party under section 5.6(a) of the Trust Agreement may be payable in advance or shall be secured by a lien
on the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Section 5.6(b) of the Trust Agreement
provides that the Sponsor and its members, managers, directors, officers, employees, affiliates (as such term is defined under
the Securities Act of 1933, as amended (&ldquo;Securities Act&rdquo;)) and subsidiaries (each a &ldquo;Sponsor Indemnified Party&rdquo;)
shall be indemnified from the Trust and held harmless against any loss, liability or expense (including, but not limited to, the
reasonable fees and expenses of counsel) arising out of or in connection with the performance of its obligations under the Trust
Agreement and under each other agreement entered into by the Sponsor, in furtherance of the administration of the Trust (including,
without limiting the scope of the foregoing, authorized participant agreements to which the Sponsor is a party, including the Sponsor&rsquo;s
indemnification obligations thereunder) or any actions taken in accordance with the provisions of the Trust Agreement incurred
without (1) gross negligence, bad faith, willful misconduct or willful malfeasance on the part of such Sponsor Indemnified Party
in connection with the performance of its obligations under the Trust Agreement or any such other agreement or any actions taken
in accordance with the provisions of the Trust Agreement or any such other agreement or (2) reckless disregard on the part of such
Sponsor Indemnified Party of its obligations and duties under the Trust Agreement. Such indemnity shall include payment from the
Trust of the costs and expenses incurred by such Sponsor Indemnified Party in defending itself against any claim or liability in
its capacity as Sponsor. Any amounts payable to a Sponsor Indemnified Party under section 5.6(b) of the Trust Agreement may be
payable in advance or shall be secured by a lien on the Trust. The Sponsor may, in its discretion, undertake any action which it
may deem necessary or desirable in respect of the Trust Agreement and the rights and duties of the parties hereto and the interests
of the shareholders of the Trust and, in such event, the legal expenses and costs of any such actions shall be expenses and costs
of the Trust and the Sponsor shall be entitled to be reimbursed therefor by the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The indemnities provided by section 5.6
of the Trust Agreement shall survive notwithstanding any termination of the Trust Agreement and the Trust or the resignation or
removal of the Trustee or the Sponsor, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><B><A NAME="Item16"></A>Item 16. Exhibits. &nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in">(a) The exhibits&nbsp;to this registration
statement are listed in the Exhibit Index to this registration statement, which is incorporated herein by reference.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 93%"><FONT STYLE="font-size: 10pt">(b) Financial Statement Schedules</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Not applicable.</FONT></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><B><A NAME="a_001"></A>Item 17. Undertakings.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The undersigned Registrant hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">(a)(1) To file, during any period in
which offers or sales are being made, a post-effective amendment to this registration statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.5in">(i) To include any
prospectus required by section 10(a)(3) of the Securities Act of 1933;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.5in">(ii) To reflect in
the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the
registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar
value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated
maximum offering range may be reflected in the form of prospectus filed with the Securities and Exchange Commission pursuant to
Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate
offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective registration statement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.5in">(iii) To include
any material information with respect to the plan of distribution not previously disclosed in the registration statement or any
material change to such information in the registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Provided, however, that paragraphs (a)(1)(i),
(a)(1)(ii) and (a)(1)(iii) of this section do not apply if the registration statement is on Form S-1, Form S-3, Form SF-3 or Form
F-3 and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed
with or furnished to the Securities and Exchange Commission by the Registrant pursuant to section 13 or section 15(d) of the Securities
Exchange Act of 1934 that are incorporated by reference in the registration statement, or, as to a registration statement on Form
S-3, Form SF-3 or Form F-3, is contained in a form of prospectus filed pursuant to Rule 424 (b) that is part of the registration
statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">(2) That, for the purpose of determining
any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
bona fide offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">(3) To remove from registration by means
of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">(4) That, for the purpose of determining
liability under the Securities Act of 1933 to any purchaser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.5in">(A) Each prospectus
filed by the Registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the
filed prospectus was deemed part of and included in the registration statement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.5in">(B) Each prospectus
required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance or Rule 430B
relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required
by section 10(a) of the Securities Act of 1933 shall be deemed to be part of an included in the registration statement as of the
earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities
in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that
is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to
the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof. <I>Provided, however</I>, that no statement made in a registration
statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by
reference into the registration statement or prospectus that is part of the&nbsp;registration statement will, as to a purchase
with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration
statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective
date; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">(5) That, for the purpose of determining
liability of the Registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.5in">The undersigned Registrant
undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this registration statement, regardless
of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser
by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered
to offer or sell such securities to such purchaser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.5in">(i) Any preliminary
prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 424;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.5in">(ii) Any free writing
prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used or referred to by the undersigned
Registrant;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.5in">(iii) The portion
of any other free writing prospectus relating to the offering containing material information about the undersigned Registrant
or its securities provided by or on behalf of the undersigned Registrant; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.5in">(iv) Any other communication
that is an offer in the offering made by the undersigned Registrant to the purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">(6) That, for purposes of determining
any liability under the Securities Act of 1933, each filing of the registrant&rsquo;s annual report pursuant to section 13(a) or
15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan&rsquo;s annual report
pursuant to section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement
shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial <I>bona fide </I>offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">(b) The undersigned Registrant hereby
undertakes to deliver or cause to be delivered with the prospectus, to each person to whom the prospectus is sent or given, the
latest annual report to security holders that is incorporated by reference in the prospectus and furnished pursuant to and meeting
the requirements of Rule 14a-3 or Rule 14c-3 under the Securities Exchange Act of 1934; and, where interim financial information
required to be presented by Article 3 of Regulation S-X is not set forth in the prospectus, to deliver, or cause to be delivered
to each person to whom the prospectus is sent or given, the latest quarterly report that is specifically incorporated by reference
in the prospectus to provide such interim financial information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">(c) Insofar as indemnification for liabilities
arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant
to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the
event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred
or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding)
is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant
will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question of whether such indemnification by it is against public policy as expressed in the Securities Act of
1933 and will be governed by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0">Pursuant to the requirements of the Securities Act of 1933,
the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-3
and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the
City of Philadelphia, and the Commonwealth of Pennsylvania on&nbsp;July 30, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt; line-height: 115%">ETF SECURITIES USA LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt; line-height: 115%">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; line-height: 115%">/s/ Christopher Demetriou</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Christopher Demetriou</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>President and Chief Executive Officer</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><A NAME="PowerofAttorney"></A>Each person whose signature appears below hereby
constitutes Christopher Demetriou and Andrea Melia, and each of them singly, his or her true and lawful attorneys-in-fact with
full power to sign on behalf of such person, in the capacities indicated below, any and all amendments to this registration statement
and any subsequent related registration statement filed pursuant to Rule 462(b) under the Securities Act of 1933, and generally
to do all such things in the name and on behalf of such person, in the capacities indicated below, to enable the Registrant to
comply with the provisions of the Securities Act of 1933 and all requirements of the Securities and Exchange Commission thereunder,
hereby ratifying and confirming the signature of such person as it may be signed by said attorneys-in-fact, or any of them, on
any and all amendments to this registration statement or any such subsequent related registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed by the following persons in the capacities* and on the dates indicated.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 38%; border-bottom: Black 1.5pt double; padding-top: 6pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Signature</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt double; padding-top: 6pt">&nbsp;</TD>
    <TD STYLE="width: 35%; border-bottom: Black 1.5pt double; padding-top: 6pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Capacity</B></FONT></TD>
    <TD STYLE="width: 2%; border-bottom: Black 1.5pt double; padding-top: 6pt">&nbsp;</TD>
    <TD STYLE="width: 24%; border-bottom: Black 1.5pt double; padding-top: 6pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Date</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Christopher Demetriou</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 6pt"><FONT STYLE="font-size: 10pt">President and Chief Executive Officer</FONT><BR>
<FONT STYLE="font-size: 10pt">(principal executive officer)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">July 30, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Christopher Demetriou</B></FONT></TD>
    <TD STYLE="padding-top: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-left: 9.9pt; text-indent: -9.9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Andrea Melia</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-top: 6pt"><FONT STYLE="font-size: 10pt">Chief Financial Officer and Treasurer</FONT><BR>
<FONT STYLE="font-size: 10pt">(principal financial officer and principal</FONT><BR>
<FONT STYLE="font-size: 10pt">accounting officer)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">July 30, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Andrea Melia</B></FONT></TD>
    <TD STYLE="padding-top: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-left: 9.9pt; text-indent: -9.9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 0.25in; padding-top: 0; text-align: left"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0"><FONT STYLE="font-size: 10pt">The Registrant is a trust and the persons are signing in their capacities as officers of ETF Securities USA LLC, the Sponsor of the Registrant.</FONT></TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 6pt 0 0">&nbsp;</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>Exhibit Index</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Exhibit</B></FONT><FONT STYLE="font-size: 10pt"><BR>
    <FONT STYLE="line-height: 115%"><B>Number</B></FONT></FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 86%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Description</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="http://www.sec.gov/Archives/edgar/data/1460235/000093041309006539/c58731_ex4-1.htm" STYLE="-sec-extract: exhibit">4.1</A></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; line-height: 115%">Depositary Trust Agreement*</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="http://www.sec.gov/Archives/edgar/data/1460235/000146023517000024/pplt-20170930xex4_2.htm" STYLE="-sec-extract: exhibit">4.2</A></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; line-height: 115%">Form of Authorized Participant Agreement**</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="http://www.sec.gov/Archives/edgar/data/1460235/000093041309006539/c58731_ex4-3.htm" STYLE="-sec-extract: exhibit">4.3</A></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; line-height: 115%">Global Certificate*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="ex5-1.htm">5.1</A></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; line-height: 115%">Opinion of Reed Smith LLP as to legality***</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="ex8-1.htm">8.1</A></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; line-height: 115%">Opinion of Reed Smith LLP as to tax matters***</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="http://www.sec.gov/Archives/edgar/data/1460235/000093041309006539/c58731_ex10-1.htm" STYLE="-sec-extract: exhibit">10.1</A></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; line-height: 115%">Allocated Account Agreement*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="http://www.sec.gov/Archives/edgar/data/1460235/000093041309006539/c58731_ex10-2.htm" STYLE="-sec-extract: exhibit">10.2</A></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; line-height: 115%">Unallocated Account Agreement*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="http://www.sec.gov/Archives/edgar/data/1460235/000093041309006539/c58731_ex10-3.htm" STYLE="-sec-extract: exhibit">10.3</A></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; line-height: 115%">Depository Agreement*&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="http://www.sec.gov/Archives/edgar/data/1460235/000093041309006539/c58731_ex10-4.htm" STYLE="-sec-extract: exhibit">10.4</A></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; line-height: 115%">Marketing Agent Agreement*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="ex23-1.htm">23.1</A></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; line-height: 115%">Consent of KPMG, LLP***</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="ex5-1.htm">23.2</A></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; line-height: 115%">Consents of Reed Smith LLP are included in Exhibits 5.1 and 8.1</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#PowerofAttorney">24.1</A></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; line-height: 115%">Powers of attorney are included on the signature page to this registration
    statement</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="ex99-1.htm">99.1</A></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; line-height: 115%">Opinion of Reed Smith LLP***</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-top: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; line-height: 115%">*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt; line-height: 115%">Incorporated by reference to the Exhibit identified with the same number and filed with Pre-Effective Amendment No. 3 to the Trust&rsquo;s registration statement on Form S-1 (File No.&nbsp;333-158381) on December 31, 2009.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; line-height: 115%">**</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt; line-height: 115%">Incorporated by reference to the Exhibit identified with the same number and filed with the Trust&rsquo;s Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2017.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt; line-height: 115%">***</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt; line-height: 115%">Filed herewith.</FONT></TD></TR>
<TR>
    <TD STYLE="width: 3%"></TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 8%"></TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 72%">&nbsp;</TD></TR>
</TABLE>
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<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>ex5-1.htm
<DESCRIPTION>OPINION OF REED SMITH LLP AS TO LEGALITY
<TEXT>
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<P STYLE="margin: 0"><A HREF="pplt-s3_073018.htm">ETFS PLATINUM TRUST S-3</A></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit 5.1</B></FONT></P>

<P STYLE="margin: 0; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;<IMG SRC="rsmith_img001.jpg" ALT=""></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reed
Smith LLP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reed
Smith Centre<BR>
225 Fifth Avenue<BR>
Pittsburgh, PA 15222-2716</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel
+1 412 288 3131</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fax
+1 412 288 3063</FONT></P>

<P STYLE="margin: 0; text-align: right">reedsmith.com</P>



<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">July
30, 2018</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ETF
        Securities USA LLC</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as
        Sponsor to ETFS Platinum Trust</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1735
        Market Street, 32nd Floor</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Philadelphia,
        PA 19103</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:
        Christopher Demetriou</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 -11pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RE:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>ETFS
Platinum Trust</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ladies
and Gentlemen:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have acted as counsel for ETF Securities USA LLC, a Delaware limited liability company (the &ldquo;Sponsor&rdquo;), the sponsor
of ETFS Platinum Trust, a grantor trust formed under the laws of the State of New York (the &ldquo;Trust&rdquo;), in connection
with the Trust&rsquo;s filing on July 30, 2018 with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) of its
Registration Statement on Form S-3 (the &ldquo;Registration Statement&rdquo;), including the prospectus included in Part I of
the Registration Statement (the &ldquo;Prospectus&rdquo;), under the Securities Act of 1933 (the &ldquo;1933 Act&rdquo;), relating
to the issuance and sale by the Trust of 3,670,000 Physical Platinum Shares (the &ldquo;Shares&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with this opinion, we have examined originals or copies, certified or otherwise identified to our satisfaction, of
such instruments, documents and records as we have deemed relevant and necessary to examine for the purpose of this opinion, including
(a) the Registration Statement, (b) the Depositary Trust Agreement between the Sponsor and The Bank of New York Mellon, as Trustee,
dated as of December 30, 2009, (c) the pertinent provisions of the constitution and laws of the State of New York, and (d) such
other instruments, documents, statements and records of the Trust and others and other such statutes as we have deemed relevant
and necessary to examine and rely upon for the purpose of this opinion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with this opinion, we have assumed the legal capacity of all natural persons, the accuracy and completeness of all
documents and records that we have reviewed, the genuineness of all signatures, the authenticity of the documents submitted to
us as originals and the conformity to authentic original documents of all documents submitted to us as certified, conformed or
reproduced copies.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ETF
                           Securities USA LLC</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">July
30, 2018</FONT></P>


</TD>
    <TD STYLE="width: 50%; text-align: right">&nbsp;<IMG SRC="rsmith_img002.jpg" ALT=""></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Based
upon the foregoing, and subject to the assumptions, exceptions, qualifications and limitations set forth herein below, we are
of the opinion that the Shares proposed to be offered and sold pursuant to the Registration Statement, when it is made effective
by the Commission or otherwise pursuant to the rules and regulations of the Commission, will have been validly authorized
and, when sold in accordance with the terms of the Registration Statement and the requirements of applicable federal and state
law and delivered by the Trust against receipt of the net asset value of the Shares, as described in the Registration Statement,
will have been legally and validly issued and will be fully paid and non-assessable by the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
opinion is limited to the laws of the State of New York governing grantor trusts and matters such as the authorization and issuance
of the Shares, the applicable provisions of the New York constitution and the reported judicial decisions interpreting such laws,
and we do not express any opinion concerning any other laws of the State of New York or the laws of any other jurisdiction. We
also express no opinion as to any state securities or broker-dealer laws or regulations thereunder relating to the offer, issuance
and sale of the Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
hereby consent to the filing of this opinion as an exhibit to the Registration Statement, to be filed with the Commission, and
to the use of our name in the Prospectus under the caption &ldquo;Legal Matters&rdquo; and in any revised or amended versions
thereof. In giving such consent, however, we do not admit that we are within the category of persons whose consent is required
by Section 7 of the 1933 Act, as amended, and the rules and regulations thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very
truly yours,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
Reed Smith LLP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
<BR></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PDG/DTM/JMM</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 48pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"></P>

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<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>3
<FILENAME>ex8-1.htm
<DESCRIPTION>OPINION OF REED SMITH LLP AS TO TAX MATTERS
<TEXT>
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<P STYLE="margin: 0"><A HREF="pplt-s3_073018.htm">ETFS PLATINUM TRUST S-3</A></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit 8.1</B></FONT></P>

<P STYLE="margin: 0; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0; text-align: left; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><IMG SRC="rsmith_img001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reed
Smith LLP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reed
Smith Centre<BR>
225 Fifth Avenue<BR>
Pittsburgh, PA 15222-2716</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel
+1 412 288 3131</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fax
+1 412 288 3063</FONT></P>

<P STYLE="margin: 0; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reedsmith.com</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">July
30, 2018</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ETF
        Securities USA LLC</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as
        Sponsor to ETFS Platinum Trust</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1735
        Market Street, 32nd Floor</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Philadelphia,
        PA 19103</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:
        Christopher Demetriou</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        Bank of New York Mellon</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as
        Trustee to ETFS Platinum Trust</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2
        Hanson Place</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brooklyn,
        NY 11217</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:
        Chris Yedreyeski</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Messrs.
Demetriou and Yedreyeski:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are acting as special United States tax counsel to the ETFS Platinum Trust (the &ldquo;Trust&rdquo;) in connection with the preparation
of a Registration Statement on Form S-3 (the &ldquo;Registration Statement&rdquo;) filed with the Securities and Exchange Commission&nbsp;(the
&ldquo;SEC&rdquo;) on the date hereof.&nbsp;&nbsp;The Registration Statement relates to the proposed issuance by the Trust, an
investment trust formed on December 30, 2009 under New York law pursuant to a Depositary Trust Agreement between ETF Securities
USA LLC, as Sponsor, and The Bank of New York Mellon, as Trustee, of&nbsp;3,670,000&nbsp;shares, representing units of fractional
undivided beneficial interest&nbsp;in and ownership of the Trust (the &ldquo;Shares&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
rendering this opinion, we have examined the Registration Statement and such other documents and materials as we have deemed necessary
or appropriate to review for purposes of our opinion, and have made such investigations of law as we have deemed appropriate as
a basis for the opinion expressed below.&nbsp;&nbsp;In addition, in rendering this opinion, we have relied upon and have assumed,
with your permission, the accuracy of the statements contained in the Registration Statement, and that the Trust will operate
in the manner discussed in its organizational documents and the prospectus included in the Registration Statement (the &ldquo;Prospectus&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
opinion is based on the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;), Treasury Regulations promulgated thereunder,
and administrative and judicial interpretations thereof, all as of the date hereof and all of which are subject to change, possibly
on a retroactive basis.&nbsp;&nbsp;In rendering this opinion, we are expressing our views only as to United States federal income
tax law.</FONT></P>


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<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%; text-align: left; vertical-align: bottom"><P STYLE="margin-top: 0; margin-bottom: 0">July 30, 2018</P>
                           <P STYLE="margin-top: 0; margin-bottom: 0">Page 2</P></TD>
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</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on and subject to the foregoing, the discussion relating to tax matters under the heading &ldquo;United States Federal Income
Tax Consequences&rdquo; in the Prospectus (subject to the qualifications contained therein) expresses our opinion as to the material
aspects of the United States federal income tax treatment to a Shareholder, as of the date hereof, of the acquisition, ownership
and disposition of a Share pursuant to the Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
opinion relies on, and is subject to, the facts, representations and assumptions set forth or referenced herein.&nbsp;&nbsp;Any
inaccuracy or subsequent change in such facts, representations or assumptions could adversely affect our opinion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
hereby consent to the filing with the SEC&nbsp;of this letter as an exhibit to the Registration Statement and the reference to
this letter and to us under the heading &ldquo;United States Federal Income Tax Consequences&rdquo; in the Prospectus.&nbsp;&nbsp;In
giving such consent, we do not thereby admit that we are within the category of persons whose consent is required under Section
7 of the Securities Act of 1933.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very
truly yours,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
Reed Smith LLP<BR>
<BR></FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">LNH:
dh</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="margin: 0; text-align: left"></P>

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<P STYLE="margin: 0; text-align: left"><B>&nbsp;</B></P>

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>4
<FILENAME>ex23-1.htm
<DESCRIPTION>CONSENT OF KPMG, LLP
<TEXT>
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<P STYLE="margin: 0"></P>
<P STYLE="margin: 0"><A HREF="pplt-s3_073018.htm">ETFS PLATINUM TRUST S-3</A></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit 23.1</B></FONT></P>
<P STYLE="font: bold 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0 0 20pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent
of Independent Registered Public Accounting Firm</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board of Managers of ETF Securities USA LLC,&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We consent to the use of our reports with respect to the financial statements and the effectiveness of internal control over
financial reporting incorporated by reference herein and to the reference to our firm under the heading &ldquo;Experts&rdquo;
in the prospectus.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
KPMG LLP</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 10pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
York, New York<BR>
July 30, 2018</FONT></P>


<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin: 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>5
<FILENAME>ex99-1.htm
<DESCRIPTION>OPINION OF REED SMITH LLP
<TEXT>
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<P STYLE="margin: 0"><A HREF="pplt-s3_073018.htm">ETFS PLATINUM TRUST S-3</A></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit 99.1</B></FONT></P>

<P STYLE="margin: 0; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0; text-align: left; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%; text-align: left; vertical-align: bottom"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Claude Brown</P>

<P STYLE="margin: 0">Direct Phone: +44 (0)20 3116 3662<BR>
Email: cbrown@reedsmith.com</P>


</TD>
    <TD STYLE="width: 50%; text-align: right; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 24pt 0 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reed
                                         Smith LLP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Broadgate Tower<BR>
20 Primrose Street<BR>
London EC2A 2RS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phone
+44 (0)20 3116 3000</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fax
+44 (0)20 3116 3999</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DX1066
City / DX18 London</FONT></P>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reedsmith.com</FONT></P>


</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">July
30, 2018&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 100%; padding: 0 5.75pt; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:
        Christopher Demetriou<BR>
        ETF Securities USA LLC<BR>
        as sponsor to ETFS Platinum Trust<BR>
        1735 Market Street, 32nd Floor</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Philadelphia,
PA 19103</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dear
Sirs</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ETFS
PLATINUM TRUST - Form S-3 Registration Statement under the Securities Act of 1933</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We act as English legal advisers to ETF Securities
USA LLC, a Delaware limited liability company acting as sponsor to ETFS Platinum Trust (the Trust), in connection with the preparation
and filing of a Registration Statement on Form S-3 (the Registration Statement), including the prospectus included in Part 1 of
the Registration Statement, under the Securities Act of 1933, as amended (the 1933 Act), filed on July 30, 2018. TheRegistration
Statement related to the proposed registration under the 1933 Act of 3,670,000 shares of fractional undivided beneficial interest
in and ownership of the Trust. This opinion is provided for the sole purpose of the Registration Statement and is limited to the
matters opined on herein and does not extend, nor may be implied to extend, to any other matter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless otherwise defined herein, the words and
expressions used in this letter shall have the same meaning as those words and expressions defined in the Registration Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">3.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We are solicitors qualified in England and express
no opinion as to any law other than English law at the date hereof. It is assumed that no law of any jurisdiction other than England
and Wales affects this opinion. This opinion is governed by and construed in accordance with English law. The English courts shall
have exclusive jurisdiction in connection with any claim or matter arising out of, or in connection with, this opinion which speaks
only as of its date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">4.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the purpose of the opinion contained in this
letter, we have examined the following only:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">4.1</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the ETFS Platinum Trust Allocated Account Agreement
dated December 30, 2009 and made between JPMorgan Chase Bank, N.A., as custodian (1) and The Bank of New York Mellon, as trustee
(2), as filed as an exhibit to the Registration Statement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">4.2</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the ETFS Platinum Trust Unallocated Account Agreement
dated December 30, 2009 and made between JPMorgan Chase Bank, N.A., as custodian (1) and The Bank of <FONT STYLE="font: 10pt Times New Roman, Times, Serif">New
York Mellon, as trustee (2), as filed as an exhibit to the Registration Statement, (together with the ETFS Platinum Trust Allocated
Account Agreement, the Custody Agreements); and</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">Reed
Smith LLP is a limited liability partnership registered in England and Wales with registered number OC303620 and its registered
office at The Broadgate Tower, 20 Primrose Street, London EC2A 2RS.<BR>
Reed Smith LLP is authorised and regulated by the Solicitors Regulation Authority. A list of the members of Reed Smith LLP, and
their professional qualifications, is available at the registered office.<BR>
The term partner is used to refer to a member of Reed Smith LLP, or a partner of an associated entity, or an employee of equivalent
standing.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="margin: 0; text-align: center; font: 8pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">Reed
Smith LLP is associated with Reed Smith LLP of Delaware, USA and the offices referred to below are offices of either Reed Smith
LLP or Reed Smith LLP of Delaware, USA.</FONT></P>

<P STYLE="margin: 0; text-align: center; font: 8pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></P>



<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt"><B>ABU
DHABI &diams; ATHENS &diams; BEIJING &diams;&nbsp;CENTURY CITY&nbsp;&diams;&nbsp;CHICAGO&nbsp;&diams;&nbsp;DUBAI&nbsp;&diams;&nbsp;FRANKFURT&nbsp;&diams;&nbsp;HONG
KONG&nbsp;&diams;&nbsp;HOUSTON&nbsp;&diams;&nbsp;KAZAKHSTAN&nbsp;&diams;&nbsp;LONDON <BR> LOS ANGELES&nbsp;&diams;&nbsp;MUNICH&nbsp;&diams;&nbsp;NEW
YORK&nbsp;&diams;&nbsp;PARIS&nbsp;&diams;&nbsp;PHILADELPHIA&nbsp;&diams;&nbsp;PITTSBURGH&nbsp;&diams;&nbsp;PRINCETON&nbsp;&diams;&nbsp;RICHMOND&nbsp;&diams;&nbsp;SAN
FRANCISCO&nbsp;&diams;&nbsp;SHANGHAI&nbsp;&diams;&nbsp;SILICON VALLEY&nbsp;<BR>
SINGAPORE&nbsp;&diams;&nbsp;TYSONS&nbsp;&diams; WASHINGTON, D.C.&nbsp;&diams;&nbsp;WILMINGTON&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0">Attention: Christopher Demetriou</P>


</TD>
    <TD STYLE="width: 50%; text-align: right">July 30, 2018<BR>
Page 2</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">5.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The opinion set out in this letter is based upon
the following assumptions, which we have made without investigation:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">5.1</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">that the forms of the Custody Agreements, which
we have examined and on which we have based the opinion set out in this letter, and all other documents submitted to us are authentic
and complete;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">5.2</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">that all signatures, stamps or seals, if any,
on all documents supplied to us as originals or as copies of originals are genuine;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">5.3</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">that no amendment, alteration, termination, variation
or modification has been made to any of the Custody Agreements in the forms examined by us, including (without limitation) the
entry into of any side agreement or the giving of any undertaking, whether written or oral, which might have the effect of an
amendment, alteration, termination, variation or modification of any of the Custody Agreements;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">5.4</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">that the parties to the Custody Agreements had
as of December 30, 2009 (the Execution Date) and have as of the date of this letter the legal right and full power and authority
to enter into and perform the Custody Agreements and any other documents executed (or to be executed) by them pursuant to or in
connection with the Custody Agreements and that the Custody Agreements constitute valid and binding obligations on the parties
in accordance with their terms;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">5.5</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">that all corporate or constitutional action required
by the parties to the Custody Agreements to validly and duly authorise the execution and delivery of, and to exercise the rights
and perform the obligations of such parties under, the Custody Agreements had been duly taken as of the Execution Date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">5.6</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">that all documents submitted to us as copies
conform to the original documents and such originals are authentic and complete and there has been no variation, amendment, modification,
waiver or alteration of any kind of any such document or the entry into of any side agreement or undertaking, whether written
or oral, which might constitute or have the effect of a variation, amendment, modification, waiver or alteration of any kind of
any such document;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">5.7</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">that the Custody Agreements and the arrangements
to which they give rise are not illegal, non-binding or unenforceable under or by virtue of any applicable laws outside England
(as to which we express no opinion);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">5.8</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">that to the extent that any obligation under
the Custody Agreements has been or is to be performed in any jurisdiction other than England and Wales, its performance will not
be illegal, non-binding or unenforceable under the laws of such jurisdiction (as to which we express no opinion);</FONT></P>


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    <TD STYLE="width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0">Attention: Christopher Demetriou</P>


</TD>
    <TD STYLE="width: 50%; text-align: right">July 30, 2018<BR>
Page 3</TD></TR>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">5.9</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">that the Custodian, the Trustee and any other
person referred to in the Custody Agreements had been duly incorporated as of the Execution Date, were as of the Execution Date
(and are at the date of this letter) validly existing and had due power and authority as of the Execution Date to enter into and
be bound by the arrangements contemplated by the Custody Agreements;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">5.10</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">all statements of fact made in the Custody Agreements
are true and correct in all respects;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">5.11</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">that no act, omission or thing has occurred or
failed to occur (including all consents, licenses, approvals, notices, filings, and registrations required to made or obtained)
in the period commencing on the Execution Date until the date of this letter which would have the effect of vitiating, invalidating,
voiding, waiving, setting aside, repudiating, rendering unenforceable or in any way impairing any of a party&rsquo;s rights and/or
obligations under the Custody Agreements;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">5.12</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">that all the parties to the Custody Agreements
have during the period commencing on the Execution Date until the date of this letter complied (and will continue to comply) with
all applicable anti-terrorism, anti-corruption, anti-money laundering and sanctions and human rights laws and regulations; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">5.13</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">that all property transferred or purported to
be transferred under the Custody Agreements will be validly transferred to the transferee in the manner contemplated by the Custody
Agreements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">6.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On the basis of the foregoing and in reliance
thereon and subject to the qualifications set out below and to matters not disclosed to us, we are of the opinion, as of the date
hereof that the Custody Agreements constitute legally binding obligations of the parties thereto and would be enforceable if brought
before a court in England and Wales.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">7.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The opinion set out in paragraph 6 above (the
Opinion) is subject to the following qualifications:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">7.1</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we do not express any opinion in relation to
the compliance of the Registration Statement or the offering of Shares thereunder with the laws, rules, requirements, customs
or practices of the Securities and Exchange Commission or any other regulatory authority;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">7.2</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we do not give any opinion that any clause in
the Custody Agreements, would be upheld in any English court if found to be contrary to the privacy and human rights legislation
prevailing under English law;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">7.3</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in the event that the Trustee resigns or is removed
as trustee of the Trust in circumstances whereby no successor is immediately appointed, an English court could construe the Custody
Agreements as invalid by virtue of having only one party;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0">Attention: Christopher Demetriou</P>


</TD>
    <TD STYLE="width: 50%; text-align: right">July 30, 2018<BR>
Page 4</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">7.4</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we have reviewed the Custody Agreements in isolation
from the rules, regulations, practices and customs of the London Platinum and Palladium Market and/or the Bank of England, as
well as from the rules, regulations, practices, customs and laws of any other applicable government, regulatory body or government
authority applicable to platinum made available in physical form or banking or custody arrangements and as to which we consequently
express no opinion;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">7.5</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we do not give any opinion as regards the likely
outcome of the bringing of proceedings in relation to the Custody Agreements in New York or any other jurisdiction outside England
and Wales;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">7.6</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we give no opinion as to the likelihood or otherwise
of the English courts agreeing to enforce a judgment of the New York courts or a judgment of the courts of any other jurisdiction
in relation to the Custody Agreements;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">7.7</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Opinion is subject to all limitations arising
from bankruptcy, insolvency, liquidation, administrative procedures, moratoria, voluntary arrangements, re-organisations, fraudulent
transfers or similar laws, rules and regulations affecting the rights of creditors generally and affecting the enforcement of
rights generally;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">7.8</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as used in this opinion, the word &ldquo;enforceable&rdquo;
means that the Custody Agreements are of a type and form enforceable by the English courts; it is not, however, certain that each
or any obligation within the Custody Agreements will necessarily be enforced in all circumstances in accordance with its terms
since such enforcement is subject to principles of law, equity, courts discretion, issues of public policy and procedure of general
application; the term does not address the extent to which a judgment obtained in a court outside England will be enforceable
in England;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">7.9</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we give no opinion that the choice of English
law as the governing law of the Custody Agreements and/or the agreement that the Custody Agreements will be construed in accordance
with English law will be held to be valid and enforceable by the courts of the State of New York and/or the United States federal
court in the Borough of Manhattan and/or any other court of competent jurisdiction (outside England and Wales) who may be called
upon to settle any dispute or claim which may arise out of or in connection with the Custody Agreements;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">7.10</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the power of the English courts to grant equitable
remedies, such as specific performance and injunctions, is discretionary and, accordingly, where an equitable remedy is sought
an English court might, instead, make an award of damages if it considered this an adequate remedy;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">7.11</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">claims may become time-barred under the Limitation
Act 1980 or become subject to defences of set-off or counterclaim and failure or delay by any party in exercising any right may
constitute a waiver of that right in spite of provisions to the contrary in the Custody Agreements;</FONT></P>


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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0">Attention: Christopher Demetriou</P>


</TD>
    <TD STYLE="width: 50%; text-align: right">July 30, 2018<BR>
Page 5</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">7.12</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the English courts will not normally give full
effect to the provisions requiring an indemnity for the costs of litigation or enforcement, even to the successful litigant, where
the court has itself made an order for costs, or which would involve the enforcement of foreign revenue or penal laws or which
would be inconsistent with English public policy;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">7.13</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the effectiveness and enforceability of the terms
exculpating a party from a liability or duty (including, without limitation, any purported exculpation or limitation of liability
for fraud or wilful default) are limited by law;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">7.14</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the question of whether or not any provisions
which may be illegal, invalid or unenforceable may be severed from other provisions would be determined by an English court, at
its total discretion;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">7.15</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any discretion to be exercised under the Custody
Agreements may be required by English law to be exercised reasonably and any determination may be required by English law to be
based on reasonable grounds, in order to be enforceable;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">7.16</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any obligation to pay additional amounts in circumstances
of breach or default might be held to be unenforceable under English law on the ground that it is a penalty;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">7.17</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">provisions in the Custody Agreements may be amended
by oral agreement between the parties or by a course of conduct of the parties, notwithstanding any provision in the Custody Agreements
to the contrary;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">7.18</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">provisions considered by the English courts to
lack certainty may not be enforceable;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">7.19</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an English court may choose not to enforce a
contract to the extent that performance or observance thereof would be manifestly incompatible with English public policy, contrary
to any applicable mandatory rules or unlawful in the place where it is to be performed;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">7.20</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in the event of any proceeding being brought
or any judgment being enforced in an English court in respect of a monetary obligation expressed in a currency other than pounds
sterling, such court would have power to give judgement expressed as an order to pay in such currency but could decline to do
so, at its discretion;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">7.21</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in so far as the Opinion may express or be deemed
to express any opinion as to future events or matters, the Opinion is based solely upon existing English law in force as at today&rsquo;s
date and upon existing documents of which we have knowledge;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">7.22</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we do not express or imply any opinion as to
the correctness of any representations or warranties given by on or behalf of any party (expressly or impliedly) under or pursuant
to the Custody Agreements;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">7.23</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any provisions in the Custody Agreements purporting
to enable the assignment of an obligation may only be effective upon the novation of such obligation;</FONT></P>


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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0">Attention: Christopher Demetriou</P>


</TD>
    <TD STYLE="width: 50%; text-align: right">July 30, 2018<BR>
Page 6</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">7.24</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any action brought in the English courts would
be subject to the rules and procedures of the English courts including the power of an English court, at its discretion, to order
a party in an action, who is ordinarily resident out of the jurisdiction (but not including persons against whom a claim can be
enforced under the European Judgments Conventions or the European Judgments Regulation) to provide security for costs;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">7.25</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we do not express any opinion as to any tax consequences,
or likely tax consequences arising out of or in connection with the Custody Agreements or any transaction contemplated therein;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">7.26</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we do not express any opinion on any competition
law or anti-trust implications of the transactions contemplated by the Custody Agreements and in particular under the Fair Trading
Act 1973, the Competition Act 1998, the Enterprise Act 2002 and the Treaty of Rome; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 -11pt 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">7.27</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In certain circumstances English courts may be
prevented from or decline to exercise their jurisdiction, for example where another court is already seized with jurisdiction
in the matter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yours
faithfully,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
Reed Smith LLP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 30pt"><B>REED SMITH LLP</B></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
