<SEC-DOCUMENT>0001387131-17-005281.txt : 20171103
<SEC-HEADER>0001387131-17-005281.hdr.sgml : 20171103
<ACCEPTANCE-DATETIME>20171103151223
ACCESSION NUMBER:		0001387131-17-005281
CONFORMED SUBMISSION TYPE:	S-1
PUBLIC DOCUMENT COUNT:		10
FILED AS OF DATE:		20171103
DATE AS OF CHANGE:		20171103

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GraniteShares Platinum Trust
		CENTRAL INDEX KEY:			0001690842
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			NY

	FILING VALUES:
		FORM TYPE:		S-1
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-221325
		FILM NUMBER:		171176129

	BUSINESS ADDRESS:	
		STREET 1:		30 VESEY STREET, 9TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10007
		BUSINESS PHONE:		9173380565

	MAIL ADDRESS:	
		STREET 1:		30 VESEY STREET, 9TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10007
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-1
<SEQUENCE>1
<FILENAME>gspt-s1_110317.htm
<DESCRIPTION>REGISTRATION STATEMENT
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">As filed
with the Securities and Exchange Commission on November 3, 2017.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-weight: normal">Registration
No. 333-[_________] </FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 16pt"><B>UNITED
STATES</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 16pt"><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Washington, D.C. 20549</FONT><BR></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>FORM
S-1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">REGISTRATION STATEMENT</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">UNDER</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">THE SECURITIES ACT OF 1933</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 24pt"><B>GraniteShares Platinum Trust</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Exact name of registrant as specified in its charter)</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>New
    York</B></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>82-6644954</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State
    or other jurisdiction of <BR>
incorporation or organization)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(I.R.S.
    Employer <BR>
    Identification No.)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>c/o
GraniteShares LLC</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>30 Vesey Street</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>New York, NY 10007</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>917-338-0565</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address, including zip code, and telephone number,
including</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">area code, of registrant&rsquo;s principal executive
offices)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>GraniteShares
LLC</B><BR>
<B>30 Vesey Street</B><BR>
<B>New York, NY 10007</B><BR>
<B>917-338-0565</B><BR>
(Name, address, including zip code and telephone number, including<BR>
area code, of agent for service)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Copies
to:</B><BR>
<B>W. Thomas Conner, Esq.</B><BR>
<B>Vedder Price P.C.</B><BR>
<B>1633 Broadway, 31st Floor</B><BR>
<B>New York, NY 10019</B><BR>
<B>(212) 407-7715</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approximate
date of commencement of proposed sale to the public: As soon as practicable after the effective date of this Registration Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 check the following box: &#9746;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: &#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. &#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this Form is a post-effective amendment filed pursuant to Rule 462(d) 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. &#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18%; padding-top: 2.5pt; padding-left: 2.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large
    accelerated filer &#9744;</FONT></TD>
    <TD STYLE="width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 38%; padding-top: 2.5pt; padding-left: 68.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated
    filer &#9744;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated
    filer &nbsp;&#9744;</FONT></TD>
    <TD STYLE="padding-left: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Do not check if a
    smaller reporting company)</FONT></TD>
    <TD STYLE="padding-left: 68.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller reporting
    company &#9746;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 68.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging growth
    company &#9746;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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 the Securities Act.
&#9746;</FONT></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">Title of Each Class of Securities <BR>
to be Registered</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Amount to be <BR>
Registered</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Proposed Maximum <BR>
Offering Price Per Unit(1)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Proposed Maximum Aggregate Offering Price(1)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Amount of Registration Fee</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 21%; text-align: center; padding-left: 5.4pt">GraniteShares Platinum Shares</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">1,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 16%; text-align: right">91.15</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 18%; text-align: right">91,150</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 16%; text-align: right">11.35</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estimated
solely for the purpose of calculating the registration fee pursuant to Rule 457(d) under the Securities Act of 1933, as amended.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><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: 0pt 0; text-align: justify; text-indent: 0in; "><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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 the registration statement shall become effective
on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine. </B></FONT></P>
<P STYLE="margin: 0">&nbsp;</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="color: Red">The
information in this 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 these securities and it
is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: red"><FONT STYLE="font-size: 12pt"><B>Subject
to Completion</B><BR>
<B>Preliminary Prospectus dated November 3, 2017</B></FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 12pt">PRELIMINARY
PROSPECTUS</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>[__] Shares</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>GraniteShares
Platinum Trust*</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD>Principal U.S. Listing Exchange: NYSE Arca</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">GraniteShares Platinum Trust (the &ldquo;Trust&rdquo;) will
issue GraniteShares Platinum Shares (&ldquo;Shares&rdquo;) which represent units of fractional undivided beneficial interest in
the net assets of the Trust. The Trust will seek to reflect generally the performance of the price of platinum. The Trust will
seek to reflect such performance before payment of the Trust&rsquo;s expenses and liabilities. GraniteShares LLC (the &ldquo;Sponsor&rdquo;)
is the sponsor of the Trust; The Bank of New York Mellon (the &ldquo;Trustee&rdquo;) is the trustee of the Trust; and ICBC Standard
Bank Plc (the &ldquo;Custodian&rdquo;) is the custodian of the Trust. The Trust intends to issue additional Shares on a continuous
basis.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Shares may be purchased from the Trust only in one or more
blocks of 15,000 Shares (a block of 15,000 Shares is called a &ldquo;Basket&rdquo;). The Trust will issue Shares in Baskets to
certain authorized participants (&ldquo;Authorized Participants&rdquo;) on an ongoing basis, as described in &ldquo;Plan of Distribution.&rdquo;
Baskets will be offered continuously at the net asset value for 15,000 Shares on the day that an order to create a Basket is accepted
by the Trustee. The net asset value per Share (&ldquo;NAV&rdquo;) is calculated by taking the current price of the Trust&rsquo;s
total assets (determined with respect to platinum on the LBMA Platinum Price PM), subtracting any liabilities, and dividing by
the total number of Shares outstanding. The offering of the Trust&rsquo;s Shares is a &ldquo;best efforts&rdquo; offering, which
means that the Authorized Participants are not required to purchase a specific number or dollar amount of Shares. Authorized Participants
will not receive from the Sponsor, the Trust or any affiliates any fee or other compensation in connection with the offering of
the Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to this offering, there has been no public market for
the Shares. The Shares will trade on the NYSE Arca (the &ldquo;Exchange&rdquo;) under the symbol &ldquo;[___]&rdquo; after they
are initially purchased by Authorized Participants. 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
Exchange at the time of each sale. The market price of the Shares may be different from the NAV and may trade at a discount or
premium. Investors who decide to buy or sell Shares of the Trust will place their trade orders through their brokers and may incur
customary brokerage commissions and charges.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Except when aggregated in Baskets, the Shares are not redeemable
securities. Baskets are only redeemable by Authorized Participants.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Neither the Securities and Exchange Commission (&ldquo;SEC&rdquo;)
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: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Trust is an &ldquo;emerging growth company&rdquo; as
that term is used in the Jumpstart Our Business Startups Act (the &ldquo;JOBS Act&rdquo;) and, as such, may elect to comply with
certain reduced reporting requirements.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Shares are neither interests in nor obligations of the Sponsor
or the Trustee. The Trust is not an investment company registered under the Investment Company Act of 1940, as amended. The Trust
is not a commodity pool for purposes of the Commodity Exchange Act of 1936, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The initial Basket of Shares was purchased by an Authorized
Purchaser, [_____], as described in &ldquo;Plan of Distribution.&rdquo;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; border-top: Black 2pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 2%; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: Black 2pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><B>Per Share<SUP>(1)</SUP></B></TD>
    <TD STYLE="width: 1%; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 2%; border-top: Black 2pt double; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: Black 2pt double; border-bottom: Black 1pt solid; text-align: center"><B>Per Basket</B></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2pt double"><FONT STYLE="font-size: 10pt">Public offering price for the initial Baskets<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 2pt double">$</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-size: 10pt">[__]</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2pt double">$</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-size: 10pt">[__]</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(1)</TD><TD>The initial Baskets were created at a per share price
equal to the value of 1/10th of an Ounce of platinum on the date of formation of the Trust.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(2)</TD><TD>The initial Authorized Purchaser may receive commissions/fees
from investors who purchase shares from the initial Baskets through their commission/fee-based brokerage accounts. The price per
Basket that will be paid in the future by the Authorized Participants may be different than the initial Basket price.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The date of this prospectus is [__], 2017.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Table
of Contents</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt; text-align: center"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 90%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right"><B>Page</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#gspts1110317a001">Statement Regarding Forward-Looking Statements</A></TD>
    <TD STYLE="text-align: right">1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#gspts1110317a002">Prospectus Summary</A></TD>
    <TD STYLE="text-align: right">2</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#gspts1110317a003">The Offering</A></TD>
    <TD STYLE="text-align: right">7</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#gspts1110317a004">Summary Financial Condition</A></TD>
    <TD STYLE="text-align: right">13</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#gspts1110317a005">Risk Factors</A></TD>
    <TD STYLE="text-align: right">14</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#gspts1110317a006">Use of Proceeds</A></TD>
    <TD STYLE="text-align: right">26</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#gspts1110317a007">Overview of the Platinum Industry</A></TD>
    <TD STYLE="text-align: right">26</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#gspts1110317a008">Operation of the Platinum Market</A></TD>
    <TD STYLE="text-align: right">29</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#gspts1110317a009">The Trust</A></TD>
    <TD STYLE="text-align: right">31</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#gspts1110317a010">Description of the Shares and the Trust Agreement</A></TD>
    <TD STYLE="text-align: right">35</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#gspts1110317a011">The Securities Depository; Book-Entry-Only System; Global Security</A></TD>
    <TD STYLE="text-align: right">48</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#gspts1110317a012">The Sponsor</A></TD>
    <TD STYLE="text-align: right">50</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#gspts1110317a013">The Trustee</A></TD>
    <TD STYLE="text-align: right">51</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#gspts1110317a014">The Custodian</A></TD>
    <TD STYLE="text-align: right">52</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#gspts1110317a015">United States Federal Income Tax Consequences</A></TD>
    <TD STYLE="text-align: right">58</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#gspts1110317a016">ERISA and Related Considerations</A></TD>
    <TD STYLE="text-align: right">63</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#gspts1110317a017">Plan of Distribution</A></TD>
    <TD STYLE="text-align: right">63</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#gspts1110317a018">Legal Matters</A></TD>
    <TD STYLE="text-align: right">65</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#gspts1110317a019">Experts</A></TD>
    <TD STYLE="text-align: right">66</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#gspts1110317a020">Where You Can Find More Information; Incorporation of Certain Information by Reference</A></TD>
    <TD STYLE="text-align: right">66</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#gspts1110317a021">Glossary</A></TD>
    <TD STYLE="text-align: right">67</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt; text-align: center">&nbsp;</P>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="gspts1110317a001"></A>Statement
Regarding Forward-Looking Statements</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This prospectus includes statements which
relate to future events or future performance. In some cases, you can identify such forward-looking statements by terminology such
as &ldquo;may,&rdquo; &ldquo;will,&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 the negative of these terms or
other comparable terminology. All statements (other than statements of historical fact) included in this prospectus that address
activities, events or developments that 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 made by the Sponsor on the basis
of its perception of historical trends, current conditions and expected future developments, as well as other factors it believes
are 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. Moreover, neither the Sponsor, nor any other person assumes responsibility for the accuracy or completeness
of the forward-looking statements. Neither the Trust nor the Sponsor undertakes an obligation to publicly update or conform to
actual results any forward-looking statement, whether as a result of new information, future developments or otherwise, except
as required by law.</P>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>
<div STYLE="BORDER:solid BLACK 1pt;padding-left:2%;padding-Right:2%;padding-top:1%;padding-bottom:1%;width:97%">
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="gspts1110317a002"></A>Prospectus
Summary&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>The following is a summary of this prospectus,
and while it contains material information about the Trust and the Shares, it does not contain or summarize all of the information
about the Trust and the Shares contained in this prospectus that is material and that may be important to you. You should read
this entire prospectus, including &ldquo;Risk Factors&rdquo; beginning on page [___] before making an investment decision about
the Shares. Capitalized terms not defined in this section have the meaning set forth in the Glossary.</I></P>
</DIV>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
<div STYLE="BORDER:solid BLACK 1pt;padding-left:2%;padding-Right:2%;padding-top:1%;padding-bottom:1%;width:97%">
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Trust Structure, the Sponsor, the Trustee
and the Custodian</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal">The Trust
was formed in 2017 when an initial deposit of platinum was made in exchange for the issuance of [__] Baskets. The purpose of the
Trust is to own platinum transferred to the Trust in exchange for Shares issued by the Trust. Each Share represents a fractional
undivided beneficial interest in the net assets of the Trust. The assets of the Trust consist primarily of platinum held by the
Custodian on behalf of the Trust. However, there may be situations where the Trust will unexpectedly hold cash. For example, a
claim may arise against a third party, which is settled in cash. In situations where the Trust unexpectedly receives cash or other
assets, no new Shares will be issued until after the record date for the distribution of such cash or other property has passed.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal">The Sponsor
of the Trust is GraniteShares LLC, a Delaware limited liability company. The Shares are not obligations of, and are not guaranteed
by the Sponsor, or any of its subsidiaries or affiliates.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal">The Trust
is governed by the provisions of the Depositary Trust Agreement (as amended from time to time, the &ldquo;Trust Agreement&rdquo;)
executed on [__], 2017 by the Sponsor and the Trustee.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal">The Trust
issues Shares only in blocks of 15,000 or integral multiples thereof. Baskets of Shares may be redeemed by the Trust in exchange
for the amount of platinum corresponding to their redemption value. Individual Shares are not redeemed by the Trust, but are listed
and trade on the Exchange under the symbol &ldquo;[__].&rdquo; The Trust seeks to reflect generally the performance of the price
of platinum. The Trust seeks to reflect such performance before payment of the Trust&rsquo;s expenses and liabilities. The material
terms of the Trust are discussed in greater detail under the section &ldquo;Description of the Shares and the Trust Agreement.&rdquo;
The Trust is not a registered investment company under the Investment Company Act of 1940, as amended, and is not required to register
under such act. The Trust is not a commodity pool for purposes of the Commodity Exchange Act of 1936, as amended.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal">The Sponsor
will arrange 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 Exchange. The Sponsor has agreed to assume the following expenses incurred by the Trust: the Trustee&rsquo;s
fee (the &ldquo;Trustee&rsquo;s Fee&rdquo;) and its ordinary out-of-pocket expenses, the Custodian&rsquo;s fee (the &ldquo;Custodian&rsquo;s
Fee&rdquo;) and its reimbursable expenses, the Exchange listing fees, SEC registration fees, marketing expenses, printing and mailing
costs, audit fees and expenses and up to $100,000 per annum in legal fees and expenses.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal">The Trustee
is The Bank of New York Mellon and the Custodian is ICBC Standard Bank Plc. The agreements between the Trustee and the Custodian
for the custody of the Trust&rsquo;s platinum are governed by English law.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal">The Trustee
is responsible for the day-to-day administration of the Trust. The responsibilities of the Trustee include (1) processing orders
for the creation and redemption of Baskets; (2) coordinating with the Custodian the receipt and delivery of platinum transferred
to, or by, the Trust in connection with each issuance and redemption of Baskets; (3) calculating the net asset value of the Trust
on each business day; and (4) selling the Trust&rsquo;s platinum as needed to cover the Trust&rsquo;s expenses. For a more detailed
description of the role and responsibilities of the Trustee see &ldquo;Description of the Shares and the Trust Agreement&rdquo;
and &ldquo;The Trustee.&rdquo;</FONT></P>
</DIV>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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

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<div STYLE="BORDER:solid BLACK 1pt;padding-left:2%;padding-Right:2%;padding-top:1%;padding-bottom:1%;width:97%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal">The Custodian
is responsible for safekeeping the platinum owned by the Trust. The Custodian was selected by the Sponsor and, at the direction
of the Sponsor, appointed by the Trustee, and is responsible to the Trustee under the Trust&rsquo;s platinum custody agreements.
The general role and responsibilities of the Custodian are further described in &ldquo;The Custodian.&rdquo;</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Trust Objective</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The objective of the Trust is for the value
of the Shares to reflect, at any given time, the value of the assets owned by the Trust at that time less the Trust&rsquo;s accrued
expenses and liabilities as of that time. 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 allocated physical platinum bullion requires expensive and sometimes
complicated arrangements in connection with the assay, transportation and warehousing of the metal. Traditionally, such expense
and complications have resulted in investments in physical platinum bullion being efficient only in amounts beyond the reach of
many investors. The Shares have been designed to remove the obstacles represented by the expense and complications involved in
an investment in physical platinum bullion, while at the same time having an intrinsic value that reflects, at any given time,
the price of the assets owned by the Trust at such time less the Trust expenses and liabilities. 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: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Advantages of investing in the Shares include:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD>Minimal credit risk.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Shares represent an interest in physical
platinum owned by the Trust (other than up to a maximum of 192 ounces of platinum held in unallocated form) and held in physical
custody at the Custodian. 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 of the Trust in connection
with deposits and an amount of platinum comprising less than 192 ounces which may be held in the unallocated platinum account of
the Trust on an ongoing basis, the physical platinum of the Trust is not subject to counterparty or credit risks. This contrasts
with most other financial products that gain exposure to precious metals through the use of derivatives that are subject to counterparty
and credit risks.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD>Backed by platinum held by the Custodian on behalf of the Trust.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Shares are backed primarily by allocated
physical platinum bullion identified as the Trust&rsquo;s property in the Custodian&rsquo;s books. The Trust arrangements contemplate
that no Shares can be issued unless the corresponding amount of platinum has been deposited into the Trust. Once deposited into
the Trust, platinum is only removed from the Trust if (i) sold to pay Trust expenses (such as the Sponsor&rsquo;s Fee and any other
expenses not assumed by the Sponsor) or liabilities to which the Trust may be subject, or (ii) transferred from the Trust&rsquo;s
account to an Authorized Participant&rsquo;s account in exchange for one or more Baskets of Shares surrendered for redemption.</P>
</DIV>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
<div STYLE="BORDER:solid BLACK 1pt;padding-left:2%;padding-Right:2%;padding-top:1%;padding-bottom:1%;width:97%">
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD>Ease and flexibility of investment.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Retail investors may purchase and sell Shares
through traditional brokerage accounts. Because the amount of platinum corresponding to a Share is significantly less than the
minimum amounts of physical platinum bullion that are commercially available for investment purposes, the cash outlay necessary
for an investment in Shares should be less than the amount required for currently existing means of investing in physical platinum
bullion. Shares are eligible for margin accounts.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD>Relatively cost efficient.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Although the return, if any, of an investment
in the Shares is subject to the additional expenses of the Trust, including the Sponsor&rsquo;s Fee and other costs and expenses
not assumed by the Sponsor which would not be incurred in the case of a direct investment in platinum, the Shares may represent
a cost-efficient alternative for investors not otherwise in a position to participate directly in the market for allocated physical
platinum bullion, because the expenses involved in an investment in allocated physical platinum through the Shares are dispersed
among all holders of Shares.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Emerging Growth Company Status</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Trust is an &ldquo;emerging growth company,&rdquo;
as defined in the JOBS Act. For as long as the Trust is an &ldquo;emerging growth company,&rdquo; the Trust may take advantage
of certain exemptions from various reporting requirements that are applicable to other public companies that are not &ldquo;emerging
growth companies,&rdquo; including, but not limited to, not being required to comply with the auditor attestation requirements
of Section 404(b) of the Sarbanes&ndash;Oxley Act of 2002 (the &ldquo;Sarbanes-Oxley Act&rdquo;), reduced disclosure obligations
regarding executive compensation in the Trust&rsquo;s periodic reports, and exemptions from the requirements of holding advisory
&ldquo;say-on-pay&rdquo; votes on executive compensation and shareholder advisory votes on golden parachute compensation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the JOBS Act, the Trust will remain
an &ldquo;emerging growth company&rdquo; until the earliest of:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD>The last day of the fiscal year during which the Trust has total annual gross revenues of $1 billion;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD>The last day of the fiscal year following the fifth anniversary of the completion of this offering;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD>The date on which the Trust has, during the previous three-year period, issued more than $1 billion in non-convertible debt;
and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD>The date on which the Trust is deemed to be a &ldquo;large accelerated filer&rdquo; (i.e., an issuer that (1) has more than
$700 million in outstanding equity held by non-affiliates and (2) has been subject to the reporting requirements of the Securities
Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;) for at least 12 calendar months and has filed at least one annual
report on Form 10-K.</TD></TR></TABLE>
</DIV>

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

<div STYLE="BORDER:solid BLACK 1pt;padding-left:2%;padding-Right:2%;padding-top:1%;padding-bottom:1%;width:97%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The JOBS Act also provides that an &ldquo;emerging
growth company&rdquo; can utilize the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of 1933,
as amended (the &ldquo;Securities Act&rdquo;) for complying with new or revised accounting standards. The Trust is choosing to
opt out of this extended transition period and, as a result, the Trust will comply with new or revised accounting standards on
the relevant dates on which adoption of such standards is required for companies that are not &ldquo;emerging growth companies.&rdquo;
Section 107 of the JOBS Act provides that the Trust&rsquo;s decision to opt out of the extended transition period for complying
with new or revised accounting standards is irrevocable.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Principal Offices</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Sponsor&rsquo;s office is located at
30 Vesey Street, New York, New York 10007. The Trustee has a Trust office at 2 Hanson Place, 9th Floor, Brooklyn, New York 11217.
The Custodian&rsquo;s office is located at 20 Gresham Street, London, EC2V 7JE, United Kingdom.</P>
</DIV>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>
<div STYLE="BORDER:solid BLACK 1pt;padding-left:2%;padding-Right:2%;padding-top:1%;padding-bottom:1%;width:97%">
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="gspts1110317a003"></A>The
Offering</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3in">Offering</TD><TD>The Shares represent units of fractional undivided beneficial interest in the net assets of the Trust.</TD></TR>                                                                                                                                                                                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>Use of proceeds</TD><TD>Proceeds received
by the Trust from the issuance and sale of Baskets, including the [__] Baskets issued to the initial Authorized Participant, which
is [_______], in connection with the formation of the Trust, and the Shares (as described on the front page of this prospectus)
will 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 or sold as needed to pay the Trust&rsquo;s ongoing expenses.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>Exchange symbol</TD><TD>[__]</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-indent: -3in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-indent: -3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3in">CUSIP</TD><TD>[_______]</TD></TR>                                                                                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>Creation and redemption</TD><TD>The Trust expects to issue and redeem Baskets of Shares on a continuous basis. Baskets of Shares will only be issued or
                                    redeemed in exchange for an amount of platinum determined by the Trustee on each day that the Exchange is open for regular
                                    trading. No Shares will be issued unless the Custodian has allocated to the Trust&rsquo;s account the corresponding amount of
                                    platinum. Initially, a Basket will require delivery of 1,500 Ounces of platinum. The amount of platinum necessary for the
                                    creation of a Basket, or to be received upon redemption of a Basket, will decrease over the life of the Trust, due to the
                                    payment or accrual of fees and other expenses or liabilities payable by the Trust. Baskets may be created or redeemed only by
                                    Authorized Participants, who will pay the Trustee a transaction fee for each order to create or redeem Baskets. See
                                    &ldquo;Description of the Shares and the Trust Agreement&rdquo; for more details.</TD></TR>
</TABLE>
</DIV>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>
<div STYLE="BORDER:solid BLACK 1pt;padding-left:2%;padding-Right:2%;padding-top:1%;padding-bottom:1%;width:97%">
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 3in">Net Asset Value</TD><TD>The net asset
value of the Trust will be obtained by subtracting the Trust&rsquo;s expenses and liabilities on any day from the value of the
platinum owned by the Trust on that day; the NAV per Share will be obtained by dividing the net asset value of the Trust on a given
day by the number of Shares outstanding on that day. On each day on which the Exchange is open for regular trading, the Trustee
will determine the net asset value of the Trust and the NAV per Share as promptly as practicable after 4:00 p.m. (New York time).
The Trustee will value the Trust&rsquo;s platinum on the basis of LBMA Platinum Price PM. If there is no LBMA Platinum Price PM
on any day, the Trustee is authorized to use the LBMA Platinum Price AM announced on that day. If neither price is available for
that day, the Trustee will value the Trust&rsquo;s platinum based on the most recently announced LBMA Platinum Price PM or LBMA
Platinum Price AM. If the Sponsor determines that such price is inappropriate to use, the Sponsor will identify an alternate basis
for evaluation to be employed by the Trustee. Further, the Sponsor may instruct the Trustee to use on an on-going basis a different
publicly available price which the Sponsor determines to fairly represent the commercial value of the Trust&rsquo;s platinum. See
&ldquo;The Trust&mdash;Valuation of Platinum; Computation of Net Asset Value.&rdquo;</TD></TR>
</TABLE>

<P STYLE="margin: 0; text-indent: 0.75in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 3in">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>Trust Expenses</TD><TD>The Trust&rsquo;s
only ordinary recurring expense is expected to be the remuneration due to the Sponsor (the &ldquo;Sponsor&rsquo;s Fee&rdquo;).
In exchange for the Sponsor&rsquo;s Fee, the Sponsor has agreed to assume the following expenses of the Trust: the Trustee&rsquo;s
Fee and its ordinary out-of-pocket expenses, the Custodian&rsquo;s Fee and its reimbursable expenses, the Exchange listing fees,
SEC registration fees, marketing expenses, printing and mailing costs, audit fees and expenses and up to $100,000 per annum in
legal fees and expenses. The Sponsor&rsquo;s Fee is accrued daily at an annualized rate equal to [____]% of the net asset value
of the Trust and is payable monthly in arrears. The Sponsor may, at its discretion and from time to time, waive all or a portion
of the Sponsor&rsquo;s Fee for stated periods of time. The Sponsor is under no obligation to waive any portion of its fees and
any such waiver shall create no obligation to waive any such fees during any period not covered by the waiver. Presently, the Sponsor
does not intend to waive any part of its fee. The Trustee from time to time may sell platinum in such quantities as may be necessary
to permit the payment of the Sponsor&rsquo;s Fee and other Trust expenses and liabilities not assumed by the Sponsor. The Trustee
will endeavor 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 may vary from time to time depending on the level of the Trust&rsquo;s expenses and liabilities and the market price
of platinum. See &ldquo;The Trust&mdash;Trust Expenses&rdquo; and &ldquo;Description of the Shares and the Trust Agreement&mdash;Trust
Expenses and Platinum Sales.&rdquo;</TD></TR>
</TABLE>
</DIV>
<P STYLE="margin: 0">&nbsp;</P>



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<P STYLE="margin: 0">&nbsp;&nbsp;</P>
<div STYLE="BORDER:solid BLACK 1pt;padding-left:2%;padding-Right:2%;padding-top:1%;padding-bottom:1%;width:97%">
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 3in">Federal Income Tax Considerations</TD><TD>Owners
of Shares are treated, for U.S. federal income tax purposes, as if they owned a corresponding share of the assets of the Trust.
They are also viewed as if they directly received a corresponding share of any income of the Trust, or as if they had incurred
a corresponding share of the expenses of the Trust. Consequently, each sale of platinum by the Trust constitutes a taxable event
to owners of beneficial interests in the Shares (&ldquo;Shareholders&rdquo;). See &ldquo;United States Federal Income Tax Consequences&mdash;Taxation
of U.S. Shareholders&rdquo; and &ldquo;ERISA and Related Considerations.&rdquo;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>Voting Rights</TD><TD>Owners of Shares
have the right to vote in limited circumstances, i.e., causing the Trustee to cure a material breach by the Trustee under the Trust
Agreement, or requiring the Trustee to terminate the Trust Agreement. See &ldquo;Description of the Shares and the Trust Agreement&mdash;Voting
Rights.&rdquo;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-indent: -3in">Suspension of Issuance,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-indent: -3in">Transfers and Redemptions</P>

</TD><TD>The
Trustee may, and upon direction of the Sponsor will, generally suspend the delivery of Shares against deposits of platinum or the
registration of transfer of Shares or refuse a particular delivery or transfer (i) during any period when the Trustee&rsquo;s transfer
books are closed, (ii) if the Custodian has informed the Trustee and the Sponsor that it is unable to allocate platinum to the
Trust Allocated Account or (iii) if any such action is otherwise deemed necessary or advisable by the Sponsor for any reason in
its sole discretion. Redemptions may be suspended only (i) during any period in which regular trading on the Exchange is suspended
or restricted, or the Exchange is closed, or (ii) during an emergency as a result of which delivery, disposal or evaluation of
platinum is not reasonably practicable. See &ldquo;Description of the Shares and the Trust Agreement&mdash;Redemption of Baskets.&rdquo;</TD></TR>
</TABLE>
</DIV>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>
<div STYLE="BORDER:solid BLACK 1pt;padding-left:2%;padding-Right:2%;padding-top:1%;padding-bottom:1%;width:97%">
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD>Limitation on Liability</TD>
    <TD COLSPAN="2">The Sponsor and the Trustee:</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 3in">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="width: 72%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD>are only obligated to take the actions specifically set forth in the Trust Agreement without gross negligence, willful misconduct
or bad faith;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD>are not liable for the exercise of discretion permitted under the Trust Agreement; and</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-family: Times New Roman, Times, Serif">&#9679;</font></TD><TD>have no obligation to prosecute any lawsuit or other proceeding on behalf of the Shareholders or any other
person.</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"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in">See &ldquo;Description of the Shares and the Trust Agreement&mdash;The
Sponsor (Liability of the Sponsor and indemnification)&rdquo; and &ldquo;The Trustee (Limitation on Trustee&rsquo;s liability).&rdquo;</P>
</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>Termination events</TD>
    <TD COLSPAN="2">The Trustee
will terminate the Trust Agreement if:</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 3in">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="width: 72%">the Trustee is notified that the Shares are delisted from the Exchange and are not approved for listing on another national
securities exchange within five business days of their delisting;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-indent: -3in"></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 3in">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="width: 72%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD>Shareholders acting in respect of at least 75% of the outstanding Shares notify the Trustee that they elect to terminate the
Trust;</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-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD>60 days have elapsed since the Trustee notified the Sponsor of the Trustee&rsquo;s election to resign or since the Sponsor
removed the Trustee, and a successor trustee has not been appointed and accepted its appointment;</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-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD>any sole Custodian then acting resigns or is removed and no successor custodian has been employed within 60 days of such resignation
or removal;</TD></TR>
</TABLE>

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

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

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

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
<div STYLE="BORDER:solid BLACK 1pt;padding-left:2%;padding-Right:2%;padding-top:1%;padding-bottom:1%;width:97%">
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3in"></TD><TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD>the SEC determines that the Trust is an investment company under the Investment Company Act of 1940, as amended, and the Trustee
has actual knowledge of that determination;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3in"></TD><TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD>the U.S. Commodity Futures Trading Commission (the &ldquo;CFTC&rdquo;) determines that (i) the Trust is a commodity pool under
the Commodity Exchange Act of 1936 (the &ldquo;CEA&rdquo;); and/or (ii) the Shares constitute &ldquo;commodity interests&rdquo;,
as defined by the CFTC in CFTC Regulation 1.3(yy) and the Trustee has actual knowledge of that determination;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3in"></TD><TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD>the aggregate market capitalization of the Trust, based on the closing price for the Shares, is less than $50 million (as adjusted
for inflation by reference to the U.S. Consumer Price Index) at any time more than 18 months after the Trust&rsquo;s formation,
and the Trust receives, within 6 months after the last trading date on which such capitalization was less than $50 million, notice
from the Sponsor of its decision to terminate the Trust;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3in"></TD><TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD>the Trust fails to qualify for treatment, or ceases to be treated, as a grantor trust under the United States Internal Revenue
Code of 1986, as amended (the &ldquo;Code&rdquo;), or under any comparable provision of any other jurisdiction where such treatment
is sought, and the Trustee receives notice that the Sponsor has determined that the termination of the Trust is advisable; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3in"></TD><TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD>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.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">If the Sponsor resigns without appointing a successor
sponsor, or is dissolved or has ceased to exist as a legal entity for any reason or is deemed to have resigned because (1) it fails
to undertake or perform, or becomes incapable of undertaking or performing, any of the duties required by the Trust Agreement,
and such failure or incapacity is not cured, or (2) 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 the Trustee may, among other actions,
terminate and liquidate the Trust.</P>
</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>
<div STYLE="BORDER:solid BLACK 1pt;padding-left:2%;padding-Right:2%;padding-top:1%;padding-bottom:1%;width:97%">
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 3in">&nbsp;</TD><TD>See &ldquo;Description of the Shares and the Trust Agreement&mdash;Amendment
and Termination.&rdquo; After termination of the Trust, the Trustee will deliver Trust property to Authorized Participants upon
surrender and cancellation of Shares and, at least 60 days after termination, may sell any remaining Trust property in a private
or public sale, and hold the proceeds, uninvested and in a non-interest bearing account, for the benefit of the holders who have
not surrendered their Shares for cancellation. See &ldquo;Description of the Shares and the Trust Agreement&mdash;Amendment and
Termination.&rdquo;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>Authorized Participants</TD><TD>Baskets
may be created or redeemed only by Authorized Participants. Each Authorized Participant must be a registered broker-dealer or other
securities market participant, a participant in DTC, have entered into an agreement with the Trustee and the Sponsor (the &ldquo;Authorized
Participant Agreement&rdquo;) and have established a platinum unallocated account with the Custodian or another LBMA-approved platinum-clearing
bank. The Authorized Participant Agreement provides the procedures for the creation and redemption of Baskets and for the delivery
of platinum in connection with such creations or redemptions. A list of the current Authorized Participants can be obtained from
the Trustee or the Sponsor.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>Clearance and settlement</TD><TD>The Shares
are issued in book-entry form only. Transactions in Shares clear through the facilities of DTC. Investors may hold their Shares
through DTC, if they are participants in DTC, or indirectly through entities that are participants in DTC.</TD></TR>
</TABLE>
</DIV>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<div STYLE="BORDER:solid BLACK 1pt;padding-left:2%;padding-Right:2%;padding-top:1%;padding-bottom:1%;width:97%">
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="gspts1110317a004"></A>Summary
Financial Condition</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of the date of the formation of the Trust
and the date the initial Authorized Participant deposited [_____] Ounces of platinum into the Trust, the net asset value of the
Trust, which represents the value of the platinum deposited into the Trust in exchange for the initial Baskets, was [$____] and
the NAV per Share was [$____].</P>
</DIV>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="gspts1110317a005"></A>Risk
Factors</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Before making an investment decision, you
should consider carefully the risks described below, as well as the other information included in this prospectus</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD>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;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD>Investors&rsquo; expectations with respect to the rate of inflation;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD>Currency exchange rates;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD>Interest rates;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD>Investment and trading activities of hedge funds and commodity funds; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD>Global or regional political, economic or financial events and situations.</TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>As the Sponsor has no history of operating
an investment vehicle like the Trust, its experience may be inadequate or unsuitable to manage the Trust.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Sponsor has no history of past performance
in operating an investment vehicle like the Trust. The past performances of the Sponsor&rsquo;s management in other positions are
no indication of their ability to manage an investment vehicle such as the Trust. If the experience of the Sponsor and its management
is not adequate or suitable to manage an investment vehicle such as the Trust, the operations of the Trust may be adversely affected.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Actual or perceived disruptions in the
processes used to determine the new LBMA Platinum Prices, or lack of confidence in that benchmark, may adversely affect the return
on your investment in the Shares (if any).</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Because the objective of the Trust is to
reflect the performance of the price of platinum, any disruptions affecting the processes related to how the market determines
the price of platinum will have an effect on the value of the Shares. On December 1, 2014, the London Fix was discontinued, and
the LBMA Platinum Prices became the new daily prices of platinum determined and disseminated shortly after 9:45 p.m. and 2:00 p.m.
London time respectively on each day that the London platinum market is open for business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The LBMA Platinum Price AM or PM is determined
through an electronic, auction-based mechanism administered by the London Metal Exchange (LME). While these features may be improvements
over the discontinued London Fix, investors should keep in mind that electronic markets are not exempt from failures. In addition,
electronic trading platforms may be subject to influence by high-frequency traders with results that are highly contested by the
industry, regulators and market observers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of the date of this prospectus, the LBMA
Platinum Prices AM and PM have been subjected to the test of actual trading markets for over two years. As with any innovation,
it is possible that electronic failures or other unanticipated events may occur that could result in delays in the announcement
of, or the inability of the system to produce, an LBMA Platinum Price AM or PM on any given day. Furthermore, if a perception were
to develop that the LBMA Platinum Price AM or PM is vulnerable to manipulation attempts, or if the proceedings surrounding the
determination and publication of the LBMA Platinum Price AM or PM were seen as unfair, biased or otherwise compromised by the markets,
the behavior of investors and traders in platinum may change, and those changes may have an effect on the price of platinum (and,
consequently, the value of the Shares). In any of these circumstances, the intervention of extraneous events disruptive of the
normal interaction of supply and demand of platinum at any given time, may result in distorted prices and losses on an investment
in the Shares that, but for such extraneous events, might not have occurred.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Other effects of disruptions in the determination
of the LBMA Platinum Price AM or PM on the operations of the Trust include the potential for an incorrect valuation of the Trust&rsquo;s
platinum, an inaccurate computation of the Sponsor&rsquo;s Fee, and the sales of platinum to cover Trust expenses at prices that
do not accurately reflect the fundamentals of the platinum market. Each of these events could have an adverse effect on the value
of the Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of the date of this prospectus, the Sponsor
has no reason to believe that the LBMA Platinum Price AM or PM will not fairly represent the price of the platinum held by the
Trust. Should this situation change, the Sponsor expects to use the powers granted by the Trust&rsquo;s governing documents to
seek to replace the LBMA Platinum Price AM or PM with a more reliable indicator of the value of the Trust&rsquo;s platinum. There
is no assurance that such alternative value indicator will be identified, or that the process of changing from the LBMA Platinum
Price AM or PM to a new benchmark price will not adversely affect the price of the Shares.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>The amount of platinum represented by
each Share will decrease over the life of the Trust due to the sales of platinum necessary to pay the Sponsor&rsquo;s Fee and Trust
expenses. Without increases in the price of platinum sufficient to compensate for that decrease, the price of the Shares will also
decline and you will lose money on your investment in Shares.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Although the Sponsor has agreed to assume
all organizational and certain ordinary expenses incurred by the Trust, not all Trust expenses have been assumed by the Sponsor.
For example, any taxes and other governmental charges that may be imposed on the Trust&rsquo;s property will not be paid by the
Sponsor. As part of its agreement to assume some of the Trust&rsquo;s ordinary administrative expenses, the Sponsor has agreed
to pay legal fees and expenses of the Trust not in excess of $100,000 per annum. Any legal fees and expenses in excess of that
amount will be the responsibility of the Trust.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Because the Trust does not have any income,
it needs to sell platinum to cover expenses not assumed by the Sponsor. The Trust may also be subject to other liabilities (for
example, as a result of litigation) which have also not been assumed by the Sponsor. The only source of funds to cover those liabilities
will be sales of platinum held by the Trust. Even if there are no expenses other than those assumed by the Sponsor, and there are
no other liabilities of the Trust, the Trustee will still need to sell platinum to pay the Sponsor&rsquo;s Fee. The result of these
sales 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, do not reverse this trend.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A decrease in the amount of platinum represented
by each Share results in a decrease in its price even if the price of platinum has not changed. To retain the Share&rsquo;s original
price, the price of platinum has to increase. Without that increase, the lesser amount of platinum represented by the Share will
have a correspondingly lower price. If these increases do not occur, or are 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: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">An increase in the Trust expenses not assumed
by the Sponsor, or the existence of unexpected liabilities affecting the Trust, will force 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 a corresponding decrease
in its value. The sale of the Trust&rsquo;s platinum to pay expenses not assumed by the Sponsor or unexpected liabilities affecting
the Trust, at a time of low platinum prices could adversely affect the value of the Shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><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>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD>Autocatalysts, automobile components that use platinum accounted for approximately 40% of the global demand in platinum in
2017. Should global automobile sales decline, the demand for platinum may fall and impact the price of platinum and affect the
price of the Shares.</TD></TR></TABLE>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD>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></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD>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></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD>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.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD>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></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD>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></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>The Trust is a passive investment vehicle.
This means that the value of your Shares may be adversely affected by Trust losses that, if the Trust had been actively managed,
it might have been possible to avoid.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Trustee does not actively manage the
platinum held by the Trust. This means that the Trustee does not sell platinum at times when its price is high, or acquire platinum
at low prices in the expectation of future price increases. It also means that the Trustee does not make use of any of the hedging
techniques available to professional platinum investors to attempt to reduce the risks of losses resulting from price decreases.
Any losses sustained by the Trust will adversely affect the value of your Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>The price received upon the sale of Shares
may be less than the value of the platinum represented by them.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The result obtained by subtracting the Trust&rsquo;s
expenses and liabilities on any day from the price of the platinum owned by the Trust on that day is the net asset value of the
Trust which, when divided by the number of Shares outstanding on that day, results in the NAV per Share.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Shares may trade at, above or below their
NAV. The NAV will fluctuate with changes in the market value of the Trust&rsquo;s assets. The trading prices of Shares will fluctuate
in accordance with changes in their NAVs as well as market supply and demand. The amount of the discount or premium in the trading
price relative to the NAV may be influenced by non-concurrent trading hours between the major platinum markets and the Exchange.
While the Shares will trade on the Exchange until 4:00 p.m. (New York time), liquidity in the market for platinum will be reduced
after the close of the major world platinum markets, including London, Zurich and NYMEX. As a result, during this time, trading
spreads, and the resulting premium or discount on Shares, may widen.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>The Trust may be forced to sell platinum
earlier than anticipated if expenses are higher than expected.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Trust may be forced to sell physical
platinum earlier than anticipated if the Trust&rsquo;s expenses are higher than estimated. Such accelerated sales may result in
a reduction of the NAV and the value of the Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Because the Trust is not a diversified
investment, it may be more volatile than other investments.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">An investment in the Trust is not intended
as a complete investment plan. Because the Trust principally only holds physical platinum, an investment in the Trust may be more
volatile than an investment in a more broadly diversified portfolio. Accordingly, the NAV may be more volatile than another investment
vehicle with a more broadly diversified portfolio and may fluctuate substantially over time. An investment in the Trust may be
deemed speculative and is not intended as a complete investment program; therefore investors should review closely the objective
and strategy, the investment and operating restrictions and the redemption provisions of the Trust as outlined herein and familiarize
themselves with the risks associated with an investment in the Trust.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>The liquidation of the Trust may occur
at a time when the disposition of the Trust&rsquo;s platinum will result in losses to investors in Shares.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Trust may have a limited duration. If
certain events occur, at any time, the Trustee will have to terminate the Trust. See &ldquo;Description of the Shares and the Trust
Agreement&mdash;Amendment and Termination&rdquo; for more information about the termination of the Trust, including when events
outside the control of the Sponsor, the Trustee or the Shareholders may prompt the Trust&rsquo;s termination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon termination of the Trust, the Trustee
will sell platinum in the amount necessary to cover all expenses of liquidation, and to pay any outstanding liabilities of the
Trust. The remaining platinum will be distributed among Authorized Participants surrendering Shares. Any platinum remaining in
the possession of the Trustee after 60 days may be sold by the Trustee and the proceeds of the sale will be held by the Trustee
until claimed by any remaining holders of Shares. Sales of platinum in connection with the liquidation of the Trust at a time of
low prices will likely result in losses, or adversely affect your gains, on your investment in Shares.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>There may be situations where an Authorized
Participant is unable to redeem a Basket of Shares. To the extent the value of platinum decreases, these delays may result in a
decrease in the value of the platinum the Authorized Participant will receive when the redemption occurs, as well as a reduction
in liquidity for all Shareholders in the secondary market.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Although Shares surrendered by Authorized
Participants in Basket-size aggregations are redeemable in exchange for the underlying amount of platinum, redemptions may be suspended
during any period while regular trading on the Exchange is suspended or restricted, or in which an emergency exists that makes
it reasonably impracticable to deliver, dispose of, or evaluate platinum. If any of these events occurs at a time when an Authorized
Participant intends to redeem Shares, and the price of platinum decreases before such Authorized Participant is able again to surrender
Shares for redemption, such Authorized Participant will sustain a loss with respect to the amount that it would have been able
to obtain in exchange for the platinum received from the Trust upon the redemption of its Shares, had the redemption taken place
when such Authorized Participant originally intended it to occur. As a consequence, Authorized Participants may reduce their trading
in Shares during periods of suspension, decreasing the number of potential buyers of Shares in the secondary market and, therefore,
decreasing the price a Shareholder may receive upon sale.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>The liquidity of the Shares may also
be affected by the withdrawal from participation of Authorized Participants.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event that one or more Authorized
Participants that have substantial interests in Shares 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: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>The Trust is an &ldquo;emerging growth
company&rdquo; and it cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make
the Shares less attractive to investors.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Trust is an &ldquo;emerging growth company&rdquo;
as defined in the JOBS Act. For as long as the Trust continues to be an emerging growth company it may choose to take advantage
of certain exemptions from various reporting requirements applicable to other public companies but not to emerging public companies,
which include, among other things:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD>Exemption from the auditor attestation requirements under Section 404 of the Sarbanes-Oxley Act;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD>Reduced disclosure obligations regarding executive compensation in the Trust&rsquo;s periodic reports;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD>Exemption from the requirements of holding non-binding shareholder votes on executive compensation arrangements; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD>Exemption from any rules requiring mandatory audit firm rotation and auditor discussion and analysis and, unless otherwise
determined by the SEC, any new audit rules adopted by the Public Company Accounting Oversight Board.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Trust could be an emerging growth company
until the last day of the fiscal year following the fifth anniversary after its initial public offering, or until the earliest
of (1) the last day of the fiscal year in which it has annual gross revenue of $1 billion or more, (2) the date on which it has,
during the previous three year period, issued more than $1 billion in non-convertible debt or (3) the date on which it is deemed
to be a large accelerated filer under the federal securities laws. The Trust will qualify as a large accelerated filer as of the
first day of the first fiscal year after it has (A) more than $700 million in outstanding equity held by nonaffiliates and (B)
been public for at least 12 months. The value of the Trust&rsquo;s outstanding equity will be measured each year on the last day
of its second fiscal quarter.</P>

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

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

<!-- Field: Page; Sequence: 22; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the JOBS Act, emerging growth companies
are also permitted to elect to delay adoption of new or revised accounting standards until companies that are not subject to periodic
reporting obligations are required to comply, if such accounting standards apply to non-reporting companies. However, the Trust
has chosen to opt out of this extended transition period for complying with new or revised accounting standards. Section 107 of
the JOBS Act provides that the decision to opt out of the extended transition period for complying with new or revised accounting
standards is irrevocable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Trust cannot predict if investors will
find an investment in the Trust less attractive if it relies on these exemptions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Authorized Participants with large holdings
may choose to terminate the Trust.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Holders of 75% of the Shares have the power
to terminate the Trust. This power may be exercised by a relatively small number of holders. If it is so exercised, investors who
wished to continue to invest in platinum through the vehicle of the Trust will have to find another vehicle, and may not be able
to find another vehicle that offers the same features as the Trust.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>The lack of an active trading market
for the Shares may result in losses on your investment at the time of disposition of your Shares.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Although Shares are listed for trading on
the Exchange, you should not assume that an active trading market for the Shares will develop or be maintained. If you need to
sell your Shares at a time when no active market for them exists, such lack of an active market will most likely adversely affect
the price you receive for your Shares (assuming you are able to sell them).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>If the process of creation and redemption
of Baskets encounters any unanticipated difficulties, the possibility for arbitrage transactions intended to keep the price of
the Shares closely linked to the price of platinum may not exist and, as a result, the price of the Shares may fall or otherwise
diverge from NAV.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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, such as the Authorized Participants and their customers, 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 the Shares may decline and the price of the Shares may fluctuate independently
of the price of platinum and may fall or otherwise diverge from NAV.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>As an owner of Shares, you will not have
the rights normally associated with ownership of other types of shares.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Shares are not entitled to the same rights
as shares issued by a corporation. By acquiring Shares, you are not acquiring the right to elect directors, to receive dividends,
to vote on certain matters regarding the issuer of your Shares or to take other actions normally associated with the ownership
of shares of a corporation. You will only have the limited rights described under &ldquo;Description of the Shares and the Trust
Agreement.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>As an owner of Shares, you will not have
the protections normally 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 of 1936.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Trust is not registered as an investment
company for purposes of United States federal securities laws, and is not subject to regulation by the SEC as an investment company.
Consequently, the owners of Shares do not have the regulatory protections provided to investors in registered investment companies.
For example, the provisions of the Investment Company Act that limit transactions with affiliates, prohibit the suspension of redemptions
(except under certain limited circumstances) or limit sales loads, among others, do not apply to the Trust.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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
and the National Futures Association (the &ldquo;NFA&rdquo;). Furthermore, the Trust is not a commodity pool for purposes of the
CEA and the Shares are not &ldquo;commodity interests&rdquo;. Consequently, the Trustee and Sponsor are not subject to registration
as commodity pool operators or commodity trading advisors with respect to the Trust or the Shares. The owners of Shares do not
receive the CEA disclosure document and certified annual report required to be delivered by a registered commodity pool operator
or a commodity trading advisor with respect to the Trust, and the owners of Shares do not have the regulatory protections provided
to investors in 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: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>The value of the Shares will be adversely
affected if platinum owned by the Trust is lost or damaged in circumstances in which the Trust is not in a position to recover
the corresponding loss.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Custodian is responsible to the Trust
for loss or damage to the Trust&rsquo;s platinum only under limited circumstances. The agreements with the Custodian contemplate
that the Custodian will be responsible to the Trust only if it acts with negligence, fraud or in willful default of its obligations
under those agreements. The Custodian&rsquo;s liability will not exceed the market value of the platinum credited to the Trust
Unallocated Account and the Trust Allocated Account at the time such negligence, fraud or willful default is either discovered
by or notified to the Custodian (such market value calculated using the nearest available LBMA Platinum Price PM following the
occurrence of such negligence, fraud or willful default), provided that, in the case of such discovery by or notification to the
Custodian, the Custodian notifies the Sponsor and the Trustee promptly after any discovery of such negligence, fraud or willful
default. Furthermore, the Custodian is not liable for any delay in performance, or for the non-performance, of any of its obligations
under the Custody Agreements by reason of any cause beyond the Custodian&rsquo;s reasonable control, including any act of God or
war or terrorism, any breakdown, malfunction or failure of, or connected with, any communication, computer, transmission, clearing
or settlement facilities, industrial action, or acts, rules and regulations of any governmental or supra national bodies or authorities
or any relevant regulatory or self-regulatory organization.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, because the Custody Agreements
are governed by English law, the holders of the Shares may have no rights against the Custodian and any rights they may have against
the Custodian will be different from, and may be more limited than, those that could have been available to them under the laws
of a different jurisdiction. The choice of English law to govern the Custody Agreements, however, is not expected to affect any
rights that the holders of the Shares may have against the Trust or the Trustee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Moreover, the Trust may not be in a position
to recover insurance proceeds in the event of any loss with respect to its platinum. 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, which does
not cover the full amount of platinum held in custody. 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 will
maintain adequate insurance or any insurance with respect to the platinum held by the Custodian on behalf of the Trust. The Custodian
and the Trustee do not require any direct or indirect subcustodians 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. 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: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any loss of platinum owned by the Trust
will result in a corresponding loss in the net asset value of the Trust and it is reasonable to expect that such loss will also
result in a decrease in the value at which the Shares are traded on the Exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Although the relationship between the
Custodian and the Trustee 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 U.S. law, in which case the ability of
the Trust to seek legal redress against the Custodian may be frustrated.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The obligations of the Custodian under the
Custody Agreements are 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), The London Platinum and Palladium Market (LPPM) rules or the customs
and practices in the London custody market. It may be difficult or impossible for the Trust to sue the 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: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Shareholders and Authorized Participants
lack the right under the Custody Agreements to assert claims directly against the Custodian, which significantly limits their options
for recourse.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Neither the Shareholders nor any Authorized
Participant will have a right under the Custody Agreements to assert a claim of the Trustee against the 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: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Platinum held in the Trust Unallocated
Account and any Authorized Participant&rsquo;s unallocated platinum account will not be 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 platinum
bars held in the Trust Allocated Account.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Platinum which is part of a deposit for
a purchase order or part of a redemption distribution will be held for a time in the Trust Unallocated Account and, previously
or subsequently in, the unallocated platinum account of the purchasing or redeeming Authorized Participant. During those times,
the Trust and the Authorized Participant, as the case may be, will have no proprietary rights to any specific bars of platinum
held by the Custodian and will each be 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 Trust Unallocated Account Agreement, or if a subcustodian 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: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event 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 retain legal title to the allocated platinum bars, the Trust could incur expenses in connection
with obtaining control of the allocated platinum bars, and the assertion of a claim by such liquidator for unpaid fees could delay
creations and redemptions of Baskets.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>From time to time subcustodians may be
employed by the Custodian to provide temporary custody and safekeeping of the Trust&rsquo;s platinum. The obligations of any subcustodian
of the Trust&rsquo;s platinum are not determined by contractual arrangements but by LPPM rules and London bullion market customs
and practices, which may prevent the Trust&rsquo;s recovery of damages for losses on its platinum custodied with subcustodians.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Allocated platinum may be held by one or
more subcustodians appointed by the Custodian, or employed by the subcustodians appointed by the Custodian, until it is transported
to the Custodian&rsquo;s London vault premises. Under the Trust Allocated Account Agreement, except for an obligation on the part
of the Custodian to use commercially reasonable efforts to obtain delivery of the Trust&rsquo;s platinum bars from any subcustodians
appointed by the Custodian, the Custodian is not liable for the acts or omissions of its subcustodians unless the selection of
such subcustodians was made negligently or in bad faith. There are expected to be no written contractual arrangements between subcustodians
that hold the Trust&rsquo;s platinum bars 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 bullion 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 subcustodian for losses relating to the safekeeping of platinum. If the Trust&rsquo;s platinum bars
are lost or damaged while in the custody of a subcustodian, the Trust may not be able to recover damages from the Custodian or
the subcustodian.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Because neither the Trustee nor the Custodian
oversees or monitors the activities of subcustodians who may temporarily hold the Trust&rsquo;s platinum bars until transported
to the Custodian&rsquo;s London vault, failure by the subcustodians to exercise due care in the safekeeping of the Trust&rsquo;s
platinum bars could result in a loss to the Trust.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the Trust Allocated Account Agreement,
the Custodian agreed that it will hold all of the Trust&rsquo;s platinum bars in its own vault premises except when the platinum
bars have been allocated in a vault other than the Custodian&rsquo;s vault premises, and in such cases the Custodian agreed that
it will use commercially reasonable efforts promptly to transport the platinum bars to the Custodian&rsquo;s vault, at the Custodian&rsquo;s
cost and risk. Nevertheless, there may be periods of time when some portion of the Trust&rsquo;s platinum bars will be held by
one or more subcustodians appointed by the Custodian or by a subcustodian of such subcustodian.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Custodian is required under the Trust
Allocated Account Agreement to use reasonable care in appointing its subcustodians but otherwise has no other responsibility in
relation to the subcustodians appointed by it. These subcustodians may in turn appoint further subcustodians, but the Custodian
is not responsible for the appointment of these further subcustodians. The Custodian does not undertake to monitor the performance
by subcustodians of their custody functions or their selection of further subcustodians. The Trustee does not undertake to monitor
the performance of any subcustodian. Furthermore, the Trustee may have no right to visit the premises of any subcustodian for the
purposes of examining the Trust&rsquo;s platinum bars or any records maintained by the subcustodian, and no subcustodian will be
obligated to cooperate in any review the Trustee may wish to conduct of the facilities, procedures, records or creditworthiness
of such subcustodian.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, the ability of the Trustee
to monitor the performance of the Custodian may be limited because under the Custody Agreements the Trustee has only limited rights
to visit the premises of the Custodian for the purpose of examining the Trust&rsquo;s platinum bars and certain related records
maintained by the Custodian.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>The value of the Shares will be adversely
affected if any services provided to the Trust by the Sponsor, the Custodian or the Trustee are suddenly or unexpectedly terminated.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon the sudden or unexpected termination,
resignation or removal of any service provider to the Trust, it is possible that a comparable replacement service provider will
be available or able to be appointed without material delay. Any such unavailability or delay could cause the Trustee to expend
assets of the Trust and consequently, the NAV of the Shares, in finding a replacement service provider.</P>

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

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

<!-- Field: Page; Sequence: 27; Value: 2 -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>The value of the Shares will be adversely
affected if the Trust is required to indemnify the Sponsor, the Trustee, or the Custodian as contemplated in the Trust Agreement
and the Custody Agreements.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the Trust Agreement, the Sponsor and
the Trustee each have the right to be indemnified from the Trust for any liability or expense it incurs without gross negligence,
bad faith, willful misconduct or willful malfeasance on its part. Similarly, the Custody Agreements provide for indemnification
of the Custodian by the Trust under certain circumstances. This means that it may be necessary to sell assets of the Trust in order
to cover losses or liability suffered by the Sponsor, the Trustee or the Custodian. Any sale of that kind would reduce the net
asset value of the Trust and the value of the Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>The service providers engaged by the
Trust may not carry adequate insurance to cover claims against them by the Trust, which could adversely affect the value of net
assets of the Trust.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Trustee, the Custodian and other service
providers engaged by the Trust maintain such insurance as they deem adequate with respect to their respective businesses. Investors
cannot be assured that any of the aforementioned parties will maintain any insurance with respect to the Trust&rsquo;s assets held
or the services that such parties provide to the Trust and, if they maintain insurance, that such insurance is sufficient to satisfy
any losses incurred by them in respect of their relationship with the Trust. Accordingly, the Trust will have to rely on the efforts
of the service provider to recover from their insurer compensation for any losses incurred by the Trust in connection with such
arrangements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>The Sponsor and its affiliates manage
other funds, including those that invest in physical platinum bullion or other precious metals, and conflicts of interest may occur,
which may reduce the value of the net assets of the Trust, the NAV and the trading price of the Shares.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Sponsor or its affiliates and associates
currently engage in, and may in the future engage, in the promotion, management or investment management of other accounts, funds
or trusts that invest primarily in physical platinum bullion or other precious metals. Although officers and professional staff
of the Sponsor&rsquo;s management intend to devote as much time to the Trust as is deemed appropriate to perform their duties,
the Sponsor&rsquo;s management may allocate their time and services among the Trust and the other accounts, funds or trusts. The
Sponsor will provide any such services to the Trust on terms not less favorable to the Trust than would be available from a non-affiliated
party.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>The Trust may have to meet certain indemnification
obligations which could affect the value of the Shares.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Trust has an obligation to reimburse
the Trustee, the Sponsor and certain other parties for certain liabilities. If the Trust is forced to meet such obligations, it
could adversely affect an investment in the Shares. The Trust will not carry any insurance to cover such potential obligations
and any indemnification paid by the Trust would reduce the net asset value of the Trust.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>The Sponsor and the Trustee may agree
to amend the Trust Agreement without the consent of the Shareholders.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Sponsor and the Trustee may agree to
amend the Trust Agreement, including to increase the Sponsor&rsquo;s Fee, without Shareholder consent. If an amendment imposes
new fees and charges or increases existing fees or charges, including the Sponsor&rsquo;s Fee (except for taxes and other governmental
charges, registration fees or other such expenses, or prejudices a substantial right of Shareholders), it will become effective
for outstanding Shares 30 days after notice of such amendment is given to registered owners. Shareholders that are not registered
owners (which most shareholders will not be) may not receive specific notice of a fee increase other than through an amendment
to the prospectus. Moreover, at the time an amendment becomes effective, by continuing to hold Shares, Shareholders are deemed
to agree to the amendment and to be bound by the Trust Agreement as amended without specific agreement to such increase (other
than through the &ldquo;negative consent&rdquo; procedure described above).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Shareholders could incur a tax liability
without an associated distribution of the Trust.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the normal course of business it is possible
that the Trust could incur a taxable gain in connection with the sale of platinum that is otherwise not associated with a distribution.
In the event that this occurs, Shareholders may be subject to tax due to the grantor trust status of the Trust even though there
is not a corresponding distribution from the Trust.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="gspts1110317a006"></A>Use
of Proceeds</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Proceeds received by the Trust from the
issuance and sale of Baskets consist of platinum deposits. Such deposits are held by the Custodian on behalf of the Trust until
(i) delivered to Authorized Participants in connection with redemptions of Baskets or (ii) sold to pay fees due to the Sponsor
and Trust expenses and liabilities not assumed by the Sponsor. See &ldquo;The Trust&mdash;Trust Expenses.&rdquo;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="gspts1110317a007"></A>Overview
of the Platinum Industry</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Introduction</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Platinum Group Metals</I></B></P>

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

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Primary sources of supply and demand</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Main demand for platinum is mainly is autocatalyst
and jewelry. It is sourced through mining (80%) and recycling (20%).</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Mining and Producer Sector</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This group includes mining companies that
specialize in PGM production. PGMs are found primarily in South Africa (71% of the total mine production) and Russia (11% of the
total mine production).</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Autocatalyst</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Autocatalyst is the main source of demand
for platinum, with approximately 42% of the total demand, and is used primarily for diesel engines. Recycling autocatalyst is also
a significant source of supply, with 14% of the total supply.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Jewelry</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Jewelry is the second source of demand for
platinum, representing approximately 28% of the total demand. Recycling jewelry accounts for approximately 7% of the total supply.</P>

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

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

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

<P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>World
Platinum Supply and Demand 2007&ndash;2016</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 the GFMS Platinum Group Metals Survey 2017 published by Thomson Reuters.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; vertical-align: bottom; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(000
    ounces)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2007</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2008</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2009</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2010</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2011</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2012</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2013</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2014</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2015</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2016</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; vertical-align: bottom; border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Supply</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="31" STYLE="font-size: 10pt; border-left: Black 1pt solid; border-right: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Mine
    Production</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; width: 30%; border-left: Black 1pt solid; padding-left: 0.2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">South
    Africa</FONT></TD><TD STYLE="width: 2%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,075</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,676</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,603</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,750</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,740</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,182</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,368</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,220</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,522</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,305</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; border-left: Black 1pt solid; padding-left: 0.2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Russia</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">917</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">830</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">793</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">785</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">818</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">803</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">741</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">687</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">721</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">711</FONT></TD><TD STYLE="font-size: 10pt; text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; border-left: Black 1pt solid; padding-left: 0.2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">North
    America</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">324</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">342</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">294</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">238</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">389</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">338</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">337</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">397</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">365</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">396</FONT></TD><TD STYLE="font-size: 10pt; text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; border-left: Black 1pt solid; padding-left: 0.2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Others</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">267</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">309</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">358</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">411</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">457</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">472</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">565</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">552</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">550</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">634</FONT></TD><TD STYLE="font-size: 10pt; text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total
    Mine Production</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,584</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,156</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,048</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,183</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,404</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,796</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,011</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,856</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,158</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,046</FONT></TD><TD STYLE="font-size: 10pt; text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Autocatalyst
    Scrap</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">910</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,007</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">786</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">904</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">996</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">927</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,050</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,093</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">992</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,041</FONT></TD><TD STYLE="font-size: 10pt; text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Old
    Jewellery Scrap</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">560</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">966</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">496</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">522</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">606</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">512</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">491</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">516</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">546</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">574</FONT></TD><TD STYLE="font-size: 10pt; text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total
    Supply</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">8,054</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">8,130</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7,331</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7,609</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">8,006</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7,234</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7,551</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,466</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7,696</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7,661</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="31" STYLE="font-size: 10pt; font-weight: bold; border-left: Black 1pt solid; border-right: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Demand</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Autocatalysts</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,109</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,575</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,541</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,018</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,090</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,974</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,957</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,112</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,211</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,286</FONT></TD><TD STYLE="font-size: 10pt; text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Jewellery</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,061</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,847</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,678</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,201</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,388</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,585</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,656</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,558</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,466</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,176</FONT></TD><TD STYLE="font-size: 10pt; text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Chemical</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">370</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">341</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">283</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">482</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">487</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">399</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">432</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">595</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">476</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">553</FONT></TD><TD STYLE="font-size: 10pt; text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Electronics</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">397</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">292</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">254</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">252</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">225</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">195</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">169</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">162</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">151</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">148</FONT></TD><TD STYLE="font-size: 10pt; text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Glass</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">431</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">507</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">91</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">505</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">338</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">361</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">22</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-74</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">183</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">291</FONT></TD><TD STYLE="font-size: 10pt; text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Petroleum</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">150</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">191</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">163</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">168</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">144</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">126</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">107</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">122</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">96</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">117</FONT></TD><TD STYLE="font-size: 10pt; text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Other
    Industrial</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">472</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">456</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">431</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">494</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">559</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">621</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">649</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">700</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">681</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">741</FONT></TD><TD STYLE="font-size: 10pt; text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Retail
    Investment</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">23</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">452</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">313</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">95</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">312</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">282</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">136</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">141</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">582</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">540</FONT></TD><TD STYLE="font-size: 10pt; text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total
    Demand</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">8,013</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7,662</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,755</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7,215</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7,542</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7,543</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7,128</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7,317</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7,846</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7,853</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Physical
    Surplus/(Deficit)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">41</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">468</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">576</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">394</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">464</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-309</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">423</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-851</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-150</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-192</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Stock
    Movements</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-394</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-402</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">281</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-574</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-245</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-539</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-1,892</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,082</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">210</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">55</FONT></TD><TD STYLE="text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>



<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; border-left: Black 1pt solid; padding-left: 0.2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">of
    which ETF Release/(Build)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-194</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-102</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-384</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-574</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-145</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-239</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-892</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-218</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">260</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5</FONT></TD><TD STYLE="font-size: 10pt; text-align: left; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>


<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Net
    Balance</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-353</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">65</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">857</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-181</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">220</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-848</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-1,469</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">231</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">60</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-137</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Source</B>:
GFMS, Thomson Reuters.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Historical
Chart of the Price of Platinum</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
price of platinum is volatile and its fluctuations are expected to have a direct impact on the value of the Shares. However, movements
in the price of platinum in the past, and any past or present trends, are not a reliable indicator of future movements.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following chart illustrates the movements in the price of an ounce of platinum in US dollars from October 2007 to September 2017:</FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0; text-align: center"><IMG SRC="gspts1110317001.jpg" ALT="(LINE GRAPH)">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Source</B>:
Bloomberg, GraniteShares.</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="gspts1110317a008"></A>Operation
of the Platinum Market</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over-the-Counter
Market</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Most
trading in physical platinum is conducted on the OTC market, predominantly in Zurich and London. The LPPM coordinates various
OTC market activities, including clearing and vaulting, acts as the principal intermediary between physical platinum market participants
and the relevant regulators, promotes good trading practices and develops standard market documentation. In addition, the LPPM
promotes refining standards for the platinum market by maintaining the &ldquo;London/Zurich Good Delivery List,&rdquo; which are
the lists of LPPM accredited melters and assayers of platinum.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
basis for settlement and delivery of a spot trade is payment (generally in US 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. 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.</FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. 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.</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market
Regulation</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">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.</FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">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.</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Futures
Exchanges</FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Futures
exchanges seek to provide a neutral, regulated marketplace for the trading of derivatives contracts for commodities, such as futures,
options and certain swaps. The terms of these contracts are defined by an exchange for each commodity. For each commodity traded,
the contract specifies the precise commodity quality and quantity standards, as well as the location and timing of physical delivery
for the reference physical commodity, although only a very small number of these contracts result in the actual commodity delivery.</FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
exchange does not buy or sell those contracts, but seeks to offer a transparent forum where members, on their own behalf or on
the behalf of customers, can trade the contracts in a safe, efficient and orderly manner. The futures and options contracts, as
well as some swaps, are cleared through a derivative clearing organization which ensures more accurate valuation of positions
in these contracts as well as settlement of trades in these contracts.</FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
most significant platinum futures exchange in the U.S. is NYMEX, a subsidiary of the Chicago Mercantile Exchange Group (the &ldquo;CME
Group&rdquo;). Another commodity exchange includes the Tokyo Commodity Exchange (&ldquo;TOCOM&rdquo;).</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exchange
Regulation</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the public nature of the pricing, futures exchanges in the United States are regulated at two levels, internal and
external governmental supervision. The internal is performed through self-regulation by self-regulatory organizations and consists
of regular monitoring of the trading process to ensure that it is conducted in conformance with all exchange rules; the financial
condition of all exchange member firms to ensure that they continuously meet financial commitments; and the positions of commercial
and noncommercial customers to ensure that physical delivery and other commercial commitments can be met, and that pricing is
not being improperly affected by the size of any particular customer positions. External governmental oversight is performed by
the CFTC, which reviews all the rules and regulations of United States futures exchanges and monitors their enforcement. The CFTC
oversees the operation of the U.S. commodity futures markets, including the CME. One of the principal public policy objectives
of the Commodity Exchange Act is to ensure the integrity of the markets it oversees and the reliability of the prices of trades
on those markets. The Commodity Exchange Act and CFTC require futures exchanges to ensure compliance with core principles applicable
to designated contract markets to have rules and procedures to prevent market manipulation, abusive trade practice and fraud,
and the CFTC conducts regular review of the markets&rsquo; rule enforcement programs. Other local regulators enforce their own
regulations governing trading platforms and futures exchanges located in their jurisdictions.</FONT></P>

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a Regulated Commodity Pool</FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust does not trade in platinum futures contracts on the CME 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, 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 NYMEX 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.</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="gspts1110317a009"></A>The
Trust</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
activities of the Trust are limited to (1) issuing Baskets in exchange for the platinum deposited with the Custodian as consideration,
(2) selling platinum as necessary to cover the Sponsor&rsquo;s Fee and 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.</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trust
Objective</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
objective of the Trust is for the value of the Shares to reflect, at any given time, the value of the assets owned by the Trust
at that time less the Trust&rsquo;s accrued expenses and liabilities as of that time. 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 allocated physical
platinum bullion requires expensive and sometimes complicated arrangements in connection with the assay, transportation and warehousing
of the metal. Traditionally, such expense and complications have resulted in investments in physical platinum bullion being efficient
only in amounts beyond the reach of many investors. The Shares have been designed to remove the obstacles represented by the expense
and complications involved in an investment in physical platinum bullion, while at the same time having an intrinsic value that
reflects, at any given time, the price of the assets owned by the Trust at such time less the Trust expenses and liabilities.
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.</FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advantages
of investing in the Shares include:</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minimal
                                         credit risk.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Shares represent an interest in physical platinum owned by the Trust (other than up to a maximum of 192 ounces of platinum held
in unallocated form) and held in physical custody at the Custodian. 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 of the Trust in connection with deposits and an amount of platinum comprising less than 192 ounces which may
be held in the unallocated platinum account of the Trust on an ongoing basis, the net assets of the Trust will consist solely
of the physical platinum, which is not subject to counterparty or credit risks. This contrasts with most other financial products
that gain exposure to precious metals through the use of derivatives that are subject to counterparty and credit risks.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Backed
                                         by platinum held by the Custodian on behalf of the Trust.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
noted above, the Shares are backed primarily by allocated physical platinum bullion identified as the Trust&rsquo;s property in
the Custodian&rsquo;s books. The Trust arrangements contemplate that no Shares can be issued unless the corresponding amount of
platinum has been deposited into the Trust. Once deposited into the Trust, platinum is only removed from the Trust if (i) sold
to pay Trust expenses (such as the Sponsor&rsquo;s Fee and any other expenses not assumed by the Sponsor) or liabilities to which
the Trust may be subject, or (ii) transferred from the Trust&rsquo;s account to an Authorized Participant&rsquo;s account in exchange
for one or more Baskets of Shares surrendered for redemption.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ease
                                         and flexibility of investment.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Retail
investors may purchase and sell Shares through traditional brokerage accounts. Because the amount of platinum corresponding to
a Share is significantly less than the minimum amounts of physical platinum bullion that are commercially available for investment
purposes, the cash outlay necessary for an investment in Shares should be less than the amount required for currently existing
means of investing in physical platinum bullion. Shares are eligible for margin accounts.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Relatively
                                         cost efficient.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
the return, if any, of an investment in the Shares is subject to the additional expenses of the Trust, including the Sponsor&rsquo;s
Fee, the Trustee&rsquo;s Fee, the Custodian&rsquo;s Fee, and to other costs and expenses not assumed by the Sponsor which would
not be incurred in the case of a direct investment in platinum, the Shares may represent a cost-efficient alternative for investors
not otherwise in a position to participate directly in the market for allocated physical platinum bullion, because the expenses
involved in an investment in allocated physical platinum bullion through the Shares are dispersed among all holders of Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secondary
Market Trading</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
the Trust seeks to reflect generally the performance of the price of platinum less the Trust&rsquo;s expenses and liabilities,
Shares may trade at, above or below their NAV. The NAV of Shares will fluctuate with changes in the market value of the Trust&rsquo;s
assets. The trading prices of Shares will fluctuate in accordance with changes in their NAV as well as market supply and demand.
The amount of the discount or premium in the trading price relative to the NAV may be influenced by non-concurrent trading hours
between the major platinum markets and the Exchange. While the Shares trade on the Exchange until 4:00 p.m. (New York time), liquidity
in the market for platinum may be reduced after the close of the major world platinum markets, including London, Zurich and NYMEX.
As a result, during this time, trading spreads, and the resulting premium or discount, on Shares may widen. However, given that
Baskets of Shares can be created and redeemed in exchange for the underlying amount of platinum, the Sponsor believes that the
arbitrage opportunities may provide a mechanism to mitigate the effect of such premium or discount.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Valuation
of Platinum; Computation of Net Asset Value</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
each business day, as soon as practicable after 4:00 p.m. (New York time), the Trustee evaluates the platinum held by the Trust
and determines the net asset value of the Trust and the NAV. For purposes of making these calculations, a business day means any
day other than a day when the Exchange is closed for regular trading.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustee values the platinum held by the Trust using that day&rsquo;s LBMA Platinum Price PM. LBMA Platinum Price PM is the price
per troy ounce of platinum, stated in U.S. dollars, determined by the LME, following an auction process starting after 2:00 p.m.
(London time), on each day that the London platinum market is open for business, and announced by the LME shortly thereafter.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
there is no LBMA Platinum Price PM on any day, the Trustee is authorized to use the LBMA Platinum Price AM announced on that day.
If neither price is available for that day, the Trustee will value the Trust&rsquo;s platinum based on the most recently announced
LBMA Platinum Price PM or LBMA Platinum Price AM. If the Sponsor determines that such price is inappropriate to use, the Sponsor
will identify an alternate basis for evaluation to be employed by the Trustee. Further, the Sponsor may instruct the Trustee to
use on an on-going basis a different publicly available price which the Sponsor determines to fairly represent the commercial
value of the Trust&rsquo;s platinum. Neither the Trustee nor the Sponsor are liable to any person for the determination that the
most recently announced LBMA Platinum Price PM (or other benchmark price) is not appropriate as a basis for evaluation of the
platinum held or receivable by the Trust or for any determination as to the alternative basis for evaluation, provided that such
determination is made in good faith.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once
the value of the Trust&rsquo;s platinum has been determined, the Trustee subtracts all accrued fees, expenses and other liabilities
of the Trust from the total value of the platinum and all other assets of the Trust. The resulting figure is the net asset value
of the Trust. The Trustee determines the NAV per Share by dividing the net asset value of the Trust by the number of Shares outstanding
at the time the computation is made. Any estimate of the accrued but unpaid fees, expenses and liabilities of the Trust for purposes
of computing the net asset value of the Trust and NAV per Share of the Trust made by the Trustee in good faith shall be conclusive
upon all persons interested in the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trust
Expenses</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 expenses incurred by the Trust: the Trustee&rsquo;s Fee and its ordinary out-of-pocket
expenses, the Custodian&rsquo;s Fee and its reimbursable expenses, the Exchange listing fees, SEC registration fees, marketing
expenses, printing and mailing costs, audit fees and expenses and up to $100,000 per annum in legal fees and expenses.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor&rsquo;s Fee is accrued daily at an annualized rate equal to [___%] of the net asset value of the Trust and is payable
monthly in arrears. The Sponsor may, at its discretion and from time to time, waive all or a portion of the Sponsor&rsquo;s Fee
for stated periods of time. The Sponsor is under no obligation to waive any portion of its fees and any such waiver shall create
no obligation to waive any such fees during any period not covered by the waiver. Presently, the Sponsor does not intend to waive
any part of its fee. However, 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 shareholding 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. Any Sponsor&rsquo;s Fee rebate shall be paid from the funds of the Sponsor and not from the assets
of the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor&rsquo;s Fee will be paid through delivery of platinum from the Trust Unallocated Account that has been de-allocated from
the Trust Allocated Account for this purpose. 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 of the Trust expenses
or liabilities not assumed by the Sponsor. The Trustee will endeavor 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 may, but is not required to purchase platinum needed
to cover Trust expenses provided that if the Trustee&rsquo;s instruction to sell platinum is received by the Custodian by 1:00
p.m. (London time), the purchase price for the platinum will be that day&rsquo;s LBMA Platinum Price PM (or other applicable benchmark
price), and if the Trustee&rsquo;s instruction to sell platinum is received by the Custodian after 1:00 p.m. (London time), the
purchase price will be the next LBMA Platinum Price PM (or other applicable benchmark price) available after that day.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
held by the Trustee pending payment of the Trust&rsquo;s expenses will not bear any interest. Each sale of platinum by the Trust
will be a taxable event to Shareholders for federal income tax purposes. See &ldquo;United States Federal Income Tax Consequences&mdash;Taxation
of U.S. Shareholders.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Impact
of Trust Expenses on the Trust&rsquo;s Net Asset Value</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust sells platinum to raise the funds needed for the payment of the Sponsor&rsquo;s Fee and all other Trust expenses or liabilities
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 of Shares, or to cover the Sponsor&rsquo;s Fee and Trust expenses or liabilities not assumed
by the Sponsor, will be held in physical form by the Custodian. As a result of the recurring deliveries or sales of platinum necessary
to pay the Sponsor&rsquo;s Fee and the Trust expenses or liabilities not assumed by the Sponsor, the net asset value of the Trust
and, correspondingly, the fractional amount of platinum represented by each Share, will decrease over the life of the Trust. New
deposits of platinum, received in exchange for additional new Baskets issued by the Trust, do not reverse this trend.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hypothetical
Expense Example</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 sales 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 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 8.65pt; vertical-align: bottom; text-indent: -8.65pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom">1</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom">2</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom">3</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -8.65pt; padding-left: 8.65pt; width: 64%">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 8%">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 8%">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 8%">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -8.65pt; padding-left: 8.65pt">Hypothetical platinum price per ounce</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">900.00</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">900.00</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">900.00</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Sponsor&rsquo;s Fee</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[0.__%]</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[0.__%]</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[0.__%]</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -8.65pt; padding-left: 8.65pt">Shares of Trust, beginning</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">150,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">150,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">150,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Ounces of platinum in Trust, beginning</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;]</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;]</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;]</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Beginning adjusted net asset value of the Trust</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;]</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;]</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;]</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Ounces of platinum to be delivered to cover the Sponsor&rsquo;s Fee</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;]</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;]</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;]</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Ounces of platinum in Trust, ending</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;]</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;]</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;]</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Ending adjusted net asset value of the Trust</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;]</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;]</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;]</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -8.65pt; padding-left: 8.65pt">Ending NAV per share</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;]</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;]</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;]</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B><A NAME="gspts1110317a010"></A>Description
of the Shares and the Trust Agreement</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust was formed in 2017 when an initial deposit of platinum was made in exchange for the issuance of [__] Baskets. The purpose
of the Trust is to own platinum transferred to the Trust in exchange for Shares issued by the Trust. The Trust is governed by
the Trust Agreement between the Sponsor and the Trustee. The Trust Agreement sets out the rights of depositors of platinum and
registered holders of Shares and the rights and obligations of the Sponsor and the Trustee. New York law governs the Trust Agreement,
the Trust and the Shares. The following is a general description of the Shares and a summary of material provisions of the Trust
Agreement. It is qualified by reference to the entire Trust Agreement, which is filed as an exhibit to the registration statement
of which this prospectus is a part.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Share represents a fractional undivided beneficial interest in the net assets of the Trust. The assets of the Trust consist primarily
of platinum held by the Custodian on behalf of the Trust. However, 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 cover the Sponsor&rsquo;s Fee
and expenses and liabilities not assumed by the Sponsor. Such sales result in the Trust holding cash for brief periods of time.
In addition, there may be other situations where the Trust may hold cash. For example, a claim may arise against the Custodian,
an Authorized Participant, or any other third party, which is settled in cash. In those situations where the Trust unexpectedly
receives cash or any other assets, the Trust Agreement provides that no deposits of platinum will be accepted (i.e., there will
be no issuance of new Shares) until after the record date for the distribution of such cash or other property has passed.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustee is authorized under the Trust Agreement to create and issue an unlimited number of Shares. The Trustee will create Shares
only in Baskets (a Basket equals a block of 15,000 Shares) and only upon the order of an Authorized Participant. Any creation
and issuance of Shares above the amount registered on the registration statement of which this prospectus is a part will require
the registration of such additional Shares. Baskets of Shares may be redeemed by the Trust in exchange for the amount of platinum
represented by the aggregate number of Shares redeemed. The Trust is not a registered investment company under the Investment
Company Act of 1940 and is not required to register under such act. The Trust is not a commodity pool for purposes of the Commodity
Exchange Act of 1936, as amended.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deposit
of Platinum; Issuance of Baskets</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust creates and redeems Shares on a continuous basis but only in Baskets of 15,000 Shares. Upon the deposit of the corresponding
amount of platinum with the Custodian, and the payment of the Trustee&rsquo;s applicable fee and of any expenses, taxes or charges
(such as stamp taxes or stock transfer taxes or fees), the Trustee will deliver the appropriate number of Baskets to the DTC account
of the depositing Authorized Participant. Only Authorized Participants can deposit platinum and receive Baskets of Shares in exchange.
As of the date of this prospectus, [_________] are the only Authorized Participants. The Sponsor and the Trustee maintain a current
list of Authorized Participants. Platinum allocated by the Custodian to the Trust Allocated Account must meet the Good Delivery
Standards.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Before
making a deposit, the Authorized Participant must deliver to the Trustee a written purchase order indicating the number of Baskets
it intends to acquire. The Trustee will acknowledge the purchase order unless it or the Sponsor decides to refuse the purchase
order as permitted by the Trust Agreement. The date the Trustee receives that order determines the Basket Amount the Authorized
Participant needs to deposit. However, orders received by the Trustee after 3:59 p.m. (New York time) on a business day or on
a business day when the LBMA Platinum Price PM or other applicable benchmark price is not announced, will not be accepted.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Trustee accepts the purchase order, it transmits to the Authorized Participant, via facsimile or electronic mail message,
no later than 5:30 p.m. (New York time) on the date such purchase order is received, or deemed received, a copy of the purchase
order endorsed &ldquo;Accepted&rdquo; by the Trustee and indicating the Basket Amount that the Authorized Participant must deliver
to the Custodian at the Trust Unallocated Account loco London in exchange for each Basket. Prior to the Trustee&rsquo;s acceptance
as specified above, a purchase order only represents the Authorized Participant&rsquo;s unilateral offer to deposit platinum in
exchange for Baskets of Shares and has no binding effect upon the Trust, the Trustee, the Custodian or any other party.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Basket Amount necessary for the creation of a Basket changes from day to day. The initial Basket Amount at the time of creation
of the Trust was [___] Ounces of platinum. On each day that the Exchange is open for regular trading, the Trustee adjusts the
quantity of platinum constituting the Basket Amount as appropriate to reflect sales of platinum, any loss of platinum that may
occur, and accrued expenses. The computation is made by the Trustee as promptly as practicable after 4:00 p.m. (New York time).
See &ldquo;The Trust&mdash;Valuation of Platinum; Computation of Net Asset Value&rdquo; for a description of how the LBMA Platinum
Price PM is determined, and description of how the Trustee determines the NAV. The Trustee determines the Basket Amount for a
given day by dividing the number of Ounces of platinum held by the Trust as of the opening of business on that business day, adjusted
for the amount of platinum constituting estimated accrued but unpaid fees and expenses of the Trust as of the opening of business
on that business day, by the quotient of the number of Shares outstanding at the opening of business divided by [___]. Fractions
of an Ounce of platinum smaller than 0.001 Ounce are disregarded for purposes of the computation of the Basket Amount. The Basket
Amount so determined is communicated via electronic mail message to all Authorized Participants, and made available on the Sponsor&rsquo;s
website for the Shares. The Exchange also publishes the Basket Amount determined by the Trustee as indicated above.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
the Sponsor has assumed what are expected to be most of the Trust&rsquo;s expenses, and the Sponsor&rsquo;s Fee accrues daily
at the same rate (i.e., 1/365th of the net asset value of the Trust multiplied by [___%]), in the absence of any extraordinary
expenses or liabilities, the amount of platinum by which the Basket Amount decreases each day is predictable. Authorized Participants
may use that indicative Basket Amount as guidance regarding the amount of platinum that they may expect to have to deposit with
the Custodian in respect of purchase orders placed by them on such next business day and accepted by the Trustee. The Authorized
Participant Agreement provides, however, that once a purchase order has been accepted by the Trustee, the Authorized Participant
will be required to deposit with the Custodian the Basket Amount determined by the Trustee on the effective date of the purchase
order.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
Shares are issued unless and until the Custodian has informed the Trustee that it has allocated to the Trust Allocated Account
(other than up to 192 Ounces, which may be held in the Trust Unallocated Account) the corresponding amount of platinum.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redemption
of Baskets</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized
Participants, acting on authority of the registered holder of Shares or on their own account, may surrender Baskets of Shares
in exchange for the corresponding Basket Amount announced by the Trustee. Upon the surrender of such Shares and the payment of
the Trustee&rsquo;s applicable fee and of any expenses, taxes or charges (such as stamp taxes or stock transfer taxes or fees),
the Trustee will deliver to the order of the redeeming Authorized Participant the amount of platinum corresponding to the redeemed
Baskets. Shares can only be surrendered for redemption in Baskets of 15,000 Shares each.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Before
surrendering Baskets of Shares for redemption, an Authorized Participant must deliver to the Trustee a written request indicating
the number of Baskets it intends to redeem or on a business day when the LBMA Platinum Price PM or other applicable benchmark
price is not announced. The date the Trustee receives that order determines the Basket Amount to be received in exchange. However,
orders received by the Trustee after 3:59 p.m. (New York time) on a business day or on a business day when the LBMA Platinum Price
PM or other applicable benchmark price is not announced, will not be accepted.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
redemption distribution from the Trust will consist of a credit to the redeeming Authorized Participant&rsquo;s unallocated account
representing the amount of the platinum held by the Trust evidenced by the Shares being redeemed as of the date of the redemption
order. Fractions of an Ounce included in the redemption distribution smaller than 0.001 of an Ounce are disregarded. The redemption
distribution will not be delivered unless and until all of the Shares to be redeemed have been received by the Trustee.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with any issuance or redemption of Shares, the Authorized Participant shall be responsible for paying or reimbursing
to the Custodian and the Trustee the amount of any applicable tax, fees or other governmental charge that may be due in connection
with the transfer of platinum and the issuance and delivery of Shares, and any expense associated with the delivery of platinum
other than by credit to an Authorized Participant&rsquo;s unallocated account with the Custodian.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redemptions
may be suspended, or the date for delivery of platinum may be postponed, only (i) during any period in which regular trading on
the Exchange is suspended or restricted or the Exchange is closed (other than scheduled holiday or weekend closings), or (ii)
during an emergency as a result of which delivery, disposal or evaluation of platinum is not reasonably practicable. Neither the
Trustee nor the Sponsor will be liable to any person by reason of any such suspension or postponement.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificates
Evidencing the Shares</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">The
Shares are evidenced by certificates executed and delivered by the Trustee on behalf of the Trust. DTC has accepted the Shares
for settlement through its book-entry settlement system. So long as the Shares are eligible for DTC settlement, there will be
only one or more global certificates evidencing Shares that will be registered in the name of a nominee of DTC. Investors will
be able to own Shares only in the form of book-entry security entitlements with DTC or direct or indirect participants in DTC.
No investor will be entitled to receive a separate certificate evidencing Shares. Because Shares can only be held in the form
of book-entries through DTC and its participants, investors must rely on DTC, a DTC participant and any other financial intermediary
through which they hold 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 the procedures and requirements for securities held in DTC book-entry
form.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
and Other Distributions</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Sponsor and Trustee determine that there is more cash being held in the Trust than is needed to pay the Trust&rsquo;s expenses
for the next month, the Trustee will distribute the extra cash to DTC for further distribution to the Shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Trust receives any property other than platinum or cash, the Trustee will distribute that property in proportion to the number
of Shares owned by any means the Sponsor thinks is lawful, equitable and feasible. If the Sponsor is of the opinion that the distribution
cannot be made in that way, the Trustee will adopt a method the Sponsor deems lawful, equitable and feasible for the purpose of
effecting the distribution, including the public or private sale of the property, or any part thereof, and the net proceeds shall
be distributed in the same manner as a distribution of cash. Such distributions shall be made after deduction or upon payment
of the expenses of the Trustee.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered
holders of Shares are entitled to receive these distributions in proportion to the number of Shares owned. Before making a distribution,
the Trustee may deduct any applicable withholding taxes and governmental charges and any expenses of the Trustee that have not
been paid. The Trustee distributes only whole dollars and cents and shall round fractional cents down to the nearest whole cent.
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.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Trust is terminated and liquidated, the Trustee will distribute to the Shareholders in exchange for their Shares their pro
rata share of 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.
See &ldquo;Description of the Shares and the Trust Agreement&mdash;Amendment and Termination.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Voting
Rights</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. As a Shareholder, you will 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 any redemption rights
or rights to distributions. However, registered holders of at least 25% of the Shares have the right to require the Trustee to
cure any material breach by it of the Trust Agreement, and registered holders of at least 75% of the Shares have the right to
require the Trustee to terminate the Trust Agreement as described below. 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fees
and Expenses of the Trustee</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
deposit of platinum for the creation of Baskets of Shares and each surrender of Baskets of Shares for the purpose of withdrawing
Trust property (including if the Trust Agreement terminates) must be accompanied by a payment to the Trustee of a fee of $500
(or such other fee as the Trustee, with the prior written consent of the Sponsor, may from time to time announce).</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustee is entitled to reimburse itself from the assets of the Trust for all expenses and disbursements incurred by it for extraordinary
services it may provide to the Trust or in connection with any discretionary action the Trustee may take to protect the Trust
or the interests of the holders.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trust
Expenses and Platinum Sales</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the fee payable to the Sponsor (See &ldquo;The Sponsor&mdash;The Sponsor&rsquo;s Fee&rdquo;), the following expenses
are paid out of the assets of the Trust:</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                         expenses or liabilities of the Trust and the Trustee that are not assumed by the Sponsor;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                         taxes and other governmental charges that may fall on the Trust or its property;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">expenses
                                         and costs of any action taken by the Trustee or the Sponsor to protect the Trust and
                                         the rights and interests of holders of Shares; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                         indemnification of the Trustee or the Sponsor as described below.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustee may sell the Trust&rsquo;s platinum from time to time as necessary to permit payment of the fees and expenses that the
Trust is required to pay. See &ldquo;The Trust&mdash;Trust Expenses.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustee and the Sponsor shall not be responsible for any depreciation or loss incurred by reason of sales of platinum made in
compliance with the Trust Agreement, including upon termination of the Trust Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
of Taxes</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustee may deduct the amount of any taxes owed from any distributions it makes. It may also sell trust assets, by public or private
sale, to pay any taxes owed. Authorized Participants are responsible for any transfer tax, sales or use tax, recording tax, value
added tax or similar tax or other governmental charge applicable to the creation or redemption of Baskets regardless of whether
such tax or charge is imposed directly on the Authorized Participant. By placing a purchase order or redemption order, the Authorized
Participant agrees to indemnify the Sponsor, the Trustee and the Trust if any of them is required by law to pay any such tax or
charge, together with any applicable penalties, additions to tax and interest thereon.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Evaluation
of Platinum and the Trust Assets</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&ldquo;The Trust&mdash;Valuation of Platinum; Computation of Net Asset Value.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment
and Termination</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor and the Trustee may agree to amend the Trust Agreement without the consent of the holders of Shares. If an amendment imposes
or increases fees or charges, except for taxes and other governmental charges, registration fees or other such expenses, or prejudices
a substantial right of holders of Shares, it will not become effective for outstanding Shares until 30 days after the Trustee
notifies DTC of the amendment. <I>At the time an amendment becomes effective, by continuing to hold Shares, registered and beneficial
owners of Shares are deemed to agree to the amendment and to be bound by the Trust Agreement as amended.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustee will terminate the Trust Agreement if:</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Trustee is notified that the Shares are delisted from the Exchange and are not approved
                                         for listing on another national securities exchange within five business days of their
                                         delisting;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; 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></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">60
                                         days have elapsed since the Trustee notified the Sponsor of the Trustee&rsquo;s election
                                         to resign or since the Sponsor removed the Trustee, and a successor trustee has not been
                                         appointed and accepted its appointment;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                         sole Custodian then acting resigns or is removed and no successor custodian has been
                                         employed within 60 days of such resignation or removal;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         SEC determines that the Trust is an investment company under the Investment Company Act
                                         of 1940, as amended, and the Trustee has actual knowledge of that determination;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         CFTC determines that (i) the Trust is a commodity pool under the CEA; and/or (ii) the
                                         Shares constitute &ldquo;commodity interests&rdquo;, as defined by the CFTC or in CFTC
                                         Regulation 1.3(yy) and the Trustee has actual knowledge of that determination;</FONT></TD></TR></TABLE>

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

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         aggregate market capitalization of the Trust, based on the closing price for the Shares,
                                         is less than $50 million (as adjusted for inflation by reference to the U.S. Consumer
                                         Price Index) at any time more than 18 months after the Trust&rsquo;s formation, and the
                                         Trust receives, within 6 months after the last trading date on which such capitalization
                                         was less than $50 million, notice from the Sponsor of its decision to terminate the Trust;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Trust fails to qualify for treatment, or ceases to be treated, as a grantor trust under
                                         the Code, or under any comparable provision of any other jurisdiction where such treatment
                                         is sought, and the Trustee receives notice that the Sponsor has determined that the termination
                                         of the Trust is advisable; or</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; 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.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Sponsor resigns without appointing a successor sponsor, is dissolved or ceases to exist as a legal entity for any reason,
or is deemed to have resigned because (1) it fails to undertake or perform, or becomes incapable of undertaking or performing,
any of the duties required by the Trust Agreement, and such failure or incapacity is not cured, or (2) 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, the Sponsor shall be deemed to have resigned, in which case the Trustee may, among other actions, terminate and liquidate
the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustee will notify DTC at least 30 days before the date for termination of the Trust Agreement. After termination, the Trustee
and its agents will do the following under the Trust Agreement but nothing else: (i) collect distributions pertaining to Trust
property; (ii) pay the Trust&rsquo;s expenses and sell platinum as necessary to meet those expenses; and (iii) deliver Trust property
to Authorized Participants upon surrender of Shares. 60 days or more after termination, the Trustee will sell any remaining Trust
property. After that, the Trustee will hold the money it received on the sale, as well as any other cash it is holding under the
Trust Agreement, for the pro rata benefit of the registered holders that have not surrendered their Shares and will deliver to
such registered holders against the surrender of their Shares their pro rata portion thereof. It will not invest the money and
has no liability for interest. The Trustee will deduct from any delivery to Authorized Participants or registered holders of Shares
any applicable fees, Trust expenses and taxes and governmental charges.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liability
of the Sponsor and indemnification</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor is required to perform its obligations under the Trust Agreement without gross negligence, willful misconduct or bad faith.
Otherwise the Sponsor has no obligation, and will not be liable, to any Shareholder, Authorized Participant or other person under
the Trust Agreement. Additionally, the Sponsor will not have any liability to any Shareholder, Authorized Participant or other
person if it is prevented or delayed by law or circumstances beyond its control from performing its obligations under the Trust
Agreement, or for any act or omission it made in reliance upon information or advice from legal counsel, accountants, any Authorized
Participant, Shareholder or other person believed by it in good faith to be competent to give such information or advice. The
Sponsor has no obligation to prosecute any action, suit or proceeding in respect of any Trust property or in respect of the Shares
on behalf of a Shareholder, Authorized Participant or other person, or to comply with any direction or instruction from a Shareholder
or Authorized Participant regarding Shares, unless specifically required to do so by the Trust Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor and its members, managers, directors, officers, employees, agents and 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 (including
reasonable fees and expenses of legal 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
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 to the extent such loss, liability or expense was
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 reasonable costs and expenses incurred by such indemnified party in investigating or 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&rsquo;s assets. 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 reasonable 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Successor
sponsors</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Sponsor fails to undertake or perform, or becomes incapable of undertaking or performing, any of its duties and such failure
or incapacity is not cured within 30 days following receipt of notice from the Trustee of such failure or incapacity, or 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 (1) appoint a successor sponsor, (2) agree to act as the
sponsor, or (3) 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustee</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Qualifications
of the Trustee</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 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 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
duty of care of Trustee</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;Description of the Shares and the Trust Agreement&mdash;The
Trustee.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limitation
on Trustee&rsquo;s liability</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustee is required to perform its obligations under the Trust Agreement without gross negligence, willful misconduct or bad faith.
Otherwise the Trustee has no obligations, and will not be liable to any Shareholder, Authorized Participant or other person, under
the Trust Agreement. The Trustee will not have any liability to any Shareholder or Authorized Participant if it is prevented or
delayed by law or circumstances beyond its control from performing its obligations under the Trust Agreement, or for any act or
omission it made in reliance upon information or advice from legal counsel, accountants, any Authorized Participant, any Shareholder
or any other person believed by it in good faith to be competent to give such information or advice. The Trustee has no obligation
to comply with any direction or instruction from any Shareholder or Authorized Participant regarding Shares, unless specifically
required to do so by the Trust Agreement. 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 pursuant to or is 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 any verification procedures specified in the
Authorized Participant Agreement). 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee&rsquo;s
liability for custodial services and agents</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustee will not be answerable for the default of the 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 or any 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, will be expenses of the Sponsor or the Trust. Fees paid
for the custody of assets other than platinum will be an expense of the Trustee.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxes</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 reasonable 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&rsquo;s assets.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indemnification
of the Trustee</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustee and its directors, officers, employees, shareholders, agents and affiliates (as such term is defined under the Securities
Act) shall be indemnified from the Trust and held harmless against any loss, liability or expense (including 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 the Custody
Agreements and any Authorized Participant Agreement, including the Trustee&rsquo;s indemnification obligations thereunder) or
otherwise by reason of the Trustee&rsquo;s acceptance or administration of the Trust, to the extent such loss, liability or expense
was incurred without (i) 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 (ii) 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 investigating or defending
itself against any claim or liability. Any amounts payable to an indemnified party may be payable in advance or shall be secured
by a lien on the Trust&rsquo;s assets.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indemnity
for actions taken to protect the Trust</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. Subject to the preceding conditions,
the Trustee may, in its sole discretion, undertake such action as it may deem necessary or desirable to protect the Trust and
the rights and interests of all Shareholders pursuant to the terms of the Trust Agreement. The expenses, costs and disbursements
incurred by the Trustee in connection with taking any action under the preceding sentence (including the reasonable fees and disbursements
of legal counsel) shall be expenses of the Trust, and shall be deductible from, and constitute a lien on, the assets of the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Protection
for amounts due to Trustee</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any fees or costs owed to the Trustee under the Trust Agreement are not paid when due by the Sponsor, the Trustee may charge those
amounts to the Trust, in any amount not exceeding the amount that could be charged to the Trust in respect of the Sponsor&rsquo;s
Fee (without regard to whether the Sponsor may not be entitled to such fee due to its default, waiver or other reason), and any
subsequent amount paid to the Sponsor as its fee shall be net of the amounts withheld. The Trustee&rsquo;s right of reimbursement
shall be secured by a lien on amounts chargeable to the Trust for the Sponsor&rsquo;s Fee, without giving effect to any fee waiver,
which shall have priority over the interest of the Sponsor, the Shareholders and any other person.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holding
of Trust property other than platinum</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustee will hold and record the ownership of the Trust&rsquo;s assets in a manner so that it will be 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 of them if they were selected
with reasonable care. Any Trust assets other than platinum or cash will be held by the Trustee either directly or through the
commercial book-entry system operated by the Federal Reserve Banks (&ldquo;Book Entry System&rdquo;), DTC, or through any other
clearing agency or similar system (&ldquo;Clearing Agency&rdquo;), 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Resignation,
discharge or removal of Trustee; successor trustees</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor may remove the Trustee in its sole discretion by written notice delivered to the Trustee not more than 120 days and at
least 90 days prior to the fifth anniversary of the date of the Trust Agreement or, thereafter, by written notice delivered to
the Trustee not more than 120 days and at least 90 days prior to the last day of any subsequent three-year period.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 (i) is a DTC Participant or a participant in such other depository as is then acting with respect to the
Shares; (ii) 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)(3) of the Code, to apply, is a banking institution as defined
in Section 408(n) of the Code and (iii) had, as of the date of its most recent annual financial statements, an aggregate capital,
surplus and undivided profits of at least $150 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 successor Trustee, remove the
Trustee and designate a successor Trustee.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 50; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 registered owners of all outstanding Shares. The Sponsor or any such successor
Trustee shall promptly give notice of the appointment of such successor Trustee to the Shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Trustee resigns and a successor trustee has not been appointed and accepted its appointment 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Custodian and Custody of the Trust&rsquo;s Platinum</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to this section, see &ldquo;The Custodian&mdash;The Custodian&rsquo;s Role&rdquo; for a summary of some of the important
provisions of the Trust Agreement which apply to the Custodian and the custody of the Trust&rsquo;s platinum.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustee, on behalf of the Trust, will enter into the Custody Agreements with the Custodian.</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor will appoint accountants, auditors, or other inspectors to audit or examine the accounts and operations of the Custodian
and any successor custodian or additional custodian at such times as directed by the Sponsor as permitted by the Custody Agreements.
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.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appointment
and removal of custodians</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor may direct the Trustee to employ one or more other custodians in addition to or in replacement of the Custodian, provided
that the Trustee shall not be answerable for the default of any custodian employed at the direction of the Sponsor or selected
by the Trustee with reasonable care. When directed by the Sponsor, the Trustee will employ one or more successor or additional
custodians selected by the Sponsor for the safekeeping of platinum and services in connection with the deposit and delivery of
platinum.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="gspts1110317a011"></A>The
Securities Depository; Book-Entry-Only System; Global Security</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 those
securities among 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 agrees with and represents to DTC Participants that it will administer its book-entry system
in accordance with its rules and by-laws and requirements of law.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Individual
certificates are not 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 represent all of the Shares outstanding at any time.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the settlement date of any creation, transfer or redemption of Shares, DTC will credit or debit, on its book-entry registration
and transfer system, the number of Shares so created, transferred or redeemed to the accounts of the appropriate DTC Participants.
The Trustee and the DTC Participants will designate the accounts to be credited and charged in the case of creation or redemption
of Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 will be shown on, and the transfer of ownership is 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 beneficial owners that are not DTC Participants or Indirect
Participants. Beneficial owners are expected to receive from or through a DTC Participant a written confirmation relating to their
purchase of the Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investors
may transfer Shares through DTC by instructing the DTC Participant or Indirect Participant through which they hold their Shares
to transfer the Shares. Transfers will be made in accordance with standard securities industry practice.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DTC
may decide to discontinue providing its service for the Shares by giving notice to the Trustee and the Sponsor. Under these circumstances,
the Sponsor will either 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust Agreement provides that, as long as the Shares are eligible for deposit with DTC, the sole registered owner will be DTC
or its nominee and transfer of Shares will be effected solely by DTC in accordance with its customary practices from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="gspts1110317a012"></A>The
Sponsor</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor is a Delaware limited liability company and was formed on January 6, 2017. The Sponsor&rsquo;s office is located at 30
Vesey Street, New York, New York 10007. Under the Delaware Limited Liability Company Act and the governing documents of the Sponsor,
the sole member of the Sponsor, GraniteShares, Inc., is not responsible for the debts, obligations and liabilities of the Sponsor
solely by reason of being the sole member of the Sponsor.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor&rsquo;s Role</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor will arrange 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 Exchange. The Sponsor has agreed to assume the organizational expenses of the Trust and the
following expenses incurred by the Trust: the Trustee&rsquo;s monthly fee and its ordinary out-of-pocket expenses, the Custodian&rsquo;s
Fee and its reimbursable expenses, Exchange listing fees, SEC registration fees, marketing expenses, printing and mailing costs,
audit fees and expenses and up to $100,000 per annum in legal fees and expenses.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor will not exercise day-to-day oversight over the Trustee or the Custodian. The Sponsor may remove the Trustee and appoint
a successor Trustee (i) 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), (ii) 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 (iii) 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 direct the Trustee to appoint any new or additional Custodian that the
Sponsor selects.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor will (1) develop a marketing plan for the Trust on an ongoing basis, (2) prepare marketing materials regarding the Shares,
including the content of the Trust&rsquo;s website, and (3) execute the marketing plan for the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
of the Sponsor</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust does not have any directors, officers or employees. The creation and operation of the Trust has been arranged by the Sponsor.
The Sponsor is not governed by a board of directors. The principals and executive officers of the Sponsor are as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>William
Rhind</I></B> has been the Chief Executive Officer (&ldquo;CEO&rdquo;) and Chief Financial Officer (&ldquo;CFO&rdquo;) of the
Sponsor since its inception on January 6, 2017. Prior to forming the Sponsor and becoming its CEO and CFO, Mr. Rhind was the CEO
of World Gold Trust Services, LLC (&ldquo;WGTS&rdquo;) from September 2014 to February 2016. WGTS is the sponsor of SPDR<SUP>&reg;
</SUP>Gold Trust, the largest gold fund in the world, and is a wholly-owned subsidiary of the World Gold Council, a market development
organization for the gold industry. Mr. Rhind also served as the Managing Director, Institutional Investment, of the World Gold
Council from September 2013 to February 2016. From March 2007 to September 2013, Mr. Rhind was employed by ETF Securities Ltd
(&ldquo;ETF Securities&rdquo;), an independent exchange-traded product provider, in a number of leadership roles, including as
Managing Director from June 2009 to September 2013. In that role, Mr. Rhind managed the company&rsquo;s U.S. exchange traded fund
business. Prior to joining ETF Securities, Mr. Rhind was a Principal for the iShares unit of Barclays Global Investors. He began
his career as an investment banking analyst at Nomura International in London. Mr. Rhind earned a Bachelor of Arts in Modern Languages
(French &amp; Russian) and European Studies from the University of Bath in England. Mr. Rhind is 38 years old.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Benoit
Autier</I></B> has been the Chief Accounting Officer (&ldquo;CAO&rdquo;) and Head of Products of the Sponsor since its inception
on January 6, 2017. Mr. Autier was previously the Head of Product Management for the World Gold Council from September 2015 to
October 2016. As Head of Product Management, Mr. Autier designed the index and liaised with the swap provider for the SPDR&reg;
Long Dollar Gold Trust. From January 2015 to September 2015, Mr. Autier was the President of ETF Securities Advisors, LLC, an
affiliate of ETF Securities. As President, Mr. Autier managed all aspects of implementation of ETF Securities&rsquo; platform
for funds registered under the Investment Company Act of 1940. Mr. Autier was also the Head of Product Management of ETF Securities
from July 2005 to September 2015. Mr. Autier designed and implemented operational processes for over 300 European and U.S. financial
products in that role. Mr. Autier previously was employed by Flow Traders, one of the leading market makers in Europe for exchange-traded
commodities; by KPMG in Paris as a senior consultant; and by Ricol, Lasteyrie, a member of the Ernst and Young Corporate Finance
network. Mr. Autier holds a Masters in Finance from London Business School and a Bachelors degree in Accounting and Finance from
the University of Paris (Pantheon Assas). Mr. Autier is 42 years old.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor&rsquo;s Fee</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor&rsquo;s Fee accrues daily and is paid monthly in arrears at an annualized rate equal to [__]% of the net asset value of
the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="gspts1110317a013"></A>The
Trustee</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Bank of New York Mellon, a banking corporation organized under the laws of the State of New York with trust powers, serves as
the Trustee. The Bank of New York Mellon has a trust office at 2 Hanson Place, 9th Floor, Brooklyn, New York 11217. The Bank of
New York Mellon is subject to supervision by the New York State Department of Financial Services and the Board of Governors of
the Federal Reserve System. A copy of the Trust Agreement is available for inspection at The Bank of New York Mellon&rsquo;s trust
office identified above. The Bank of New York Mellon had at least $150 million in capital and retained earnings as of December
31, 2016.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustee&rsquo;s Role</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustee is responsible for the day-to-day administration of the Trust. This includes (i) processing orders for the creation and
redemption of Baskets; (ii) coordinating with the Custodian the receipt and delivery of platinum transferred to, or by, the Trust
in connection with each issuance and redemption of Baskets; (iii) calculating the net asset value of the Trust on each business
day; and (iv) selling the Trust&rsquo;s platinum as needed to cover the Trust&rsquo;s expenses. 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 other than to review the reports provided by the Custodian pursuant to the Custody Agreements. The Trustee, along
with the Sponsor, will liaise with the Trust&rsquo;s legal, accounting and other professional service providers as needed. The
Trustee will assist and support the Sponsor with the preparation of the financial statements of the Trust and with all periodic
reports required to be filed with the SEC on behalf of the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustee&rsquo;s Fees are paid by the Sponsor.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustee and any of its affiliates may from time to time purchase or sell Shares for their own account, as agent for their customers
and for accounts over which they exercise investment discretion.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="gspts1110317a014"></A>The
Custodian</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ICBC
Standard Bank Plc, a public limited company incorporated under the laws of England and Wales, serves as the Custodian of the Trust&rsquo;s
platinum.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Custodian&rsquo;s Role</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Custodian is responsible for holding the Trust&rsquo;s allocated platinum as well as receiving and converting allocated and unallocated
platinum on behalf of the Trust. Unless otherwise agreed between the Trustee (as instructed by the Sponsor) and the Custodian,
physical platinum must be held by the Custodian at its London vault premises. At the end of each business day, the Custodian will
hold no more than 192 Ounces of unallocated platinum for the Trust, which corresponds to the maximum Ounce weight of a London
Good Delivery Bar. The Custodian converts the Trust&rsquo;s platinum between allocated and unallocated platinum when: (1) Authorized
Participants engage in creation and redemption transactions with the Trust; or (2) platinum is sold to pay Trust expenses. The
Custodian will facilitate the transfer of platinum in and out of the Trust through the unallocated platinum accounts it may maintain
for each Authorized Participant or unallocated platinum accounts that may be maintained for an Authorized Participant by another
LPPM-approved platinum-clearing bank, and through the unallocated platinum account it will maintain for the Trust. The Custodian
is responsible for allocating specific bars of platinum to the Trust Allocated Account.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Custodian will provide the Trustee with regular reports detailing the platinum transfers in and out of the Trust Unallocated Account
with the Custodian and identifying the platinum bars held in the Trust Allocated Account.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Custodian&rsquo;s fees and expenses are to be paid by the Sponsor. 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 an agent for their customers and for
accounts over which they exercise investment discretion. The Trustee, on behalf of the Trust, has entered into the Custody Agreements
with the Custodian, under which the Custodian maintains the Trust Unallocated Account and the Trust Allocated Account.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Trust Agreement, if, upon the resignation of the 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 agreement(s) approved by the Sponsor (provided, however, that the rights and duties
of the Trustee under the Trust Agreement and the custody agreement(s) shall not be materially altered without its consent). When
directed by the Sponsor, and to the extent permitted by, and in the manner provided by, the Custody Agreements, the Trustee shall
remove the Custodian and appoint a substitute or appoint an additional custodian or custodians selected 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. After the entry into the Custody Agreements, 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.
In connection with such transfer of physical platinum, the Trustee will, at the direction of the Sponsor, cause the physical platinum
to be weighed or assayed. The Trustee shall have no liability for any transfer of physical platinum or weighing or assaying of
delivered physical platinum as directed by the Sponsor, and in the absence of such direction shall have no obligation to effect
such a delivery or to cause the delivered physical platinum to be weighed, assayed or otherwise validated.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Trust Agreement, the Sponsor is responsible for appointing accountants, auditors or other inspectors to audit or examine the
accounts and operations of the Custodian and any successor custodian or additional custodian at such times as directed by the
Sponsor as permitted by the Custody Agreements. See &ldquo;&mdash;Inspection of Platinum&rdquo; for a summary of the provisions
of the Custody Agreements permitting the Sponsor and the Trustee and their identified representatives, independent public accountants
and physical platinum auditors to access the premises of the Custodian and to examine the physical platinum and records maintained
by the Custodian pursuant to the Custody Agreements. The Trustee has no obligation to monitor the activities of the 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description
of the Custody Agreements</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustee has entered into the Custody Agreements with the Custodian on the Trust&rsquo;s behalf. The Custody Agreements establish
the Trust Unallocated Account and the Trust Allocated Account with the Custodian and define the Custodian&rsquo;s responsibilities
to the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfers
from the Trust Unallocated Account</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Custodian will arrange for the transfer of 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&rsquo;s unallocated account, (2) by transferring platinum to the Trust Allocated Account,
(3) the collection of physical platinum from the Custodian at its vault premises or such other location as the Custodian may direct,
at the Trust&rsquo;s expense and risk, (4) delivery of platinum to such location as the Trustee directs, at the Trust&rsquo;s
expense and risk, or (5) by transfer to an account maintained by the Custodian or 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 (3) and (4)
are anticipated to be made only on an exceptional basis, with transfers under clause (5) to include transfers made in connection
with a sale of platinum to pay the Sponsor&rsquo;s Fee and any extraordinary expenses of the Trust not paid by the Sponsor or
on the liquidation of the Trust. Any platinum made available in physical form by the Custodian will be in a form that complies
with the rules, regulations, practices, procedures and customs of the LPPM, the Bank of England or any applicable regulatory body
that apply to such platinum or in such other form as may be agreed between the Trustee and the Custodian, the combined weight
of which will not exceed the number of Ounces the Trustee has instructed the Custodian to debit.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Custodian shall identify bars 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Right
to Refuse Transfers or Amend Transfer Procedures</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Custodian will, where practicable, refuse to accept instructions to transfer platinum to or from the Trust Unallocated Account
or the Trust Allocated Account if, in the Custodian&rsquo;s reasonable opinion, they are or may be contrary to the rules, regulations,
practices, procedures and customs of the LPPM or the Bank of England or contrary to any applicable law. The Custodian may amend
the procedures for transferring platinum to or 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 or the Trust Allocated
Account where such amendment or imposition is caused by a change in the rules, regulations, practices, procedures and customs
of the LPPM or the Bank of England or other applicable regulatory authority. The custodian will, whenever practicable, notify
the Trustee and the Sponsor within a commercially reasonable time before the Custodian amends these procedures or imposes additional
ones.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trust
Unallocated Account Credit and Debit Balances</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
interest will be paid by the Custodian on any credit balance to the Trust Unallocated Account or the Trust Allocated Account.
The Trust Unallocated Account may not at any time have a debit or negative balance.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exclusion
of Liability</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Custodian will use reasonable care in the performance of its duties under the Custody Agreements and will only be responsible
for any loss or damage suffered by the Trustee or the Trust as a direct result of any negligence, fraud or willful default on
its part in the performance of its duties. In the case where platinum is lost or damaged, the Custodian&rsquo;s liability under
the Custody Agreements is further limited to the market value of the platinum credited to the Trust Unallocated Account and the
Trust Allocated Account at the time such negligence, fraud or willful default is either discovered by the Custodian or notified
to the Custodian by the Trustee.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indemnity</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustee will, solely out of and to the extent of the Trust&rsquo;s assets, indemnify and keep indemnified the Custodian (on an
after-tax basis) on demand against all costs and expenses, damages, liabilities and losses (other than value added taxes and expenses
assumed by the Sponsor) that the Custodian may suffer or incur directly or indirectly 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insurance</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Custodian (or one of its affiliates) will maintain such insurance as it deems appropriate in connection with its custodial and
other obligations and will be responsible for all costs, fees and expenses (including any relevant taxes) arising from the insurance
policy or policies attributable to its relationship with the Trust. The Trustee and the Sponsor may, subject to confidentiality
restrictions, review the details of this insurance coverage from time to time upon reasonable prior notice. In the event the Custodian
or one of its affiliates elects to reduce, cancel or not renew the Custodian&rsquo;s insurance, the Custodian will give the Trustee
and the Sponsor written notice of the election within 15 days thereafter.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Force
Majeure</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Custodian will not be 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 or other breakdowns or acts set
forth in the Custody Agreements.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reports</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Custodian will provide the Trustee with reports for each London business day identifying (1) the credits and debits of platinum
to the Trust Unallocated Account and the Trust Allocated Account and (2) sufficient information to identify each bar of physical
platinum held in the Trust Allocated Account. The Custodian will provide notification to the Trustee on each London business day
of (1) each separate transaction transferring platinum to and from the Trust Unallocated Account and the Trust Allocated Account,
(2) the amount of platinum transferred to and from the Trust Allocated Account, and (3) the closing balance of platinum in the
Trust Unallocated Account and the Trust Allocated Account, and the Custodian will use commercially reasonable efforts to send
the notification by 12:00 noon (New York time). For each calendar month, the Custodian will provide the Trustee within a reasonable
time after the end of the month a statement of account for the Trust Allocated Account and the Trust Unallocated Account which
shall include the opening and closing monthly balances and all transfers to and from the Trust Allocated Account and the Trust
Unallocated Account, accompanied by one or more weight lists containing information sufficient to identify each bar of platinum
held in the Trust Allocated Account as of the last London Business Day of the calendar month. Under the Custody Agreements, a
&ldquo;business day&rdquo; generally means any day that is a &ldquo;London Business Day,&rdquo; when commercial banks generally
and the London platinum market are open for the transaction of business in London.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfers
into the Trust Unallocated Account</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Custodian will credit to the Trust Unallocated Account the amount of platinum it receives from an Authorized Participant&rsquo;s
unallocated account. Additionally, in the ordinary course, the only platinum the Custodian will accept for credit to the Trust
Unallocated Account is platinum that has transferred from an Authorized Participant&rsquo;s unallocated account or from the Trust
Allocated Account.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Termination</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Custody Agreements each have an initial five (5) year term and will automatically renew for successive one (1) year terms unless
otherwise terminated. The Trustee, upon instruction from the Sponsor, and the Custodian may each terminate any Custody Agreement
for any reason or for no reason upon 90 days&rsquo; prior written notice. Each Custody Agreement may also be terminated immediately
upon written notice as follows: (1) by the Trustee, if the Custodian ceases to offer the services contemplated by the Custody
Agreement to its clients or proposes to withdraw from the platinum bullion business, (2) by the Trustee or the Custodian, if it
becomes unlawful for the Custodian or the Trustee to have entered into the agreement or to provide or receive the services thereunder,
(3) by the Custodian, if the Custodian determines in its reasonable view that the Trust or the Sponsor is insolvent or faces impending
insolvency, or by the Trustee, if the Sponsor determines in its view that the Custodian or the Sponsor 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 the other Custody
Agreement ceases to be in full force and effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
arrangements acceptable to the Custodian for redelivery of the balance in the Trust Unallocated Account or the platinum in the
Trust Allocated Account are not made, the Custodian may continue to maintain the Trust Unallocated Account and the Trust Allocated
Account and charge for its fees and expenses payable under the Trust Allocated Account Agreement, and, after six months from the
termination date, the Custodian may close the Trust Allocated Account and Trust Unallocated Account, sell the Trust&rsquo;s platinum
and account to the Trustee for the proceeds.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governing
Law</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Custody Agreements 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inspection
of Platinum</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Custody Agreements, the Custodian will allow the Sponsor and the Trustee and their identified representatives, independent
public accountants and physical platinum auditors (currently Inspectorate), access to its premises upon reasonable notice during
normal business hours, to examine the physical platinum and such records as they may reasonably require to perform their respective
duties with regard to investors in Shares. The Trustee agrees that any such access shall be subject to execution of a confidentiality
agreement and agreement to the Custodian&rsquo;s security procedures, and any such audit shall be at the Trust&rsquo;s expense.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Custody
of the Trust&rsquo;s Platinum</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 allocates 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 (including
without limitation the good delivery rules of the LPPM).</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Platinum
held for the Trust Allocated Account by the Custodian is held at the Custodian&rsquo;s London vault. Platinum temporarily held
by the Custodian&rsquo;s currently selected subcustodians and by subcustodians of subcustodians may be held in vaults located
in England or in other locations. When physical platinum is held for the Trust Allocated Account by a subcustodian, the Custodian
will use, or where applicable require any subcustodian to use, commercially reasonable efforts to promptly transport such physical
platinum held on behalf of the Trust to the Custodian&rsquo;s London vault premises at the Custodian&rsquo;s own cost and risk.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Custodian&rsquo;s vault is managed by The Brink&rsquo;s Company. 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 subcustodians it selects to so segregate the Trust&rsquo;s platinum held by them. This requirement reflects the current custody
practice in the London bullion market and, under the Trust Allocated Account Agreement, the Custodian is deemed to have communicated
such requirement by virtue of its participation in the London bullion market. The Custodian&rsquo;s books and records are expected,
as a matter of current London bullion market custody practice, to identify every plate or ingot of platinum held in the Trust
Allocated Account in its own vault by refiner, assay, serial number and weight. Subcustodians 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 subcustodians may use other identifying information.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 and the Custodian&rsquo;s records concerning the Trust Allocated Account and the Trust Unallocated
Account as they may be reasonably required to perform their respective duties to Shareholders. One audit will be conducted at
the end of the fiscal year (June 30) and the other at random, with the consent of the Custodian, on a date selected by the assaying
firm.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="gspts1110317a015"></A>United
States Federal Income Tax Consequences</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following discussion of the material United States federal income tax consequences that generally will apply to the purchase,
ownership and disposition of Shares by a U.S. Shareholder (as defined below), and certain United States federal income consequences
that may apply to an investment in Shares by a Non-U.S. Shareholder (as defined below), represents, insofar as it describes conclusions
as to United States federal income tax law and subject to the limitations and qualifications described therein, the opinion of
Vedder Price P.C., special United States federal income tax counsel to the Sponsor. The discussion below is based on the Internal
Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;), Treasury Regulations promulgated thereunder 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 but not limited to banks, financial institutions, insurance companies, tax-exempt organizations, broker-dealers, traders,
Shareholders that are partnerships for United States federal income tax purposes, persons holding Shares as a position in a &ldquo;hedging,&rdquo;
&ldquo;straddle,&rdquo; &ldquo;conversion,&rdquo; or &ldquo;constructive sale&rdquo; transaction for United States federal income
tax purposes, persons whose &ldquo;functional currency&rdquo; is not the U.S. 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 will
hold Shares as &ldquo;capital assets&rdquo; within the meaning of Section 1221 of the Code. Moreover, the discussion below does
not address the effect of any state, local or foreign tax law on an owner of Shares. Purchasers of Shares are urged to consult
their own tax advisers with respect to all federal, state, local and foreign tax law considerations potentially applicable to
their investment in Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
purposes of this discussion, a &ldquo;U.S. Shareholder&rdquo; is a Shareholder that is:</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
                                         individual who is treated as a citizen or resident of the United States for United States
                                         federal income tax purposes;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                         corporation (or entity treated as a corporation for United States federal income tax
                                         purposes) created or organized in or under the laws of the United States, any state thereof
                                         or the District of Columbia;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
                                         estate, the income of which is includible in gross income for United States federal income
                                         tax purposes regardless of its source; or</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; 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 United States persons have the authority
                                         to control all substantial decisions of the trust, or a trust that has made a valid election
                                         under applicable Treasury Regulations to be treated as a domestic trust.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
Shareholder that is not (i) a U.S. Shareholder as defined above or (ii) a partnership for United States federal income tax purposes
is considered a &ldquo;Non-U.S. Shareholder&rdquo; for purposes of this discussion.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxation
of the Trust</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor and the Trustee will treat the Trust as a &ldquo;grantor trust&rdquo; for United States federal income tax purposes. In
the opinion of Vedder Price P.C., special United States federal income tax counsel to the Sponsor, the Trust will be classified
as a &ldquo;grantor trust&rdquo; for United States federal income tax purposes. As a result, the Trust itself will not be subject
to United States federal income tax. Instead, the Trust&rsquo;s income and expenses will &ldquo;flow through&rdquo; to the Shareholders,
and the Trustee will report the Trust&rsquo;s income, gains, losses and deductions to the IRS on that basis. The opinion of Vedder
Price P.C. represents only its best legal judgment and is not binding on the IRS or any court. Accordingly, there can be no assurance
that the IRS will agree with the conclusions of counsel&rsquo;s opinion and it is possible that the IRS or another tax authority
could assert a position contrary to one or all of those conclusions and that a court could sustain that contrary position. Neither
the Sponsor nor the Trustee will request a ruling from the IRS with respect to the classification of the Trust for United States
federal income tax purposes. If the IRS were to assert successfully that the Trust is not classified as a &ldquo;grantor trust,&rdquo;
the Trust would likely be classified as a partnership for United States federal income tax purposes, which may affect the timing
and other tax consequences to the Shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following discussion assumes that the Trust will be classified as a &ldquo;grantor trust&rdquo; for United States federal income
tax purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxation
of U.S. Shareholders</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
will be treated, for United States federal income tax purposes, as if they directly owned a pro rata share of the underlying assets
held in the Trust. Shareholders also will be treated as if they directly received their respective pro rata shares of the Trust&rsquo;s
income, if any, and as if they directly incurred their respective pro rata shares 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 in the Trust at the
time it acquires its Shares will be 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 underlying platinum represented
by the Shares will not be a taxable event to the Shareholder, and the Shareholder&rsquo;s tax basis and holding period for the
Shareholder&rsquo;s pro rata share of the platinum held in the Trust will be the same as its tax basis and holding period for
the platinum delivered in exchange therefor. For purposes of this discussion, and unless stated otherwise, 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 own tax advisers as to the determination
of the tax basis and holding period for the underlying platinum related to such Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
the Trust sells platinum, for example to pay expenses, a Shareholder will recognize gain or loss in an amount equal to the difference
between (a) the Shareholder&rsquo;s pro rata share of the amount realized by the Trust upon the sale and (b) the Shareholder&rsquo;s
tax basis for its pro rata share of the platinum that was sold. 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 of all of the
platinum held in the Trust 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 share of the total amount of the platinum held in the Trust immediately prior to the sale, less the portion of such basis
allocable to its share of the platinum that was sold.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
a Shareholder&rsquo;s sale of some or all of its Shares, the Shareholder will be treated as having sold the portion or all, respectively,
of its pro rata share of the platinum held in the Trust at the time of the sale that is attributable to the Shares sold. Accordingly,
the Shareholder generally will recognize gain or loss on the sale in an amount equal to the difference between (a) the amount
realized pursuant to the sale of the Shares, and (b) the Shareholder&rsquo;s tax basis for the portion of its pro rata share of
the platinum held in the Trust at the time of sale that is attributable to the Shares sold, as determined in the manner described
in the preceding paragraph.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
any sale or redemption of less than all of a Shareholder&rsquo;s Shares, the Shareholder&rsquo;s tax basis for its pro rata share
of the platinum held in the Trust immediately after such sale or redemption generally will be equal to its tax basis for its share
of the total amount of the platinum held in the Trust immediately prior to the sale or redemption, less the portion of such basis
which is taken into account in determining the amount of gain or loss recognized by the Shareholder upon such sale.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maximum
28% Long-Term Capital Gains Tax Rate for U.S. Shareholders Who Are Individuals</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
current law, gains recognized by individuals from the sale of &ldquo;collectibles,&rdquo; including platinum, held for more than
one year are taxed at a maximum rate of 28%, rather than the current maximum 20% rate applicable to most other long-term capital
gains. For these purposes, gain recognized by an individual upon the sale of an interest in a trust that holds collectibles is
treated as gain recognized on the sale of collectibles, to the extent that the gain is attributable to unrealized appreciation
in value of the collectibles held by the Trust. Therefore, any gain recognized by an individual U.S. Shareholder attributable
to a sale of Shares held for more than one year, or attributable to the Trust&rsquo;s sale of any 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
U.S. Shareholder for one year or less or by a taxpayer other than an individual United States taxpayer are generally the same
as those at which ordinary income is taxed.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.8%
Tax on Net Investment Income</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
U.S. Shareholders who are individuals are required to pay a 3.8% tax on the lesser of the excess of their modified adjusted gross
income over a threshold amount ($250,000 for married persons filing jointly and $200,000 for single taxpayers) or their &ldquo;net
investment income,&rdquo; which generally includes capital gains from the disposition of property. This tax is in addition to
any capital gains taxes due on such investment income. A similar tax will apply to estates and trusts. U.S. Shareholders should
consult their own tax advisers regarding the effect, if any, this law may have on their investment in the Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brokerage
Fees and Trust Expenses</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
brokerage or other transaction fee incurred by a Shareholder in purchasing Shares will be treated as part of the Shareholder&rsquo;s
tax basis in the underlying assets of the Trust. Similarly, any brokerage fee incurred by a Shareholder in selling Shares will
reduce the amount realized by the Shareholder with respect to the sale.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
will be required to recognize the full amount of 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 shares 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 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 phase outs and other limitations under applicable provisions of the
Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
by U.S. Tax-Exempt Shareholders</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
U.S. Shareholders (&ldquo;U.S. Tax-Exempt Shareholders&rdquo;) are subject to United States federal income tax only on their &ldquo;unrelated
business taxable income&rdquo; (&ldquo;UBTI&rdquo;). Unless they incur debt in order to purchase Shares, it is expected that U.S.
Tax-Exempt Shareholders should not realize UBTI in respect of income or gains from the Shares. U.S. Tax-Exempt Shareholders should
consult their own independent tax advisers regarding the United States federal income tax consequences of holding Shares in light
of their particular circumstances.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
by Regulated Investment Companies</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 advisers concerning (i) the likelihood that an investment in Shares may be considered an investment
in the underlying platinum for purposes of Code Section 851(b), and (ii) the extent to which an investment in Shares might nevertheless
be consistent with preservation of their qualification under Code Section 851. We note that in recent administrative guidance,
the IRS stated that it will no longer issue rulings under Code Section 851(b) relating to the determination of whether or not
an instrument or position is a &ldquo;security,&rdquo; but, instead, intends to defer to guidance from the SEC for such determination.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
by Certain Retirement Plans</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
408(m) of the Code provides that the purchase of a &ldquo;collectible&rdquo; as an investment for an IRA, or for a participant-directed
account maintained under any plan that is tax-qualified under Section 401(a) of the Code (&ldquo;Tax Qualified Account&rdquo;),
is treated as a taxable distribution from the account to the owner of the IRA, or to the participant for whom the Tax Qualified
Account is maintained, of an amount equal to the cost to the account of acquiring the collectible. Although the IRS has issued
at least one private letter ruling which provides that the purchase of Shares by an IRA or a Tax Qualified Account will not constitute
the acquisition of a collectible or be treated as resulting in a taxable distribution to the IRA owner or Tax Qualified Account
participant under Code Section 408(m), it has not codified this private letter ruling in a Revenue Ruling or other generally applicable
guidance. Accordingly, potential IRA or Tax Qualified Account investors are urged to consult with their own professional advisors
concerning the treatment of an investment in Shares under Code Section 408(m).</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxation
of Non-U.S. Shareholders</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
Non-U.S. Shareholder generally will not be subject to United States 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-U.S. 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-U.S. Shareholder
of a trade or business in the United States and certain other conditions are met.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">United
States Information Reporting and Backup Withholding</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustee will file certain information returns with the IRS, and provide certain tax-related information to Shareholders, in connection
with the Trust. Each Shareholder will be provided with information regarding its allocable portion of the Trust&rsquo;s annual
income (if any) and expenses. A U.S. Shareholder may be subject to United States backup withholding tax in certain circumstances
unless it provides its taxpayer identification number and complies with certain certification procedures. Non-U.S. Shareholders
may have to comply with certification procedures to establish that they are not a United States person in order to avoid the information
reporting and backup withholding tax requirements.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amount of any backup withholding will be allowed as a credit against a Shareholder&rsquo;s United States federal income tax liability
and may entitle such a Shareholder to a refund, provided that the required information is furnished to the IRS in a timely manner.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax
Reform Legislation</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
the timing and nature of U.S. legislative changes is uncertain, based on recent comments made by President Trump&rsquo;s administration
and Congress, the possibility exists that there will be significant tax reform legislation considered by the current Congress
and/or in the next several years. Among other things, measures have been proposed that would impact the general tax rates for
corporations and individuals, tax rates on investment income, and base broadening including changes to the deduction for interest
expense. Overseas property investment may also be impacted by international tax reform. The taxation of investments in pass-through
entities may also be altered as a result of tax reform. Congress may enact all or none of these or adopt additional measures not
mentioned. Please consult a tax advisor with respect to legislative developments and their effect on an investment in the Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxation
in Jurisdictions Other Than the United States</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 (or any other jurisdiction other than the United
States to which they are subject), 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="gspts1110317a016"></A>ERISA
and Related Considerations</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ERISA
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;).</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, only 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Allowing
an investment in the Trust is not to be construed as a representation by the Sponsor or any of its affiliates, agents or employees
that this investment meets some or all of the relevant legal requirements with respect to investments by any particular Plan or
that this investment is appropriate for any such particular Plan. The person with investment discretion should consult with the
Plan&rsquo;s attorney and financial advisors as to the propriety of an investment in the Trust in light of the circumstances of
the particular Plan, current tax law and ERISA.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="gspts1110317a017"></A>Plan
of Distribution</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to, and independent of the initial purchases by the initial Authorized Participant (described below), the Trust will
issue Shares in Baskets to Authorized Participants in exchange for deposits of platinum on a continuous basis. Because new Shares
can be created and issued on an ongoing basis, at any point during the life of the Trust, a &ldquo;purchases,&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.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
initial Authorized Participant purchased [__] Shares, which compose the initial Baskets. The initial Baskets were purchased by
the initial Authorized Participant, which was acting as a statutory underwriter in connection with the initial purchase of shares.
Authorized Participants will offer Shares at an offering price that will vary, depending on, among other factors, the price of
platinum and the trading price of the Shares on the Exchange at the time of offer. Authorized Participants will not receive from
the Trust, the Sponsor, the Trustee or any of their affiliates a fee or other compensation in connection with the sale of the
Shares, although Authorized Participants may receive commissions/fees from investors who purchase Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust will not bear any expenses in connection with the offering or sales of the Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
offering of Baskets is being made in compliance with Conduct Rule 2810 of FINRA. Accordingly, the Authorized Participants will
not make any sales to any account over which it has discretionary authority without the prior written approval of a purchaser
of Shares. 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized
Participants may act for their own accounts as well as for the accounts of other market participants. This may include market
participants such as producers and refiners of platinum that are active in the platinum market. The Sponsor believes that the
size and operation of the platinum market make it unlikely that an Authorized Participant&rsquo;s creations or redemptions of
Baskets for the account of such market participants will impact the price of platinum or the price of the Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GraniteShares
Inc., the Sponsor&rsquo;s parent company, has entered into an agreement with the World Platinum Investment Council (&ldquo;WPIC&rdquo;)
whereby WPIC will receive a fee based on a percentage of the Fund&rsquo;s net assets in exchange for certain initial payments
to the Sponsor to assist with the development, launch and marketing of the Fund by the Sponsor. Under the agreement, WPIC will
also provide educational services generally to potential investors regarding investing in platinum. WPIC will not directly promote
investment in the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to a Marketing Services Agreement and Securities Activities and Services Agreement, Foreside Fund Services, LLC (&ldquo;Foreside&rdquo;)
provides the following services to Sponsor:</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reviewing
                                         proposed advertising materials and sales literature for compliance with applicable laws
                                         and regulations; filing with appropriate regulators those advertising materials and sales
                                         literature as required; furnishing to the Sponsor any comments provided by regulators
                                         with respect to such materials and using its best efforts to obtain regulators&rsquo;
                                         approval of such advertising materials and sales literature;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preparing
                                         and providing compliance policies and procedures for complying with applicable laws,
                                         rules and regulations under the Securities Act and the rules and regulations of any applicable
                                         self-regulatory organizations, including FINRA;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consulting
                                         with the Trust&rsquo;s legal counsel when requested in connection with the services provided
                                         pursuant to the Marketing Services Agreement;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registering
                                         and overseeing supervisory activities of the Sponsor&rsquo;s FINRA-licensed personnel;
                                         and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preparing
                                         and maintaining books and records related to the services provided.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Shares will trade on the Exchange under the symbol &ldquo;[__]&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="gspts1110317a018"></A>Legal
Matters</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
validity of the Shares has been passed upon for the Sponsor by Vedder Price P.C., who, as special United States federal income
tax counsel to the Sponsor, has also rendered an opinion regarding the material federal income tax consequences relating to the
Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">License
Agreement</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
[__], 2017, The Bank of New York Mellon granted to the Sponsor of the Trust (the &ldquo;Licensee&rdquo;) a perpetual, worldwide,
non-exclusive, non-transferable license under The Bank of New York Mellon&rsquo;s patents and patent applications that cover securitized
platinum products solely for the purpose of establishing, operating and marketing any securitized platinum financial product that
is sold, sponsored or issued by the Licensee.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LBMA
Platinum Price</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
references to LBMA Platinum Price AM and PM have been provided for information purposes only. The LME accepts no liability or
responsibility for the accuracy of the prices or the underlying product to which the prices may be referenced.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="gspts1110317a019"></A>Experts</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
financial statements included in this prospectus have been audited by [________], an independent registered public accounting
firm, as stated in their report appearing herein, and is included in reliance upon the report of such firm given upon their authority
as experts in accounting and auditing.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="gspts1110317a020"></A>Where
You Can Find More Information; Incorporation of Certain Information by Reference</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor has filed on behalf of the Trust a registration statement on Form S-1 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 will be www.graniteshares.com. 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 20548 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 20548, 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="gspts1110317a021"></A>Glossary</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
this prospectus, each of the following terms has the meaning set forth below:</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Authorized
Participant&rdquo; &mdash; A person who, at the time of submitting to the Trustee an order to create or redeem one or more Baskets
(i) is a registered broker-dealer or other securities market participant, (ii) is a DTC Participant, (iii) has in effect a valid
Authorized Participant Agreement, and (iv) has established a platinum unallocated account with the Custodian or another LPPM-approved
platinum-clearing bank.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Authorized
Participant Agreement&rdquo; &mdash; An agreement entered into by an Authorized Participant, the Sponsor and the Trustee that
provides the procedures for the creation and redemption of Baskets.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Basket&rdquo;
&mdash; A block of 15,000 Shares (as such number may be increased or decreased pursuant to the Trust Agreement).</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Basket
Amount&rdquo;&mdash; The amount of platinum (measured in Ounces), determined on each Business Day by the Trustee, which Authorized
Participants must transfer to the Trust in exchange for a Basket, or will receive in exchange for each Basket surrendered for
redemption.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Book
Entry System&rdquo; &mdash; The Federal Reserve Treasury Book Entry System for United States and federal agency
securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Business
Day&rdquo; &mdash; Any day other than: (i) a day on which the Exchange is closed for regular trading; or (ii) if the order or
other transaction requires the receipt or delivery, or the confirmation of receipt or delivery, of platinum in the United
Kingdom or some other jurisdiction on a particular day, (A) when the banks are authorized to close in the United Kingdom or
in such other jurisdiction or when the London platinum market is closed, or (B) when banks in the United Kingdom or in such
other jurisdiction are, or the London platinum market is, not open for a full business day and the order or other transaction
requires the execution or completion of procedures which cannot be executed or completed by the close of the business
day.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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, or any successor governmental agency in the United States.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Clearing
Agency&rdquo;&mdash; Any clearing agency or similar system other than the Book Entry System or DTC.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Code&rdquo;
&mdash; The Internal Revenue Code of 1986, as amended.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Commodity
Exchange Act&rdquo; or &ldquo;CEA&rdquo; &mdash; The Commodity Exchange Act of 1936, as amended.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Custodian&rdquo;
&mdash; The initial Custodian designated by the Trust Agreement, which is ICBC Standard Bank Plc, a public limited company incorporated
under the laws of England and Wales, and any substitute or additional custodian appointed by the Trustee at the direction of or
as approved by the Sponsor pursuant to the Trust Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Custody
Agreements&rdquo;&mdash; Collectively, the Trust Unallocated Account Agreement and the Trust Allocated Agreement, which are governed
by English law, between the Trustee and the Custodian regarding the custody of the Trust&rsquo;s platinum.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;DTC&rdquo;
&mdash; The Depository Trust Company, a limited purpose trust company organized under the New York Banking Law, a
&ldquo;banking organization&rdquo; within the meaning of the New York Banking Law, a member of the United States 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;DTC
Participant&rdquo; &mdash; An entity that has an account with DTC.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;ERISA&rdquo;&mdash;
The Employee Retirement Income Security Act of 1974, as amended.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Exchange&rdquo;
&mdash; NYSE-ARCA.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Exchange
Act&rdquo; &mdash; The Securities Exchange Act of 1934, as amended.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;FINRA&rdquo;&mdash;
Financial Industry Regulatory Authority, Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Foreside&rdquo;
&mdash; Foreside Fund Services, LLC, a Delaware limited liability company.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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 LPPM Good Delivery Standards.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Indirect
Participant&rdquo; &mdash; An entity that has access to the DTC clearing system by clearing securities through, or
maintaining a custodial relationship with, a DTC Participant.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;IRA&rdquo;
&mdash; Individual retirement account.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;IRS&rdquo;
&mdash; Internal Revenue Service.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;LBMA&rdquo;
&mdash; The London Bullion Market Association, a trade association that acts as the coordinator for activities conducted on
behalf of its members and other participants in the London bullion market.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;LBMA
Platinum Price AM&rdquo; &mdash; As of any day, the price of platinum determined in an auction hosted by the LME in the
morning of such day (London time).</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;LBMA
Platinum Price PM&rdquo; &mdash; As of any day, the price of platinum determined in an auction hosted by the LME in the afternoon
of such day (London time).</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;LME&rdquo;
&mdash; The London Metal Exchange. The LME administers and supervises the determination of the LBMA Platinum Prices.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;NAV&rdquo;
&mdash; Net asset value per Share. See &ldquo;The Trust &mdash; Valuation of Platinum; Computation of Net Asset Value&rdquo; for
a description of how the net asset value of the Trust and the NAV are calculated.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;NFA&rdquo;
is the National Futures Association, a futures association and a self-regulatory organization organized under the CEA and CFTC
regulations with the mandate to regulate intermediaries trading in &ldquo;commodity interests&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Non-U.S.
Shareholder&rdquo; &mdash; A Shareholder that is not a U.S. Shareholder.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;NYMEX&rdquo;
&mdash; The exchange market on which platinum futures contracts trade. NYMEX is a subsidiary of the Chicago Mercantile
Exchange Group (the &ldquo;CME Group&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Ounce&rdquo;
&mdash; A troy ounce, equal to 31.103 grams or 1.0971428 ounces avoirdupois. &ldquo;Avoirdupois&rdquo; is the system of
weights used in the U.S. and Great Britain for goods other than precious metals, gems and drugs. In that system, a pound has
16 ounces and an ounce has 16 drams.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Plan&rdquo;
&mdash; Any (a) employee benefit plan (as defined in Section 3(3) of ERISA) that is subject to the fiduciary responsibility
provisions of ERISA, as set forth in Title I thereof, (b) plan described in Section 4975(e)(1) of the Code that is subject to
Section 4975 of the Code, including individual retirement accounts and Keogh plans, (c) entity whose underlying assets
include plan assets by reason of a plan&rsquo;s investment in such entity.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;SEC&rdquo;
&mdash; The Securities and Exchange Commission of the United States, or any successor governmental agency in the United
States.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Securities
Act&rdquo; &mdash; The Securities Act of 1933, as amended.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Shareholders&rdquo;
&mdash; Owners of beneficial interests in the Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Shares&rdquo;
&mdash; Units of fractional undivided beneficial interest in the net assets of the Trust that are issued by the
Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Sponsor&rdquo;
&mdash; GraniteShares LLC, a Delaware limited liability company.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;TOCOM&rdquo;
&mdash; The Tokyo Commodity Exchange.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Tonne&rdquo;
&mdash; One metric ton which is equivalent to 1,000 kilograms or 32,150.7465 troy ounces.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Trust&rdquo;
&mdash; GraniteShares Platinum Trust, a New York trust formed pursuant to the Trust Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Trust
Agreement&rdquo; &mdash; The Trust Agreement dated [__], 2017, among the Sponsor, The Bank of New York Mellon, the registered
and beneficial owners from time to time of Shares and all persons that deposit platinum for creation of Shares under which
the Trust is governed.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Trust
Allocated Account&rdquo; &mdash; The loco London account maintained for the Trust by the Custodian pursuant to the Trust Allocated
Account Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Trust
Allocated Account Agreement&rdquo; &mdash; The Allocated Platinum Account Agreement dated as of [__], 2017 between the Custodian
and the Trustee.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Trust
Unallocated Account&rdquo; &mdash; The loco London account maintained for the Trust by the Custodian pursuant to the Trust Unallocated
Account Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Trust
Unallocated Account Agreement&rdquo; &mdash; The Unallocated Platinum Account Agreement dated as of [__], 2017 between the Custodian
and the Trustee.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Trustee&rdquo;
&mdash; The Bank of New York Mellon, a banking corporation organized under the laws of the State of New York with trust powers.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;U.S.
Shareholder&rdquo; &mdash; A Shareholder that is (1) an individual who is treated as a citizen or resident of the United
States for United States federal income tax purposes; (2) a corporation (or an entity treated as a corporation for United
States federal income tax purposes) created or organized in or under the laws of the United States, any state thereof or the
District of Columbia; (3) an estate, the income of which is includible in gross income for United States federal income tax
purposes regardless of its source; or (4) 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 United States persons have the authority to control all
substantial decisions of the trust, or a trust that has made a valid election under applicable Treasury Regulations to be
treated as a domestic trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0"></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>GraniteShares
Platinum Trust</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[__]
Shares</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PRELIMINARY
PROSPECTUS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>[__], 2017</B></FONT></P>

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

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



<P STYLE="margin: 0"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">INFORMATION NOT REQUIRED
IN PROSPECTUS</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 1in"><B>Item 13.</B></TD><TD STYLE="text-align: justify"><B>Other Expenses of Issuance and Distribution.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Set forth below is an
estimate (except as indicated) of the amount of fees and expenses (other than underwriting commissions and discounts) payable by
the registrant in connection with the issuance and distribution of the Shares pursuant to the prospectus contained in this registration
statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></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; background-color: rgb(204,238,255)">
    <TD STYLE="width: 80%">SEC registration fee
(actual)</TD>
    <TD STYLE="width: 20%">$[_____]*</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD>NYSE Arca listing fee
(actual)</TD>
    <TD>$[_____]*</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: rgb(204,238,255)">
    <TD>Auditor&rsquo;s fees
and expenses</TD>
    <TD>$[_____]*</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD>Legal fees and expenses</TD>
    <TD>$[_____]*</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: rgb(204,238,255)">
    <TD>Printing expenses</TD>
    <TD>$[_____]*</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD>Miscellaneous expenses</TD>
    <TD>$[_____]*</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: rgb(204,238,255)">
    <TD>Total</TD>
    <TD>$[_____]*</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">* To be provided by amendment.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 14.</B></TD><TD STYLE="text-align: justify"><B>Indemnification of Directors and Officers.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Trust Agreement provides
that the Sponsor, its members, managers, directors, officers, employees, affiliates 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 each other agreement entered into by the Sponsor, in furtherance of the administration of the Trust
or any actions taken in accordance with the provisions of the Trust Agreement incurred without (i) 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 (ii) 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.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 15.</B></TD><TD STYLE="text-align: justify"><B>Recent Sales of Unregistered Securities.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">[To be updated by amendment].</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 16.</B></TD><TD STYLE="text-align: justify"><B>Exhibits and Financial Statement Schedules.</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD>Exhibit.</TD>
</TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD>Financial Statement Schedules. Not applicable.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 17.</B></TD><TD STYLE="text-align: justify"><B>Undertakings.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned registrant
hereby undertakes:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">To file, during any period in which offers or sales are being made, a post-effective amendment
to this registration statement:</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Commission pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price represent no more than 20% 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: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">Provided, however,
that: (1)(i), (ii), and (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 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: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: justify">That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the registrant is relying on Rule 430B:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 on
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 and 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. Provided, however, 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 registration statement will, as to a purchaser 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: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the registrant is subject to Rule 430C, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating
to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A,
shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided,
however, 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 registration
statement will, as to a purchaser with a time of contract of sale prior to such first use, 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 date of first use.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD STYLE="text-align: justify">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:</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">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: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(6)</TD><TD STYLE="text-align: justify">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 Act 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 whether such indemnification by it is against public policy as expressed in the Act and will be governed
by the final adjudication of such issue.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in"><FONT STYLE="background-color: White">&nbsp;</FONT><BR CLEAR="ALL"></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Pursuant to the requirements
of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized in the City of New York, State of New York, on November 3, 2017.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></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>&nbsp;</TD>
    <TD COLSPAN="2">GRANITESHARES LLC</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Sponsor of the GraniteShares Platinum Trust</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ William
Rhind</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Name: </TD>
    <TD>William
Rhind</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Chief Executive Officer and Chief Financial Officer</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="a_001"></A><B>POWER OF ATTORNEY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each person whose signature
appears below hereby constitutes William Rhind and Benoit Autier, and each of them singly, his 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: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Signature</TD>
    <TD STYLE="width: 60%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Title</TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Date</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-top: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>/s/ William Rhind</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">William Rhind</P></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-top: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chief Executive Officer and Chief Financial Officer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(principal executive officer and principal financial
officer)</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-top: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">November 3, 2017</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-top: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>/s/ Benoit Autier</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Benoit Autier</P></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-top: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chief Accounting Officer (principal accounting
        officer)</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-top: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">November 3, 2017</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">* The registrant will
be a trust and the persons are signing in their capacities as officers of GraniteShares LLC, the Sponsor of the registrant.<BR CLEAR="ALL">
</P>

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

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

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Exhibit No.</TD>
    <TD STYLE="width: 90%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Exhibit Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="ex4-1.htm">4.1</A></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Form of Depositary Trust Agreement between GraniteShares LLC, as sponsor, and The Bank of New York Mellon, as trustee</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="ex4-2.htm">4.2</A></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Form of Authorized Participant Agreement</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="ex4-1.htm">4.3</A></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Form of Certificate of Shares of the Trust (included as Exhibit A to the Depositary Trust Agreement)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">5.1</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Form of Opinion of Vedder Price P.C. as to legality*</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">8.1</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Form of Opinion of Vedder Price P.C. as to tax matters*</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="ex10-1.htm">10.1</A></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Form of Allocated Platinum Account Agreement</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="ex10-2.htm">10.2</A></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Form of Unallocated Platinum Account Agreement</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="ex10-3.htm">10.3</A></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Form of Marketing Services Agreement between GraniteShares LLC and Foreside Fund Services, LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="ex10-4a.htm">10.4.a</A></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">License Agreement between The Bank of New York Mellon and GraniteShares LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="ex10-4b.htm">10.4.b</A></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Form of Amendment to License Agreement between The Bank of New York Mellon and GraniteShares LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">23.1</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Consent of Independent Registered Public Accounting Firm*</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">23.2</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Consent of Vedder Price P.C. (included in Exhibits 5.1 and 8.1) *</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="#a_001">24.1</A></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Power of Attorney (included on signature page to this Registration Statement as filed herewith)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">* To be filed by amendment.</P>

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<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>ex4-1.htm
<DESCRIPTION>FORM OF DEPOSITARY TRUST AGREEMENT
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0; text-align: left"><A HREF="gspt-s1_110317.htm">GraniteShares Platinum Trust S-1</A></P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 4.1&nbsp;</B></P>

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

<P STYLE="margin: 0"></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE BANK OF NEW YORK MELLON,</B></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Dated as of _________________, 2017</B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 76%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: right"><B>Page</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top">ARTICLE I DEFINITIONS AND RULES OF CONSTRUCTION</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Section 1.1</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Definitions</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Section 1.2</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Rules of Construction</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">6</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-left: 0.55in; text-indent: -0.55in">ARTICLE II CREATION AND DECLARATION OF TRUST; FORM OF CERTIFICATES; DEPOSIT OF PLATINUM; DELIVERY, REGISTRATION OF TRANSFER AND SURRENDER OF SHARES</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">7</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-left: 0.55in; text-indent: -0.55in">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Section 2.1</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Creation and Declaration of Trust; Business of the Trust</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">7</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Section 2.2</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Form of Certificates; Book-Entry System; Transferability of Shares</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">7</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Section 2.3</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Deposit of Platinum</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">9</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Section 2.4</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Delivery of Shares; Liability for Taxes and Other Charges Connected with the Issuance of Shares</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">10</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Section 2.5</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Registration of Shares and Transfers Thereof; Combination and Split-Up of Certificates</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">10</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Section 2.6</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Surrender of Shares by Authorized Participants</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">11</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Section 2.7</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Limitations on Delivery, Registration of Transfer and Surrender of Shares</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">12</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Section 2.8</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Lost Certificates, etc.</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">13</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Section 2.9</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Cancellation and Destruction of Surrendered Certificates</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">13</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Section 2.10</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Splits and Reverse Splits of Shares</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">13</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top">ARTICLE III CERTAIN OBLIGATIONS OF AUTHORIZED PARTICIPANTS</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">14</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Section 3.1</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Liability of Authorized Participants for Taxes and Other Governmental Charges</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">14</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Section 3.2</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Warranties on Deposit of Platinum</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">14</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top">ARTICLE IV ADMINISTRATION OF THE TRUST</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">14</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Section 4.1</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Evaluation of Platinum</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">14</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Section 4.2</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Responsibility of the Trustee for Evaluations</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">15</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Section 4.3</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Trust Evaluation</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">15</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Section 4.4</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Cash Distributions</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">16</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Section 4.5</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Other Distributions</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">16</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Section 4.6</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Fixing of Record Date</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">17</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Section 4.7</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Payment of Expenses; Platinum Sales</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">17</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Section 4.8</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Statements and Reports; Fiscal Year</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">18</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Section 4.9</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Further Provisions for Platinum Sales</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">18</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Section 4.10</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Counsel</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">19</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Section 4.11</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Grantor Trust</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">19</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Section 4.12</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Reserve Account</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">19</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top">ARTICLE V THE TRUSTEE AND THE SPONSOR</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">19</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Section 5.1</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Maintenance of Office and Transfer Books by the Trustee</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">19</TD></TR>
</TABLE>

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

<P STYLE="margin: 0"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top; width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 10%">Section 5.2</TD>
    <TD STYLE="vertical-align: top; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 76%">Prevention or Delay in Performance by the Sponsor or the Trustee</TD>
    <TD STYLE="vertical-align: top; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 6%">20</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Section 5.3</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Obligations of the Sponsor and the Trustee</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">20</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Section 5.4</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Resignation or Removal of the Trustee; Appointment of Successor Trustee</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">26</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Section 5.5</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">The Custodian</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">27</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Section 5.6</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Indemnification</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">28</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Section 5.7</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Fees, Charges and Expenses of the Trustee</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">29</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Section 5.8</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Charges of the Sponsor</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">30</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Section 5.9</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Retention of Trust Documents</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">31</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Section 5.10</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Federal Securities Law Filings</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">31</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Section 5.11</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Prospectus Delivery</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">32</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Section 5.12</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Discretionary Actions by the Trustee; Consultation</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">32</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Section 5.13</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Dissolution of the Sponsor Not to Terminate Trust</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">32</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top">ARTICLE VI AMENDMENT AND TERMINATION</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">32</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Section 6.1</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Amendment</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">32</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Section 6.2</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Termination</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">33</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top">ARTICLE VII MISCELLANEOUS</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">35</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Section 7.1</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Counterparts</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">35</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Section 7.2</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Third-Party Beneficiaries</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">35</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Section 7.3</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Severability</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">35</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Section 7.4</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Certain Matters Relating to Beneficial Owners</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">36</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Section 7.5</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Notices</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">36</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Section 7.6</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Submission to Jurisdiction; Agent for Service</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">38</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Section 7.7</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Governing Law</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">38</TD></TR>
</TABLE>


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



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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 18%">Exhibit A</TD>
    <TD STYLE="width: 69%">Form of Certificate</TD>
    <TD STYLE="width: 9%; text-align: right">A-1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Exhibit B</TD>
    <TD>Form of Trust Allocated Account Agreement</TD>
    <TD STYLE="text-align: right">B-1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Exhibit C</TD>
    <TD>Form of Trust Unallocated Account Agreement</TD>
    <TD STYLE="text-align: right">C-1</TD></TR>
</TABLE>


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

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




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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This DEPOSITARY TRUST
AGREEMENT dated as of ______________, 2017, between GRANITESHARES LLC, a Delaware limited liability company, as sponsor, and THE
BANK OF NEW YORK MELLON, a New York banking corporation, as trustee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>W I T N E S S E T H:</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Sponsor
desires to establish a trust, to be known as the &ldquo;GraniteShares Platinum Trust,&rdquo; pursuant to the laws of the State
of New York; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Sponsor
desires to establish the terms on which platinum may be deposited in the trust; provide for the creation of shares representing
fractional undivided beneficial interests in the net assets of the trust; and the execution and delivery of certificates evidencing
such shares; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Sponsor
desires to provide for other terms and conditions on which the trust shall be established and administered, as hereinafter provided.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in
consideration of the premises and of the mutual agreements herein contained, the Sponsor and the Trustee hereby agree as follows:</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase; color: #010000">Article
I</FONT><BR>
<BR>
DEFINITIONS AND RULES OF CONSTRUCTION</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
1.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><U>Definitions.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as otherwise
specified in this Agreement or as the context may otherwise require, the following terms have the respective meanings set forth
below for all purposes of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Agreement</U>&rdquo;
means this Depositary Trust Agreement, as amended or supplemented in accordance with its terms.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Authorized
Participant</U>&rdquo; means a Person that, at the time of submitting a Purchase Order or a Redemption Order, (i) is a registered
broker-dealer or other securities market participant, such as a bank or other financial institution, which, but for an exclusion
from registration, would be required to register as a broker-dealer to engage in securities transactions, (ii) is a DTC Participant,
(iii) has in effect a valid Authorized Participant Agreement, and (iv) has established an unallocated account with the Custodian
or another LPPM-approved platinum-clearing bank.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Authorized
Participant Agreement</U>&rdquo; means an agreement among the Trustee, the Sponsor and an Authorized Participant that authorizes
the Authorized Participant to submit Purchase Orders and Redemption Orders under this Agreement. The Trustee has no duty or liability
to any Person on account of the selection of any Authorized Participant.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Authorized
Participant Procedures</U>&rdquo; means the procedures for Purchase Orders and Redemption Orders attached to an Authorized Participant
Agreement, as modified by the Sponsor and the Trustee from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Basket</U>&rdquo;
means 15,000 Shares, except that the Sponsor, upon prior written notice to the Trustee, may from time to time increase or decrease
the number of Shares comprising a Basket.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Basket Platinum
Amount</U>&rdquo; means the amount of Unallocated Platinum that must be deposited for issuance of one Basket or that is deliverable
on Surrender of one Basket, determined as provided in <U>Section 2.3(b)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Benchmark
Price</U>&rdquo; means, as of any day, (i) such day&rsquo;s LBMA Platinum Price PM or such day&rsquo;s LBMA Platinum Price AM if
such day&rsquo;s LBMA Platinum Price PM is not available; or (ii) such other publicly available price which is reasonably available
to the Trustee and which the Sponsor may determine fairly represents the commercial value of platinum held by the Trust and instructs
the Trustee to use as the Benchmark Price.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Beneficial
Owner</U>&rdquo; means any Person owning a beneficial interest in any Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Book-Entry
System</U>&rdquo; has the meaning ascribed to such term in <U>Section 5.3(f)(ii)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Business
Day</U>&rdquo; means any day other than a day: (1) when the Exchange is closed for regular trading; or (2), if the order or other
transaction requires the receipt or delivery, or the confirmation of receipt or delivery, of platinum in the United Kingdom or
in some other jurisdiction on a particular day, (A) when banks are authorized to close in the United Kingdom or in such other jurisdiction
or when the London platinum market is closed or (B) when banks in the United Kingdom or in such other jurisdiction are, or the
London platinum market is, not open for a full business day and the order or other transaction requires the execution or completion
of procedures which cannot be executed or completed by the close of the business day.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Certificate</U>&rdquo;
means a certificate that is executed and delivered by the Trustee under this Agreement evidencing Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>CFTC</U>&rdquo;
means the U.S. Commodity Futures Trading Commission or any successor governmental agency in the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Clearing
Agency</U>&rdquo; has the meaning ascribed to such term in <U>Section 5.3(f)(ii)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Code</U>&rdquo;
means the Internal Revenue Code of 1986, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Commission</U>&rdquo;
means the U.S. Securities and Exchange Commission or any successor governmental agency in the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Corporate
Trust Office</U>&rdquo; means the office of the Trustee at which its corporate trust business that relates to this Agreement is
administered, which, at the date of this Agreement, is located at 2 Hanson Street, Brooklyn, New York 11217.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Custodian</U>&rdquo;
means the Initial Custodian and any substitute or additional custodian of the Trust&rsquo;s assets appointed by the Trustee at
the direction of or as approved by the Sponsor as provided in <U>Section 5.5</U> and, where the context permits, any sub-custodians
employed by the Initial Custodian or any such substitute or additional custodian.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Custody Agreements</U>&rdquo;
means each of the Trust Unallocated Account Agreement and the Trust Allocated Account Agreement and any custody agreement entered
into pursuant to <U>Section 5.5(a)</U> with a substitute or additional Custodian.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Delivery</U>&rdquo;
means (i) when used with respect to Unallocated Platinum, obtaining an acknowledgement from the Custodian of a credit of platinum
on an Unallocated Basis to the account of the Person entitled to that delivery, and (ii) when used with respect to Shares, one
or more book-entry transfers of those Shares to an account or accounts at the Depository designated by the Person entitled to instruct
such delivery, and, as applicable, for further credit as specified by that Person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Depository</U>&rdquo;
means DTC and any other successor depository of Shares selected by the Sponsor as provided herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>DTC</U>&rdquo;
means The Depository Trust Company, its nominees and their respective successors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>DTC Participant</U>&rdquo;
means a Person that, pursuant to DTC&rsquo;s governing documents, is entitled to deposit securities with DTC in its capacity as
a &ldquo;participant.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Exchange</U>&rdquo;
means the exchange or other securities market on which the Shares are principally traded, as specified from time to time by the
Sponsor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Exchange
Act</U>&rdquo; means the Securities Exchange Act of 1934, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Good Delivery
Standards</U>&rdquo; means the specifications for &ldquo;good delivery&rdquo; platinum plates and ingots, including the specifications
for weight, dimensions, fineness (or purity), identifying marks and appearance of platinum plates and ingots, set forth in &ldquo;The
Good Delivery Rules for Platinum and Palladium Plates and Ingots&rdquo; published by the LPPM.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Indirect
Participant</U>&rdquo; means a Person that, by clearing securities through, or maintaining a custodial relationship with, a DTC
Participant, either directly or indirectly, has access to the DTC clearing system.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Initial Custodian</U>&rdquo;
means ICBC Standard Bank Plc, as custodian under the Custody Agreements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Internal
Control Over Financial Reporting</U>&rdquo; has the meaning ascribed to such term in Rules 13a-15(f) and 15(d)-15(f) adopted by
the Commission under the Exchange Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>LBMA</U>&rdquo;
means The London Bullion Market Association or its successors.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>LBMA Platinum
Price AM</U>&rdquo; means the price of a troy ounce of platinum as determined by the auction administered by the LME for the LBMA,
or any successor administrator of the auction for the London platinum price, at or about 9:45 a.m. London, England time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>LBMA Platinum
Price PM</U>&rdquo; means the price of a troy ounce of platinum as determined by the auction administered by the LME for the LBMA,
or any successor administrator of the auction for the London platinum price, at or about 2:00 p.m. London, England time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>LME</U>&rdquo;
means The London Metal Exchange or its successor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>LPPM</U>&rdquo;
means The London Platinum and Palladium Market or its successor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>LPMCL</U>&rdquo;
means London Precious Metals Clearing Limited or its successor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Net Asset
Value</U>&rdquo; has the meaning ascribed to such term in <U>Section 4.3(a)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Net Asset
Value per Share</U>&rdquo; has the meaning ascribed to such term in <U>Section 4.3(a)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Order Cutoff
Time</U>&rdquo; means, with respect to any Business Day, (i) 4:00 p.m. (New York time) on such Business Day or (ii) another time
agreed to by the Sponsor and the Trustee and of which Registered Owners and all existing Authorized Participants have been notified
by the Trustee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Order Date</U>&rdquo;
means, with respect to a Purchase Order, the date specified in <U>Section 2.3(a)</U> and, with respect to a Redemption Order, the
date specified in <U>Section 2.6(a)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Ounce</U>&rdquo;
means one gross troy ounce of platinum, equal to 31.103 grams (1.0971428 ounces avoirdupois), provided that the relevant plate
or ingot of platinum shall have a minimum fineness of 999.5 parts per 1,000 platinum.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Person</U>&rdquo;
means any natural person or any limited liability company, corporation, partnership, joint venture, association, joint stock company,
trust, unincorporated organization or other entity or government or any agency or political subdivision thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Platinum</U>&rdquo;
or &ldquo;<U>platinum</U>&rdquo; means (i) platinum bullion that meets the Good Delivery Standards and (ii) credit to an account
on an Unallocated Basis representing the right to receive platinum bullion that meets the requirements of part (i) of this definition.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Purchase
Order</U>&rdquo; has the meaning ascribed to such term in <U>Section 2.3(a)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Qualified
Bank</U>&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 (i) is a DTC Participant or a participant in such other Depository as is then acting with respect to the Shares, (ii)
is a &ldquo;bank&rdquo; as defined in Section 408(n) of the Code (unless counsel to the Sponsor, the appointment of which is acceptable
to the Trustee, determines that complying with such definition is not necessary for the exception under Section 408(m)(3) of the
Code to apply), and (iii) had, as of the date of its most recent annual financial statements, an aggregate capital, surplus and
undivided profits of at least $150,000,000.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Redemption
Order</U>&rdquo; has the meaning ascribed to such term in <U>Section 2.6(a)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Registered
Owner</U>&rdquo; means the Person in whose name Shares are registered on the books of the Trustee maintained for that purpose.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Registrar</U>&rdquo;
means any bank or trust company that is appointed to register Shares and transfers of Shares as herein provided.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Reserve Account</U>&rdquo;
means the account described in <U>Section 4.12</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Securities
Act</U>&rdquo; means the Securities Act of 1933, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Share</U>&rdquo;
means a unit of beneficial interest in the Trust created under this Agreement, having no par value and representing a fractional
undivided beneficial interest in the net assets of the Trust which undivided interest shall equal a fraction, the numerator of
which is one and the denominator of which is the total number of Shares outstanding. The initial name of the Shares shall be &ldquo;GraniteShares
Platinum Shares.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Sponsor</U>&rdquo;
means &ldquo;GraniteShares LLC&rdquo;, a Delaware limited liability company, or its successor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Sponsor&rsquo;s
Fee</U>&rdquo; has the meaning ascribed to such term in <U>Section 5.8(a)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Sponsor Indemnified
Party</U>&rdquo; has the meaning ascribed to such term in <U>Section 5.6(b)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Surrender</U>&rdquo;
means a book-entry transfer of Shares to the Trustee&rsquo;s account with the Depository. A &ldquo;Surrendering&rdquo; Authorized
Participant and &ldquo;Surrendered&rdquo; Shares, Baskets or Certificates mean, respectively, an Authorized Participant, Shares,
Baskets or Certificates involved in a Surrender.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Trust</U>&rdquo;
means the GraniteShares Platinum Trust, the trust entity created by this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Trust Allocated
Account</U>&rdquo; means the loco London account maintained for the Trust by the Initial Custodian pursuant to the Trust Allocated
Account Agreement, or another account maintained for the Trust by a successor Custodian on an allocated basis, as the case may
be.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Trust Allocated
Account Agreement</U>&rdquo; means the Allocated Platinum Account Agreement of even date herewith between the Custodian and the
Trustee, the form of which is attached as <U>Exhibit B</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Trust Property</U>&rdquo;
means the platinum that the Custodian credits to the Trust Allocated Account and the Trust Unallocated Account in accordance with
the Custody Agreements, all other property held by the Custodian for the account of the Trust and any cash or other property that
is received by the Trustee in respect thereof or that is otherwise being held by or for the Trust under this Agreement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Trust Unallocated
Account</U>&rdquo; means the loco London account maintained for the Trust by the Initial Custodian pursuant to the Trust Unallocated
Account Agreement, or another account maintained for the Trust by a successor Custodian on an Unallocated Basis, as the case may
be.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Trust Unallocated
Account Agreement</U>&rdquo; means the Unallocated Platinum Account Agreement of even date herewith between the Custodian and the
Trustee, the form of which is attached as <U>Exhibit C</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Trustee</U>&rdquo;
means The Bank of New York Mellon, a New York banking corporation, in its capacity as trustee under this Agreement, or any successor
trustee under this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Trustee Indemnified
Party</U>&rdquo; has the meaning ascribed to such term in <U>Section 5.6(a)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Unallocated
Basis</U>&rdquo; means, with respect to the holding of platinum, that the holder is entitled to receive delivery of physical platinum
in the amount standing to the credit of the holder&rsquo;s account, but the holder has no ownership interest in any particular
platinum that the custodian maintaining that account owns or holds.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Unallocated
Platinum</U>&rdquo; means platinum held on an Unallocated Basis.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
1.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Rules of Construction.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless the context
otherwise requires:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>a term has the meaning assigned to it;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>an accounting term not otherwise defined has the meaning assigned to it in accordance with generally accepted accounting
principles consistently applied in the United States;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>&ldquo;or&rdquo; is not exclusive;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>the words &ldquo;herein,&rdquo; &ldquo;hereof,&rdquo; &ldquo;hereunder&rdquo; and other words of similar import refer
to this Agreement as a whole and not to any particular Article, Section or other subdivision thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>&ldquo;including&rdquo; means including without limitation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>words in the singular include the plural and words in the plural include the singular; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>a term defined in any part of speech shall have the corresponding meaning when capitalized and used herein in another
part of speech.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase; color: #010000">Article
II</FONT><BR>
<BR>
CREATION AND DECLARATION OF TRUST; FORM OF CERTIFICATES;<BR>
DEPOSIT OF PLATINUM; DELIVERY, REGISTRATION OF TRANSFER AND SURRENDER OF SHARES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
2.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Creation and Declaration of Trust; Business of the Trust.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Trustee acknowledges that it has received confirmation from the Custodian that the Custodian has received an initial deposit of
platinum from _______________________________, the initial purchaser of the first Basket, and has credited such deposit to the
Trust Allocated Account and Trust Unallocated Account, with the Trust Unallocated Account holding no more than 192 Ounces of Unallocated
Platinum. The Trustee declares that the initial deposit and all other Trust Property shall be owned by the Trust and the Trustee
as trustee thereof for the benefit of the Beneficial Owners for the purposes of, and subject to and limited by the terms and conditions
set forth in, this Agreement. The trust created by this Agreement shall be known as the GraniteShares Platinum Trust. The Trustee
hereby confirms that, in exchange for the initial deposit of platinum, the Trustee has issued a global Certificate to DTC and
that, upon the initial registration statement for the sale of the Shares being declared effective, the Trustee will direct DTC
to credit the initial depositor of platinum with the number of Baskets represented by such initial deposit of platinum.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>The Trust shall not engage in any business or activities other than those authorized by this Agreement or incidental
and necessary to carry out the duties and responsibilities set forth in this Agreement. Other than issuance of the Shares, the
Trust shall not issue or sell any certificates or other obligations or, except as provided in this Agreement, otherwise incur,
assume or guarantee any indebtedness for money borrowed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
2.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Form of Certificates; Book-Entry System; Transferability of Shares.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>The Certificates evidencing Shares shall be substantially in the form set forth in <U>Exhibit A</U> attached to this
Agreement, with appropriate insertions, modifications and omissions, as hereinafter provided. No Shares shall be entitled to any
benefits under this Agreement or be valid or obligatory for any purpose unless a Certificate evidencing those Shares has been executed
by the Trustee by the manual or facsimile signature of a duly authorized signatory of the Trustee and, if a Registrar (other than
the Trustee) for the Shares shall have been appointed, countersigned by the manual signature of a duly authorized officer of the
Registrar. The Trustee shall maintain books on which the registered ownership of each Share and transfers, if any, of such registered
ownership shall be recorded. Certificates evidencing Shares bearing the manual or facsimile signature of a duly authorized signatory
of the Trustee and the manual signature of a duly authorized officer of the Registrar, if applicable, who was, at the time such
Certificates were executed, a proper signatory of the Trustee or Registrar, if applicable, shall bind the Trustee, notwithstanding
that such signatory has ceased to hold such office prior to the delivery of such Certificates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>The Certificates may be endorsed with or have incorporated in the text thereof such legends or recitals or modifications
not inconsistent with the provisions of this Agreement as may be required by the Trustee or required to comply with any applicable
law or regulations thereunder or with the rules and regulations of any securities exchange, including the Exchange, on which Shares
may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which
the Shares evidenced by a particular Certificate are subject.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>The Sponsor and the Trustee will apply to DTC for acceptance of the Shares in its book-entry settlement system. The
Sponsor and the Trustee, as the case may be, shall enter into such customary agreements as may be required by DTC in connection
therewith. Shares deposited with DTC shall be evidenced by one or more global Certificates that shall be registered in the name
of Cede &amp; Co., as nominee for DTC, and shall bear the following legend:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify"><B>UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (&ldquo;DTC&rdquo;), TO THE AGENT AUTHORIZED
BY THE ISSUER FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &amp;
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &amp; CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &amp; CO., HAS AN INTEREST HEREIN.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>So long as the Shares are eligible for book-entry settlement with DTC and such settlement is available, unless otherwise
required by law, notwithstanding the provisions of <U>Sections 2.2(a)</U> and <U>(b)</U>, all Shares shall be evidenced by one
or more global Certificates the Registered Owner of which is DTC or a nominee of DTC and (i) no Beneficial Owner of Shares will
be entitled to receive a separate Certificate evidencing those Shares, (ii) the interest of a Beneficial Owner in Shares represented
by a global Certificate will be shown only on, and transfer of that interest will be effected only through, records maintained
by DTC or a DTC Participant or Indirect Participant through which the Beneficial Owner holds that interest and (iii) the rights
of a Beneficial Owner with respect to Shares represented by a global Certificate will be exercised only to the extent allowed by,
and in compliance with, the arrangements in effect between such Beneficial Owner and DTC or the DTC Participant or Indirect Participant
through which that Beneficial Owner holds an interest in Shares. So long as DTC or another authorized Depository selected by the
Sponsor is the Registered Owner, the Trustee and the Sponsor may treat DTC or such other Depository as the absolute owner of the
Shares for all purposes whatsoever, including with respect to the payment of distributions and the giving of notices of redemption,
tender and other matters with respect to the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>If, at any time when Shares are evidenced by a global Certificate, DTC ceases to make its book-entry settlement system
available for such Shares, the Trustee shall execute and deliver separate Certificates evidencing Shares to a successor authorized
Depository identified by the Sponsor and available to act, or, if no successor Depository is identified and able to act, the Trustee
shall terminate the Trust in accordance with <U>Section 6.2</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>Title to a Certificate evidencing Shares (and to the Shares evidenced thereby), when properly endorsed or accompanied
by proper instruments of transfer, shall be transferable by delivery with the same effect as in the case of a negotiable instrument
under the laws of New York; provided, however, that the Trustee, notwithstanding any notice to the contrary, may treat the Registered
Owner of Shares as the absolute owner thereof for the purpose of determining the Person entitled to any distribution or to any
notice provided for in this Agreement and for all other purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
2.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Deposit of Platinum.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>After the initial deposit of platinum in the Trust, the issuance and Delivery of Shares will take place only in integral
numbers of Baskets, and in compliance with the provisions of this Agreement, as supplemented by the Authorized Participant Procedures
(to the extent they are not inconsistent with this Agreement). Authorized Participants wishing to acquire from the Trustee one
or more Baskets must place an order therefor with the Trustee (a &ldquo;<U>Purchase Order</U>&rdquo;) no later than 3:59:59 p.m.
(New York time) on any Business Day. The Order Date for Purchase Orders received by the Trustee prior to the Order Cutoff Time
on a Business Day on which the Benchmark Price is announced shall be that Business Day. Purchase Orders received by the Trustee
on or after the Order Cutoff Time on a Business Day, or on a Business Day on which the Benchmark Price is not announced, will not
be accepted. As consideration for each Basket acquired, Authorized Participants must deposit with the Custodian, from an account
of the Authorized Participant maintained by the Custodian, or, if otherwise expressly permitted by the Authorized Participant Procedures,
another LPMCL clearing member identified by the Authorized Participant to the Custodian and the Trustee, the Basket Platinum Amount
determined by the Trustee on the Order Date of the corresponding Purchase Order. Platinum may only be Delivered to the Custodian
by credit to the Trust Unallocated Account. The Authorized Participant shall bear all risk of any loss until the platinum is credited
to the Trust Unallocated Account, and neither the Trustee nor the Trust shall have any liability for any such loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>The Trustee shall determine the Basket Platinum Amount for each Business Day, and each such determination thereof
and the Trustee&rsquo;s resolution of questions concerning the composition of the Basket Platinum Amount shall be final and binding
on all Persons interested in the Trust. The initial Basket Platinum Amount is 1,500 Ounces. After the initial deposit of platinum
into the Trust, the Basket Platinum Amount for each Business Day shall be an amount of platinum equal to (i) the excess of (<I>a</I>)
the total number of Ounces held in the Trust as of the opening of business on such Business Day over (<I>b</I>) the number of such
Ounces equal in value to the Trust&rsquo;s unpaid expense accrual as of such opening divided by (ii) the quotient of (<I>c</I>)
the number of Shares outstanding as of such opening divided by (<I>d</I>) 15,000 (or other number of Shares in a Basket for such
Business Day). Fractions of an Ounce included in the Basket Platinum Amount smaller than 0.001 Ounces shall be disregarded. The
Sponsor shall publish, or shall designate other Persons to publish, for each Business Day, the Basket Platinum Amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>If the Trust Property (other than the Reserve Account) includes money or any property other than platinum, no deposits
of platinum will be accepted until after a record date for distribution of that money or property, or proceeds of that property,
has passed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>All deposited platinum shall be owned by the Trust and held for the Trust by the Custodian. Cash and any assets of
the Trust other than platinum shall be held by the Trustee at such place and in such manner as the Trustee shall determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>Pursuant to the Trust Unallocated Account Agreement, the Custodian agrees to use reasonable efforts to minimize the
amount of platinum held for the Trust on an Unallocated Basis at all times and the Custodian must allocate ownership of physical
platinum to the Trust such that no more than 192 Ounces of Unallocated Platinum are held for the Trust at the end of each Business
Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
2.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Delivery of Shares; Liability for Taxes and Other Charges Connected with the Issuance of Shares.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon receipt by the
Trustee of a Purchase Order from an Authorized Participant and the other documents required as above specified, if any, and a confirmation
from the Custodian that the Basket Platinum Amount has been Delivered to the Custodian for each Basket requested in such Purchase
Order, that the Custodian has allocated the Basket Platinum Amount to the Trust Allocated Account (other than up to 192 Ounces
of Unallocated Platinum pursuant to <U>Section 2.3(e)</U>) and that the Custodian is holding that platinum for the account of the
Trust, the Trustee, subject to the terms and conditions of this Agreement, as supplemented by the Authorized Participant Procedures
(to the extent they are not inconsistent with this Agreement) and the practices of the Depository, shall Deliver to the Authorized
Participant the number of Baskets issuable in respect of such deposit as requested in the corresponding Purchase Order, but only
upon payment to the Trustee of the applicable transaction fees and expenses, including the Trustee&rsquo;s fee, and payment of
all taxes, governmental charges and fees payable in connection with such deposit, the transfer of platinum and the issuance and
Delivery of Shares. An Authorized Participant is responsible for any transfer tax, sales or use tax, recording tax, value added
tax or similar tax or other governmental charge applicable to the transfer of platinum and the issuance and Delivery of Shares
pursuant to its Purchase Order, regardless of whether such tax or charge is imposed directly on the Authorized Participant; and
by placing a Purchase Order an Authorized Participant agrees to indemnify the Sponsor, the Trustee and the Trust if any of them
is required by law to pay any such tax or charge, together with any applicable penalties, additions to tax and interest thereon.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
2.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Registration of Shares and Transfers Thereof; Combination and Split-Up of Certificates.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>The Trustee shall keep or cause to be kept a register of Registered Owners of Shares and shall provide for the registration
of Shares and of transfers of Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>The Trustee, subject to the terms and conditions of this Agreement, shall register transfers of Shares on its transfer
books from time to time on the surrender of a Certificate evidencing such Shares by the Registered Owner in person or by a duly
authorized attorney, properly endorsed or accompanied by proper instruments of transfer and duly stamped as may be required by
the laws of the State of New York and of the United States. Thereupon, the Trustee shall execute a new Certificate or Certificates
evidencing such Shares and shall deliver the same to or upon the order of the Person entitled thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>The Trustee, subject to the terms and conditions of this Agreement, shall, upon surrender of a Certificate or Certificates
evidencing Shares for the purposes of effecting a split-up or combination of that Certificate or Certificates, execute and deliver
one or more new Certificates evidencing those Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>The Trustee may, with the written approval of the Sponsor (which approval shall not be unreasonably withheld), appoint
one or more co-transfer agents for the purpose of effecting registration of transfers of Shares and combinations and split-ups
of Certificates at designated transfer offices on behalf of the Trustee. In carrying out its functions, a co-transfer agent may
require evidence of authority and compliance with applicable laws and other requirements by Registered Owners or Persons entitled
to Shares and will be entitled to protection and indemnity to the same extent as the Trustee. Likewise, such co-transfer agent
will be held to the same standards of care to which the Trustee is held under this Agreement, including the same standards of care
that govern the eligibility of the Trustee to be indemnified under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>The previous paragraphs of this <U>Section 2.5</U> notwithstanding, so long as the Shares are eligible for deposit
with a Depository, the sole Registered Owner shall be such Depository or its nominee and transfer of Shares shall be effected solely
by the Depository in accordance with its customary practices in effect from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
2.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Surrender of Shares by Authorized Participants.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>Upon Surrender by an Authorized Participant of any integral number of Baskets for the purpose of withdrawing the
amount of Trust Property represented thereby and payment to the Trustee of the applicable transaction fees and expenses, including
the Trustee&rsquo;s fee, and payment of all taxes, governmental charges and fees payable in connection with such Surrender and
withdrawal of Trust Property, and subject to the terms and conditions of this Agreement, as supplemented by the Authorized Participant
Procedures (to the extent they are not inconsistent with this Agreement) and the practices of the Depository, an Authorized Participant
acting for its own account or on authority of the Beneficial Owner of those Shares will be entitled to Delivery of the amount of
Trust Property at the time represented by such Baskets, including the Basket Platinum Amounts corresponding to such Baskets on
the applicable Order Date (determined as provided below). An Authorized Participant wishing to redeem one or more Baskets must
place an order with the Trustee (a &ldquo;<U>Redemption Order</U>&rdquo;) no later than 3:59:59 p.m. (New York time) on any Business
Day. The Order Date for Redemption Orders received by the Trustee prior to the Order Cutoff Time on a Business Day on which the
Benchmark Price is announced shall be that Business Day. Redemption Orders received by the Trustee on or after the Order Cutoff
Time on a Business Day, or on a Business Day on which the Benchmark Price is not announced, will not be accepted. Upon a Surrender
of an integral number of Baskets and satisfaction of all the conditions for withdrawal of Trust Property, the Trustee shall instruct
the Custodian to Deliver to or to the order of the Surrendering Authorized Participant the amount of platinum represented by the
Surrendered Shares on the Order Date, and the Trustee shall pay or deliver to or to the order of the Surrendering Authorized Participant
the amount of any other Trust Property represented by the Surrendered Baskets. Platinum will be Delivered by the Custodian only
by credit to an account of the Authorized Participant maintained on an Unallocated Basis by the Custodian or, if otherwise expressly
permitted by the Authorized Participant Procedures, another LPMCL clearing member identified by the Authorized Participant to the
Custodian and the Trustee. The Authorized Participant shall bear all risk of any loss from the time the platinum is transferred
from the Trust Unallocated Account to any such account of the Authorized Participant, and none of the Trustee, the Sponsor or the
Trust shall have any liability for any such loss. Any Delivery of platinum to an Authorized Participant other than by credit to
an account of the Authorized Participant maintained by the Custodian on an Unallocated Basis will be at the expense and risk of
the Authorized Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>The Trustee may require that a Certificate evidencing Shares Surrendered for the purpose of withdrawal is properly
endorsed in blank or accompanied by proper instruments of transfer in blank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>The Sponsor and the Trustee may, but shall have no obligation to, amend this Agreement to provide for redemption
of any quantity of Shares for quantities of platinum that may be smaller or larger than a Basket Platinum Amount by Beneficial
Owners who are not Authorized Participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
2.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Limitations on Delivery, Registration of Transfer and Surrender of Shares.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>As a condition precedent to the issuance, Delivery, registration of transfer, split-up, combination or Surrender
of any Shares or withdrawal of any Trust Property, the Trustee or Registrar (i) may require payment from the applicable Authorized
Participant or Registered Owner of a sum sufficient to reimburse it for any tax or other governmental charges and any stock transfer
or registration fee with respect thereto (including any such tax or charge and fee with respect to any securities being withdrawn)
and payment of any applicable fees as herein provided, (ii) may require the production of proof satisfactory to it as to the identity
and genuineness of any signature and (iii) may also require compliance with any regulations the Trustee may establish consistent
with the provisions of this Agreement. The applicable Authorized Participant or Registered Owner agrees to indemnify the Sponsor,
the Trustee and the Trust if any of them is required by law to pay any such tax, charge or fee, together with any applicable penalties,
additions to tax and interest thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>The acceptance of Purchase Orders, the Delivery of Shares against deposits of platinum or the registration of transfer
of Shares may, and upon direction of the Sponsor shall, be suspended generally, or refused with respect to a particular Purchase
Order, Delivery of Shares or registration, by the Trustee (i) during any period when the transfer books of the Trustee are closed,
(ii) if the Custodian has informed the Trustee and the Sponsor that it is unable to allocate platinum to the Trust Allocated Account
either in connection with a particular Purchase Order (in which case, unless otherwise instructed by the Sponsor, the Trustee will
reject all other Purchase Orders having the same Order Date) or generally, or (iii) if any such action is deemed necessary or advisable
by the Sponsor for any reason in its sole discretion at any time or from time to time. The Trustee shall reject any Purchase Order
that is not in proper form. Neither the Trustee nor the Sponsor shall be liable to any Person by reason of any suspension, refusal
or rejection provided for in this <U>Section 2.7(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>The Trustee may, in its sole discretion and will, when so directed by the Sponsor, suspend the right to Surrender
Shares, or postpone the date of Delivery of platinum, generally or with respect to a particular Redemption Order (i) during any
period in which regular trading on the Exchange is suspended or restricted or the Exchange is closed (other than scheduled holiday
or weekend closings) or (ii) during an emergency as a result of which Delivery, disposal or evaluation of platinum is not reasonably
practicable (and the Sponsor shall promptly notify the Exchange of any such emergency). The Trustee shall reject any Redemption
Order the fulfillment of which its counsel advises may be illegal under applicable laws and regulations. The Trustee shall reject
any Redemption Order that is not in proper form. Neither the Trustee nor the Sponsor shall be liable to any Person by reason of
any suspension, postponement or rejection provided for under this <U>Section 2.7(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
2.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Lost Certificates, etc.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trustee shall execute
and deliver a new Certificate of like tenor in exchange and substitution for a mutilated Certificate upon cancellation thereof,
or in lieu of and in substitution for a destroyed, lost or stolen Certificate, if the Registered Owner of the Shares evidenced
thereby has (a) filed with the Trustee (i) a request for such execution and delivery before the Trustee has notice that the Shares
evidenced by the Certificate have been acquired by a protected purchaser and (ii) a sufficient indemnity bond, and (b) satisfied
any other reasonable requirements imposed by the Trustee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
2.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Cancellation and Destruction of Surrendered Certificates.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All Certificates Surrendered
to the Trustee shall be canceled by the Trustee. The Trustee is authorized to destroy Certificates so canceled.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
2.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;</FONT></FONT><U>Splits
and Reverse Splits of Shares.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>If requested in writing by the Sponsor, the Trustee shall effect a split or reverse split of the Shares as of a record
date set by the Trustee in accordance with procedures determined by the Trustee and the Depository.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>If so directed by the Sponsor, the Trustee shall not distribute any fraction of a Share in connection with a split
or reverse split of the Shares. The Trustee may sell the aggregated fractions of Shares that would otherwise be distributed in
a split or reverse split of the Shares or the amount of Trust Property that would be represented by those Shares and distribute
the net proceeds of those Shares or that Trust Property to the Registered Owners entitled to them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>The amount of Trust Property represented by each Share and the Basket Platinum Amount shall be adjusted as appropriate
as of the open of business on the Business Day following the record date for a split or reverse split of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase; color: #010000">Article
III</FONT><BR>
<BR>
CERTAIN OBLIGATIONS OF AUTHORIZED PARTICIPANTS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
3.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Liability of Authorized Participants for Taxes and Other Governmental Charges.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">An Authorized Participant
is responsible for any transfer tax, sales or use tax, recording tax, value added tax or similar tax or other governmental charge
applicable to the redemption of Shares or the transfer of Shares or platinum in connection therewith, regardless of whether such
tax or charge is imposed directly on the Authorized Participant. If any such tax or other governmental charge shall become payable
by the Trustee with respect to any redemption of Shares or the transfer of Shares or platinum in connection therewith, (a) such
tax or other governmental charge shall be payable by the Authorized Participant redeeming Shares to the Trustee, (b) the Trustee
(i) shall refuse to effect any registration of transfer of such Shares or any withdrawal of Trust Property represented by such
Shares, as the case may be, until such payment is made, (ii) may withhold any distributions or sell for the account of such Authorized
Participant such Trust Property or Shares, and (iii) may apply such distributions or the proceeds of any such sale in payment of
such tax or other governmental charge, and (c) the Authorized Participant redeeming such Shares shall remain liable for any deficiency;
and by placing a Redemption Order or requesting a transfer of Shares, an Authorized Participant agrees to indemnify the Sponsor,
the Trustee and the Trust if any of them is required by law to pay any such tax or other governmental charge, together with any
applicable penalties, additions to tax and interest thereon. The Trustee shall distribute any net proceeds of a sale made under
the preceding sentence that remain, after payment of the tax or other governmental charge, to the Authorized Participant entitled
thereto as in the case of a distribution in cash through the procedures of the Depository.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
3.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Warranties on Deposit of Platinum.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Every Authorized Participant
depositing platinum under this Agreement shall be deemed thereby to represent and warrant that (a) the deposited platinum represents
the right to receive platinum that meets the Good Delivery Standards, (b) the Authorized Participant making such deposit is duly
authorized to do so and (c) at the time of Delivery, the platinum is free and clear of any lien, pledge, encumbrance, right, charge
or claim (other than the rights created by this Agreement). All representations and warranties deemed made under this <U>Section
3.2</U> shall survive the deposit of platinum, Delivery or Surrender of Shares and termination of this Agreement.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase; color: #010000">Article
IV</FONT><BR>
<BR>
ADMINISTRATION OF THE TRUST</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
4.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Evaluation of Platinum.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>As promptly as practicable after 4:00 p.m. (New York time), on each Business Day, the Trustee shall determine the
value of the platinum held or receivable by the Trust (i) on the basis of the Benchmark Price for that day or (ii) if no Benchmark
Price is announced for that day, on the basis of the most recently announced Benchmark Price prior to the evaluation time. However,
if the Sponsor determines that the Benchmark Price specified in the preceding sentence is inappropriate as a basis for evaluation,
it shall identify an alternative basis for evaluation to be employed by the Trustee. Platinum deliverable under a Purchase Order
shall be included in the evaluation beginning on the first Business Day following the Order Date therefor. Platinum deliverable
under a Redemption Order shall not be included in the evaluation on and after the first Business Day following the Order Date therefor.
Neither the Trustee nor the Sponsor shall be liable to any Person for the determination that the most recently announced Benchmark
Price is not appropriate as a basis for evaluation of the platinum held or receivable by the Trust or for any determination as
to the alternative basis for evaluation, provided that such determination is made in good faith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>If the Sponsor determines that the Benchmark Price should have the meaning set forth in part (ii) of the definition
of that term set forth in <U>Section 1.1</U>, the Trustee shall give notice thereof to the Registered Owners identifying the price
determined by the Sponsor to be used for the purpose of the evaluation of platinum, and the Trustee shall apply the new meaning
to the evaluation of platinum beginning 60 days after the date of that notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
4.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Responsibility of the Trustee for Evaluations.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Sponsor, Authorized
Participants, Registered Owners and Beneficial Owners may rely on any evaluation or determination of any amount made by the Trustee,
and, except for any determination made pursuant to <U>Section 4.1(b)</U>, the Sponsor shall have no responsibility for the accuracy
thereof. The determinations made by the Trustee under this Agreement shall be made in good faith upon the basis of, and the Trustee
shall not be liable for any errors contained in, information reasonably available to it. The Trustee shall be under no liability
to the Sponsor, or to Authorized Participants, Registered Owners or Beneficial Owners, for errors in judgment; provided, however,
that this provision shall not protect the Trustee against any liability to which it would otherwise be subject by reason of gross
negligence or bad faith in the performance of its duties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
4.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Trust Evaluation.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>As promptly as practicable after completion of the evaluation required under <U>Section 4.1(a)</U> on each Business
Day, the Trustee shall subtract all accrued but unpaid fees, expenses and other liabilities of the Trust (other than any liability
to the extent it is reflected in an addition to the Reserve Account) from the total value of the platinum determined by the Trustee
pursuant to <U>Section 4.1(a)</U> and all other assets of the Trust (other than any amount credited to the Reserve Account) and
cash, if any; the resulting figure is the &ldquo;<U>Net Asset Value</U>&rdquo; of the Trust. The Trustee shall also divide the
Net Asset Value of the Trust by the number of Shares outstanding as of the close of business on the date of the evaluation then
being made, which figure is the &ldquo;<U>Net Asset Value per Share</U>.&rdquo; All fees, expenses and other liabilities of the
Trust that are or will be incurred or accrued through the close of business on a Business Day shall be included in the calculations
required by this <U>Section 4.3</U> for that Business Day. For purposes of this <U>Section 4.3</U>: (i) Shares deliverable under
a Purchase Order shall be considered to be outstanding beginning on the first Business Day following the Order Date therefor; (ii)
Shares deliverable under a Redemption Order shall not be considered to be outstanding on and after the first Business Day following
the Order Date therefor. Fractions smaller than $0.01 shall be disregarded in such evaluations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>Net Asset Value and Net Asset Value per Share shall be computed in accordance with generally accepted accounting
principles consistently applied in the United States. Any estimate of the accrued but unpaid fees, expenses and liabilities of
the Trust for purposes of the computations required by this <U>Section 4.3</U> made by the Trustee in good faith shall be conclusive
upon all Persons interested in the Trust, and no revision or correction in any computation made under this 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: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
4.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Cash Distributions.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Whenever the Trustee
distributes any cash, the Trustee shall distribute the amount available for the distribution to the Registered Owners entitled
thereto, in proportion to the number of Shares held by them respectively; provided, however, that, if the Trustee is required to
withhold and does withhold from such cash an amount on account of taxes, the amount distributed to the Registered Owners shall
be reduced accordingly. The Trustee shall distribute only such amount, however, as can be distributed without attributing to any
Registered Owner a fraction of one cent. Any such fractional amounts shall be rounded down to the nearest whole cent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
4.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Other Distributions.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Whenever the Trustee
receives any property in respect of Trust Property other than cash proceeds of a sale of Trust Property (including any claim that
accrues in favor of the Trust on account of any loss of deposited platinum or other Trust Property), the Trustee shall cause the
securities or other property received by it to be distributed to the Registered Owners entitled thereto, in proportion to the number
of Shares held by them respectively, after deduction or upon payment of the expenses of the Trustee, in such manner as the Sponsor
may deem lawful, equitable and feasible for accomplishing such distribution; provided, however, that if in the opinion of the Sponsor
such distribution cannot be made proportionately among the Registered Owners entitled thereto, or if for any other reason (including
any requirement that the Trustee withhold an amount on account of taxes or other governmental charges or that securities must be
registered under the Securities Act in order to be distributed to Registered Owners) the Sponsor deems such distribution not to
be lawful and feasible, the Trustee shall adopt such method as the Sponsor deems lawful, equitable and feasible for the purpose
of effecting such distribution, after deduction or upon payment of the expenses of the Trustee, including the public or private
sale of the securities or property thus received, or any part thereof, and the net proceeds of any such sale shall be distributed
by the Trustee to the Registered Owners entitled thereto as in the case of a distribution received in cash. The Trustee shall not
be liable for any loss or depreciation resulting from any sale or other disposition of property made by the Trustee pursuant to
the Sponsor&rsquo;s instruction or otherwise made by the Trustee in good faith.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
4.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Fixing of Record Date.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Whenever any distribution
will be made, or whenever the Trustee receives notice of any solicitation of proxies or consents from Registered Owners, or whenever
for any reason there is a split, reverse split or other change in the outstanding Shares, or whenever the Trustee shall find it
necessary or convenient in respect of any matter, the Trustee, in consultation with the Sponsor, shall fix a record date for the
determination of the Registered Owners who shall be entitled to (i)&nbsp;receive such distribution, (ii) give such proxies or consents
in respect of any such solicitation, (iii) receive Shares as a result of any such split, reverse split or other change or (iv)
act in respect of any other matter for which the record date was set.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
4.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Payment of Expenses; Platinum Sales.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>The following charges shall or may be accrued and paid by the Trust:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>the Sponsor&rsquo;s Fee payable to the Sponsor as set forth in <U>Section 5.8</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>expenses of the Trust not assumed by the Sponsor pursuant to <U>Section 5.3(g)</U> and the Trustee&rsquo;s expenses
not reimbursed by the Sponsor pursuant to <U>Section 5.7(b)</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>taxes and other governmental charges;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>expenses and costs of any extraordinary services performed by the Trustee or the Sponsor on behalf of the Trust or
action taken by the Trustee or the Sponsor to protect the Trust or the interests of Registered Owners or Beneficial Owners, including
expenses, costs and disbursements the Sponsor incurs pursuant to the last sentence of <U>Section 5.6(b)</U> and expenses, costs
and disbursements the Trustee incurs pursuant to <U>Sections 5.7(c)</U> and <U>5.12(a)</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>indemnification of the Trustee as provided in <U>Section 5.6(a)</U>; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>indemnification of the Sponsor as provided in <U>Section 5.6(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>The Trustee shall, when directed by the Sponsor, and, in the absence of such direction, may, in its sole discretion,
sell platinum to permit payment of expenses under this Agreement, including amounts payable by the Sponsor to the Trustee if not
paid when due, as provided in <U>Section 5.7(a)</U>. The Trustee shall endeavor to sell platinum at such times and in the smallest
amounts required to permit payment of expenses as they come due, it being the intention to avoid or minimize the Trust&rsquo;s
holdings of assets other than platinum. Neither the Trustee nor the Sponsor shall be liable or responsible in any way for loss
or depreciation resulting or incurred by reason of any sale made pursuant to this <U>Section 4.7</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>If at any time and from time to time, the Trustee and the Sponsor determine that the amount of cash included in the
Trust Property exceeds the anticipated expenses of the Trust for the following month, the Trustee shall distribute the excess to
the Registered Owners under <U>Section 4.4</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
4.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Statements and Reports; Fiscal Year.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>After the end of each fiscal year and within the time period required by applicable laws, rules and regulations,
the Trustee shall send to the Registered Owners, at the Sponsor&rsquo;s expense, an annual report of the Trust for such fiscal
year containing financial statements prepared by the Sponsor from information furnished by the Trustee concerning the operations
of the Trust and audited by independent accountants designated by the Sponsor and such other information as may be required by
such laws, rules and regulations or otherwise, or that the Sponsor determines shall be included. The Trustee may distribute the
annual report by any permitted means to the Registered Owners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>The Trustee shall provide the Sponsor with such certifications, supporting documents and other evidence regarding
the Internal Control Over Financial Reporting established and maintained by the Trust, and used by the Trustee in connection with
its furnishing of information to the Sponsor for the Sponsor&rsquo;s preparation of the financial statements of the Trust, as may
be reasonably necessary in order to enable the Sponsor to prepare and file or furnish to the Commission any certifications regarding
such matters that may be required to be included with the Trust&rsquo;s periodic reports under the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>The Trustee shall make such elections, file such tax returns, and prepare, disseminate and file such tax reports,
as it is advised by its counsel or accountants are from time to time required by any statute, rule or regulation of the United
States, any State or political subdivision thereof, or other jurisdiction having taxing authority in respect of the Trust or its
administration. The expense of accountants employed to prepare such tax returns and tax reports shall be an expense of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>The fiscal year of the Trust shall initially be the period ending December 31 of each year. The Sponsor shall have
the continuing right to select an alternate fiscal year permitted by the Code and other applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
4.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Further Provisions for Platinum Sales.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to selling
platinum in accordance with <U>Section 4.7</U>, the Trustee shall sell platinum or other Trust Property whenever any one or more
of the following conditions exists:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>the Sponsor has notified the Trustee, or counsel to the Trustee has advised, that such sale is required by applicable
law or regulation; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>this Agreement has been terminated and the Trust Property is to be liquidated in accordance with <U>Section 6.2</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">When selling platinum,
the Trustee shall endeavor to place orders with dealers (which may include the Custodian) as directed by the Sponsor or, in the
absence of such direction, with the Custodian or, if the Custodian is unable or unwilling to execute such orders, 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 the platinum to be sold, provided that, (i) if the Trustee&rsquo;s instruction to sell platinum is received by
the Custodian by 1:00 p.m. (London, England time) on a Business Day, the purchase price for such platinum shall be such Business
Day&rsquo;s Benchmark Price and (ii), if the Trustee&rsquo;s instruction to sell platinum is received by the Custodian after 1:00
p.m. (London, England time) on a Business Day, the purchase price for such Platinum shall be the next Benchmark Price available
after such Business Day. Neither the Trustee nor the Sponsor shall be liable or responsible in any way for depreciation or loss
resulting or incurred by reason of any sale made pursuant to this <U>Section 4.9</U>.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
4.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Counsel.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Sponsor may from
time to time employ counsel to act on behalf of the Trust and perform any legal services in connection with the platinum and the
Trust, including any legal matters relating to the possible disposition or acquisition of any platinum.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
4.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Grantor
Trust.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Nothing in this Agreement,
any Custody Agreement, or otherwise shall be construed to give the Trustee the power to vary the investment of the Beneficial Owners
(within the meaning of Treasury Regulation Section 301.7701-4(c) under the Code or any similar or successor provision of the regulations
under the Code), nor shall the Sponsor give the Trustee any direction that would vary the investment of the Beneficial Owners.
Neither the Trustee nor the Sponsor shall be liable to any Person for any failure of the Trust to qualify as a &ldquo;grantor trust&rdquo;
under the Code or any comparable provision of the laws of any State or other jurisdiction where that treatment is sought, except
that this sentence shall not limit the Trustee&rsquo;s or the Sponsor&rsquo;s responsibility for the administration of the Trust
in accordance with this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
4.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Reserve
Account.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trustee shall open
and maintain a separate non-interest bearing account with the Trustee or such other banking institution specified by the Sponsor,
or if the Sponsor fails so to specify, as selected by the Trustee, in the name, and for the benefit, of the Trust, subject only
to draft or order by the Trustee acting pursuant to the terms of this Agreement, and shall hold in such account all cash that it
has credited to such account to reflect the reserves for taxes or other governmental charges and other contingent liabilities payable
out of the Trust that the Trustee has determined from time to time to be required by generally accepted accounting principles.
Such account shall be known as the &ldquo;<U>Reserve Account</U>.&rdquo; The Trustee shall not be required to distribute to the
Registered Owners any of the amounts held in such account; provided, however, that if the Trustee, in its sole discretion, determines
that such amounts are no longer necessary for payment of any applicable taxes or other governmental charges or other contingent
liabilities, then it shall promptly cause such amounts to be distributed to the Registered Owners.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase; color: #010000">Article
V</FONT><BR>
<BR>
THE TRUSTEE AND THE SPONSOR</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
5.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Maintenance of Office and Transfer Books by the Trustee.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>Until termination of this Agreement in accordance with its terms, the Trustee shall maintain facilities for the execution
and Delivery, registration, registration of transfers and Surrender of Shares in accordance with the provisions of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>The Trustee shall keep a copy of this Agreement and books for the registration of Shares and transfers of Shares
at its Corporate Trust Office or such other office as it may designate by notice to the Sponsor and the Registered Owners. Such
items shall be open for inspection during normal business hours upon reasonable advance notice by any Person establishing to the
Trustee&rsquo;s reasonable satisfaction that such Person is a Beneficial Owner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>The Trustee may, and at the reasonable written request of the Sponsor shall, close the transfer books at any time
or from time to time if such action is deemed necessary or advisable in the reasonable judgment of the Trustee or the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>If any Shares are listed on one or more stock exchanges in the United States, the Trustee shall act as Registrar
or, with the written approval of the Sponsor (which approval shall not be unreasonably withheld), appoint a Registrar or one or
more co- Registrars for registry of such Shares in accordance with any requirements of such exchange or exchanges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
5.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Prevention or Delay in Performance by the Sponsor or the Trustee.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Neither the Sponsor
nor the Trustee nor any of their respective directors, officers, managers, members, employees, agents or affiliates shall incur
any liability to any Registered Owner, Beneficial Owner or Authorized Participant if, by reason of any provision of any present
or future law or regulation of the United States or any other country, or of any governmental or regulatory authority or stock
exchange, or by reason of any act of God or war or terrorism or other circumstances beyond its control, the Sponsor or the Trustee
is prevented or forbidden from, or would be subject to any civil or criminal penalty on account of, or is delayed in, doing or
performing any act or thing that by the terms of this Agreement it is provided shall be done or performed and, accordingly, the
Sponsor or the Trustee does not do that thing or does that thing at a later time than would otherwise be required. Neither the
Sponsor nor the Trustee shall incur any liability to any Registered Owner, Beneficial Owner or Authorized Participant by reason
of any exercise of, or failure to exercise, any discretion provided for in this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
5.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Obligations of the Sponsor and the Trustee.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>Neither the Sponsor nor the Trustee assumes any obligation nor shall either of them be subject to any liability under
this Agreement to any Registered Owner, Beneficial Owner, Authorized Participant or other Person (including liability with respect
to the worth of the Trust Property), except that each of them agrees to perform its obligations specifically set forth in this
Agreement without gross negligence, willful misconduct or bad faith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>Neither the Sponsor nor the Trustee shall be under any obligation to prosecute any action, suit or other proceeding
in respect of any Trust Property or in respect of the Shares on behalf of a Registered Owner, Beneficial Owner, Authorized Participant
or other Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>Neither the Sponsor nor the Trustee shall be liable for any action or non-action by it in reliance upon the advice
of or information from legal counsel, accountants, any Authorized Participant, any Registered Owner, any Beneficial Owner or any
other Person believed by it in good faith to be competent to give such advice or information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee shall not be liable for any acts or omissions made by a successor Trustee whether in connection with a previous act or
omission of the Trustee or in connection with any matter arising wholly after the resignation or removal of the Trustee, provided
that, in connection with the issue out of which such potential liability arises, the Trustee performed its obligations without
gross negligence, willful misconduct or bad faith while it acted as Trustee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>The
Sponsor is authorized to negotiate the terms of the Authorized Participant Agreement to be entered into with each Authorized Participant
and shall have no liability for any loss or damage incurred by the Trust resulting from any such agreement negotiated in good
faith. The Trustee shall have no liability with respect to the negotiation of the terms of any Authorized Participant Agreement
or the form of any Authorized Participant Agreement (other than the Trustee&rsquo;s due execution, delivery and performance thereof).
The terms of an Authorized Participant Agreement shall not adversely affect the duties, rights and responsibilities of the Trustee
unless the Trustee expressly consents thereto, which consent shall be evidenced by the Trustee&rsquo;s execution and delivery
of such Authorized Participant Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(e)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>The Trustee and the Sponsor shall have no obligation to comply with any direction or instruction from any Registered
Owner, Beneficial Owner or Authorized Participant regarding Shares, except to the extent specifically provided for in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(f)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Trustee shall be a fiduciary under this Agreement; provided, however, that the fiduciary duties and responsibilities
and liabilities of the Trustee shall be limited by, and shall be only those specifically set forth in, this Agreement. The Trustee
shall not be required to expend or risk any of its own funds or otherwise incur any liability, financial or otherwise, in the performance
of any of its duties under this Agreement, except as may be specifically provided for herein. Without limiting the foregoing, all
duties, rights, privileges and liabilities of the Trustee set forth in this Agreement shall be subject to the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(i)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>The Trustee shall not be under any obligation to appear in, prosecute or defend any action that in its opinion may
involve it in expense or liability, unless it shall be furnished with reasonable security and indemnity against such expense or
liability. Subject to the foregoing, the Trustee may, in its sole discretion, take such action as are provided for in <U>Section
5.12(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(ii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>Assets of the Trust, exclusive of platinum or cash, shall be held by the Trustee either directly or through the commercial
book-entry system operated by the Federal Reserve Banks (&ldquo;<U>Book-Entry System</U>&rdquo;), DTC, or any other clearing agency
or similar system (a &ldquo;<U>Clearing Agency</U>&rdquo;), if available. The Trustee shall have no responsibility and shall not
be liable for ascertaining or acting upon any calls, conversions, exchange offers, tenders, interest rates changes, or similar
matters relating to securities held at the Depository or with any Clearing Agency unless the Trustee shall have received actual
and timely written notice of the same, nor shall the Trustee have any responsibility or liability for the actions or omissions
to act of the Book-Entry System, the Depository or any Clearing Agency. All moneys held by the Trustee hereunder shall be held
by it, without interest thereon or investment thereof, as a deposit for the account of the Trust. Such monies held hereunder shall
be deemed segregated by maintaining such monies in an account or accounts for the exclusive benefit of the Trust.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>If at any time the Trustee is served with any judicial or administrative order, judgment, decree, writ or other form
of judicial or administrative process that in any way affects the Trust or the Trust Property (including orders of attachment or
garnishment or other forms of levies or injunctions or stays relating to the transfer of any assets of the Trust), the Trustee
is authorized to comply therewith in any manner that it or legal counsel of its own choosing deems appropriate; however, the Trustee
to the extent practicable will inform the Sponsor of such order, judgment, decree, writ or other form of judicial or administrative
process that in any way affects the Trust and consult in good faith with the Sponsor as to the course of action by the Trustee.
If the Trustee complies with any such order, judgment, decree, writ or other form of judicial or administrative process, the Trustee
shall not be liable to the Sponsor or to any other Person even though such order, judgment, decree, writ or other form of judicial
or administrative process may be subsequently modified or vacated or otherwise determined to have been without legal force or effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
no event shall the Trustee be liable (A) for acting in accordance with or conclusively relying upon any, direction, instruction,
notice, demand, certificate or document (I) from the Sponsor or a Custodian, or any entity acting on behalf of either, that the
Trustee believes is given pursuant to or is authorized by this Agreement or any Custody Agreement, respectively or (II) from or
on behalf of any Authorized Participant that 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);
(B) 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 (C) for an amount in excess of the value of the assets of the Trust. The Trustee
may consult with legal counsel of its own choosing as to any matter relating to this Agreement and shall not incur any liability
in acting in good faith in accordance with any advice from such counsel. The reasonable expense of such counsel shall be paid
as provided in <U>Sections 5.7(b)</U> or <U>5.7(c)</U>, as applicable.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>The Trustee shall be entitled to rely conclusively upon any order, judgment, certification, demand, notice, instrument
or other writing delivered to it under this Agreement without being required to determine the authenticity or the correctness of
any fact stated therein or the propriety or validity or the service thereof. The Trustee may act in conclusive reliance upon any
instrument or signature believed by it to be genuine and may assume that any Person purporting to give receipt or advice or to
make any statement or execute any document in connection with the provisions of this Agreement, any Custody Agreement or any Authorized
Participant Agreement has been duly authorized to do so; provided, however, that where a list of authorized officials of a person
and their signatures are on file with the Trustee, the Trustee shall compare such manual signatures to the signature on any such
documents. Such requirement shall not apply to &ldquo;personal identification numbers&rdquo; or &ldquo;PINS&rdquo; or other forms
of electronic security devices that function as a proxy for a manual signature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>The Trustee shall not be responsible (A) for or in respect of the recitals herein, the validity or sufficiency of
this Agreement, the Custody Agreements, any Authorized Participant Agreement or any other custody or other agreement entered into
by the Trustee at the direction or with the approval of the Sponsor or otherwise in connection with the Trustee&rsquo;s administration
of the Trust, or (B) for the due execution hereof by the Sponsor or of the Custody Agreements by the Initial Custodian, or for
the due execution of any other agreement entered into by the Trustee in connection with the administration of the Trust by any
party thereto other than the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(vii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>The Trustee shall not be responsible in any respect for the form, execution, validity, value, collectability or genuineness
of documents, instruments or securities deposited with or delivered to or held by it under this Agreement, or for any description
therein, or for the identity, authority or rights of Persons executing or delivering or purporting to execute or deliver any such
document, instrument or security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(viii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>At any time the Trustee (A) may request an instruction in writing in English from the Sponsor, a Custodian, an Authorized
Participant or other applicable Person with respect to any action that any of them is authorized to direct the Trustee to take
under this Agreement, the Custody Agreements, any Authorized Participant Agreement or any other agreement entered into by the Trustee
in connection with the Trustee&rsquo;s administration of the Trust and (B) may, at its own option, include in such request the
course of action it proposes to take and the date on which it proposes to act, regarding any matter arising in connection with
its duties and obligations under any such agreement. The Trustee shall not be liable for acting in accordance with such a proposal
on or after the date specified therein, provided that the specified date shall be at least three Business Days after the Sponsor,
the Custodian, the Authorized Participant or other applicable Person receives the Trustee&rsquo;s request for instructions and
its proposed course of action, and provided further that, prior to so acting, the Trustee has not received the written instructions
requested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(ix)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>When the Trustee acts on any information, instructions or communications (including communications with respect to
the delivery of securities or the wire transfer of funds) sent by telex, facsimile, email or other form of electronic or data transmission,
the Trustee, absent gross negligence, shall not be responsible or liable in the event such communication is not an authorized or
authentic communication of the party sending it or is not in the form the party sent or intended to send (whether due to fraud,
distortion or otherwise), provided that this paragraph shall not limit the Trustee&rsquo;s obligation to obtain such confirmations
as may be specified in this Agreement or any Authorized Participant Agreement. The Trustee shall be indemnified as provided in
<U>Section 5.6</U> against any loss, liability, claim or expense (including reasonable legal fees and expenses) it may incur in
acting in accordance with any such information, instruction or communication. This paragraph shall survive notwithstanding any
termination of this Agreement and the Trust or the resignation or removal of the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(x)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>The Trustee may construe any provision of this Agreement that it believes to be ambiguous or inconsistent with any
other provision(s) hereof, and any reasonable construction of any such provision by the Trustee in good faith shall be binding
upon the parties hereto, each Authorized Participant, and all Registered Owners and Beneficial Owners. In the event of any ambiguity
or inconsistency or any other uncertainty in any notice, instruction or other communication received by the Trustee under this
Agreement, the Trustee shall notify the Sponsor and the giver thereof and may, in its sole discretion, refrain from taking any
action other than to retain possession of the Trust Property, unless the Trustee receives such further written instructions, from
the Sponsor or otherwise, that eliminate such ambiguity, inconsistency or uncertainty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(xi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>The Trustee shall have no responsibility for the contents of any writing of the arbitrators or any third party that
may be used as a means to resolve disputes among third parties with respect to their interest in the Trust, Trust Property or Shares
and may conclusively rely without any liability upon the contents thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(xii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>In no event shall the Trustee be personally liable for any taxes or other governmental charges imposed upon or in
respect of the platinum or its custody, moneys or other assets from time to time held hereunder, or on the income therefrom or
the sale or proceeds of sale thereof, or upon it as Trustee hereunder (except that it shall be personally liable for any income
or other taxes on the amounts it receives from the Sponsor pursuant to <U>Section 5.7(a)</U>) or upon or in respect of the Trust
or the Shares, that it may be required to pay under any present or future law of the United States or of any other taxing authority
having jurisdiction in the premises. For all such taxes and charges and for any expenses, including reasonable counsel&rsquo;s
fees, that the Trustee may sustain or incur with respect to such taxes or charges, the Trustee shall be reimbursed and indemnified
out of the assets of the Trust as provided in <U>Section 5.6</U>, and the payment of such amounts shall be secured by a lien on
such assets. This paragraph shall survive notwithstanding any termination of this Agreement and the Trust or the resignation or
removal of the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(xiii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>The Trustee shall not be answerable for the default of the Initial Custodian or any Custodian employed at the direction
of the Sponsor or selected by the Trustee with reasonable care. The Trustee also may employ custodians for Trust assets other than
platinum, agents, attorneys, accountants, auditors and other professionals (including any affiliate of the Trustee or of the Sponsor)
and shall not be answerable for the default or misconduct of any such custodians, agents, attorneys, accountants, auditors or other
professionals if such custodians, agents, attorneys, accountants, auditors or other professionals were selected with reasonable
care. The fees and expenses charged by such custodians, agents, attorneys, accountants, auditors or other professionals, exclusive
of fees for services to be performed by the Trustee, shall be paid as provided in <U>Sections 5.7(b)</U> or <U>5.7(c)</U>, as applicable,
without reduction of the compensation due the Trustee for its services as such hereunder. Fees paid for custody of assets other
than platinum shall be an expense of the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(xiv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>The Trustee, whether for itself or in another capacity, may own or hold Shares, or be an underwriter or dealer in
respect of Shares, and may deal in any manner with the same with the same rights and powers as if it were not the trustee hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sponsor shall be responsible for all organizational expenses of the Trust and for the marketing and the following administrative
expenses of the Trust: fees for the Trustee&rsquo;s ordinary services and reimbursement of its ordinary out-of-pocket expenses
as provided in <U>Section 5.7(a)</U>, the Custodian&rsquo;s fees and expenses reimbursable to it pursuant to any Custody Agreement,
listing fees of the Exchange, registration fees charged by the Commission, printing and mailing costs, expenses for the maintenance
of any website of the Trust, audit fees and expenses and legal fees and expenses, including legal fees and expenses under <U>Section
4.10</U>, not in excess of $100,000 per year.</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>The Sponsor may request the Trustee to order Custodian audits as permitted under the Custody Agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>The Sponsor shall be entitled to rely conclusively upon any order, judgment, certification, demand, notice, instrument
or other writing delivered to it under this Agreement without being required to determine the authenticity or the correctness of
any fact stated therein or the propriety or validity or the service thereof. The Sponsor may act in conclusive reliance upon any
instrument or signature believed by it to be genuine and may assume that any Person purporting to give receipt or advice or to
make any statement or execute any document in connection with the provisions of this Agreement, any Custody Agreement or any Authorized
Participant Agreement has been duly authorized to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>When the Sponsor acts on any information, instructions or communications (including communications with respect to
the conversion of platinum, the Delivery of Shares or the payment of fees) sent by telex, facsimile, email or other form of electronic
or data transmission, the Sponsor, absent gross negligence, shall not be responsible or liable in the event such communication
is not an authorized or authentic communication of the party sending it or is not in the form the party sent or intended to send
(whether due to fraud, distortion or otherwise), provided that this paragraph shall not limit the Sponsor&rsquo;s obligation to
obtain such confirmations as may be specified in this Agreement. The Sponsor shall be indemnified as provided in <U>Section 5.6</U>
against any loss, liability, claim or expense (including reasonable legal fees and expenses) it may incur in acting in accordance
with any such information, instruction or communication. This paragraph shall survive notwithstanding the termination of this Agreement
and the Trust or the resignation of the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>In no event shall the Sponsor be personally liable for any taxes or other governmental charges imposed upon or in
respect of the platinum, or on the income therefrom or the sale or proceeds of sale thereof, or upon it as Sponsor hereunder (except
that it shall be personally liable for any income or other taxes on the amounts it receives from the Trust pursuant to <U>Section
5.8(a)</U>) or upon or in respect of the Trust or the Shares, that it may be required to pay under any present or future law of
the United States or of any other taxing authority having jurisdiction in the premises. For all such taxes and charges and for
any expenses, including reasonable counsel&rsquo;s fees, that the Sponsor may sustain or incur with respect to such taxes or charges,
the Sponsor shall be reimbursed and indemnified out of the assets of the Trust as provided in <U>Section 5.6</U>. This paragraph
shall survive notwithstanding any termination of this Agreement and the Trust or the resignation of the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"></P>

<!-- Field: Page; Sequence: 28; Value: 1 -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
5.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Resignation or Removal of the Trustee; Appointment of Successor Trustee.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Trustee may at any time resign as trustee hereunder by notice of its election so to do delivered to the Sponsor,
and, subject to <U>Section 6.2</U>, such resignation shall take effect upon the appointment of a successor trustee and its acceptance
of such appointment as hereinafter provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>The Sponsor may, in its sole discretion, remove the Trustee as trustee hereunder by notice given to the Trustee in
the manner provided in <U>Section 7.5</U> no more than 120 and at least 90 days prior to the fifth anniversary of the date of this
Agreement or, thereafter, by notice delivered to the Trustee no more than 120 and at least 90 days prior to the last day of any
subsequent three-year period. Subject to <U>Section 6.2</U>, such removal shall take effect upon the appointment of a successor
trustee and its acceptance of such appointment as hereinafter provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>If at any time the Trustee</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>ceases to be a Qualified Bank,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>is in material breach of its obligations under this Agreement and fails to cure such breach within 30 days after
receipt of notice from the Sponsor or Registered Owners acting on behalf of at least 25% of the outstanding Shares specifying such
breach in reasonable detail and requiring the Trustee to cure such breach, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>fails to consent to the implementation of an amendment to the Trust&rsquo;s initial Internal Control Over Financial
Reporting reasonably 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,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">then the Sponsor, acting on behalf of the
Registered Owners, may remove the Trustee as trustee hereunder by notice given to the Trustee in the manner provided in <U>Section
7.5</U>. Such removal shall take effect upon the appointment of a successor trustee and its acceptance of such appointment as hereinafter
provided.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>If the Trustee acting hereunder resigns or is removed, the Sponsor, acting on behalf of the Registered Owners, 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 Registered Owners, an instrument in writing accepting
its appointment hereunder, 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 Registered Owners, shall execute and deliver an instrument
transferring to such successor all rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all
right, title and interest in the Trust Property to such successor, and shall deliver to such successor a list of the Registered
Owners of all outstanding Shares. Upon effective resignation or removal hereunder, the resigning or removed Trustee shall be discharged
from all duties and responsibilities under this Agreement and shall no longer be liable in any manner hereunder except as to acts
or omissions occurring prior to such resignation or removal, and the successor Trustee shall thereupon undertake and perform all
duties and responsibilities and be entitled to all rights and compensation as Trustee under this Agreement. The successor Trustee
shall not be under any liability hereunder for acts or omissions occurring prior to execution of an instrument accepting its appointment
as Trustee. The Sponsor or any such successor Trustee shall promptly give notice of the appointment of such successor Trustee to
the Registered Owners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Any corporation or other entity into which the Trustee may be merged, consolidated or converted in a transaction
in which the Trustee is not the surviving corporation or any corporation or other entity otherwise succeeding to substantially
all of the business of the Trustee shall be the successor Trustee without the execution or filing of any document or any further
act. During the 90-day period following the effectiveness of a merger, consolidation or conversion or other transaction described
in the preceding sentence, the Sponsor may, by notice to the corporation or other entity described in that sentence (<I>i.e.</I>,
the successor Trustee), remove the latter as trustee hereunder and designate a successor Trustee in compliance with the provisions
of subsection (d) above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
5.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>The Custodian.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The parties acknowledge that the Initial Custodian was selected solely by the Sponsor. The Trustee is hereby directed
to enter into the Trust Allocated Account Agreement and the Trust Unallocated Account Agreement with the Initial Custodian, and
the Trustee shall have no liability for the terms thereof. The Initial Custodian will be subject to the directions of the Trustee
as provided in such Custody Agreements and will be responsible solely to the Trustee, the Beneficial Owners and, as applicable,
the Sponsor to the extent English law requires (provided, however, that any discretionary action to be taken, or decision to be
made, by the Trustee pursuant to any Custody Agreement shall only be taken or made if and as directed by the Sponsor and the directed
action or decision does not, in the Trustee&rsquo;s reasonable discretion, adversely affect the Trustee&rsquo;s rights and obligations
thereunder). The Custodian may at any time resign as custodian to the extent permitted by, and in the manner provided by, the Custody
Agreements. If upon the resignation of any Custodian there would be no Custodian acting hereunder, the Trustee shall, promptly
after receiving such notice of such resignation, appoint a substitute custodian or custodians selected by the Sponsor, each of
which shall thereafter be a Custodian hereunder. When directed by the Sponsor, and to the extent permitted by, and in the manner
provided by, the relevant Custody Agreements, the Trustee shall remove the Custodian and appoint a substitute custodian or appoint
an additional custodian or custodians selected by the Sponsor, each of which shall thereafter be a Custodian hereunder. Each such
substitute or additional custodian shall, forthwith upon its appointment, enter into one or more Custody Agreements in form and
substance approved by the Sponsor (provided, however, that the rights and duties of the Trustee hereunder and under the then-existing
Custody Agreements shall not be materially altered by such new Custody Agreements without its consent). After the date of this
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 deliver such of the 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. In connection with such delivery the Trustee will, solely if and in the manner
directed by the Sponsor, cause the physical platinum to be weighed or assayed and any such weighing and assay shall be an expense
of the Trust pursuant to <U>Section 4.7(a)(ii)</U>. The Trustee shall have no liability for any delivery of platinum or weighing
or assaying of delivered physical platinum directed by the Sponsor pursuant to the preceding provisions of this paragraph, and
in the absence of such direction shall have no obligation to effect such a delivery or to cause the delivered physical platinum
to be weighed, assayed or otherwise validated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>The Trustee shall have 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. The accounts and operations of each Custodian shall be audited or examined
by accountants, auditors or other inspectors selected by the Sponsor at such times as directed by the Sponsor as permitted by the
Custody Agreements. In no event shall the Trustee be liable for (i) any loss or damage resulting from the actions or omissions
of, or the insolvency of, any Custodian or loss or damage to the platinum while in the possession of, or in transit to or from,
any Custodian, (ii) the amount, validity or adequacy of insurance maintained by any Custodian, (iii) any defect in platinum held
by a Custodian, (iv) any failure of the platinum to conform to the requirements of the Good Delivery Standards or (v) any failure
of the platinum to conform to a description thereof provided by the Custodian to the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Upon the appointment of any successor Trustee hereunder, each Custodian then acting under the Custody Agreements
with the predecessor of such Trustee shall forthwith become, without any further act or writing, the agent hereunder of such successor
Trustee, and the appointment of such successor Trustee shall in no way impair the authority of each such Custodian; but the successor
Trustee so appointed shall, nevertheless, on the written request of any Custodian, execute and deliver to such Custodian all such
instruments as may be proper to give to such Custodian full and complete power and authority as agent hereunder of such successor
Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
5.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Indemnification.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Trustee and its directors, officers, employees, shareholders, agents and affiliates (as such term is defined
under the Securities Act) (each, a &ldquo;<U>Trustee Indemnified Party</U>&rdquo;) shall be indemnified from the Trust and held
harmless against any loss, liability or expense (including the reasonable fees and expenses of counsel) arising out of or in connection
with the performance of its obligations under this Agreement and under each other agreement entered into by the Trustee in furtherance
of the administration of the Trust (including the Custody Agreements and any Authorized Participant Agreement, including the Trustee&rsquo;s
indemnification obligations thereunder) or otherwise by reason of the Trustee&rsquo;s acceptance or administration of the Trust,
to the extent such loss, liability or expense was incurred without (i) 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 this Agreement
or any such other agreement or any actions taken in accordance with the provisions of this Agreement or any such other agreement
or (ii) reckless disregard on the part of such Trustee Indemnified Party of its obligations and duties under this Agreement or
any such other agreement. Such indemnity shall also include payment from the Trust of the reasonable costs and expenses incurred
by such Trustee Indemnified Party in investigating or defending itself against any such loss, liability or expense or any claim
therefor. Any amounts payable to a Trustee Indemnified Party under this <U>Section 5.6(a)</U> may be payable in advance or shall
be secured by a lien on the Trust&rsquo;s assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>The Sponsor and its members, managers, directors, officers, employees, agents and affiliates (as such term is defined
under the Securities Act) (each, a &ldquo;<U>Sponsor Indemnified Party</U>&rdquo;) shall be indemnified from the Trust and held
harmless against any loss, liability or expense (including the reasonable fees and expenses of counsel) arising out of or in connection
with the performance of its obligations under this Agreement and under each other agreement entered into by the Sponsor in furtherance
of the administration of the Trust (including 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 this Agreement
to the extent such loss, liability or expense was incurred without (i) 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 this Agreement
or any such other agreement or any actions taken in accordance with the provisions of this Agreement or any such other agreement
or (ii) reckless disregard on the part of such Sponsor Indemnified Party of its obligations and duties under this Agreement or
any such other agreement. Such indemnity shall also include payment from the Trust of the reasonable costs and expenses incurred
by such Sponsor Indemnified Party in investigating or defending itself against any such loss, liability or expense or any claim
therefor. Any amounts payable to a Sponsor Indemnified Party under this <U>Section 5.6(b)</U> may be payable in advance or shall
be secured by a lien on the Trust&rsquo;s assets. The Sponsor may, in its sole discretion, undertake any action that it may deem
necessary or desirable in respect of this Agreement and the rights and duties of the parties hereto and the interests of the Beneficial
Owners; and, in such event, the reasonable legal expenses and costs and other disbursements 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 as provided in <U>Section 5.8(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The indemnities provided by, and the lien rights securing payments under, this <U>Section 5.6</U> shall survive notwithstanding
any termination of this 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: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
5.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Fees, Charges and Expenses of the Trustee.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Trustee is entitled to receive from the Sponsor fees for its ordinary services and reimbursement for its out-of-pocket
expenses (but, for the avoidance of doubt, excluding amounts payable by the Trust under <U>Sections 4.7(a)(iv)</U>, <U>5.7(c)</U>
and <U>5.12(a)</U>), in accordance with a written agreement between the Sponsor and the Trustee. Should the Sponsor fail to pay
the same, the Trustee shall be authorized to charge the same to the Trust, in an amount not exceeding the amount that could be
charged to the Trust under <U>Section 5.8(a) </U>in respect of the Sponsor&rsquo;s Fee (and the Trustee may charge the same to
the Trust to such extent without regard to whether, because of the Sponsor&rsquo;s default, fee waiver or other reason, the Sponsor
may not then be entitled to such fee), and any subsequent amount paid to the Sponsor pursuant to <U>Sections 4.7(a)(i)</U> and
<U>5.8(a)</U> shall be net of amounts so withheld. The Trustee&rsquo;s right of reimbursement shall be secured by a lien on amounts
chargeable to the Trust under <U>Section 5.8(a)</U>, without giving effect to any fee waiver then in effect, prior to the interest
of the Sponsor, the Registered Owners, the Beneficial Owners and any other Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>The Trustee is entitled to charge, and to be reimbursed by, the Trust for all expenses and disbursements incurred
by it in the performance of its duties hereunder, including the reasonable fees and disbursements of its legal counsel and expenses
identified in any Custody Agreement as payable by the Trustee, other than (i) amounts specified in <U>Section 5.7(a)</U>, (ii)
expenses and disbursements incurred by it prior to the commencement of trading of Shares on the Exchange and (iii) fees of agents
for performing services the Trustee is required to perform under this Agreement. The Trustee&rsquo;s right of reimbursement for
expenses and disbursements under this paragraph shall constitute a lien on, and the amount thereof shall be deductible against,
the assets of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Any pecuniary cost, expense or disbursement of the Trustee resulting from actions taken to protect the Trust or the
rights and interests of the Registered Owners or Beneficial Owners pursuant to the terms of this Agreement, including the Trustee&rsquo;s
appearance in, prosecution of or defense of any action that it considers necessary or desirable to protect the Trust or the interests
of the Registered Owners or Beneficial Owners, shall be expenses of the Trust and shall be deductible from, and constitute a lien
on, the assets of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>Each Authorized Participant depositing platinum, and each Authorized Participant surrendering Shares for the purpose
of withdrawing Trust Property, shall pay to the Trustee a fee of $500 per transaction for the Delivery of Shares pursuant to <U>Section
2.4</U> and the Surrender of Baskets pursuant to <U>Section 2.6</U> or <U>6.2(b)</U> (or such other fee as the Trustee, with the
prior written consent of the Sponsor, may from time to time announce).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
5.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Charges of the Sponsor.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Sponsor shall be entitled to receive from the Trust, chargeable as an expense of the Trust, a fee for services
(the &ldquo;<U>Sponsor&rsquo;s Fee</U>&rdquo;) at an annualized rate of [&#9679;]% of the Trust&rsquo;s Net Asset Value, accrued
on a daily basis computed on the prior Business Day&rsquo;s Net Asset Value and paid monthly in arrears in U.S. dollars. The Sponsor
may, at its sole discretion and from time to time, waive all or a portion of the Sponsor&rsquo;s Fee for such period(s) of time
it specifies in a notice of such fee waiver to the Trustee. The Sponsor is under no obligation to waive any portion of its fees
hereunder or reimbursements pursuant to <U>Section 5.8(b)</U>, and any such waiver shall create no obligation to waive any such
fees or reimbursements during any period not covered by the waiver. Any fee or reimbursement waiver by the Sponsor shall not operate
to reduce the Sponsor&rsquo;s obligations hereunder, including its obligations under <U>Section 5.3(g)</U>. The Sponsor may, subject
to the Trustee&rsquo;s consent, instruct the Trustee from time to time to withhold a portion of the Sponsor&rsquo;s Fee otherwise
payable to the Sponsor and to pay such withheld portion to Persons identified by the Sponsor for the purpose of satisfying certain
expenses of the Trust for which the Sponsor is responsible under <U>Section 5.3(g)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>The Sponsor shall be entitled to receive reimbursement from the Trust for all expenses, costs and other disbursements
incurred by it under the last sentence of <U>Section 5.6(b)</U> or that are of the type described in <U>Sections 4.7(a)(ii)</U>,
<U>(iii)</U>, <U>(iv)</U>, and <U>(vi)</U>, except that the Sponsor shall not be entitled to charge the Trust for (i) expenses
and disbursements incurred by it prior to the commencement of trading of Shares on the Exchange or (ii) fees of agents for performing
services the Sponsor is required to perform under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
5.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Retention of Trust Documents.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trustee shall retain
documents, records, bills and other data compiled during the term of this Agreement for the respective periods required by the
laws or regulations governing the Trustee and any other applicable laws (including the federal securities laws and the Code), and
is authorized to destroy any of such data at the times permitted by such laws or regulations, unless the Sponsor reasonably requests
the Trustee in writing to retain any such item(s) for a longer period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
5.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Federal
Securities Law Filings.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Sponsor shall (i) prepare and file a registration statement, including a prospectus, with the Commission (&ldquo;<U>registration
statement</U>&rdquo; and &ldquo;<U>prospectus</U>,&rdquo; respectively) and take such action as is necessary from time to time
to qualify the Shares for offering and sale under the federal securities laws, including the preparation and filing of amendments
and supplements to the registration statement, (ii) promptly notify the Trustee of any amendment or supplement to the registration
statement or prospectus, of any order preventing or suspending the use of the prospectus, of any request for amending or supplementing
the registration statement or prospectus or if any event or circumstance occurs that is known to the Sponsor as a result of which
the registration statement or prospectus, as then amended or supplemented, would include an untrue statement of a material fact
or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading, (iii) provide the Trustee from time to time with copies, including copies in electronic form, of the
prospectus, as amended and supplemented if such be the case, in such quantities as the Trustee may reasonably request and (iv)
prepare and file any periodic reports or updates that may be required under the Exchange Act. The Trustee shall furnish to the
Sponsor any information from the records of the Trust that the Sponsor reasonably requests in writing that is needed to prepare
any filing or submission that the Sponsor or the Trust is required to make under the federal securities laws, and the Sponsor is
entitled to rely on such information so furnished by the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>The Sponsor shall have all necessary and exclusive power and authority to (i) from time to time adopt, implement
or amend such disclosure controls and procedures as are necessary or desirable, in the Sponsor&rsquo;s reasonable judgment, to
ensure compliance with the disclosure and ongoing reporting obligations under any applicable securities laws, (ii) appoint and
remove the auditors of the Trust and (iii) seek from the relevant securities or other regulatory authorities such relief, clarification
or other action as the Sponsor shall deem necessary or desirable regarding the disclosure or financial reporting obligations of
the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The policies and procedures comprising the Trust&rsquo;s initial Internal Control Over Financial Reporting have been
adopted as of the date of this Agreement, and copies thereof have been delivered to the appropriate officers of the Sponsor and
the Trustee. Amendments to such initial Internal Control Over Financial Reporting may be proposed from time to time by the Sponsor,
but such amendments may not be adopted in connection with the Trustee&rsquo;s furnishing of information to the Sponsor for the
Sponsor&rsquo;s preparation of the Trust&rsquo;s financial statements without the Trustee&rsquo;s consent (which consent will not
be unreasonably withheld or delayed).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
5.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Prospectus
Delivery.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trustee shall,
if required by the federal securities laws, in any manner permitted by such laws, deliver at the time of issuance of Shares an
electronic or other copy of the prospectus, as most recently furnished to the Trustee by the Sponsor, to each Authorized Participant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
5.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Discretionary
Actions by the Trustee; Consultation.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Subject to <U>Section 5.3(f)(i)</U>, the Trustee may, in its sole discretion, undertake any action at any and all
times that it considers necessary or desirable to protect the Trust or the rights and interests of the Registered Owners or the
Beneficial Owners pursuant to the terms of this Agreement. Pursuant to <U>Section 5.7(c)</U>, the expenses, costs and disbursements
incurred by the Trustee in connection with taking any action under the preceding sentence (including the reasonable fees and disbursements
of legal counsel) shall be expenses of the Trust, and the Trustee shall be entitled to be reimbursed for those expenses by the
Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>The Trustee shall notify and consult with the Sponsor before undertaking any action under subsection (a) above or
if the Trustee becomes aware of any development or event that affects the administration of the Trust but is not contemplated or
provided for in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Sponsor shall notify and consult with the Trustee before undertaking any action under the last sentence of <U>Section
5.6(b)</U> or if the Sponsor becomes aware of any development or event that affects the administration of the Trust but is not
contemplated or provided for in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
5.13<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;</FONT></FONT><U>Dissolution
of the Sponsor Not to Terminate Trust.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The dissolution of
the Sponsor, or its ceasing to exist as a legal entity from, or for, any cause, shall not operate to terminate this Agreement insofar
as the duties and obligations of the Trustee are concerned unless the Trust is terminated pursuant to <U>Section 6.2</U>.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase; color: #010000">Article
VI</FONT><BR>
AMENDMENT AND TERMINATION</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
6.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Amendment.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to <U>Section
4.11</U>, the Trustee and the Sponsor may amend this Agreement or any provision of this Agreement without the consent of any Person,
including any Registered Owner or Beneficial Owner. 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 Registered Owners or the Beneficial Owners, will not become effective as to outstanding Shares until 30 days after
notice of such amendment is given to the Registered Owners. Amendments pursuant to <U>Section 2.6(c)</U> shall not require notice
pursuant to the preceding sentence. Every Registered Owner and Beneficial Owner, 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 this Agreement as amended thereby. Notwithstanding the foregoing, in no event shall any amendment impair the right of the Authorized
Participants to Surrender Baskets and receive therefor the amount of Trust Property represented thereby pursuant to <U>Section
2.6(a)</U>, except in order to comply with mandatory provisions of applicable law.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
6.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Termination.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Trustee shall set a date on which this Agreement and the Trust will terminate and mail notice of that termination
to the Registered Owners 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: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>The Trustee is notified that the Shares are delisted from a national securities exchange and are not approved for
listing on another national securities exchange within five Business Days of their delisting;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>Registered Owners acting in respect of at least 75% of the outstanding Shares notify the Trustee that they elect
to terminate the Trust;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>60 days have elapsed since the Trustee notified the Sponsor of the Trustee&rsquo;s election to resign or since the
Sponsor removed the Trustee, and a successor trustee has not been appointed and accepted its appointment as provided in <U>Section
5.4</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>any sole Custodian then acting resigns or is removed and no successor custodian has been employed pursuant to <U>Section
5.5 </U>within 60 days of such resignation or removal;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>the Commission determines that the Trust is an investment company under the Investment Company Act of 1940, as amended,
and the Trustee has actual knowledge of such Commission determination;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>the CFTC determines that the Trust is a commodity pool under the Commodity Exchange Act of 1936, as amended; and/or
the Shares constitute &ldquo;commodity interests&rdquo; as defined by the CFTC in CFTC Regulation 1.3(yy), and in either case the
Trustee has actual knowledge of that determination;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(vii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>the aggregate market capitalization of the Trust, based on the closing price for the Shares, is less than $50 million
(as adjusted for inflation by reference to the Consumer Price Index as published by the Bureau of Labor Statistics) at any time
more than 18 months after the Trust&rsquo;s formation and the Trustee receives, within six months after the last trading date on
which such capitalization (as so computed) was less than $50 million, notice from the Sponsor of its decision to terminate the
Trust;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(viii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>the Trust fails to qualify for treatment, or ceases to be treated, as a &ldquo;grantor trust&rdquo; under the Code
or any comparable provision of the laws of any State or other jurisdiction where that treatment is sought, and the Trustee receives
notice from the Sponsor that the Sponsor has determined that, because of that tax treatment or change in tax treatment, termination
of the Trust is advisable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(ix)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>60 days have elapsed since DTC or another Depository has ceased to act as depository with respect to the Shares and
the Sponsor has not identified another Depository that is willing to act in such capacity;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(x)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>if the law governing the Trust limits the maximum period during which the Trust may continue, upon the expiration
of 21 years after the death of the last survivor of all of the descendants of Elizabeth II, Queen of England, living on the date
of this Agreement; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(xi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>as provided in <U>Section 6.2(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>On and after the date of termination of this Agreement, the Trustee shall not accept any deposits of platinum, shall
discontinue the registration of transfers of Shares, shall not make any distributions to Registered Owners, and shall not give
any further notices or perform any further acts under this Agreement, except that the Trustee shall continue to collect distributions
pertaining to Trust Property and hold the same uninvested and without liability for interest, shall pay the Trust&rsquo;s expenses
and sell platinum as necessary to meet those expenses and shall continue to deliver Trust Property, 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 by Authorized Participants in accordance with <U>Section 2.6(a)</U> (after deducting or upon payment of, in each case,
the applicable transaction fees payable to the Trustee for the Surrender of Shares and any expenses for the account of the Registered
Owner of such Shares in accordance with the terms and conditions of this Agreement, and any applicable taxes or other governmental
charges). At any time after the expiration of 60 days following the date of termination of this Agreement, the Trustee shall sell
the Trust Property then held under this Agreement pursuant to the Sponsor&rsquo;s direction, or, if the Sponsor fails to provide
direction, as the Trustee determines, and may thereafter hold the net proceeds of any such sale, together with any other cash then
held by it under this Agreement, uninvested and without liability for interest, for the <I>pro rata </I>benefit of the Registered
Owners of Shares that had not theretofore been Surrendered. The Trustee shall have no liability for loss or depreciation resulting
from any such sale made pursuant to the Sponsor&rsquo;s direction or otherwise made by the Trustee in good faith. After making
such sale, the Trustee shall be discharged from all obligations under this Agreement, except to deliver to such Registered Owners
against Surrender of Shares (and, if DTC is the Registered Owner, in accordance with its rules and procedures for such Surrender
and delivery) their <U>pro rata</U> portion of the net proceeds and other cash (after deducting, in each case, any accrued fees
and expenses, and any taxes, other governmental charges or liabilities payable by the Trust, and any expenses for the account of
the Registered Owner of such Shares in accordance with the terms and conditions of this Agreement). Upon the termination of this
Agreement, the Sponsor shall be discharged from all obligations under this Agreement except that its obligations to the Trustee
under <U>Section 5.7</U> shall survive termination of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>If the Sponsor fails to undertake or perform, or becomes incapable of undertaking or performing, any of the duties
that by the terms of this Agreement are required to be undertaken or performed by it, and such failure or incapacity is not cured
within 30 days following receipt of notice from the Trustee of such failure or incapacity, or 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 Sponsor shall be deemed conclusively to have resigned effective immediately upon the occurrence of any
of the specified events, or if the Sponsor has been dissolved or has ceased to exist as a legal entity for any reason or if the
Sponsor resigns by sending notice of resignation to the Trustee without the appointment by the resigning Sponsor of a succeeding
Sponsor (which appointment is subject to the prior written consent of the Trustee, which shall not be unreasonably withheld), the
Trustee may do any one or more of the following: (i) appoint a successor Sponsor to assume, with such compensation from the Trust
as the Trustee may deem reasonable under the circumstances, the duties and obligations of the Sponsor hereunder by an instrument
of appointment and assumption executed by the Trustee and the successor Sponsor; (ii) agree to act as Sponsor hereunder without
appointing a successor Sponsor and without terminating this Agreement; or (iii) terminate and liquidate the Trust and distribute
its remaining assets pursuant to this <U>Section 6.2</U>. The Trustee shall have no obligation to appoint a successor Sponsor or
to assume the duties of the Sponsor and shall have no liability to any Person because the Trust is or is not terminated pursuant
to this paragraph (c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase; color: #010000">Article
VII</FONT><BR>
<BR>
MISCELLANEOUS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
7.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Counterparts.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Agreement may
be executed in any number of counterparts, each of which shall be deemed an original and all of such counterparts shall constitute
one and the same instrument.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
7.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Third-Party Beneficiaries.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Agreement is for
the exclusive benefit of the parties hereto, any Sponsor Indemnified Party, any Trustee Indemnified Party, the Registered Owners
and the Beneficial Owners and shall not be deemed to give any legal or equitable right, remedy or claim whatsoever to any other
Person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
7.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Severability.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In case any one or
more of the provisions contained in this Agreement is or becomes invalid, illegal or unenforceable in any respect, the validity,
legality and enforceability of the remaining provisions of this Agreement shall in no way be affected, prejudiced or disturbed
thereby.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
7.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Certain Matters Relating to Beneficial Owners.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>By the purchase and acceptance or other lawful delivery and acceptance of Shares, each Beneficial Owner thereof shall
be deemed to be a beneficiary of the Trust created by this Agreement and vested with beneficial undivided interest in the Trust
to the extent of the Shares owned beneficially by such Beneficial Owner, subject to the terms and conditions of this Agreement.
Upon issuance as provided herein, Shares shall be fully paid and non-assessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to and in accordance with <U>Section 2.6</U>, Shares may at any time prior to the date specified by the Trustee in connection
with the termination of the Trust be tendered to the Trustee for redemption.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The death or incapacity of any Beneficial Owner shall not operate to terminate this Agreement or the Trust, nor entitle
such Beneficial Owner&rsquo;s legal representatives or heirs to claim an accounting or to take any action or proceeding in any
court for a partition or winding up of the Trust, nor otherwise affect the rights, obligations and liabilities of the parties hereto
or any of them. Each Beneficial Owner expressly waives any right such Beneficial Owner may have under any rule of law, or the provisions
of any statute, or otherwise, to require the Trustee at any time to account, in any manner other than as expressly provided in
the Agreement, in respect of the Trust Property from time to time received, held and applied by the Trustee hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>Except in connection with <U>Sections 5.4(c)(ii)</U> or <U>6.2(a)(ii)</U>, no Beneficial Owner shall have any right
to vote or in any manner otherwise to control the operation or management of the Trust or the obligations of the parties hereto.
Nothing set forth in this Agreement shall be construed so as to constitute the Beneficial Owners from time to time as partners
or members of an association; nor shall any Beneficial Owner ever be liable to any third Person by reason of any action taken by
the parties to this Agreement or for any other cause whatsoever.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The rights of Beneficial Owners must be exercised by DTC Participants or participants of any successor Depository
acting on their behalf in accordance with its rules and procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
7.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Notices.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>All notices given under this Agreement must be in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>Any notice to be given to the Trustee or the Sponsor shall be deemed to have been duly given (i) when it is actually
delivered by a messenger or recognized courier service, (ii) five days after it is mailed by registered or certified mail, postage
paid, or (iii) when receipt of an email transmission is acknowledged via a return receipt or receipt confirmation as requested
by the original transmission, in each case to or at the address set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">To the Trustee:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&nbsp;THE BANK OF NEW YORK MELLON<BR>
&nbsp;2 Hanson Place<BR>
&nbsp;9<SUP>th</SUP> Floor<BR>
&nbsp;Brooklyn, New York 11217<BR>
&nbsp;Attention: ETF Services, Brooklyn<BR>
&nbsp;Telephone: (718) 315-5013<BR>
&nbsp;Facsimile: (718) 315-4850</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&nbsp;Email: etfservicescom@bnymellon.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">or to any other place
to which the Trustee may have transferred its Corporate Trust Office with notice to the Sponsor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">To the Sponsor:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">GRANITESHARES LLC<BR>
30 Vesey Street, 9<SUP>th</SUP> Floor<BR>
New York, New York 10007<BR>
Attention: President<BR>
Telephone: (917) 338-0565</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Email: benoit.autier@graniteshares.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">With copy to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Vedder Price P.C.<BR>
1401 I Street, NW<BR>
Suite 1100 Washington, DC 20005</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Attention: W. Thomas Conner, Esq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Telephone: (202) 312-3331</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Facsimile: (202) 312-3322</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Email: tconner@vedderprice.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">or to any other place
to which the Sponsor may have transferred its principal office with notice to the Trustee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Any and all notices to be given to a Registered Owner shall be deemed to have been duly given (i) when actually delivered
by messenger or a recognized courier service, (ii) when mailed, postage prepaid, or (iii) when sent by facsimile or email transmission
confirmed by letter, in each case at or to the address of such Registered Owner as it appears on the transfer books of the Trustee,
or, if such Registered Owner shall have filed with the Trustee a written request that any notice or communication intended for
such Registered Owner be delivered to some other address, at the address designated in such request, provided that, if the Registered
Owner is DTC, notices may be given to the Registered Owner in any manner consistent with the rules of DTC as they may exist from
time to time. Notices to Beneficial Owners shall be delivered to Authorized Participants and DTC Participants designated by DTC
or any successor Depository.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
7.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Submission to Jurisdiction; Agent for Service.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each party hereto,
each Authorized Participant by its delivery of an Authorized Participant Agreement and each Registered Owner and Beneficial Owner
by the acceptance of a Share irrevocably consents to the jurisdiction of the courts of the State of New York, and of any federal
court located in the Borough of Manhattan in the City of New York in such State, in connection with any action, suit or other proceeding
arising out of or relating to the Shares, the Trust Property or this Agreement or any action taken or omitted under this Agreement
and waives any claim of <I>forum non conveniens </I>and any objections as to laying of venue. Each party further waives personal
service of any summons, complaint or other process and agrees that service thereof may be made by certified or registered mail
directed to such Person at such Person&rsquo;s address last specified for purposes of notices hereunder. Additionally, the Sponsor
hereby (i) irrevocably designates and appoints Vedder Price P.C., located at 1401 I Street, N.W., Suite 1100, Washington, DC 20005,
as the Sponsor&rsquo;s authorized agent upon which process may be served in any such suit or other proceeding and (ii) agrees that
service of process upon said authorized agent shall be deemed in every respect effective service of process upon the Sponsor in
any such action, suit or other proceeding. The Sponsor shall deliver to the Trustee, upon the execution and delivery of this Agreement,
a written acceptance by such agent of its appointment as such agent. The Sponsor further shall take any and all action, including
the filing of any and all such documents and instruments, as may be necessary to continue such designation and appointment in full
force and effect for so long as any Shares remain outstanding or this Agreement remains in force.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">Section
7.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Governing Law.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Agreement shall
be interpreted under, and all rights and duties under this Agreement shall be governed by, the internal substantive laws (but not
the choice of law rules) of the State of New York.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><I>[Signature Page Follows]</I></P>

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

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
GRANITESHARES LLC and THE BANK OF NEW YORK MELLON have duly executed this Depositary Trust Agreement as of the day and year first
set forth above.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GRANITESHARES LLC,</FONT></P>
                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">as Sponsor</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE BANK OF NEW YORK MELLON,</FONT></P>
                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">as Trustee</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">[Signature
Page to GraniteShares Platinum Trust Depositary Trust Agreement]</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[GraniteShares Platinum Trust Depositary
Trust Agreement acknowledgment, Trustee]</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 31%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">STATE OF_________________________</FONT></TD>
    <TD STYLE="width: 69%"><FONT STYLE="font-size: 10pt">&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></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">:SS.:</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></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">COUNTY OF______________________</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On this ____ day of
_______________, 2017 before me, the undersigned, personally appeared __________________________, personally known to me or proved
to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged
to me that he or she executed the same in his or her capacity, and that by his or her signature on the instrument, the individual,
or the person upon behalf of which the individual acted, executed the instrument.<BR></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; font-size: 11pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">Notary Public</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in">&nbsp;</P>

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

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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




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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[GraniteShares Platinum Depositary Trust
Agreement acknowledgment, Sponsor]</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">STATE OF_________________________</FONT></TD>
    <TD STYLE="width: 68%"><FONT STYLE="font-size: 10pt">&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></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">:SS.:</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></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">COUNTY OF______________________</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On this ___ day of
_______________, 2017 before me, the undersigned, personally appeared __________________________, personally known to me or proved
to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged
to me that he or she executed the same in his or her capacity, and that by his or her signature on the instrument, the individual,
or the person upon behalf of which the individual acted, executed the instrument.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; font-size: 11pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">Notary Public</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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

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

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

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

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    <!-- Field: /Page -->

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




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT A<BR>
<BR>
<U>FORM OF CERTIFICATE</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">THE SHARES EVIDENCED
HEREBY REPRESENT RIGHTS WITH RESPECT TO UNDERLYING TRUST PROPERTY (AS DEFINED IN THE DEPOSITARY TRUST AGREEMENT REFERRED TO HEREIN)
HELD BY THE TRUST AND DO NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN, AND ARE NOT GUARANTEED BY, THE SPONSOR OR THE TRUSTEE
OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE SHARES NOR THE UNDERLYING TRUST PROPERTY ARE INSURED UNDER ANY AGREEMENT THAT
DIRECTLY BENEFITS THE TRUST OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR ANY OTHER PERSON.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">UNLESS THIS CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (&ldquo;DTC&rdquo;), TO THE
AGENT AUTHORIZED BY THE ISSUER FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE &amp; CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE &amp; CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &amp; CO., HAS
AN INTEREST HEREIN.</P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GRANITESHARES PLATINUM SHARES</B><BR>
<B>ISSUED BY</B><BR>
<B>GRANITESHARES PLATINUM TRUST</B><BR>
<B>REPRESENTING</B><BR>
<B>FRACTIONAL INTERESTS IN DEPOSITED PLATINUM </B><BR>
<B>AND ANY OTHER TRUST PROPERTY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE BANK OF NEW YORK MELLON, as Trustee</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">No. ____________</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 10pt">* Shares</FONT></TD></TR>
</TABLE>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THE BANK OF NEW YORK
MELLON, as Trustee (hereinafter called the &ldquo;<U>Trustee</U>&rdquo;), hereby certifies that CEDE &amp; CO., as nominee of The
Depository Trust Company, or registered assigns, is the owner of * Shares issued by GraniteShares Platinum Trust (the &ldquo;<U>Trust</U>&rdquo;),
each representing a fractional undivided interest in the net assets of the Trust, as provided in the Agreement referred to below.
At the time of delivery of the Agreement, each 15,000 Shares represented an interest in 1,500 Ounces of platinum that are deposited
under the Agreement and held by the Custodian referred to in the Agreement. The amount of platinum in which each 15,000 Shares
represents an interest will decline over time as provided in the Agreement. The Trustee&rsquo;s Corporate Trust Office is located
at a different address than its principal executive office. Its Corporate Trust Office is located at 2 Hanson Place, Brooklyn,
New York 11217, and its principal executive office is located at 225 Liberty Street, New York, New York 10281.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Certificate is
issued upon the terms and conditions set forth in the Depositary Trust Agreement dated as of ____________, 2017 (the &ldquo;<U>Agreement</U>&rdquo;)
between GraniteShares LLC (herein called the &ldquo;<U>Sponsor</U>&rdquo;), and the Trustee. By becoming a Registered Owner or
Beneficial Owner, or by depositing platinum, a Person is bound by all the terms and conditions of the Agreement. The Agreement
sets forth the rights of Authorized Participants and Registered Owners and the rights and duties of the Trustee and the Sponsor.
Copies of the Agreement are on file at the Trustee&rsquo;s Corporate Trust Office in New York City.</P>

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

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* That number of Shares held at The Depository Trust Company
at any given point in time.</P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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




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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Agreement is hereby
incorporated by this reference into and made a part of this Certificate as if set forth in full in this place. Capitalized terms
not defined herein and the term &ldquo;platinum&rdquo; shall have the meanings set forth in the Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Certificate shall
not be entitled to any benefits under the Agreement or be valid or obligatory for any purpose unless it is executed by the Trustee
by the manual or facsimile signature of a duly authorized signatory of the Trustee and, if a Registrar (other than the Trustee)
for the Shares shall have been appointed, countersigned by the manual signature of a duly authorized officer of the Registrar.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated: ____________, 2017</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 47%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">THE BANK OF NEW YORK MELLON,</FONT></P>
                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">as Trustee</FONT></P></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><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">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE TRUSTEE&rsquo;S CORPORATE TRUST OFFICE
ADDRESS IS </B><BR>
<B>2 HANSON PLACE, 9TH FLOOR, BROOKLYN, NEW YORK 11217</B></P>

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




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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT B<BR>
<BR><FONT STYLE="font-weight: normal">FORM OF TRUST ALLOCATED ACCOUNT AGREEMENT</FONT></P>

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

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

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT C<BR>
<BR>
<FONT STYLE="font-weight: normal">FORM OF TRUST UNALLOCATED ACCOUNT AGREEMENT</FONT></P>

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

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<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>3
<FILENAME>ex4-2.htm
<DESCRIPTION>FORM OF AUTHORIZED PARTICIPANT AGREEMENT
<TEXT>
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<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0; text-align: left"><A HREF="gspt-s1_110317.htm">GraniteShares Platinum Trust S-1</A></P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 4.2</B>&nbsp;</P>

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

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-weight: normal"><U>AUTHORIZED PARTICIPANT AGREEMENT</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This AUTHORIZED PARTICIPANT
AGREEMENT (this &ldquo;<U>Agreement</U>&rdquo;) dated as of _____________, 2017, by and among (i) <B>[Name of Authorized Participant],
</B>a <B>[AP Entity Type] </B>organized under the laws of <B>[Jurisdiction of AP]</B> (the &ldquo;<U>Authorized Participant</U>&rdquo;),
(ii) The Bank of New York Mellon, a New York banking corporation acting in its capacity as trustee (in such capacity, the &ldquo;<U>Trustee</U>&rdquo;)
of the Trust(s) listed on the attached <U>Schedule A</U>, which is a part of this Agreement, (each, a &ldquo;<U>Trust</U>&rdquo;
and, collectively, the &ldquo;<U>Trusts</U>&rdquo;), with each Trust created under New York law pursuant to its respective Depositary
Trust Agreement identified on the attached <U>Schedule A</U> (each a &ldquo;<U>Trust Agreement</U>&rdquo; and, collectively, the
&ldquo;<U>Trust Agreements</U>&rdquo;), and (iii) GraniteShares LLC, in its capacity as sponsor of each Trust (in such capacity,
the &ldquo;<U>Sponsor</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal"><U>RECITALS</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.3pt; text-align: justify; text-indent: 31.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
A.</FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the provisions of the applicable Trust Agreement, each Trust may from time to time issue or redeem equity
securities representing an interest in the assets of such Trust (&ldquo;<U>Shares</U>&rdquo;), in each case only in aggregate amounts
of Shares as set out on <U>Schedule A</U> (each such aggregate amount, a &ldquo;<U>Basket</U>&rdquo;), and integral multiples thereof,
and only in transactions with a party who, at the time of the transaction, shall have signed and entered into an effective Authorized
Participant Agreement with the Sponsor and the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.3pt; text-align: justify; text-indent: 31.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.3pt; text-align: justify; text-indent: 31.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
B.</FONT> <B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Name of AP]</B> has requested to become an &ldquo;Authorized Participant&rdquo; with respect to each Trust (as
such term is defined in the applicable Trust Agreement), and the Sponsor and the Trustee have agreed to such request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.3pt; text-align: justify; text-indent: 31.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in
consideration of the foregoing premises, and for other good and valuable consideration, the receipt of which is hereby acknowledged,
the parties hereto, intending to be legally bound, agree as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
1.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><U>Procedures</U>. The Authorized Participant will purchase or redeem Baskets of the relevant Trust in compliance
with procedures provided in the relevant Trust Agreement as supplemented by the Creation and Redemption Procedures attached to
this Agreement as <U>Schedule 1</U> (such procedures, as the same may be amended or modified from time to time in compliance with
the provisions hereof and thereof, the &ldquo;<U>Procedures</U>&rdquo;), using either (i) the form attached thereto as <U>Annex
I</U> (a &ldquo;<U>Purchase Order</U>&rdquo;, in the case of an order to purchase one or more Baskets issued by a specified Trust
and a &ldquo;<U>Redemption Order</U>&rdquo;, in case of an order to redeem one or more Baskets issued by a specified Trust) or
(ii) through the Trustee&rsquo;s electronic order entry system, as such may he made available and constituted from time to time, the
use of which shall be subject to the terms and conditions attached thereto as <U>Annex&nbsp; II</U>. All Purchase Orders and Redemption
Orders (collectively, &ldquo;<U>Orders</U>&rdquo;) shall be placed and executed in accordance with the relevant Trust Agreement
as supplemented by the Procedures. Capitalized terms used in this Agreement and not otherwise defined herein have the meaning ascribed
to them in the Procedures.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
2.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><U>Incorporation of Standard Terms</U>. The Standard Terms for Authorized Participant Agreements (the &ldquo;<U>Standard
Terms</U>&rdquo;) attached hereto as <U>Schedule 2</U> are hereby incorporated by reference into, and made a part of, this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
3.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><U>Conflicts Rules</U>. In case of any inconsistency between the provisions of this Agreement and an applicable Trust
Agreement, the provisions of such Trust Agreement shall control. In case of inconsistency between the provisions incorporated by
reference into this Agreement pursuant to <U>Section 2</U> above and any other provision of this Agreement, the latter will control.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
4.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><U>Authorized Representatives</U>. Pursuant to Section 2.01 of the Standard Terms, attached hereto as <U>Schedule
2-A</U> is a certificate listing the Authorized Representatives of the Authorized Participant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
5.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Additional Covenants</U>. The Authorized Participant covenants and agrees:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>to ensure that any Delivery of Bullion to the Custodian, or any withdrawal of applicable Bullion from the applicable
Trust, made in connection with a Purchase Order or Redemption Order placed by the Authorized Participant will take place only through
one or more custodian members of the London Bullion Market Association or the London Platinum and Palladium Market, as appropriate,
under the terms of the applicable Trust Agreement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>promptly upon written demand therefore (accompanied by such reasonable evidence as the Authorized Participant may
request), to reimburse the relevant Trust, the Sponsor, the Trustee or the Custodian the amount of any taxes (including, without
limitation, value added taxes) or governmental charges, and any applicable penalties, assessments to tax or interest thereon, that
may be imposed on the relevant Trust, the Sponsor, the Trustee or the Custodian in connection with (i) any Delivery of Bullion
by or on behalf of the Authorized Participant to the Custodian (in the case of a Purchase Order placed by the Authorized Participant),
or (ii) any Delivery of Bullion to or for the account of the Authorized Participant (in the case of a Redemption Order placed by
the Authorized Participant).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
6.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><U>Notices</U>. Except
as otherwise specifically provided in the Procedures, all notices required or permitted to be given pursuant hereto shall be given
in writing and delivered by personal delivery, by nationally recognized overnight courier (delivery confirmation received), by
postage prepaid registered or certified United States first class mail, return receipt requested, or, if available, by facsimile
(transmission confirmation received, with a confirming copy given by regular mail) addressed as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
to the Trustee:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The Bank of New York Mellon&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">2 Hanson Place&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">9th Floor&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Brooklyn, New York 11217&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Attn: ETF Services, Brooklyn&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Telephone: (718) 315-5013&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Facsimile: (718) 315-4850</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">E-Mail: etfservicescom@bnymellon.com&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
to the Sponsor:&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">GraniteShares LLC&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">30 Vesey Street&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">9th Floor&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">New York, New York 10007&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Attn: President&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Telephone: (917) 338-0565&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">E-Mail: benoit.autier@graniteshares.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
to the Authorized Participant:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><B>[Name of Authorized Participant]</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><B>[Address]</B>&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">Telephone:</TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">Facsimile:</TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD STYLE="width: 6%">E-Mail:</TD>
    <TD STYLE="width: 22%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">or such other address as any of the parties
hereto shall have communicated in writing to the remaining parties in compliance with the provisions hereof. Notice shall be deemed
received as indicated by the delivery confirmation (if delivery is by overnight courier or facsimile) or on the third Business
Day following mailing (if delivery is by registered or certified United States first class mail).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
7.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Effectiveness, Termination and Amendment</U>. This Agreement shall become effective upon execution and delivery
by each of the parties hereto. This Agreement may be terminated at any time by any party upon sixty (60) days prior written notice
to the other parties and may be terminated earlier by the Trustee or the Sponsor at any time on the event of a breach by the Authorized
Participant of any provision of this Agreement (including, without limitation, the Standard Terms incorporated by <U>Section 2</U>
hereof) or the Procedures. This Agreement, along with any other agreement or instrument delivered pursuant to this Agreement, supersedes
any prior agreement between or among the parties concerning the matters governed hereby. This Agreement may be amended by the Trustee
and the Sponsor from time to time without the consent of the Authorized Participant or any Registered Owner or Beneficial Owner
by the following procedure: the Trustee or the Sponsor will deliver a copy of the amendment to the Authorized Participant in compliance
with the notice provisions of this Agreement; if the Authorized Participant does not object in writing to the amendment within
fifteen (15) Business Days after receipt of the proposed amendment, the amendment will become part of this Agreement in accordance
with its terms. Titles and section headings in this Agreement (and in the Standard Terms incorporated by <U>Section 2</U> hereof
and the Procedures) are included solely for convenient reference and are not a part of this Agreement. Notwithstanding anything
in this Agreement to the contrary, <U>Schedule A</U> to this Agreement may be updated from time to time by the Sponsor&rsquo;s
delivery of an updated Schedule A to the Authorized Participant and the Trustee using the facsimile or electronic mail contact
information provided for in <U>Section 6</U> hereof or such other facsimile or electronic mail contact information as has been
communicated to the Sponsor pursuant to <U>Section 6</U> hereof. Any updated Schedule A to this Agreement shall be effective upon
its receipt by the Authorized Participant and the Trustee.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
8.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Governing Law</U>. This Agreement and all the transactions hereunder shall be governed by and interpreted in accordance
with the laws of the State of New York (regardless of the laws that might otherwise govern under applicable New York conflict law
principles) as to all matters, including, without limitation, matters of validity, construction, effect, performance and remedies.
The parties irrevocably submit to the non-exclusive jurisdiction of any New York State or United States Federal court sitting in
New York City over any suit, action or proceeding arising out of, or relating to, this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
9.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Assignment</U>. No party to this Agreement shall assign any rights, or delegate the performance of any obligations,
arising hereunder without the prior written consent of the other parties hereto, which shall not be unreasonably withheld; provided
that any entity into which a party hereto may be merged or converted, or with which it may be consolidated, or any entity resulting
from any merger, consolidation or conversion to which a party hereunder shall be a party, shall be the successor of such party
hereunder without further action. The party resulting from any such merger, conversion, consolidation or succession shall promptly
notify the other parties hereto of the change. Any purported assignment or delegation in violation of this <U>Section 9</U> shall
be null and void. Notwithstanding the foregoing, any successor Trustee appointed in compliance with the applicable Trust Agreement
shall automatically become a party hereto and shall assume all the obligations of, and be entitled to all the rights and remedies
of, the Trustee hereunder with respect to the applicable Trust.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
10.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>&nbsp;<U>No Strict Construction</U>. The language used in this Agreement will be deemed to be the language chosen by the
parties to express their mutual intent, and no rule of strict construction will be applied against any party.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section
11.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><U>Counterparts</U>. This Agreement may be executed in several counterparts, each of which shall be an original and
all of which shall constitute but one and the same instrument.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Signatures Follow on Next Page]</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
the parties hereto have executed this Authorized Participant Agreement as of the date set forth above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THE BANK OF NEW YORK MELLON,&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">in its capacity as Trustee of the Trusts listed on <U>Schedule
A</U> hereto</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 3%">By:</TD>
    <TD STYLE="width: 37%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2">Name:</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2">Title:</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">in its capacity as Sponsor of the Trusts listed on <U>Schedule
A</U> hereto</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 3%">By:</TD>
    <TD STYLE="width: 37%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2">Name:</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2">Title:</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>[Name of Authorized Participant]</B>,&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">in its capacity as an Authorized Participant of the Trusts listed
on <U>Schedule A</U> hereto</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 3%">By:</TD>
    <TD STYLE="width: 37%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2">Name:</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2">Title:</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SCHEDULE A &ndash; APPLICABLE TRUSTS</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt">&#9679;</TD><TD STYLE="text-align: justify">GraniteShares Gold Trust, a trust created under New York law pursuant to that certain Depositary
Trust Agreement dated as of _____________, 2017, between the Trustee and the Sponsor, as may be amended from time to time.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt">&#9679;</TD><TD STYLE="text-align: justify">GraniteShares Silver Trust, a trust created under New York law pursuant to that certain Depositary
Trust Agreement dated as of _____________, 2017, between the Trustee and the Sponsor, as may be amended from time to time.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt">&#9679;</TD><TD STYLE="text-align: justify">GraniteShares Platinum Trust, a trust created under New York law pursuant to that certain Depositary
Trust Agreement dated as of _____________, 2017, between the Trustee and the Sponsor, as may be amended from time to time.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt">&#9679;</TD><TD STYLE="text-align: justify">GraniteShares Palladium Trust, a trust created under New York law pursuant to that certain Depositary
Trust Agreement dated as of _____________, 2017, between the Trustee and the Sponsor, as may be amended from time to time.</TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>AND BULLION OUNCES PER SHARE</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Description of Delivery and Basket Sizes:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">Delivery of Bullion</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">Shares Per Basket</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">Oz. per Share at Inception</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%">GraniteShares Gold Shares</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: left">Loco London</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: left">10,000</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 18%; text-align: left">0.1</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>GraniteShares Silver Shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Loco London</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">50,000</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">1.0</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>GraniteShares Platinum Shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Loco London</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">15,000</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">0.1</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>GraniteShares Palladium Shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Loco London</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">25,000</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">0.1</TD></TR>
</TABLE>


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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SCHEDULE 1- CREATION AND REDEMPTION PROCEDURES</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TABLE OF CONTENTS - SCHEDULE 1</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 1.01 Definitions&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 1.02 Interpretation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 1.03 Two Day Settlement</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 2.01 Initial Creation of Shares&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 2.02 Subsequent Creation of Shares</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 3.01 Redemption of Shares</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANNEX I TO CREATION AND REDEMPTION PROCEDURES&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Creation/Redemption Order Form</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ANNEX II TO CREATION AND REDEMPTION PROCEDURES&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Order Entry System Terms and Conditions</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>CREATION AND REDEMPTION PROCEDURES</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Adopted by the Sponsor and Trustee (each
as defined below) as of ___________, 2017</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>DEFINITIONS AND OTHER PROVISIONS OF GENERAL
APPLICATION</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1.01. <U>Definitions</U>.
For purposes of these Procedures, and the Standard Terms incorporated by reference into the Authorized Participant Agreement to
which these Procedures are attached, unless the context otherwise requires, the following terms will have the following meanings:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>Affiliate</U>&rdquo; shall have
the meaning given to it by Rule 501(b) under the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>AP Indemnified Party</U>&rdquo;
shall have the meaning ascribed to such term in Section 6.01(a) of the Standard Terms.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>Authorized Participant</U>&rdquo;
shall have the meaning ascribed to the term in the introductory paragraph of the Authorized Participant Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>Authorized Participant Agreement</U>&rdquo;
shall mean each Authorized Participant Agreement among the Authorized Participant, the Trustee and the Sponsor authorizing the
Authorized Participant to submit Purchase Orders and Redemption Orders and into which these Procedures, attached as Schedule I
thereto, and the Standard Terms, attached as Schedule 2 thereto, shall have been incorporated by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>Authorized Participant Client</U>&rdquo;
means any party on whose behalf the Authorized Participant acts in connection with an Order (whether a customer or otherwise).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>Authorized Representative</U>&rdquo;
shall mean, with respect to an Authorized Participant, each individual who, pursuant to the provisions of the Authorized Participant
Agreement between such Authorized Participant, the Sponsor and the Trustee, has the power and authority to act on behalf of the
Authorized Participant in connection with the placement of Purchase Orders or Redemption Orders and is in possession of the personal
identification number (PIN) assigned by the Trustee for use in any communications regarding Purchase Orders or Redemption Orders
on behalf of such Authorized Participant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>Basket</U>&rdquo; shall have
the meaning ascribed to the term in Section 1.1 of the relevant Trust Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>Basket Amount</U>&rdquo; meaning
the specific amount of Bullion defined in Section 1.1 of the relevant Trust Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>Benchmark Price</U>&rdquo; shall
have the meaning ascribed to the term in Section 1.1 of the relevant Trust Agreement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>Beneficial Owner</U>&rdquo; shall
have the meaning ascribed to the term in Section 1.1 of the relevant Trust Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>Bullion</U>&rdquo; means Gold,
Silver, Platinum or Palladium, as appropriate<B>.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>Business Day</U>&rdquo; shall
have the meaning ascribed to the term in Section 1.1 of the relevant Trust Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>Creation</U>&rdquo; means the
process that begins when an Authorized Participant first indicates to the Trustee its intention to purchase one or more Baskets
of a specified Trust pursuant to these Procedures and concludes with the issuance by the Trustee and Delivery to such Authorized
Participant of the corresponding number of Shares of such Trust.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>Creation and Redemption Line</U>&rdquo;
shall mean a telephone number designated as such by the Trustee and specified in <U>Annex I</U> of the Procedures or otherwise
communicated to each Authorized Participant in compliance with the notice provisions of the respective Authorized Participant Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>Custodian</U>&rdquo; shall have
the meaning ascribed to the term in Section 1.1 of the relevant Trust Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>Custody Agreement</U>&rdquo;
shall have the meaning ascribed to the term in Section 1.1 of the relevant Trust Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>Delivery</U>&rdquo; shall mean
a delivery of Bullion or Shares, as applicable, in each case effected according to the definition of &ldquo;<U>Delivery</U>&rdquo;
in Section 1.1 of the relevant Trust Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>Depositor</U>&rdquo; shall mean
any Authorized Participant that deposits Bullion into the relevant Trust, either for its own account or on behalf of another Person
that is the owner or beneficial owner of that Bullion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>Deposit Property</U>&rdquo; means
property which, in compliance with the provisions of the relevant Trust Agreement, must be transferred by the Authorized Participant
to the relevant Trust in exchange for such Trust&rsquo;s Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>DTC</U>&rdquo; shall mean The
Depository Trust Company, its nominees and their respective successors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>DTC Participant</U>&rdquo; shall
have the meaning ascribed to the term in Section 1.1 of the relevant Trust Agreement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>Gold</U>&rdquo; or &ldquo;gold&rdquo;
shall have the meaning ascribed to the term in Section 1.1 of the Trust Agreement for the GraniteShares Gold Trust relating to
gold.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>Initial Creation</U>&rdquo; shall
mean the initial creation of Shares pursuant to the provisions of <U>Section 2.01</U> hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>LBMA</U>&rdquo; shall mean the
London Bullion Market Association or its successor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>LBMA London Good Delivery Standards</U>&rdquo;
shall mean the specifications for &ldquo;good delivery&rdquo; gold and silver bars, including the specifications for weight, dimensions,
fineness (or purity), identifying marks and appearance of gold and silver bars, set forth in &ldquo;The Good Delivery Rules for
Gold and Silver Bars&rdquo; published by the LBMA.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>LPMCL</U>&rdquo; means London
Precious Metals Clearing Limited or its successor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>LPPM</U>&rdquo; shall mean the
London Platinum and Palladium Market or its successor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>LPPM Good Delivery Standards</U>&rdquo;
shall mean the specifications for &ldquo;good delivery&rdquo; platinum and palladium plates and ingots, including the specifications
for weight, fineness (or purity), identifying marks and appearance of platinum and palladium plates and ingots, set forth in &ldquo;The
Good Delivery Rules for <FONT STYLE="font-weight: normal">Platinum and Palladium Plates and Ingots</FONT> published by the LPPM.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>Order</U>&rdquo; shall have the
meaning ascribed to it in Section 1 of the Authorized Participant Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>Order Cutoff Time</U>&rdquo;
shall have the meaning ascribed to the term in Section 1.1 of the relevant Trust Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>Order Date</U>&rdquo; shall have,
(i) with respect to a Purchase Order, the meaning ascribed to the term in Section 2.3(a) of the relevant Trust Agreement; and (ii)
with respect to a Redemption Order, the meaning ascribed to the term in Section 2.6(a) of the relevant Trust Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>Ounce</U>&rdquo; shall have the
meaning ascribed to the term in Section 1.1 of the relevant Trust Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>Palladium</U>&rdquo; shall have
the meaning ascribed to the term in Section 1.1 of the Trust Agreement of the GraniteShares Palladium Trust relating to palladium.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>Person</U>&rdquo; shall mean
any natural person or any limited liability company, corporation, partnership, joint venture, association, joint stock company,
trust, unincorporated organization or other entity or government or any agency or political subdivision thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>Platinum</U>&rdquo; shall have
the meaning ascribed to the term in Section 1.1 of the Trust Agreement of the GraniteShares Platinum Trust relating to platinum<B>.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>Procedures</U>&rdquo; shall have
the meaning ascribed to it in Section 1 of the Authorized Participant Agreement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>Prospectus</U>&rdquo; or &ldquo;<U>Prospectuses</U>&rdquo;
means the current prospectus of the relevant Trust included in its effective registration statement, as supplemented or amended
from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>Purchase Order</U>&rdquo; shall
have the meaning ascribed to it in Section 1 of the Authorized Participant Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>Redemption Order</U>&rdquo; shall
have the meaning ascribed to it in Section 1 of the Authorized Participant Agreement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>Shares</U>&rdquo; means shares
issued by the relevant Trust pursuant to the provisions of the relevant Trust Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>Sponsor</U>&rdquo; shall mean
GraniteShares LLC, a Delaware limited liability company, in its capacity as the sponsor of each Trust under the corresponding Trust
Agreement, and any successor thereto in compliance with the provisions thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>Sponsor Indemnified Party</U>&rdquo;
shall have the meaning ascribed to such term in Section 6.01(b) of the Standard Terms.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>Standard Terms</U>&rdquo; shall
have the meaning ascribed to such term in Section 2 of the Authorized Participant Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>Transaction Fee</U>&rdquo; means
a fee of $500 to be paid by the Authorized Participant to the Trustee for each Purchase Order or Redemption Order. The fee may
be changed by the Trustee with the prior written consent of the Sponsor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>Trustee</U>&rdquo; shall mean
The Bank of New York Mellon, a New York banking corporation, in its capacity as Trustee under each Trust Agreement, and any successor
thereto in compliance with the provisions thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>Trust</U>&rdquo; or &ldquo;<U>Trusts</U>&rdquo;
shall have the meanings ascribed to them in the introductory paragraph of the Authorized Participant Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>Trust Agreement</U>&rdquo; or
&ldquo;<U>Trust Agreements</U>&rdquo; shall have the meanings ascribed to them in the introductory paragraph of the Authorized
Participant Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>Trust Allocated Account</U>&rdquo;
shall have the meaning ascribed to it in Section 1.1 of the relevant Trust Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>Trust Unallocated Account</U>&rdquo;
shall have the meaning ascribed to it in Section 1.1 of the relevant Trust Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>Unallocated Basis</U>&rdquo;
shall have the meaning ascribed to the term in Section 1.1 of the relevant Trust Agreement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>VAT</U>&rdquo; shall mean (a)
any tax imposed pursuant to or in compliance with the Sixth Directive of the Council of the European Economic Communities (77/388/EEC)
including, without limitation, in relation to the United Kingdom, value added tax imposed by-the Value Added Tax Act 1994 and legislation
and regulations supplemental thereto; and (b) any other tax of a similar nature, whether imposed in a member state of the European
Union or elsewhere, in substitution for, or levied in addition to, such tax referred to in &ldquo;(a)&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1.02. <U>Interpretation</U>.
In these Procedures:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise indicated,
all references to Sections, clauses, paragraphs, schedules or exhibits, are to Sections, clauses, paragraphs, schedules or exhibits
in or to these Procedures.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the extent that
term(s) defined in <U>Section 1.01</U> apply to a Trust that has not commenced operations as of any relevant date and such Trust
is listed or to be listed on Schedule A of the Authorized Participant Agreement, such term(s) shall not be operative and any provisions
relating to such Trust and its Shares contained in the Authorized Participant Agreement shall have no effect until such Trust commences
operations and its applicable Trust Agreement and applicable Custody Agreements have been executed and delivered whereupon such
terms and provisions shall become automatically operative and effective without any further action by the parties to the Authorized
Participant Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The words &ldquo;hereof&rdquo;,
&ldquo;herein&rdquo;, &ldquo;hereunder&rdquo; and words of similar import shall refer to these Procedures as a whole, and not to
any individual provision in which such words may appear.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A reference to any
statute, law, decree, rule, regulation or other applicable norm shall be construed as a reference to such statute, law, decree,
rule, regulation or other applicable norm as re-enacted, re-designated or amended from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A reference to any agreement, instrument
or document shall be construed as a reference to such agreement, instrument or document as the same may have been amended from
time to time in compliance with the provisions thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1.03. <U>Two
Day Settlement</U>. For all Orders which are placed and accepted on or after such day (the &ldquo;<U>Effective Date</U>&rdquo;)
as the settlement cycle for most broker-dealer securities transactions is changed from a three business day settlement cycle to
a two business day settlement cycle (such change is currently scheduled to occur on September 5, 2017), all actions to be performed
by, and all actions to be performed on, the third Business Day after the applicable Order Date in these Procedures shall, on and
after the Effective Date, be performed by, or performed on, the second Business Day after the applicable Order Date. All Orders
which are placed and accepted prior to the Effective Date are not subject to this provision.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE II<BR>
<BR>
<U>CREATION PROCEDURES</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.01. <U>Initial
Creation of Shares</U>. The initial creation of Shares of a Trust will take place in compliance with such procedures as the Trustee,
the Sponsor and the initial Depositor may agree.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.02. <U>Subsequent
Creation of Shares</U>. After the Initial Creation, the issuance and Delivery of Shares of a specified Trust shall take place only
in integral numbers of Baskets in compliance with the following rules:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized
Participants wishing to acquire from the Trustee one or more Baskets shall place a Purchase Order with the Trustee no later than
3:59:59 p.m. (New York time) on any Business Day on which the Benchmark price is announced. Purchase Orders received by the Trustee
on or after the Order Cutoff Time on a Business Day, or on a Business Day on which the Benchmark Price is not announced, will not
be accepted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of <U>Section 2.02a.</U> above, a Purchase Order shall be deemed &ldquo;received&rdquo; by the Trustee only when either
of the following has occurred no later than 3:59:59 p.m. (New York time):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telephone/fax
Order &mdash; An Authorized Representative shall have placed a telephone call to the Trustee&rsquo;s Creation and Redemption Line
and has received an Order Number from the Trustee for insertion in the Purchase Order, or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Web-based
Order &mdash; An Authorized Representative shall have accessed the Trustee&rsquo;s online services (https://inform.bnymellon.com),
the use of which is subject to the terms and conditions of the Order Entry System Terms and Conditions set forth on <U>Annex II</U>
to these Procedures,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">in either case informing the Trustee that
the Authorized Participant wishes to place a Purchase Order for a specified number of Baskets and, in the case of a telephone order,
within 15 minutes following such telephone call, the Trustee shall have received a properly completed, irrevocable Purchase Order
in the form set out in <U>Annex I</U> to these Procedures executed by an Authorized Representative of such Authorized Participant,
via facsimile at the number specified in such <U>Annex I</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee shall provide a written summary to the Sponsor and the Custodian of all accepted Purchase Orders for such Order Date no
later than 5:30 p.m. (New York time).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
soon as reasonably practicable following receipt of a properly completed Purchase Order but not later than 5:30 p.m. (New
York time) on the Order Date for such Purchase Order, the Trustee shall send to the Authorized Participant (with copy to the
Custodian), via facsimile or electronic mail message, a copy of the corresponding Purchase Order endorsed
&ldquo;Accepted&rdquo; by the Trustee and indicating the Basket Amount that the Authorized Participant shall Deliver to the
Custodian in respect of each Basket. Prior to the transmission of the Trustee&rsquo;s acceptance as specified above, a
Purchase Order will only represent the Authorized Participant&rsquo;s unilateral offer to deposit Bullion in exchange for Baskets
and will have no binding effect upon the relevant Trust or any other party. Following the transmission of the Trustee&rsquo;s
acceptance as specified above, a Purchase Order will be a binding agreement among the relevant Trust and the Authorized
Participant for the creation and purchase of Baskets and the deposit of Bullion pursuant to the terms of the Purchase Order
and these Procedures. If a Purchase Order is rejected, the Trustee shall send to the Authorized Participant (with copy to the
Custodian), via facsimile or electronic mail message, as soon as reasonably practicable, but not later than 5:30 p.m. (New
York time) on the Order Date for such Purchase Order, a copy of the corresponding Purchase Order
endorsed &ldquo;Declined&rdquo; by the Trustee and indicating the reason. The preceding sentence notwithstanding, Purchase
Orders not accepted by 5:30 p.m. (New York time) on the Order Date shall be deemed cancelled. A Purchase Order which is not
properly completed will be deemed invalid and rejected by the Trustee; the Authorized Participant may submit a corrected
Purchase Order within the time period specified in Section 1.09 of the Standard Terms, currently within fifteen (15) minutes
of such contact with the Authorized Participant, provided that the corrected Purchase Order is received by the Trustee prior
to the Order Cutoff Time.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Purchase Order shall settle on the third Business Day following the Order Date. The Basket Amount corresponding to each Basket
must be deposited in the Trust Unallocated Account in unallocated Bullion loco London no later than 10:00 a.m. (London time) on
the third Business Day following the Order Date. The Authorized Participant shall bear all risk of any loss until the Bullion is
credited to the relevant Trust Unallocated Account.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">f.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Custodian shall advise the Trustee in writing of the deposits made to the relevant Trust Allocated Account in connection with each
Purchase Order. Upon receipt of such advice, the Trustee shall determine whether a deposit of Bullion required to be made pursuant
to <U>Section 2.02e.</U> above has not been noted as deposited in the relevant Trust Unallocated Account. In such event, the Trustee
shall, by the Trustee&rsquo;s close of business on the third Business Day following the Order Date, (i) send to the Custodian, via electronic
mail message, a request that the Custodian confirm that the Custodian did not receive the anticipated deposit of Bullion, and (ii)
send to the Authorized Participant whose deposit was not received, via facsimile at the facsimile number specified by the Authorized
Participant in the Purchase Order, a concurrent copy of such request.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">g.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
the third Business Day following the Order Date corresponding to a Purchase Order, or on such earlier date and time as the Trustee
in its absolute discretion may agree with the Authorized Participant, the Trustee shall issue the aggregate number of Shares corresponding
to the Baskets ordered by the Authorized Participant and Deliver them, by credit to the account at DTC which the Authorized Participant
shall have identified for such purpose in its Purchase Order, provided that, by 1:00 p.m. (New York time) on the date such issuance
and Delivery is to take place:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Custodian shall have reported in writing to the Trustee that the corresponding required amount of Bullion has been deposited in
the Trust Unallocated Account in compliance with the provisions of <U>Section 2.02e,</U> above;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Custodian shall have reported in writing to the Trustee that the corresponding required amount of Bullion has been allocated to
the Trust Allocated Account (other than up to 430 Ounces of Gold, 1,100 Ounces of Silver and 192 Ounces of Platinum and Palladium
held on an Unallocated Basis) and the Custodian is holding that Bullion for the account of the Trust;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee shall have received from the Authorized Participant the applicable Transaction Fee;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Authorized Participant shall have paid or agreed to pay, or reimbursed or agreed to reimburse the Custodian, the Trustee or the
relevant Trust for, the amount of any applicable taxes (including, without limitation, any VAT), governmental charges and fees
which are or become due in connection with the Delivery of Bullion to the Custodian and the issuance and Delivery of Shares to
the Authorized Participant; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
other conditions to the issuance of Shares under the Trust Agreement shall have been satisfied.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">h.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
all other cases, the Trustee shall issue the aggregate number of Shares corresponding to the Baskets ordered by the Authorized
Participant and Deliver them by credit to the account at DTC which the Authorized Participant shall have identified for such purpose
in its Purchase Order on the Business Day following the date on which all of the conditions set forth in clauses (1), (ii), (iii),
(iv) and (v) of <U>Section 2.02g.</U> above shall have been met. In the event that, by 10:00 a.m. (New York time) on the third
Business Day following the Order Date of a Purchase Order, the relevant Trust Unallocated Account shall not have been credited
with the required amount of Bullion in compliance with the provisions of <U>Section 2.02e.</U> above, 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 (2) Business Days following receipt of such notice to correct such failure. If such failure is not cured within
such two (2) Business Day period, the Trustee shall, unless the Sponsor shall otherwise direct, cancel such Purchase 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 damages, losses, costs and expenses incurred by the relevant Trust, the
Sponsor, the Trustee or the Custodian related to the cancelled Order.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">i&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
foregoing provisions notwithstanding, neither the Trustee nor the Custodian shall be liable for any failure or delay in making
Delivery of Shares in respect of a Purchase Order arising from nuclear fission or fusion, radioactivity, war, terrorist event,
invasion, insurrection, civil commotion, riot, strike, act of government, public authority, public service or utility problems,
power outages resulting in telephone, telecopy and computer failures, act of God such as fires, floods or extreme weather conditions,
market conditions or activities causing trading halts, systems failures involving computer or other information systems affecting
the relevant Trust, the Trustee, the Custodian or sub-custodian and similar extraordinary events beyond the Custodian&rsquo;s or
the Trustee&rsquo;s reasonable control. In the event of any such delay, the time to complete Delivery in respect of a Purchase
Order will be extended for a period equal to that during which the inability to perform continues as determined by the Trustee
in its sole discretion.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">j.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as provided in <U>Sections 2.02d.</U>, <U>2.02f.</U>, <U>2.02h.</U> and the Standard Terms, none of the Trustee, the Sponsor or
the Custodian is under any duty to give notification of any defects or irregularities in any Purchase Order or the delivery of
the Basket Amount, and shall not incur any liability for the failure to give any such notification.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">k.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Creation of Shares may he suspended or rejected under the circumstances specified in the relevant Trust Agreement, these Procedures
or the Standard Terms.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE III<BR>
<BR>
<U>REDEMPTION PROCEDURES</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.01. <U>Redemption
of Shares</U>. Redemption of Shares of a specified Trust shall take place only in integral numbers of Baskets in compliance with
the following rules:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">a. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized
Participants wishing to redeem one or more Baskets shall place a Redemption Order with the Trustee no later than 3:59:59 p.m. (New
York time) on any Business Day on which the Benchmark Price is announced. Redemption Orders received by the Trustee on or after
the Order Cutoff Time on any Business Day, or on a Business Day on which the Benchmark Price is not announced, will not be accepted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">b. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of <U>Section 3.01a.</U> above, a Redemption Order shall be deemed &ldquo;received&rdquo; by the Trustee only when either
of the following has occurred no later than 3:59:59 p.m. (New York time):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telephone/fax
Order &mdash; An Authorized Representative shall have placed a telephone call to the Trustee&rsquo;s Creation and Redemption Line
and has received an Order Number from the Trustee for insertion in the Redemption Order, or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Web-based
Order &mdash; An Authorized Representative shall have accessed the Trustee&rsquo;s online services (https://inform.bnymellon.corn), the
use of which is subject to the terms and conditions of the Order Entry System Terms and Conditions set forth on <U>Annex II</U>
to these Procedures,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">in either case informing the Trustee that
the Authorized Participant wishes to place a Redemption Order for a specified number of Baskets and, in the case of a telephone
order, within 15 minutes following such telephone call, the Trustee shall have received a duly completed, irrevocable Redemption
Order in the form set out in <U>Annex I</U> to these Procedures executed by an Authorized Representative of such Authorized Participant,
via facsimile at the number specified in such <U>Annex I</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">c. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee shall provide a written summary to the Sponsor and the Custodian of all accepted Redemption Orders for such Order Date
no later than 5:30 p.m. (New York time).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
receipt of a properly completed Redemption Order, the Trustee shall send to the Authorized Participant (with copy to the Custodian),
via facsimile or electronic mail message, as soon as reasonably practicable, but not later than 5:30 p.m. (New York time) on the
Order Date for such Redemption Order a copy of the corresponding Redemption Order endorsed &ldquo;Accepted&rdquo; by the Trustee
and indicating the Basket Amount that the Custodian shall Deliver to the Authorized Participant in respect of each Basket being
redeemed. Prior to the transmission of the Trustee&rsquo;s acceptance as specified above, a Redemption Order will only represent
the Authorized Participant&rsquo;s unilateral offer to deposit Baskets in exchange for a Delivery of Bullion and will have no binding
effect upon the relevant Trust or any other party. Following the transmission of the Trustee&rsquo;s acceptance as specified above,
a Redemption Order will be a binding agreement among the relevant Trust and the Authorized Participant for the redemption of Baskets
and the Delivery of Bullion pursuant to the terms of the Redemption Order and these Procedures. If a Redemption Order is rejected,
the Trustee shalt send to the Authorized Participant (with copy to the Custodian), via facsimile or electronic mail message, as
soon as reasonably practicable, but not later than 5:30 p.m. (New York time) on the Order Date for such Redemption Order, a copy
of the corresponding Redemption Order endorsed &ldquo;Declined&rdquo; by the Trustee and indicating the reason. The preceding sentence
notwithstanding, Redemption Orders not accepted by 5:30 p.m. (New York time) on the Order Date shall be deemed cancelled. A Redemption
Order which is not properly completed will be deemed invalid and rejected by the Trustee; the Authorized Participant may submit
a corrected Redemption Order within the time period specified in Section 1.09 of the Standard Terms, currently within fifteen (15)
minutes of such contact with the Authorized Participant, provided that the corrected Redemption Order is received by the Trustee
prior to the Order Cutoff Time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee shall, by 10:00 a.m. (New York Time) on the third Business Day following the Order Date of a Redemption Order, confirm
in writing to the Custodian whether each of the following has occurred:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Authorized Participant has Delivered by 10:00 a.m. on the third Business Day following the Order Date to the Trustee&rsquo;s account
at DTC the total number of Shares to be redeemed by such Authorized Participant pursuant to such Redemption Order;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee shall have received from the Authorized Participant the applicable Transaction Fee;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Authorized Participant shall have paid or agreed to pay, or reimbursed or agreed to reimburse the Custodian, the Trustee or the
relevant Trust for, the amount of any applicable taxes (including, without limitation, any VAT), governmental charges and fees
which are or become due in connection with the Delivery of Shares to the Trustee and the Delivery of Bullion to the Authorized
Participant, as well as any expense associated with the Delivery of Bullion to the Authorized Participant other than by a credit
to an account of the Authorized Participant maintained by the Custodian on an Unallocated Basis; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
other conditions to the redemption of Shares under the Trust Agreement shall have been satisfied.</P>

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

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

<!-- Field: Page; Sequence: 17 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Provided that the Custodian has received
written confirmation from the Trustee that the conditions set forth in clauses (i), (ii), (iii) and (iv) of <U>Section 3.01e.</U>
above have been satisfied, the Custodian shall, on such day, Deliver, as applicable to the specific Redemption Order:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">unallocated Gold loco London;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">unallocated Silver loco London;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">unallocated Platinum loco London; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify">unallocated Palladium loco London</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">in the amounts specified in the communication
sent in compliance with <U>Section 3.01d.</U> above to the account indicated by the redeeming Authorized Participant in its Redemption
Order (which shall be an appropriate Bullion account in London with the Custodian or another LPMCL clearing bank. Having made such
Delivery, the Custodian shall send written confirmation thereof to the Trustee who shall then cancel the Shares so redeemed. The
Authorized Participant shall bear all risk of any loss from the time the Bullion is transferred from the relevant Trust Unallocated
Account to the account of the Authorized Participant maintained on an Unallocated Basis.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">f.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
all other cases, Delivery must be completed by the Custodian as soon as, in the reasonable judgment of the Custodian, it is practicable
following receipt of written confirmation from the Trustee that the conditions set forth in clauses (i), (ii), (iii) and (iv) of
<U>Section 3.01e.</U> above have been satisfied.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">g.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
foregoing provisions notwithstanding, neither the Trustee nor the Custodian shall be liable for any failure or delay in making
Delivery of Bullion in respect of a Redemption Order arising from nuclear fission or fusion, radioactivity, war, terrorist event,
invasion, insurrection, civil commotion, riot, strike, act of government, public authority, public service or utility problems,
power outages resulting in telephone, telecopy and computer failures, act of God such as fires, floods or extreme weather conditions,
market conditions or activities causing trading halts, systems failures involving computer or other information systems affecting
a Trust, the Trustee, the Custodian or sub-custodian and similar extraordinary events beyond the Custodian&rsquo;s and the Trustee&rsquo;s
reasonable control. In the event of any such delay, the time to complete Delivery in respect of a Redemption Order will be extended
for a period equal to that during which the inability to perform continues as determined by the Trustee in its sole discretion.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">h.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that, by 10:00 a.m. (New York time) on the third Business Day following the Order Date of a Redemption Order, the Trustee&rsquo;s
account at DTC shall not have 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 one (1) Business Day following receipt of such notice
to correct such failure. If such failure is not cured within such one (1) Business Day period, the Trustee (in consultation with
the Sponsor) will cancel such Redemption Order and will send via electronic mail message notice of such cancellation to the Authorized
Participant and the Custodian. The Authorized Participant will be solely responsible for all damages, losses, costs and expenses
incurred by the relevant Trust, the Sponsor, the Trustee or the Custodian related to the cancelled Redemption Order.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">i.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
redemption of Shares may be suspended or rejected under the circumstances specified in the relevant Trust Agreement, these Procedures
or the Standard Terms.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">j.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as provided in <U>Sections 3.02d.</U>, <U>3.02h.</U> and the Standard Terms, none of the Trustee, the Sponsor or the Custodian
are under any duty to give notification of any defects or irregularities in any Redemption Order or the Delivery of the Shares,
and shall not incur any liability for the failure to give any such notification.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Signatures Follow on Next Page]</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
the Sponsor and the Trustee have executed these Creation and Redemption Procedures as of the date set forth above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THE BANK OF NEW YORK MELLON,&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">in its capacity as Trustee of the Trust(s) listed on Schedule
A attached to the Authorized Participant Agreement</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 3%">By:</TD>
    <TD STYLE="width: 37%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2">Name:</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2">Title:</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">in its capacity as Sponsor of the Trust(s) listed on Schedule
A attached to the Authorized Participant Agreement</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 3%">By:</TD>
    <TD STYLE="width: 37%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2">Name:</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2">Title:</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>ANNEX I TO CREATION AND REDEMPTION PROCEDURES</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">THE BANK OF NEW YORK MELLON, TRUSTEE&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in; text-indent: 0.5in">CONTACT INFORMATION FOR ORDER EXECUTION:&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in">Telephone order number:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in; text-indent: 0.5in">Fax order number:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; )&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Authorized Participant must complete all
items in Part I. The Trustee shall reject any order not submitted in proper form.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>I. TO BE COMPLETED BY AUTHORIZED PARTICIPANT</B>:&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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: 14%">Name of Trust:</TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 61%">&nbsp;</TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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: 4%">Date:</TD>
    <TD STYLE="width: 28%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 4%">Time:</TD>
    <TD STYLE="width: 6%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 53%">&nbsp;</TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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 NOWRAP STYLE="width: 1%">Authorized Participant Firm Name:&nbsp; </TD>
    <TD STYLE="width: 99%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 17%">DTC Participant Number: </TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 11%">Fax Number:</TD>
    <TD STYLE="width: 52%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 13%">Telephone Number:</TD>
    <TD STYLE="width: 19%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 7%">Symbol: </TD>
    <TD STYLE="width: 56%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Type of order (Check Creation or Redemption please)&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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: 5%">Creation:</TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 9%">Redemption:</TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 27%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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: 9%"># of Baskets:</TD>
    <TD STYLE="width: 23%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 22%"><U> </U> Number of Baskets written out:
</TD>
    <TD STYLE="width: 41%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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 NOWRAP STYLE="width: 1%">Order #</TD>
    <TD STYLE="width: 22%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 77%">&nbsp;</TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Please indicate Bullion clearing agent:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_________ Check if ICBC Standard Bank Plc</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 NOWRAP STYLE="width: 23%">_________ Other (please specify clearing agent):&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 49%">&nbsp;</TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 NOWRAP STYLE="width: 22%">Account number for loco London Bullion delivery:&nbsp;</TD>
    <TD STYLE="width: 23%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 55%">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Purchase or Redemption Order is subject
to the terms and conditions of the Trust Agreement of the Shares of the Trust as currently in effect and the Authorized Participant
Agreement between the Authorized Participant, the Trustee and the Sponsor named therein. All representations and warranties of
the Authorized Participant set forth in the Trust Agreement (including, if this is a Purchase Order, the representations in Section
3.2 of the Trust Agreement) and in the Authorized Participant Agreement are incorporated herein by reference and are true and accurate
as of the date hereof.</P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The undersigned does hereby certify as
of the date set forth below that he/she is an Authorized Representative under the Authorized Participant Agreement and that he/she
is authorized to deliver this Purchase or Redemption Order to the Trustee on behalf of the Authorized Participant. The Authorized
Participant acknowledges and agrees that (l) once accepted by the Trustee, this Purchase or Redemption Order will become a legally
binding contract for the delivery of the Basket Amount per Basket, or the number of Baskets, indicated above, and that the final
Basket Amount will be announced at the conclusion of the trading day and, (2) any taxes (including Value Added Taxes) incurred
in connection with this transaction will be the responsibility of, and will be reimbursed upon demand from the Custodian, the
Trustee or the Trust by, the Authorized Participant.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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: 48%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 48%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Authorized Representative&rsquo;s Signature </TD>
    <TD>&nbsp;</TD>
    <TD>Date</TD></TR>
</TABLE>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>II. TO BE COMPLETED BY TRUSTEE:</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This certifies that the above order has been:</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 NOWRAP STYLE="width: 21%">____________________Declined-Reason:&nbsp; </TD>
    <TD STYLE="width: 79%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD NOWRAP>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 90%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 12%">Final # of Ounces:</TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 12%">Final # of Shares:</TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 90%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD NOWRAP STYLE="width: 12%">Final Cash Due to BNYM&nbsp;</TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 12%"></TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 20%">Date</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 25%">Time </TD>
    <TD STYLE="width: 5%"></TD>
    <TD STYLE="width: 25%">Authorized Signature of Trustee</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>ANNEX II TO CREATION AND REDEMPTION PROCEDURES</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ORDER ENTRY SYSTEM TERMS AND CONDITIONS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Annex II shall
govern use by Authorized Participant of the electronic order entry system for placing Purchase Orders and Redemption Orders for
Shares (the &ldquo;<U>System</U>&rdquo;). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed
to such terms in Schedule I of the Authorized Participant Agreement. In the event of any conflict between the terms of this Annex
II and Section 1 of the Authorized Participant Agreement with respect to the placing of Purchase Orders and Redemption Orders,
the terms of this Annex II shall control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
Authorized Participant shall provide to The Bank of New York Mellon a duly executed authorization letter, in a form satisfactory
to The Bank of New York Mellon, identifying those authorized persons who will access the System (the &ldquo;<U>Authorized Persons</U>&rdquo;).
Authorized Participant shall notify The Bank of New York Mellon in writing in the event that any person&rsquo;s status as an Authorized
Person is revoked or terminated as soon as possible, in order to give The Bank of New York Mellon a reasonable opportunity to terminate
such Authorized Person&rsquo;s access to the System.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It is understood
and agreed that each Authorized Person shall be designated as an authorized user of Authorized Participant for the purpose of the
Authorized Participant Agreement. Upon termination of the Authorized Participant Agreement, the Authorized Participant&rsquo;s and each
Authorized Person&rsquo;s access rights with respect to System shall be immediately revoked.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Bank of New York Mellon grants to Authorized Participant a personal, nontransferable and nonexclusive license to use the System
solely for the purpose of transmitting Purchase Orders and Redemption Orders and otherwise communicating with The Bank of New York
Mellon in connection with the same. Authorized Participant shall use the System solely for its own internal and proper business
purposes. Except as set forth herein, no license or right of any kind is granted to Authorized Participant with respect to the
System. Authorized Participant acknowledges that The Bank of New York Mellon and its suppliers retain and have title and exclusive
proprietary rights to the System. Authorized Participant further acknowledges that all or a part of the System may be copyrighted
or trademarked (or a registration or claim made therefor) by The Bank of New York Mellon or its suppliers. Authorized Participant
shall not take any action with respect to the System inconsistent with the foregoing acknowledgments. Authorized Participant may,
not copy, distribute, sell, lease or provide, directly or indirectly, the System or any portion thereof to any other person or
entity without The Bank of New York Mellon&rsquo;s prior written consent. Authorized Participant may not remove any statutory copyright
notice or other notice included in the System. Authorized Participant shall reproduce any such notice on any reproduction of any
portion of the System and shall add any statutory copyright notice or other notice upon The Bank of New York Mellon&rsquo;s request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
Authorized Participant acknowledges that any user manuals or other documentation (whether in hard copy or electronic form) (collectively,
the &ldquo;<U>Material</U>&rdquo;), which is delivered or made available to Authorized Participant regarding the System is the
exclusive and confidential property of The Bank of New York Mellon. Authorized Participant shall keep the Material confidential
by using the same care and discretion that Authorized Participant uses with respect to its own confidential property and trade
secrets, but in no event less than reasonable care. Authorized Participant may make such copies of the Material as is reasonably
necessary for Authorized Participant to use the System and shall reproduce The Bank of New York Mellon&rsquo;s proprietary markings on
any. such copy. The foregoing shall not in any way be deemed to affect the copyright status of any of the Material which may be
copyrighted and shall apply to all Material whether or not copyrighted. THE BANK OF NEW YORK MELLON AND ITS SUPPLIERS MAKE NO WARRANTIES,
EXPRESS OR IMPLIED, CONCERNING THE MATERIAL OR ANY PRODUCT OR SERVICE, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY
OR FITNESS FOR A PARTICULAR PURPOSE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon termination
of the Authorized Participant Agreement for any reason, Authorized Participant shall return to The Bank of New York Mellon all
copies of the Material which is in Authorized Participant&rsquo;s possession or under its control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized
Participant agrees that it shall have sole responsibility for maintaining adequate security and control of the user IDs, passwords
and codes for access to the System, which shall not be disclosed to any third party without the prior written consent of The Bank
of New York Mellon. The Bank of New York Mellon shall be entitled to rely on the information received by it from the Authorized
Participant and The Bank of New York Mellon may assume that all such information was transmitted by or on behalf of an Authorized
Person regardless of by whom it was actually transmitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Bank of New York Mellon shall have no liability in connection with the use of the System, the access granted to the Authorized
Participant and its Authorized Persons hereunder, or any transaction effected or attempted to be effected by the Authorized Participant
hereunder, except for damages incurred by the Authorized Participant as a direct result of The Bank of New York Mellon&rsquo;s
gross negligence or willful misconduct. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, IT IS HEREBY AGREED THAT IN NO EVENT
SHALL THE BANK OF NEW YORK MELLON OR ANY MANUFACTURER OR SUPPLIER OF EQUIPMENT, SOFTWARE OR SERVICES BE RESPONSIBLE OR LIABLE FOR
ANY SPECIAL, INDIRECT, OR CONSEQUENTIAL DAMAGES WHICH THE AUTHORIZED PARTICIPANT MAY INCUR OR EXPERIENCE BY REASON OF ITS HAVING
ENTERED INTO OR RELIED ON THIS AGREEMENT, OR IN CONNECTION WITH THE ACCESS GRANTED TO AUTHORIZED PARTICIPANT HEREUNDER, OR ANY
TRANSACTION EFFECTED OR ATTEMPTED TO BE EFFECTED BY AUTHORIZED PARTICIPANT HEREUNDER, EVEN IF THE BANK OF NEW YORK MELLON OR SUCH
MANUFACTURER OR SUPPLIER HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, NOR SHALL THE BANK OF NEW YORK MELLON OR ANY SUCH
MANUFACTURER OR SUPPLIER BE LIABLE FOR ACTS OF GOD, MACHINE OR COMPUTER BREAKDOWN OR MALFUNCTION, INTERRUPTION OR MALFUNCTION OF
COMMUNICATION FACILITIES, LABOR DIFFICULTIES OR ANY OTHER SIMILAR OR DISSIMILAR CAUSE BEYOND SUCH PERSON&rsquo;S REASONABLE CONTROL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Bank of New York Mellon reserves the right to revoke Authorized Participant&rsquo;s access to the System immediately and without
notice upon any breach by the Authorized Participant of the terms and conditions of this Annex II.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Bank of New York Mellon shall acknowledge through the System its receipt of each Purchase Order or Redemption Order communicated
through the System, and in the absence of such acknowledgment The Bank of New York Mellon shall not be liable for any failure to
act in accordance with such orders and Authorized Participant may not claim that such Purchase Order or Redemption Order was received
by The Bank of New York Mellon. The Bank of New York Mellon may in its discretion decline to act upon any instructions or communications
that are insufficient or incomplete or are not received by The Bank of New York Mellon in sufficient time for The Bank of New York
Mellon to act upon, or in accordance with, such instructions or communications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized
Participant agrees to use reasonable efforts to prevent the transmission through the System of any software or file which contains
any viruses, worms, harmful component or corrupted data and agrees not to use any device, software, or routine to interfere or
attempt to interfere with the proper working of the System.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized
Participant acknowledges and agrees that encryption may not be available for every communication through the System, or for
all data. Authorized Participant agrees that The Bank of New York Mellon may deactivate any encryption features at any time,
without notice or liability to Authorized Participant, for the purpose of maintaining, repairing or troubleshooting its
systems.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>STANDARD TERMS FOR AUTHORIZED PARTICIPANT
AGREEMENTS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ARTICLE I ORDERS FOR PURCHASE AND REDEMPTION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Section 1.01 Authorization to Purchase and Redeem
Baskets&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Section 1.02 Procedures for Orders&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Section 1.03 Consent to Recording&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Section 1.04 Irrevocability&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Section 1.05 Costs and Expenses&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Section 1.06 Delivery of Property to the Trust&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Section 1.07 Title to Deposit Property and Shares
Surrendered for Redemption&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Section 1.08 Certain Payments or Distributions&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Section 1.09 Ambiguous Instructions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ARTICLE II AUTHORIZED REPRESENTATIVES&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Section 2.01 Certification&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Section 2.02 PIN Numbers&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Section 2.03 Termination of Authority&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Section 2.04 Verification</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ARTICLE III STATUS OF THE AUTHORIZED PARTICIPANT&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Section 3.01 Clearing Status&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Section 3.02 Broker-Dealer Status&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Section 3.03 Foreign Status&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Section 3.04 Compliance with Certain Laws&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Section 3.05 Authorized Participant Status</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ARTICLE IV ROLE OF AUTHORIZED PARTICIPANT&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Section 4.01 No Agency&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Section 4.02 Rights and Obligations of DTC Participant&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Section 4.03 Beneficial Owner Communications&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Section 4.04 Authorized Participant Customer Information</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ARTICLE V MARKETING MATERIALS AND REPRESENTATIONS AND WARRANTIES&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Section 501 Authorized Participant&rsquo;s Representation&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Section 5.02 Prospectus</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ARTICLE VI INDEMNIFICATION; LIMITATION OF LIABILITY&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Section 6.01 Indemnification</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ARTICLE VII MISCELLANEOUS&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Section 7.01 Commencement of Trading</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Section 7.02 Defined Terms</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Section 7.03 Third Party Beneficiaries</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<!-- Field: Page; Sequence: 26 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These STANDARD TERMS
FOR AUTHORIZED PARTICIPANT AGREEMENTS (the &ldquo;<U>Standard Terms</U>&rdquo;) are agreed to as of ____________, 2017, by and
between The Bank of New York Mellon, a New York banking corporation, as trustee for the Trust(s) listed on <U>Schedule A</U> attached
to the Authorized Participant Agreement (the &ldquo;<U>Trustee</U>&rdquo;), and GraniteShares LLC, a Delaware limited liability,
company, as sponsor for the Trust(s) listed on <U>Schedule A</U> attached to the Authorized Participant Agreement (the &ldquo;<U>Sponsor</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE I<BR>
<BR>
<U>ORDERS FOR PURCHASE AND REDEMPTION</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1.01.&nbsp;&nbsp;&nbsp; <U>Authorization
to Purchase and Redeem Baskets</U>. Subject to the provisions of the Authorized Participant Agreement, during the term of the Authorized
Participant Agreement the Authorized Participant will be authorized to purchase and redeem Baskets in compliance with the provisions
of the applicable Trust Agreement, the Procedures and these Standard Terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1.02.&nbsp;&nbsp;&nbsp;&nbsp; <U>Procedures
for Orders</U>. Each party hereto agrees to comply with the provisions of the applicable Trust Agreement, the Procedures and these
Standard Terms to the extent applicable to it.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1.03. &nbsp;&nbsp;<U>Consent
to Recording</U>. The phone lines used by the Trustee, the Custodian, the Sponsor and/or their affiliated persons may be recorded,
and the Authorized Participant hereby consents to the recording of all calls with any of those parties. In the event that the Trustee,
the Custodian, the Sponsor or any of their affiliated persons becomes legally compelled to disclose to any third party any recording
involving communications with the Authorized Participant, the Sponsor agrees to provide the Authorized Participant with reasonable
advance written notice identifying the recordings to be so disclosed unless prohibited by applicable rule, law or order, together
with copies of such recordings, so that the Authorized Participant may seek a protective order or other appropriate remedy with
respect to the recordings or waive its right to do so. In the event that such protective order or other remedy is not obtained
or the Authorized Participant waives its right to seek such protective order or remedy, the Sponsor will use commercially reasonable
efforts to obtain reliable assurance that confidential treatment will be accorded the recorded conversation. The Trustee, the Sponsor
or any of their affiliated persons shall not otherwise disclose to any third party any recording involving communications with
the Authorized Participant without the Authorized Participant&rsquo;s express written consent, except that the Trustee and the
Sponsor may disclose to any regulatory or self-regulatory organization, to the extent required by applicable rule or law, any recording
involving communications with the Authorized Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1.04. &nbsp;&nbsp;&nbsp;<U>Irrevocability</U>.
The Authorized Participant agrees that delivery to the Trustee of an Order shall be irrevocable; provided that the Trustee will
reject any Order that is not properly completed. In the event that the purchase or redemption of Baskets is suspended by the Trustee
or the Sponsor and such suspension affects any Order submitted by the Authorized Participant, the Trustee or Sponsor, as applicable,
will promptly notify the Authorized Participant of such suspension. In such case, the Sponsor agrees to undertake commercially
reasonable efforts to accommodate any request by the Authorized Participant to cancel a previously placed Order, but the Sponsor
shall have no liability for the Trust&rsquo;s inability to accommodate such a request.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1.05. &nbsp;&nbsp;&nbsp;<U>Costs
and Expenses</U>. The Authorized Participant shall be responsible for the expenses and costs incurred by the Trust that can be
directly attributable to Orders submitted by the Authorized Participant other than ordinary course expenses and costs which are
reimbursed through payment of the fee contemplated in Section 2.02(g) of the Procedures. The Trustee or the Sponsor shall provide
the Authorized Participant with reasonably detailed information relating to such expenses and costs upon request by the Authorized
Participant.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1.06. &nbsp;&nbsp;&nbsp;<U>Delivery
of Property to the Trust and Shares Surrendered for Redemption</U>. The Authorized Participant understands and agrees that in the
event Deposit Property is not transferred to the Trust by the time specified for the Purchase Order, or Shares are not delivered
to the Trustee by the time specified for the Redemption Order and, in each such case, in compliance with the relevant Trust Agreement,
the Procedures and these Standard Terms, the Purchase Order or Redemption Order may be cancelled by the Trustee and the Authorized
Participant will be solely responsible for all damages, losses, costs and expenses incurred by the Trust, the Sponsor, the Trustee
or the Custodian related to the cancelled Order. The Authorized Participant will not, however, be responsible for damages, losses,
costs and expenses incurred by the Trust, the Sponsor, the Trustee or the Custodian related to cancelled Orders to the extent the
failure to transfer Deposit Property to the Trust is due to the gross negligence, bad faith or willful misconduct of the Trustee,
the Sponsor or the Custodian. The foregoing provisions notwithstanding, the Authorized Participant shall not be liable for any
failure or delay in making Delivery of Bullion in respect of a Purchase Order or for any failure or delay in surrendering Shares
for redemption arising from nuclear fission or fusion, radioactivity, war, terrorist event, invasion, insurrection, civil commotion,
riot, strike, act of government, public authority, public service or utility problems, power outages resulting in telephone, telecopy
and computer failures, acts of God, such as fires, floods, extreme weather conditions, market conditions or activities causing
trading halts, systems failures involving computer or other information systems affecting the Authorized Participant, or similar
extraordinary events beyond the Authorized Participant&rsquo;s reasonable control. In the event of any such delay, the time to
complete Delivery in respect of a Purchase Order or Redemption Order will be extended for a period equal to that during which the
inability to perform continues as determined by the Trustee in its sole discretion. Upon the deposit of any Bullion, the Authorized
Participant as Depositor represents and warrants that (i) the Bullion represents the right to receive Bullion that meets the LBMA
London Good Delivery Standards or the LPPM Good Delivery Standards and otherwise meets the relevant requirements to be Bullion
and contains the required number of Ounces for the applicable Purchase Order, (ii) the Authorized Participant is duly authorized
to make such deposit of Bullion and (iii) at the time of Delivery, the Bullion is free and clear of any lien, pledge, encumbrance,
right, charge or claim.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1.07. &nbsp;&nbsp;&nbsp;&nbsp;<U>Title
to Deposit Property and Shares Surrendered for Redemption</U>. The Authorized Participant represents and warrants to the Trustee
and the Sponsor that</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
connection with each Purchase Order, the Authorized Participant will have the right and authority to transfer to the Trust the
corresponding Deposit Property, and that upon delivery of such Deposit Property to the Custodian and/or the relevant sub-custodian
in accordance with the Procedures, the Trust will acquire good and unencumbered title to such Deposit Property, free and clear
of all liens, charges, duties imposed on the transfer of assets and encumbrances and not subject to any adverse claims or transferability
restrictions, whether arising by operation of law or otherwise; and</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
connection with a Redemption Order, the Authorized Participant will have the right and authority to surrender to the Trustee for
redemption the corresponding Shares, and upon such surrender the Trust will acquire good and unencumbered title to such Shares,
free and clear of all liens, charges, duties imposed on the transfer of assets and encumbrances and not subject to any adverse
claims, transferability restrictions (whether arising by operation of law or otherwise), loan, pledge, repurchase or securities
lending agreements or other arrangements which, under such circumstances, would preclude the delivery of such Shares to the Trustee
in accordance with the Procedures.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1.08.&nbsp;&nbsp;&nbsp;&nbsp; <U>Certain
Payments or Distributions</U>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to any Purchase Order, the Trustee acknowledges and agrees to return to the Authorized Participant, for its own benefit
or for the benefit of any Authorized Participant Client for which it is acting, any payment, distribution or other amount paid
to the Trust in respect of any Deposit Property transferred to the Trust that, based on the valuation of such Deposit Property
at the time of transfer, should have been paid to the Authorized Participant or any Authorized Participant Client. Likewise, the
Authorized Participant acknowledges and agrees to return to the Trust any payment, distribution or other amount paid to the Authorized
Participant or any Authorized Participant Client in respect of any Deposit Property transferred to the Trust that, based on the
valuation of such Deposit Property at the time of transfer, should have been paid to the Trust.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to any Redemption Order, the Authorized Participant on behalf of itself and any Authorized Participant Client acknowledges
and agrees to return to the Trust any payment, distribution or other amount paid to it or an Authorized Participant Client in respect
of any property transferred to the Authorized Participant or any Authorized Participant Client that, based on the valuation of
such property at the time of transfer, should have been paid to the Trust. The Trustee is entitled to reduce the amount of any
property due to the Authorized Participant or any Authorized Participant Client by an amount equal to any payment, distribution
or other amount to be paid to the Authorized Participant or to the Authorized Participant Client in respect of any property transferred
to the Authorized Participant or any Authorized Participant Client that, based on the valuation of such property at the time of
transfer, should be paid to the relevant Trust. If, however, the Trustee so reduces an amount of any property appropriately due
to the Authorized Participant, the Authorized Participant shall not be required to return to the relevant Trust payments, distributions
or other amounts equal to such reduction that has been paid to the Authorized Participant or the Authorized Participant Client
as is contemplated in the first sentence of this <U>Section 1.08(b)</U>. Likewise, the Trustee acknowledges and agrees to return
to the Authorized Participant, for its benefit or for the benefit of any Authorized Participant Client for which it is acting,
any payment, distribution or other amount paid to it in respect of any Shares transferred to the relevant Trust that, based on
the valuation of such Shares at the time of transfer, should have been paid to the Authorized Participant or such Authorized Participant
Client.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1.09. &nbsp;&nbsp;&nbsp;<U>Ambiguous
Instructions</U>. In the event that a Purchase Order or Redemption Order contains terms that differ from the information provided
in the related telephone call or email transmission, the Trustee will attempt to contact the Authorized Participant to request
confirmation of the terms of the Order at the telephone number indicated in the Purchase Order or Redemption Order. If an Authorized
Representative (as defined below) confirms the terms as they appear in the Purchase Order or Redemption Order, then the Order
will be accepted and processed. If an Authorized Representative contradicts the terms of the Purchase Order or Redemption Order,
the Order will be deemed invalid, and a corrected Purchase Order or Redemption Order must be received by the Trustee not later
than the earlier of (i) within fifteen (15) minutes of such contact with the Authorized Representative or (ii) thirty (30) minutes
after the Order Cutoff Time. For the avoidance of doubt, notwithstanding the invalidation of the initial Purchase Order or Redemption
Order pursuant to this paragraph, a Purchase Order or Redemption Order that is otherwise in proper form shall be deemed submitted
at the time of its initial submission for purposes of determining when Orders are deemed &ldquo;received.&rdquo; If the Trustee
is not able to contact an Authorized Representative, then the Purchase Order or Redemption Order shall be accepted and processed
in accordance with its terms notwithstanding any inconsistency from the terms of the telephone information. In the event that
a Purchase Order or Redemption Order contains terms that are illegible, the submission will be deemed invalid and the Trustee
will attempt to contact the Authorized Participant to request retransmission. A corrected Purchase Order or Redemption Order must
be received by the Trustee within fifteen (15) minutes of such contact with the Authorized Participant, provided that the corrected
Purchase Order or Redemption Order is received by the Trustee prior to the Order Cutoff Time.</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE II<BR>
<BR>
<U>AUTHORIZED REPRESENTATIVES</U></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.01. &nbsp;&nbsp;&nbsp;<U>Certification</U>.
Concurrently with the execution of the Authorized Participant Agreement, the Authorized Participant shall deliver to the Trustee
a certificate in a form as attached at <U>Schedule 2-A</U> to the Authorized Participant Agreement (an &ldquo;<U>Authorized Representative
Certificate</U>&rdquo;) signed by the Authorized Participant&rsquo;s Secretary or other duly authorized person setting forth the
names, signatures, e-mail addresses and telephone and facsimile numbers of all persons authorized to give instructions relating
to any activity contemplated hereby or any other notice, request or instruction on behalf of the Authorized Participant (each an
&ldquo;<U>Authorized Representative</U>&rdquo;). Such certificate may be accepted and relied upon by the Trustee as conclusive
evidence of the facts set forth therein and shall be considered to be in full force and effect until (i) receipt by the Trustee
of a superseding Authorized Representative Certificate, or (ii) termination of the Authorized Participant Agreement. After such
Authorized Representative Certificate is accepted by the Trustee, the Authorized Participant may authorize additional Authorized
Representatives to give instructions relating to any activity contemplated hereby or any other notice, request or instruction on
behalf of the Authorized Participant by delivering to the Trustee an addendum to the certificate described above in a form as attached
at <U>Schedule 2-B</U> to the Authorized Participant Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.02. &nbsp;&nbsp;&nbsp;<U>PIN
Numbers</U>. The Trustee shall issue to each Authorized Representative a unique personal identification number (&ldquo;<U>PIN Number</U>&rdquo;)
by which such Authorized Representative shall be identified and instructions issued by the Authorized Participant shall be authenticated.
The PIN Number shall be kept confidential and only provided to Authorized Representatives. The Authorized Participant may revoke
any PIN Number at any time upon written notice to the Trustee pursuant to <U>Section 2.03</U> hereof, and the Authorized Participant
shall be responsible for doing so in the event that it becomes aware that an unauthorized person has received access to its PIN
Number or has or intends to use the PIN Number in an unauthorized manner. Except as otherwise provided in these Standard Terms,
the Authorized Participant agrees that neither the Sponsor, each Trust or the Trustee shall be liable for losses incurred by the
Authorized Participant as a result of unauthorized use of the Authorized Participant&rsquo;s PIN Number prior to the time when the Authorized
Participant provides notice to the Trustee of the termination or revocation of authority pursuant to <U>Section 2.03</U> and the
Trustee has de-activated the PIN Number as provided for in <U>Section 2.03</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.03.&nbsp;&nbsp;&nbsp; <U>Termination
of Authority</U>. Upon the termination or revocation of authority of an Authorized Representative by the Authorized Participant
or the revocation of a PIN Number by the Authorized Participant, the Authorized Participant shall (i) give, as promptly as practicable
under the circumstances, written notice of such fact to the Trustee and such notice shall be effective upon receipt by the Trustee;
and (ii) request a new PIN Number. The Trustee shall, as promptly as practicable, de-activate the PIN Number upon receipt of such
written notice. If an Authorized Participant&rsquo;s PIN Number is changed, the new PIN Number will become effective on a date mutually
agreed upon by the Authorized Participant and the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.04. &nbsp;&nbsp;<U>Verification</U>.
The Trustee may assume that all instructions issued to it using the Authorized Participant&rsquo;s PIN Number have been properly
placed by Authorized Representatives, unless the Trustee has actual knowledge to the contrary or the Authorized Participant has
properly revoked such PIN Number in accordance with <U>Section 2.03</U> hereof prior to the placement of such instructions. The
Trustee shall have no duty to verify that an Order is being placed by an Authorized Representative that uses a valid PIN Number.
The Authorized Participant agrees that the Trustee shall not be responsible for any losses incurred by the Authorized Participant
as a result of an Authorized Representative identifying himself or herself as a different Authorized Representative or an unauthorized
person identifying himself or herself as an Authorized Representative, unless such person uses a PIN Number which the Authorized
Participant had previously revoked in accordance with <U>Section 2.03</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE III<BR>
<BR>
<U>STATUS OF THE AUTHORIZED PARTICIPANT</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.01. <U>Clearing
Status</U>. The Authorized Participant represents, covenants and warrants that, as of the date of execution of the Authorized Participant
Agreement, and at all times during the term of the Authorized Participant Agreement, the Authorized Participant is and will be
entitled to use the clearing and settlement services of each of the national or international clearing and settlement organizations
through which, in compliance with the Procedures, the transactions contemplated hereby will clear and settle. The Authorized Participant
shall give prompt written notice to the Trustee of a change in the foregoing status of the Authorized Participant, and any such
change shall terminate the Authorized Participant Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.02.&nbsp;&nbsp;&nbsp; <U>Broker-Dealer
Status</U>. The Authorized Participant represents and warrants that it is (i) registered as a broker-dealer under the Securities
Exchange Act of 1934, as amended, or other securities market participant, such as a bank or other financial institution, which,
but for an exclusion from registration, would be required to register as a broker-dealer to engage in securities transactions (ii)
qualified to act as a broker or dealer in the states or other jurisdictions where it transacts business to the extent so required
by applicable law, and (iii) a member in good standing with FINRA, to the extent so required. The Authorized Participant agrees
that it will maintain such registrations, qualifications, and membership in good standing and in full force and effect throughout
the term of the Authorized Participant Agreement. The Authorized Participant further agrees to comply with all applicable U.S.
federal laws, the laws of the states or other jurisdictions concerned, and the rules and regulations promulgated thereunder, to
the extent such laws and regulations are applicable to the Authorized Participant&rsquo;s transactions in, and activities with respect
to, Shares, and with the applicable rules of any self-regulatory organization of which the Authorized Participant is a member to
the extent the foregoing relates to the Authorized Participant&rsquo;s transactions in, and activities with respect to, Shares, and that
it will not offer or sell Shares in any state or jurisdiction where they may not lawfully be offered and/or sold. The Authorized
Participant shall be solely responsible for determining the application of any such laws. rules or regulations in all cases at
its own expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.03.&nbsp;&nbsp;&nbsp; <U>Foreign
Status</U>. If the Authorized Participant is offering and selling Shares in jurisdictions outside the several states, territories
and possessions of the United States, the Authorized Participant agrees to observe the applicable laws of the jurisdiction in which
such offer and/or sale is made and to conduct its business in accordance with applicable rules of any self-regulatory organization
of which the Authorized Participant is a member, to the extent the foregoing relates to the Authorized Participant&rsquo;s transactions
in, and activities with respect to, Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.04. &nbsp;&nbsp;<U>Compliance
with Certain Laws</U>. If the Authorized Participant is subject to the requirements of the Uniting and Strengthening America by
Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, as amended (the &ldquo;<U>U.S.A. PATRIOT
Act</U>&rdquo;), the Authorized Participant has policies and procedures reasonably designed to comply with the anti-money laundering
and related provisions of the U.S.A. PATRIOT Act, and the operations of the Authorized Participant are conducted in compliance
with the U.S.A. PATRIOT Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.05. &nbsp;&nbsp;&nbsp;<U>Authorized
Participant Statu</U>s. The Authorized Participant understands and acknowledges that the method by which Baskets will be created
and traded may raise certain issues under applicable securities laws. For example, because new Baskets may be issued and sold by
each Trust on an ongoing basis, at any point a &ldquo;distribution&rdquo;, as such term is used in the Securities Act, may occur.
The Authorized Participant understands and acknowledges that some activities on its part, depending on the facts, may result in
its being deemed a participant in a distribution in a manner which could render it a statutory underwriter and subject it to the
prospectus delivery and liability provisions of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE IV<BR>
<BR>
<U>ROLE OF AUTHORIZED PARTICIPANT</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.01. &nbsp;&nbsp;&nbsp;<U>No
Agency</U>. The Authorized Participant acknowledges and agrees that for all purposes of the Authorized Participant Agreement, the
Authorized Participant will have no authority to act as agent for each Trust or the Trustee in any matter or in any respect. The
Authorized Participant agrees to make itself and its employees available, upon reasonable request, during normal business hours
to consult with the Trustee, the Sponsor or their designees concerning the performance of the Authorized Participant&rsquo;s responsibilities
under the Authorized Participant Agreement; provided, however, that the Authorized Participant shall be under no obligation to
divulge or otherwise disclose any information that the Authorized Participant reasonably believes (i) the disclosure of which to
third parties is in violation of any applicable law or regulation or is otherwise prohibited, or (ii) is confidential or proprietary
in nature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.02. &nbsp;&nbsp;<U>Rights
and Obligations of DTC Participant</U>. The Authorized Participant, as a DTC Participant, agrees that it shall be bound by all
of the obligations of a DTC Participant in addition to any obligations that it undertakes hereunder or in accordance with the Procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.03.&nbsp;&nbsp;&nbsp; <U>Beneficial
Owner Communications</U>. The Authorized Participant agrees (i) subject to any limitations arising under federal or state securities
laws relating to privacy, or other obligations it may have to its customers, to assist the Trustee or the Sponsor in determining
certain information regarding sales of Shares made by or through the Authorized Participant (including, without limitation, the
ownership level of each beneficial owner relating to positions in Shares that the Authorized Participant may hold as record holder)
upon the request of the Trustee or the Sponsor that is necessary for the Trustee or Sponsor to comply with their obligations to
distribute information to beneficial owners of Shares under applicable state or federal securities laws and (ii) to forward to
such beneficial owners written materials and communications received, directly or indirectly, from the Sponsor or the Trustee in
sufficient quantities to allow mailing thereof to such beneficial owners, including, without limitation, notices, annual reports,
disclosure or other informational materials and any amendments or supplements thereto that may be required to be sent by the Sponsor
or the Trustee to such beneficial owners pursuant to applicable law or regulation or otherwise, or that the Sponsor or the Trustee
reasonably wishes to distribute to such beneficial owners, in each case at the expense of the Sponsor and/or the applicable Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.04.&nbsp;&nbsp;&nbsp; <U>Authorized
Participant Customer Information</U>. The Sponsor and the Trustee agree that the names and addresses and other information concerning
the Authorized Participant&rsquo;s customers arc and shall remain the sole property of the Authorized Participant, and none of the Sponsor,
the Trust, or the Trustee, or any of their respective affiliates, shall use such names, addresses or other information for any
purpose except in connection with the performance of their duties and responsibilities under the Authorized Participant Agreement,
the Procedures, the Standard Terms, the relevant Trust Agreement and the applicable Prospectus and except for servicing and informational
mailings related to the Trust(s) referred to in <U>Section 4.03</U> above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE V<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>MARKETING MATERIALS AND REPRESENTATIONS
AND WARRANTIES</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.01.&nbsp;&nbsp;&nbsp; <U>Authorized
Participant&rsquo;s Representation</U>. The Authorized Participant represents, warrants and agrees that in connection with any
sale or solicitation of a sale of Shares it will not make, or permit any of its representatives to make on its behalf, any representations
concerning Shares, each Trust or the Sponsor other than those not inconsistent with each Trust&rsquo;s then current Prospectus
or any promotional materials or sales literature furnished to the Authorized Participant by the Sponsor. The Authorized Participant
agrees not to furnish or cause to be furnished to any person or display or publish any information or materials relating to Shares,
the Trust or the Sponsor (excluding, without limitation, promotional materials and sales literature, advertisements, press releases,
announcements, statements, posters, signs or other similar materials not inconsistent with each Trust&rsquo;s then-current Prospectus
and in accordance with applicable laws and regulations, and any materials prepared and used for the Authorized Participant&rsquo;s internal
use only or brokerage communications prepared by the Authorized Participant in the normal course of its business), except such
information and materials as may be furnished to the Authorized Participant by the Sponsor and such other information and materials
as may be approved in writing by the Sponsor. The Authorized Participant understands that the Trust(s) will not be advertised as
offering redeemable securities, and that any advertising materials will prominently disclose that the Shares are not redeemable
units of beneficial interest in the Trust(s). Notwithstanding the foregoing, the Authorized Participant and its Affiliates and
representatives may, without the approval of the Sponsor, prepare and circulate in the regular course of their respective businesses
research, reports, marketing materials, sales literature or similar materials that include information, opinions or recommendations
relating to Shares (i) for public dissemination, provided that such reports, research, marketing materials, sales literature or
other similar materials comply with applicable FINRA rules and (ii) for internal use by the Authorized Participant and its Affiliates
and representatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.02.&nbsp;&nbsp;&nbsp; <U>Prospectus</U>.
The Sponsor will provide, or cause to be provided, to the Authorized Participant copies of the then-current Prospectus and any
printed supplemental information in reasonable quantities upon request. The Sponsor will, as promptly as practicable under the
circumstances, notify the Authorized Participant when a revised, supplemented or amended Prospectus for the Shares is available,
and deliver or otherwise make available to the Authorized Participant copies of such revised, supplemented or amended Prospectus
at such time and in such quantities as may be reasonable to permit the Authorized Participant to comply with any obligation the
Authorized Participant may have to deliver such Prospectus to its customers. The Sponsor will make such revised, supplemented or
amended Prospectus available to the Authorized Participant no later than its effective date. The Sponsor shall be deemed to have
complied with this <U>Section 5.02</U> when the Authorized Participant has received such revised, supplemented or amended Prospectus
by e-mail, in printable form, with such number of hard copies as may be agreed from time to time by the parties promptly thereafter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE VI<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>INDEMNIFICATION; LIMITATION OF LIABILITY</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6.01.&nbsp;&nbsp;&nbsp;&nbsp; <U>Indemnification</U>.
The provisions of this <U>Section 6.01</U> shall survive termination of the Authorized Participant Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Authorized Participant shall indemnify and hold harmless the Sponsor, in its capacity as sponsor of each Trust, the Trustee, each
Trust and their respective Affiliates, subsidiaries, directors, officers, employees and agents, and each person, if any, who controls
such persons within the meaning of Section 15 of the Securities Act (each an &ldquo;<U>AP Indemnified Party</U>&rdquo;) from and
against any loss, liability, cost and expense (including, without limitation, reasonable attorneys&rsquo; fees) incurred by such
AP Indemnified Party as a result of (i) any breach by the Authorized Participant of any provision of the relevant Trust Agreement,
the Authorized Participant Agreement, the Procedures, these Standard Terms and the relevant Prospectus (together, the &ldquo;<U>Trust
Documents</U>&rdquo;) that relates to the Authorized Participant; (ii) any failure on the part of the Authorized Participant to
perform any of its obligations set forth in the Trust Documents applicable to it; (iii) any failure by the Authorized Participant
to comply in all material respects with applicable laws, including, without limitation, rules and regulations of self-regulatory
organizations, to the extent such laws, rules and regulations are applicable to the transactions being undertaken pursuant to the
Trust Documents; or (iv) actions of such AP Indemnified Party pursuant to any instructions issued in accordance with the relevant
Trust Documents, reasonably believed by the AP Indemnified Party to be genuine and to have been given by the Authorized Participant
except to the extent that the Authorized Participant had previously revoked a PIN Number used in giving such instructions or representations
(where applicable) and such revocation was given by the Authorized Participant and received by the Trustee in accordance with the
terms of <U>Section 2.03</U> hereto. The Authorized Participant shall not be liable under its indemnity agreement contained in
this paragraph with respect to any claim made against any AP Indemnified Party unless the AP Indemnified Party shall have notified
the Authorized Participant in writing of the claim within a reasonable time after the summons or other first written notification
giving information of the nature of the claim was served upon the AP Indemnified Party (or after the AP Indemnified Party shall
have received notice of service on any designated agent). However, failure to notify the Authorized Participant of any claim shall
not relieve the Authorized Participant from any liability which it may have to any AP Indemnified Party against whom such action
is brought otherwise than on account of its indemnity agreement contained in this paragraph and shall only release it from such
liability under this paragraph to the extent it has been materially prejudiced by such failure to give notice. The Authorized Participant
shall be entitled to participate at its own expense in the defense, or, if it so elects, to assume the defense of any suit brought
to enforce any claims, but if the Authorized Participant elects to assume the defense, the defense shall be conducted by counsel
chosen by it and satisfactory to the AP Indemnified Parties in the suit and who shall not, except with consent of the AP Indemnified
Parties, be counsel to the Authorized Participant. If the Authorized Participant does not elect to assume the defense of any suit,
it will reimburse the AP Indemnified Parties in the suit for the reasonable fees and expenses of any counsel retained by them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sponsor hereby agrees to indemnify and hold harmless the Authorized Participant, its Affiliates, subsidiaries, directors, officers,
employees and agents, and each person, if any, who controls such persons within the meaning of Section 15 of the Securities Act
(each a &ldquo;<U>Sponsor Indemnified Party</U>&rdquo;) from and against any loss, liability, cost and expense (including, without
limitation, reasonable attorneys&rsquo; fees) incurred by such Sponsor Indemnified Party as a result of (i) any breach by the Sponsor
of any provision of the Authorized Participant Agreement that relates to the Sponsor; (ii) any failure on the part of the Sponsor
to perform any of its obligations set forth in the Authorized Participant Agreement applicable to it; (iii) any failure on the
part of the Sponsor to comply in all material respects with applicable laws, including, without limitation, rules and regulations
of self-regulatory organizations, to the extent such laws, rules and regulations are applicable to the transactions being undertaken
pursuant to the Authorized Participant Agreement; (iv) actions of such Sponsor Indemnified Party pursuant to any instructions issued
or representations made in accordance with the relevant Prospectus, Authorized Participant Agreement, the Procedures, the relevant
Trust Agreement or these Standard Terms reasonably believed by the Sponsor Indemnified Party to be genuine and to have been given
by the Sponsor; or (v) any untrue statements or omissions made in any promotional material or sales literature furnished to the
Authorized Participant by the Sponsor or otherwise approved in writing by the Sponsor. The Sponsor shall not be liable under its
indemnity agreement contained in this paragraph with respect to any claim made against any Sponsor Indemnified Party unless the
Sponsor Indemnified Party shall have notified the Sponsor in writing of the claim within a reasonable time after the summons or
other first written notification giving information of the nature of the claim shall have been served upon the Sponsor Indemnified
Party (or after the Sponsor Indemnified Party shall have received notice of service on any designated agent). However, failure
to notify the Sponsor of any claim shall not relieve the Sponsor from any liability which it may have to any Sponsor Indemnified
Party against whom such action is brought otherwise than on account of its indemnity agreement contained in this paragraph and
shall only release it from such liability under this paragraph to the extent it has been materially prejudiced by such failure
to give notice. The Sponsor shall be entitled to participate at its own expense in the defense, or, if it so elects, to assume
the defense of any suit brought to enforce any claims, but if the Sponsor elects to assume the defense, the defense shall be conducted
by counsel chosen by it and satisfactory to the Sponsor Indemnified Parties in the suit and who shall not, except with the consent
of the Sponsor Indemnified Parties, be counsel to the Sponsor. If the Sponsor does not elect to assume the defense of any suit,
it will reimburse the Sponsor Indemnified Parties in the suit for the reasonable fees and expenses of any counsel retained by them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
indemnifying party, as described in paragraphs (a) and (b) above, shall, without the written consent of the AP Indemnified Party
or the Sponsor Indemnified Party, as the case may be, effect the settlement or compromise of or consent to the entry of any judgment
with respect to, any pending or threatened action or claim in respect of which indemnification may be sought hereunder (whether
or not the indemnified party is an actual or potential party to such action or claim) unless such settlement, compromise or judgment
(i) includes an unconditional release of the AP Indemnified Party or Sponsor Indemnified Party, as the case may be, from all liability
arising out of such action or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure
to act, by or on behalf of any AP Indemnified Party or Sponsor Indemnified Party, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Authorized Participant shall not be liable to any AP Indemnified Party for any damages arising out of (i) mistakes or errors in
data provided in connection with purchase or redemption transactions except for data provided by the Authorized Participant, or
(ii) mistakes or errors by, or arising out of interruptions or delays of communications with, the Trustee or any AP Indemnified
Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
indemnification provided for in <U>Section 6.01(a)</U> shall not apply to an AP Indemnified Party to the extent any such losses,
liabilities, damages, costs and expenses are incurred as a result of any fraud, gross negligence, bad faith or willful misconduct
on the part of such AP Indemnified Party. The indemnification provided for in <U>Section 6.01(b)</U> shall not apply to a Sponsor
Indemnified Party to the extent any such losses, liabilities, damages, costs and expenses arc incurred as a result of any fraud,
gross negligence, bad faith or willful misconduct on the part of such Sponsor Indemnified Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">f.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
indemnity agreements contained in this <U>Section 6.01</U> shall remain in full force and effect and shall survive any termination
of this Authorized Participant Agreement. The Sponsor and the Authorized Participant agree promptly to notify each other of the
commencement of any proceeding against it and against any of their officers or directors in connection with the issuance and sale
of the Shares or in connection with each Trust&rsquo;s registration statement or the relevant Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE VII<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>MISCELLANEOUS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 7.01. <U>Commencement
of Trading</U>. The Authorized Participant may not submit an Order prior to the effectiveness of the relevant Trust&rsquo;s registration
statement, or amendment to the relevant Trust&rsquo;s registration statement, filed with the Securities and Exchange Commission
and pursuant to which the Authorized Participant is identified as such in the relevant Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 7.02. <U>Defined
Terms</U>. All capitalized terms used in these Standard Terms and not otherwise defined herein shall have the meanings ascribed
to such terms in the Authorized Participant Agreement and the Procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 7.03. <U>Third
Party Beneficiaries</U>. The parties acknowledge and agree that each Trust shall be a third party beneficiary of the Authorized
Participant Agreement, including, without limitation, as to <U>Section 6.01(a)</U> of these Standard Terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Signatures Follow on Next Page]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
the Sponsor and the Trustee have executed these Standard Terms as of the date set forth above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THE BANK OF NEW YORK MELLON,&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">in its capacity as Trustee of the Trust(s) listed on Schedule
A attached to the Authorized Participant Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 3%">By:</TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2">Name:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2">Title:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">GRANITESHARES LLC,&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">in its capacity as Sponsor of the Trust(s) listed on Schedule
A attached to the Authorized Participant Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 3%">By:</TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2">Name:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2">Title:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 38 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE 2-A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>AUTHORIZED REPRESENTATIVES OF THE AUTHORIZED
PARTICIPANT</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Certificate of Authorized Representatives
of the Authorized Participant</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following are the
names, titles, signatures, phone numbers, and email addresses of all persons (each, an &ldquo;<U>Authorized Representative</U>&rdquo;)
authorized to give instructions relating to any activity contemplated by the Authorized Participant Agreement between <B>[Name
of Authorized Participant]</B>, The Bank of New York Mellon, as trustee of the Trust(s) listed on Schedule A attached to the Authorized
Participant Agreement, and GraniteShares LLC, as sponsor of the Trust(s) listed on Schedule A attached to the Authorized Participant
Agreement, dated ______________, 2017 (the &ldquo;<U>Agreement</U>&rdquo;) or any other notice, request or instruction on behalf
of the Authorized Participant pursuant to the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 65%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 4%">Name:</TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 4%">Name: </TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 65%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 4%">Title:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 25%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 4%">Title:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 25%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 65%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 6%">Signature:&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 23%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 6%">Signature:&nbsp;</TD>
    <TD STYLE="width: 23%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 65%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 5%">Phone:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 24%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 5%">Phone:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 24%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 65%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 4%">Email:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 25%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 4%">Email:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 25%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <U> </U> <U> </U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 65%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 4%">Name:</TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 4%">Name: </TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 65%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 4%">Title:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 25%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 4%">Title:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 25%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 65%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 6%">Signature:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 23%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 6%">Signature:</TD>
    <TD STYLE="width: 23%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 65%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 5%">Phone:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 24%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 5%">Phone:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 24%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 65%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 4%">Email:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 25%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 4%">Email:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 25%">&nbsp;</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <U> </U> <U> </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned, <B>[AP
Authorized Signatory]</B>, does hereby certify that the persons listed above have been duly authorized to act as Authorized Representatives
pursuant to the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 3%">By:</TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2">Name:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2">Title:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2">Date:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 39 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE 2-B</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ADDENDUM TO CERTIFICATE OF&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>AUTHORIZED REPRESENTATIVES OF THE AUTHORIZED
PARTICIPANT</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[On AP&rsquo;s Firm Letterhead]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in; text-indent: 0.5in; text-align: right"><B>[DATE]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attn:________________&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Bank of New York Mellon,&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">as Trustee of the relevant Trusts sponsored by GraniteShares
LLC&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2 Hanson Place - Floor 9th&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Brooklyn, New York 11217</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Addendum to the Certificate of Authorized
Representatives for <B>[Name of Authorized Participant]</B> under the Authorized Participant Agreement dated <B>[Date,]</B> for
the relevant Trusts sponsored by GraniteShares LLC (the &ldquo;<U>Agreement</U>&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the Agreement,
the following are the names, titles, signatures, phone numbers, and email addresses of additional Authorized Representatives of
<B>[Name of Authorized Participant]</B> (the &ldquo;<U>AP</U>&rdquo;) authorized to give instructions relating to any activity
contemplated by the Agreement or any other notice, request or instruction on behalf of the AP pursuant to the Agreement. This list
of Authorized Representatives is an addendum and adds further Authorized Representatives to the AP&rsquo;s most recently executed
certificate (entitled &ldquo;<U>Certificate of Authorized Representatives of the Authorized Participant</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 65%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 4%">Name:</TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 4%">Name: </TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 65%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 4%">Title:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 25%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 4%">Title:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 25%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 65%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 6%">Signature:&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 23%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 6%">Signature:&nbsp;</TD>
    <TD STYLE="width: 23%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 65%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 5%">Phone:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 24%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 5%">Phone:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 24%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 65%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 4%">Email:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 25%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 4%">Email:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 25%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <U> </U> <U> </U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 65%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 4%">Name:</TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 4%">Name: </TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 65%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 4%">Title:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 25%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 4%">Title:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 25%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 65%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 6%">Signature:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 23%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 6%">Signature:</TD>
    <TD STYLE="width: 23%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 65%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 5%">Phone:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 24%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 5%">Phone:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 24%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 65%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 4%">Email:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 25%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 4%">Email:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 25%">&nbsp;</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <U> </U> <U> </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<!-- Field: Page; Sequence: 40 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Please provide PIN
numbers for those listed above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned, <B>[AP&rsquo;S
Authorized Signatory]</B>, does hereby certify that the persons listed above have been duly authorized to act as Authorized Representatives
pursuant to the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></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: 3%">By:</TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2">Name:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2">Title:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2">Date:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 41 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P></DIV>

    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>4
<FILENAME>ex10-1.htm
<DESCRIPTION>FORM OF ALLOCATED PLATINUM ACCOUNT AGREEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0; text-align: left"><A HREF="gspt-s1_110317.htm">GraniteShares Platinum Trust S-1</A></P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.1</B>&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>Dated: ________________, 2017</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>ICBC STANDARD BANK PLC</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>and</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center; background-color: white"><B>THE BANK OF NEW YORK
MELLON</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center; background-color: white"><B>solely in its capacity
as trustee of the GraniteShares Platinum Trust</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center; background-color: white"><B>and not individually</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center; background-color: white"></P>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>ALLOCATED PLATINUM ACCOUNT AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">This <B>ALLOCATED PLATINUM ACCOUNT AGREEMENT </B>(this
&ldquo;<B>Agreement</B>&rdquo;) is made as of the date set out on the cover page of this Agreement</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>BETWEEN</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.33in; text-align: left">(1)</TD><TD><B>ICBC Standard Bank Plc</B>, a public limited company
incorporated under the laws of England and Wales with its registered office at 20 Gresham Street, London, EC2V 7JE, United Kingdom
(the &ldquo;<B>Custodian</B>&rdquo;); and</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.33in">(2)</TD><TD STYLE="text-align: justify"><B>THE BANK OF NEW YORK MELLON</B>,
                                         a New York banking corporation, solely in its capacity as trustee of the GraniteShares
                                         Platinum Trust created under the Trust Agreement identified below and not individually
                                         (the &ldquo;<B>Trustee</B>&rdquo;), which expression shall, wherever the context so admits,
                                         include the named Trustee and all other persons or companies for the time being the trustee
                                         or trustees of the Trust Agreement as trustee for the Shareholders.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in">INTRODUCTION</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.4in; text-align: left">(1)</TD><TD>The Trustee has agreed to act as trustee for the Shareholders
of the Shares pursuant to the Trust Agreement.</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.4in">(2)</TD><TD STYLE="text-align: justify">Shares may be issued by the Trust against delivery of Platinum made by way of payment for the issue
of such Shares. The Trustee has agreed that Platinum delivered in connection with a subscription for Shares will be paid into the
Metal Accounts.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.4in">(3)</TD><TD STYLE="text-align: justify">The Custodian has agreed to open and maintain for the Trustee the Trust Allocated Account and to
provide other services in connection with the Trust Allocated Account.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.4in">(4)</TD><TD STYLE="text-align: justify">The Custodian has agreed to transfer Platinum deposited into the Trust Unallocated Account to the
Trust Allocated Account in connection with a subscription for Shares and to transfer Platinum from the Trust Allocated Account
to the Trust Unallocated Account in connection with redemption of Shares.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.4in">(5)</TD><TD STYLE="text-align: justify">The Trustee has agreed that the Trust Allocated Account will be established by the Trustee (for
the account of the Trust), and that the Trustee will have the sole right to give instructions for the making of any payments into
or out of the Trust Allocated Account.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>IT IS AGREED AS FOLLOWS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INTERPRETATION</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>1.1</B></TD><TD STYLE="text-align: justify"><B>Definitions: </B>In this Agreement, <FONT STYLE="background-color: white">unless there is anything
in the subject or context inconsistent therewith, the following expressions shall have the following meanings.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>Affiliate</B>&rdquo; means an
entity that directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control
with the Custodian.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>AURUM</B>&rdquo; means the electronic
matching and settlement system operated by LPMCL.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>Authorized Participant</B>&rdquo;
shall have the meaning assigned to such term in the Unallocated Platinum Account Agreement.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>Dispute</B>&rdquo; means for
the purpose of <U>clause 16</U> any disagreement between the Trustee and the Custodian which has not been resolved amicably within
a period of fourteen London Business Days after the Custodian has received from the Trustee, or the Trustee has received from the
Custodian, written notification of the disagreement.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>Good Delivery Standards</B>&rdquo;
means the specifications for &ldquo;good delivery&rdquo; platinum plates and ingots, including the specifications for weight, dimensions,
fineness (or purity), identifying marks and appearance of platinum plates and ingots, set forth in &ldquo;The Good Delivery Rules
for Platinum and Palladium Plates and Ingots&rdquo; published by the LPPM.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>LBMA</B>&rdquo; means The London
Bullion Market Association or its successors.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>LBMA Platinum Price PM</B>&rdquo;
means the price of a troy ounce of platinum as determined by the auction administered by the LME for the LBMA, or any successor
administrator of the auction for the London platinum price, at or about 2:00 p.m. London, England time.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>LME</B>&rdquo; means The London
Metal Exchange or its successors.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>Loco London</B>&rdquo; means
with respect to an account holding Platinum, the custody, trading or clearing of such Platinum in London, United Kingdom.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>London Business Day</B>&rdquo;
means a day (excluding Saturdays, Sundays and public holidays) on which commercial banks generally are open for business in London
and on which the London platinum market is open for business.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>LPMCL</B>&rdquo; means London
Precious Metals Clearing Limited or its successors.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>LPPM</B>&rdquo; means The London
Platinum and Palladium Market or its successors.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>Metal Accounts</B>&rdquo; means
the Trust Allocated Account and the Trust Unallocated Account.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>New York Business Day</B>&rdquo;
means a &ldquo;Business Day&rdquo; as defined in the Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0.05in 0pt 1in; text-align: justify">&ldquo;<B>Physical Platinum</B>&rdquo;
means platinum bullion that meets the Good Delivery Standards.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0.05in 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0.05in 0pt 1in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0.05in 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt CG Times (E1),serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>Platinum</B>&rdquo; means (i) Physical
Platinum held by the Custodian or any Sub-Custodian under this Agreement and/or (ii) any credit to an account, including the Trust
Unallocated Account, on an Unallocated Basis, as the context requires.</P>

<P STYLE="font: 10pt CG Times (E1),serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0.05in 0pt 1in; text-align: justify">&ldquo;<B>Point of Delivery</B>&rdquo;
means such date and time that the recipient (or its agent) acknowledges in written form its receipt of delivery of Physical Platinum;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0.05in 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>Rules</B>&rdquo; means the rules,
regulations, practices, procedures and customs of the LPPM, including the Good Delivery Standards, the LPMCL, the Financial Conduct
Authority, the Prudential Regulation Authority, the Bank of England and such other regulatory authority or other body, applicable
to the activities contemplated by this Agreement, including the activities of any Sub-Custodian.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>Shareholder</B>&rdquo; means
the beneficial owner of one or more Shares.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="background-color: white">&ldquo;<B>Shares</B>&rdquo;
means the units of fractional undivided beneficial interest in the Trust which are issued by the Trust, named &ldquo;GraniteShares
Platinum Shares&rdquo; created pursuant to and constituted by the Trust Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>Sponsor</B>&rdquo; means GraniteShares
LLC, its successors and assigns and any successor Sponsor appointed pursuant to the Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>Sub-Custodian</B>&rdquo; means
a sub-custodian, agent or depository (including an entity within our corporate group) appointed by the Custodian pursuant to <U>clause
8</U>.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify; background-color: white">&ldquo;<B>Trust</B>&rdquo;
means the GraniteShares Platinum Trust formed pursuant to the Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify; background-color: white">&ldquo;<B>Trust
Agreement</B>&rdquo; means the Depositary Trust Agreement of the GraniteShares Platinum Trust dated on or about ______________,
2017, as amended from time to time, between the GraniteShares LLC, as Sponsor, and The Bank of New York Mellon, as Trustee.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>Trust Allocated Account</B>&rdquo;
means the loco London Platinum account, number ______________, established in the name of the Trustee and maintained for the benefit
of the Trust by the Custodian on an allocated basis pursuant to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>Trust Unallocated Account</B>&rdquo;
means the loco London Platinum account, number ______________, established in the name of the Trustee and maintained for the benefit
of the Trust by the Custodian on an Unallocated Basis pursuant to the Unallocated Platinum Account Agreement.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Unallocated
Basis</B>&rdquo; means, with respect to the holding of platinum, that the holder is entitled to receive delivery of Physical Platinum
in the amount standing to the credit of the holder&rsquo;s account, but the holder has no ownership interest in any particular
platinum that the custodian maintaining that account owns or holds.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify; background-color: white">&ldquo;<B>Unallocated
Platinum Account Agreement</B>&rdquo; means the Unallocated Account Agreement dated ______________, 2017 between the Trustee and
the Custodian pursuant to which the Trust Unallocated Account is established and operated.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>VAT</B>&rdquo; means value added
tax as provided for in the Value Added Tax Act 1994 (as amended or re-enacted from time to time) and legislation supplemental thereto
and any other tax (whether imposed in the United Kingdom in substitution thereof or in addition thereto or elsewhere) of a similar
fiscal nature.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>1.2</B></TD><TD STYLE="text-align: justify"><B>Headings: </B>The headings in this Agreement do not affect its interpretation.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>1.3</B></TD><TD STYLE="text-align: justify"><B>Singular and plural:</B> References to the singular include the plural and vice versa.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>1.4</B></TD><TD STYLE="text-align: justify"><B>Construction</B>. The word &ldquo;including&rdquo; means &ldquo;including without limitation&rdquo;.
The word &ldquo;or&rdquo; is not exclusive.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRUST
ALLOCATED ACCOUNT</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>2.1</B></TD><TD STYLE="text-align: justify"><B>Opening Trust Allocated Account:</B> The Custodian shall open and maintain the Trust Allocated
Account in the name of the Trustee (in its capacity as trustee for the Shareholders).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>2.2</B></TD><TD STYLE="text-align: justify"><B>Deposits and Withdrawals:</B> The Trust Allocated Account shall evidence and record deposits
and withdrawals of Physical Platinum made pursuant to the terms of this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>2.3</B></TD><TD STYLE="text-align: justify"><B>Denomination of Allocated Accounts: </B>The Trust Allocated Account will hold deposits of Physical
Platinum and will be denominated in gross troy ounces (to three decimal places).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>2.4</B></TD><TD STYLE="text-align: justify"><B>Trust Allocated Account Reports: </B>At the end of each London Business Day, the Custodian will
provide the Trustee with access to information (i) showing the increases and decreases to the Physical Platinum standing to the
Trustee&rsquo;s credit in the Trust Allocated Account and identifying separately each transaction and the New York or London Business
Day on which it occurred and (ii) identifying each individual plate or ingot of Physical Platinum held in the Trust Allocated Account.
On each London Business Day, the Custodian will send the Trustee a notification of (i) each separate transaction, if any, transferring
Platinum to the Trust Allocated Account from the Trust Unallocated Account, (ii) the amount of Platinum, if any, transferred from
the Trust Allocated Account to the Trust Allocated Account and (iii) the closing balance of Physical Platinum held in the Trust
Allocated Account for such London Business Day, and the Custodian will use commercially reasonable efforts to send the notification
by 12:00 noon (New York time). In addition, the Custodian will provide the Trustee with such information about the increases and
decreases to the Platinum standing to the Trustee&rsquo;s credit in the Trust Unallocated Account on a same-day basis at such other
times and in such other form as the Trustee and the Custodian shall agree. For each calendar month, the Custodian will provide
the Trustee within a reasonable time after the end of the month a statement of account for the Trust Allocated Account which shall
include the opening and closing monthly balance and all transfers to and from the Trust Allocated Account, <FONT STYLE="font-family: CG Times,serif">accompanied
by one or more weight lists containing information sufficient to identify each plate or ingot of Physical Platinum held in the
Trust Allocated Account as of the last London Business Day of the calendar month and the party having physical possession thereof,
including any Sub-Custodian or any sub-custodian of a Sub-Custodian. The Custodian also will provide the Trustee with additional
weight lists in respect of the Physical Platinum held in the Trust Allocated Account from time to time upon the Trustee&rsquo;s
reasonable request. </FONT>All such reports will be made available to the Trustee by means of authenticated SWIFT message, provided
that, if the SWIFT messaging system is unavailable for any reason, the Trustee and the Custodian will agree upon a temporary notification
system for making such reports available to the Trustee. Additionally, if agreed to by the Trustee and the Custodian, such reports
will be made available to the Trustee by means of the Custodian&rsquo;s proprietary electronic system.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>2.5</B></TD><TD STYLE="text-align: justify"><B>Reversal of Entries:</B> The Custodian shall reverse any provisional or erroneous entries to
the Trust Allocated Account which it discovers or of which it is notified with effect back-valued to the date upon which the final
or correct entry (or no entry) should have been made.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>2.6</B></TD><TD STYLE="text-align: justify"><B>Provision of Information:</B> The Custodian agrees that it will forthwith notify the Trustee
in writing of any encumbrance of which it is aware is or is purported to have been created over or in respect of the Trust Allocated
Account or any of the amounts standing to the credit thereof.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>2.7</B></TD><TD STYLE="text-align: justify"><B>Access<I>:</I></B> The Custodian will allow, and will procure that any Sub-Custodian that the
Custodian appoints allows, the Sponsor and the Trustee and their identified representatives, independent public accountants and
bullion auditors (currently Inspectorate International Ltd.) access to its premises, upon reasonable notice during normal business
hours, to examine the Physical Platinum held in the Trust Allocated Account and such records as they may reasonably require to
perform their respective duties with regard to investors in Shares. The Trustee agrees that any such access shall be subject to
execution of a confidentiality agreement and agreement to the Custodian&rsquo;s security procedures, and any such audit shall be
at the Trust&rsquo;s expense.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>2.8</B></TD><TD STYLE="text-align: justify"><B>Regulatory Reporting:</B> To the extent that the Custodian&rsquo;s activities under this Agreement
are relevant to the preparation of the filings required of the Trust under the securities laws of the United States or any other
jurisdiction, the Custodian will, to the extent permitted by applicable law, the Rules or applicable regulatory authority, cooperate
with the Trustee and the Sponsor and the Trustee&rsquo;s and the Sponsor&rsquo;s representatives to provide such information concerning
the Custodian&rsquo;s activities as may be necessary for such filings to be completed. Additionally, to the extent that the Custodian&rsquo;s
activities or controls in its capacity as custodian of the Trust&rsquo;s assets are relevant to the information presented in the
financial statements of the Trust, the Custodian will cooperate with the Sponsor and the Trustee to assist the Sponsor in providing
the required written assurances regarding the reliability of the internal controls used in the preparation of such financial statements,
including by providing the Sponsor&rsquo;s and the Trust&rsquo;s external auditors with any necessary information and reports regarding
the Custodian&rsquo;s internal controls over financial reporting as far as such reporting relates to the scope of the Custodian&rsquo;s
duties.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DEPOSITS</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>3.1</B></TD><TD STYLE="text-align: justify"><B>Procedure:</B> The Custodian shall receive deposits of Physical Platinum into the Trust Allocated
Account relating to the same kind of Physical Platinum and having the same denomination as that to which the Trust Allocated Account
relates only pursuant to transfers from the Trust Unallocated Account as provided in <U>clause 4.1(b)</U> of the Unallocated Platinum
Account Agreement or as otherwise agreed upon between Custodian and the Trustee. The notice for any deposit of Platinum to be made
into the Trust Allocated Account in connection with <U>clause 4.1(b)</U> of the Unallocated Platinum Account Agreement shall be
made in accordance with <U>clause 4.2(b)</U> of the Unallocated Platinum Account Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>3.2</B></TD><TD STYLE="text-align: justify"><B>Right to Amend Procedure:</B> The Custodian may amend the procedure in relation to the deposit
of Platinum to the Trust Allocated Account only where such amendment is caused by a change in the Rules. The Custodian will, whenever
practicable, notify the Trustee and the Sponsor within a commercially reasonable time before the Custodian amends its procedures
or imposes additional ones in relation to the transfer of Platinum into Trust Allocated Account, and in doing so the Custodian
will consider the Trustee&rsquo;s and the Sponsor&rsquo;s needs to communicate any such change to Authorized Participants and others.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>3.3</B></TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white"><B>Allocation:</B> The Trustee acknowledges that the process
of allocation of Physical Platinum to the Trust Allocated Account from the Trust Unallocated Account may involve minimal adjustments
to the weights of Physical Platinum to be allocated to adjust such weight to the number of whole plates or ingots available.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WITHDRAWALS</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>4.1</B></TD><TD STYLE="text-align: justify"><B>Procedure:</B> The Trustee may at any time give instructions to the Custodian for the withdrawal
of Physical Platinum from the Trust Allocated Account as provided for in this Agreement, provided that a withdrawal may be made
only by:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in">(a)</TD><TD STYLE="text-align: justify">transfer to the Trust Unallocated Account or another account maintained on an Unallocated Basis
or as otherwise permitted in connection with the transfers described in <U>clauses 4.1(a)</U> and <U>(e)</U> of the Unallocated
Platinum Account Agreement; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in">(b)</TD><TD STYLE="text-align: justify">transfer in the manner described in <U>clauses 4.1(c)</U> and <U>(d)</U> of the Unallocated Platinum
Account Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify">The Trustee anticipates
exercising its rights under <U>clauses 4.1(c)</U> and <U>(d)</U> of the Unallocated Platinum Account Agreement on an exceptional
basis only. Any Platinum made available to the relevant person (as instructed by the Trustee) pursuant to <U>clauses 4.1(c)</U>
and <U>(d)</U> of the Unallocated Platinum Account Agreement will be in a form which complies with the Rules or in such other form
as may be agreed between the Trustee and the Custodian the combined gross weight of which will not exceed the number of gross ounces
of Platinum the Trustee has instructed the Custodian to debit.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 67.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>4.2</B></TD><TD STYLE="text-align: justify"><B>Notice Requirements:</B> The notice for any withdrawal of Platinum to be made from the Trust
Allocated Account (i) in connection with <U>clauses 4.1(a)</U> or <U>(e)</U> (with respect to sales of Platinum only) of the Unallocated
Platinum Account Agreement shall be made in accordance with <U>clause 4.2(a)</U> of the Unallocated Platinum Account Agreement
and (ii) in connection with <U>clauses 4.1(c), (d)</U> or <U>(e)</U> (with respect to transfers (other than for the sale of Platinum)
permitted under the Trust Agreement) of the Unallocated Platinum Account Agreement shall be made in accordance with <U>clause 4.2(c)</U>
of the Unallocated Platinum Account Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>4.3</B></TD><TD STYLE="text-align: justify"><B>Right to Amend Procedure</B>: The Custodian may amend the procedure for the withdrawal of Platinum
from the Trust Unallocated Account only where such amendment is caused by a change in the Rules. Any such amendment will be subject
to the notification conditions of <U>clause 3.2</U>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>4.4</B></TD><TD STYLE="text-align: justify"><B>Specification of Physical Platinum: </B>The Custodian may specify the serial numbers of the
plates or ingots to be withdrawn once it receives instructions from the Trustee to effect a withdrawal of Physical Platinum pursuant
to <U>clause 4.1</U>. The Custodian is entitled to select the Physical Platinum to be made available for any such withdrawal, provided,
however, that to the extent the Trustee provides specific serial numbers of plates or ingots to be so selected, the Custodian will
take reasonable efforts to select such Physical Platinum as specified by the Trustee. The Custodian may require more than two London
Business Days prior notice in the event that the Trustee does specify the serial numbers of plates or ingots to be withdrawn.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>4.5</B></TD><TD STYLE="text-align: justify"><B>Delivery Obligations:</B> Unless otherwise instructed by the Trustee on behalf of the Trust
or the relevant person, the Custodian shall make any transportation and insurance arrangements in respect of delivery of Physical
Platinum in accordance with its usual practice. Where instructions are given, the Custodian shall use all reasonable efforts to
comply with the same. The Custodian shall not be obliged to effect any requested delivery if, in its reasonable opinion, this would
cause the Custodian or its agents to be in breach of the Rules or other applicable law, court order or regulation, the costs incurred
would be excessive or delivery is impracticable for any reason. All insurance and transportation costs shall be for the account
of the Trust.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>4.6</B></TD><TD STYLE="text-align: justify"><B>De-allocation:</B> Following receipt by the Custodian of notice for the withdrawal of Physical
Platinum from the Trust Allocated Account pursuant to <U>clause 4.1</U>, the Custodian shall de-allocate sufficient Physical Platinum
from the Trust Allocated Account to credit the Trust Unallocated Account in the amount required, provided that, in the case of
a transfer made in connection with <U>clause 4.1(a)</U> of the Unallocated Platinum Account Agreement, the Custodian will use its
commercially reasonable endeavors to complete the de-allocation of Physical Platinum from the Trust Allocated Account to the Trust
Unallocated Account by no later than 5:00 p.m. (London Time) on the London Business Day on which notice is given in the form prescribed
in <U>clause 4.2(a)</U> of the Unallocated Platinum Account Agreement for a withdrawal under <U>clause 4.1(a)</U> of the Unallocated
Platinum Account Agreement. The Trustee acknowledges that the process of de-allocation of Physical Platinum for withdrawal and/or
credit to the Trust Unallocated Account may involve minimal adjustments to the weight of Physical Platinum to be withdrawn to adjust
such weight to the whole plates or ingots available.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>4.7</B></TD><TD STYLE="text-align: justify"><B>Risk:</B> Where there is a shipment from the Custodian of Physical Platinum, all right, title
and risk in and to such Physical Platinum shall pass at the Point of Delivery to the relevant person for whose account the Physical
Platinum is being delivered.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INSTRUCTIONS</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>5.1</B></TD><TD STYLE="text-align: justify"><B>Giving of Instructions:</B> Only the Trustee shall have the right to give instructions in respect
of the Trust Allocated Account. The Trustee shall notify the Custodian in writing of the names of the people who are authorised
to give instructions on the Trustee&rsquo;s behalf. Until the Custodian receives written notice to the contrary, the Custodian
is entitled to assume that any of those people have full and unrestricted power to give instructions on the Trustee&rsquo;s behalf.
The Custodian is also entitled to rely on any instructions which are from, or which purport to emanate from, any person who appears
to have such authority. The Custodian reserves the right to obtain further validation of any instructions.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>5.2</B></TD><TD STYLE="text-align: justify"><B>Transfer Instructions:</B> All transfers into and out of the Trust Allocated Account shall be
made upon receipt of, and in accordance with, instructions given by the Trustee to the Custodian. Such instructions shall be given
by authenticated SWIFT message or, if for any reason the SWIFT messaging system is not operational, by such other temporary means
as the Trustee and the Custodian may agree from time to time. Other information (which shall not constitute an instruction) related
to transfers into and out of the Trust Unallocated Account may be sent between the Trustee and the Custodian by email or by such
other means as the Trustee and the Custodian may agree from time to time. Any such communication shall be deemed to have been given,
made or served upon actual receipt by the recipient.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>5.3</B></TD><TD STYLE="text-align: justify"><B>Account not to be Overdrawn:</B> The Trust Allocated Account may not at any time have a debit
balance thereon, and no instruction shall be valid to the extent that the effect thereof would be for the Trust Allocated Account
to have a debit balance thereon.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>5.4</B></TD><TD STYLE="text-align: justify"><B>Amendments: </B>Once given, instructions continue in full force and effect until they are cancelled,
amended or suspended. Any communication that cancels, amends or suspends as instruction shall be valid only after actual receipt
by the Custodian in accordance with <U>clause 5.2</U>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>5.5</B></TD><TD STYLE="text-align: justify"><B>Unclear or Ambiguous Instructions:</B> If, in the Custodian&rsquo;s opinion, any instructions
are unclear or ambiguous, the Custodian shall use reasonable endeavours (taking into account any relevant time constraints) to
obtain clarification of those instructions from the Trustee and, failing that, the Custodian may in its absolute discretion and
without any liability on its part, act upon what the Custodian believes in good faith such instructions to be or refuse to take
any action or execute such instructions until any ambiguity or conflict has been resolved to the Custodian&rsquo;s reasonable satisfaction.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>5.6</B></TD><TD STYLE="text-align: justify"><B>Refusal to Execute:</B> The Custodian may refuse to execute instructions if in its reasonable
opinion they are or may be, or require action which is or may be, contrary to the Rules or any applicable law.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CONFIDENTIALITY</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>6.1</B></TD><TD STYLE="text-align: justify"><B>Disclosure to Others:</B> Subject to <U>clause 6.2</U>, each party shall respect the confidentiality
of information acquired under this Agreement and neither will, without the consent of the other party, disclose to any other person
any transaction or other information acquired about the other party, its business or the Trust under this Agreement, provided that
such other party has made clear, at or before the time such information is provided, that such information is being provided on
a confidential basis. Notwithstanding anything to the contrary in this Agreement, to the extent required, a copy of this Agreement
may be filed under the securities laws of the United States or any other jurisdiction in connection with the registration of the
public offering of Shares by the Trust.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>6.2</B></TD><TD STYLE="text-align: justify"><B>Permitted Disclosures:</B> Each party accepts that from time to time the other party may be
required by law or the Rules, or required or requested by a government department or agency, fiscal body or regulatory or listing
authority, required by the LPMCL (<I>e.g.,</I> in connection with AURUM), or required as otherwise may be necessary in conducting
the Trust&rsquo;s business, to disclose this Agreement or information acquired under this Agreement. In addition, the disclosure
of such information may be required by a party&rsquo;s auditors, by its legal or other advisors, by a company which is in the same
group of companies as a party <I>(i.e., </I>a subsidiary or holding company of a party) or (in the case of the Trustee) by the
Sponsor, or any beneficiary of the Trust. Each party irrevocably authorizes such persons to make such disclosures without further
reference to such party.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CUSTODY
SERVICES</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>7.1</B></TD><TD STYLE="text-align: justify"><B>Appointment:</B> The Trustee hereby appoints the Custodian to act as custodian of the Physical
Platinum held in the Trust Allocated Account in accordance with this Agreement and any Rules which apply to the Custodian, and
the Custodian hereby accepts such appointment.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>7.2</B></TD><TD STYLE="text-align: justify"><B>Segregation of Physical Platinum:</B> The Custodian will be responsible for the safekeeping
of the Physical Platinum on the terms and conditions of this Agreement. The Custodian will segregate the Physical Platinum from
any Physical Platinum which the Custodian owns or holds for others by making appropriate entries in its books and records and will
require Sub-Custodian to segregate the Physical Platinum from any Physical Platinum which they own or hold for others by making
appropriate entries in their books and records. Entries on the Custodian&rsquo;s books and records to identify Physical Platinum
will refer to each plate or ingot of Physical Platinum by refiner, assay, serial number and gross weight. Additionally, the Custodian
will require each Sub-Custodian to identify on its books and records each plate or ingot of Physical Platinum held by them by refiner,
assay, serial number and gross weight and to provide such information to the Trustee upon request.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>7.3</B></TD><TD STYLE="text-align: justify"><B>Ownership of Physical Platinum:</B> The Custodian will identify in its books and records that
the Physical Platinum is being held for the Trustee (on trust for the Shareholders), and will require each Sub-Custodian to identify
on its book and records that the Physical Platinum is being held for the Custodian for the benefit of the Trust. The Custodian
shall ensure that the Physical Platinum belonging to the Trustee (on trust for the Shareholders) shall at all times be free and
clear of all liens and encumbrances and shall not be subject to any right, charge, security interest, lien or claim of any kind,
whether arising by operation of law or otherwise, in favor of the Custodian, any Sub-Custodian or any creditor of any of them or
any other person. The Custodian shall not loan, hypothecate, pledge or otherwise encumber any Physical Platinum held in Trust Allocated
Account absent the Trustee&rsquo;s written instructions to the contrary.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>7.4</B></TD><TD STYLE="text-align: justify"><B>Location of Physical Platinum:</B> Unless otherwise agreed between the parties, Physical Platinum
must be held by the Custodian at its London vault premises or, when Physical Platinum has been allocated on a temporary basis in
a vault other than the Custodian&rsquo;s London vault by any Sub-Custodian employed by the Custodian pursuant to <U>clause 8.1</U>.
The Custodian agrees that it shall use, or where applicable procure any Sub-Custodian to use, commercially reasonable efforts promptly
to transport any Physical Platinum held for the Trustee to its London vault premises at the Custodian&rsquo;s cost and risk. The
Custodian agrees that all delivery and packing shall be in accordance with the Rules and LPPM good market practices.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>7.5</B></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: CG Times,serif"><B>Replacement of Platinum:</B> Upon a determination
by the Custodian that any Physical Platinum credited to the Trust Allocated Account does not comply with the Rules, the Custodian
shall as soon as practical replace such Physical Platinum with Physical Platinum which complies with the Rules by (i) debiting
the Trust Allocated Account and crediting the Trust Unallocated Account with the requisite amount of Physical Platinum to be replaced,
(ii) providing replacement Physical Platinum which complies with the Rules and which is of an amount that as closely as practical
approximates (without exceeding) the amount of Physical Platinum to be replaced and (iii) debiting the Trust Unallocated Account
and crediting the Trust Allocated Account with the requisite amount of replacement Physical Platinum. The Custodian shall not start
the foregoing replacement process on a particular London Business Day unless it is reasonably sure that such replacement process
can be started and completed in the same London Business Day. The Custodian shall notify the Trustee as soon as practicable on
the London Business Day (but no later than the end of business on such London Business Day) when (i) the Custodian has determined
that Physical Platinum credited to the Trust Allocated Account does not comply with the Rules and will be replaced and (ii) when
replacement Physical Platinum has been credited to the Trust Allocated Account in accordance with the above instructions. The cost
of any such replacement shall be borne by the Custodian.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SUB-CUSTODIANS</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>8.1</B></TD><TD STYLE="text-align: justify"><B>Sub-Custodians:</B> The Custodian may employ Sub-Custodians solely for the temporary custody
and safekeeping of Physical Platinum until transported to the Custodian&rsquo;s London vault premises as provided in <U>clause
7.4</U>. The Sub-Custodians the Custodian selects may themselves select sub-custodians to provide such temporary custody and safekeeping
of Physical Platinum, but such sub-custodians shall not by such selection or otherwise be, or be considered to be, a Sub-Custodian
as such term is used herein. The Custodian will use reasonable care in selecting any Sub-Custodian. <FONT STYLE="font-family: CG Times,serif">In
selecting any Sub-Custodian with reasonable care, the Custodian is to determine if such Sub-Custodian can reasonably be expected
to operate in a reasonable and prudent manner and in compliance with the Rules and all other relevant laws, rules and regulations
applicable to its services as a sub-custodian of Platinum.</FONT> The Custodian will notify each of the Trustee and the Sponsor
if it selects any Sub-Custodian, or stops using any Sub-Custodian for such purpose. The receipt of notice by each of the Trustee
and the Sponsor that the Custodian has selected a Sub-Custodian shall not be deemed to limit the Custodian&rsquo;s responsibility
in selecting such Sub-Custodian. Any Sub-Custodian shall be a LPPM member.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>8.2</B></TD><TD STYLE="text-align: justify"><B>Liability:</B> Except for the Custodian&rsquo;s obligations under <U>clauses 2.7, 7.2</U>, <U>7.3</U>
and <U>7.4</U>, the Custodian shall not be liable in contract, tort or otherwise for any loss, damage or expense arising directly
or indirectly from an act or omission, or insolvency, of any Sub-Custodian or any further delegate of such Sub-Custodian unless
the appointment of that Sub-Custodian was made by the Custodian fraudulently, negligently or in bad faith.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>8.3</B></TD><TD STYLE="text-align: justify"><B>Notice: </B>The Custodian will provide the Trustee upon request with the name and address of
any Sub-Custodian <FONT STYLE="font-family: CG Times,serif">the Custodian selects and any direct or indirect sub-custodian selected
or used by such Sub-Custodian</FONT>, along with any other information which the Trustee may reasonably request concerning the
appointment of such Sub-Custodian or such direct or indirect sub-custodian.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REPRESENTATIONS</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>9.1</B></TD><TD STYLE="text-align: justify">Each party represents and warrants to the other party, on the basis that each of its following
representations and warranties is deemed repeated each time that a notice is given for the deposit or withdrawal of Physical Platinum
under this Agreement, that:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in">(a)</TD><TD STYLE="text-align: justify">it is duly constituted and validly existing under the laws of its jurisdiction of constitution;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in">(b)</TD><TD STYLE="text-align: justify">it has all necessary authority, powers, consents, licences and authorizations and has taken all
necessary action to enable it lawfully to enter into and perform its duties and obligations under this Agreement;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in">(c)</TD><TD STYLE="text-align: justify">the person or persons entering into this Agreement on its behalf has or have been duly authorized
to do so; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in">(d)</TD><TD STYLE="text-align: justify">this Agreement and the obligations created under it are binding upon it and enforceable against
it in accordance with the terms of this Agreement (subject to applicable principles of equity) and do not and will not violate
the terms of the Rules, any applicable laws or any order, charge or agreement by which it is bound.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FEES
AND EXPENSES</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>10.1</B></TD><TD STYLE="text-align: justify"><B>Fees:</B> For the Custodian&rsquo;s services under this Agreement, the Custodian and the Sponsor
have entered into a separate agreement, to which the Custodian has agreed, under which the Sponsor shall to pay the Custodian&rsquo;s
fee for services under this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>10.2</B></TD><TD STYLE="text-align: justify"><B>Expenses:</B> Pursuant to a separate written agreement between the Sponsor and the Custodian,
to which the Custodian has agreed, the Sponsor shall pay to the Custodian on demand all costs, charges and expenses (excluding
(i) any relevant taxes and VAT (if chargeable), duties and other governmental charges, (ii) fees for storage of the Physical Platinum
and any fees and expenses of Sub-Custodians, which will be recovered under <U>clause 10.1</U>, and (iii) indemnification obligations
of the Trustee under <U>clause 11.5,</U> which will be paid pursuant to the following sentence) incurred by the Custodian in connection
with the performance of its duties and obligations under this Agreement or otherwise in connection with the Physical Platinum.
The Trustee will procure payment on demand, solely from and to the extent of the assets of the Trust, of any other costs, charges
and expenses not assumed by the Sponsor under its agreement with the Custodian referenced in this <U>clause 10.2</U> (including
any relevant taxes (other than VAT, which is addressed in <U>clause 13.1</U>), duties, other governmental charges and indemnification
claims of the Custodian payable by the Trustee pursuant to <U>clause 11.5</U>, but excluding fees for storage of the Physical Platinum
and any fees and expenses of Sub-Custodians, which will be recovered under <U>clause 10.1</U>) incurred by the Custodian in connection
with the Physical Platinum.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>10.3</B></TD><TD STYLE="text-align: justify"><B>Credit Balances: </B>No interest or other amount will be paid by the Custodian on any credit
balance on the Trust Allocated Account unless otherwise agreed by the Custodian and the Trustee.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>10.4</B></TD><TD STYLE="text-align: justify"><B>No Recovery from Trust:</B> Amounts payable pursuant to this <U>clause 10</U> (including <U>clause
10.5</U>) shall not be debited from the Trust Allocated Account, but shall be payable, as applicable, by the Sponsor or by the
Trustee on behalf of the Trust, and the Custodian hereby acknowledges that it will have no recourse against Physical Platinum standing
to the credit of the Trust Allocated Account or to the Trustee individually in respect of any such amounts.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>10.5</B></TD><TD STYLE="text-align: justify"><B>Default Interest: </B>If the Trustee or the Sponsor, as applicable, fails to procure payment
to the Custodian of any amount when it is due, the Custodian reserves the right to charge interest (both before and after any judgment)
on any such unpaid amount calculated at a rate equal to 2% above the overnight London Interbank Offered Rate (LIBOR) for the currency
in which the amount is due. Interest will accrue on a daily basis and will be due and payable as a separate debt.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCOPE
OF RESPONSIBILITY</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>11.1</B></TD><TD STYLE="text-align: justify"><B>Exclusion of Liability:</B> The Custodian will use reasonable care in the performance of its
duties under this Agreement and will only be responsible for any loss or damage suffered by the Trustee or the Trust as a direct
result of any negligence, fraud or willful default on its part in the performance of its duties, and in which case its liability
will not exceed the market value of the Platinum credited to the Trust Unallocated Account and the Trust Allocated Account at the
time such negligence, fraud or willful default is either discovered by or notified to the Custodian (such market value calculated
using the nearest available LBMA Platinum Price PM following the occurrence of such negligence, fraud or willful default), provided
that, in the case of such discovery by or notification to the Custodian, the Custodian notifies the Sponsor and the Trustee promptly
after any discovery of such negligence, fraud or willful default. If the Custodian delivers from the Trust Allocated Account Platinum
that is not of the gross weight the Custodian has represented to the Trustee or that is not in accordance with the Rules, recovery
by the Trustee, to the extent such recovery is otherwise allowed, shall not be barred by any delay in asserting a claim because
of the failure to discover the corresponding loss or damage regardless of whether such loss or damage could or should have been
discovered.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>11.2</B></TD><TD STYLE="text-align: justify"><B>No Duty or Obligation:</B> The Custodian is under no duty or obligation to make or take, or
require any Sub-Custodian to make or take, any special arrangements or precautions beyond those required by the Rules or as specifically
set forth in this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>11.3</B></TD><TD STYLE="text-align: justify"><B>Insurance: </B><FONT STYLE="background-color: white">The </FONT>Custodian <FONT STYLE="background-color: white">(or
one of its Affiliates) shall make such insurance arrangements from time to time in connection with the Custodian&rsquo;s custodial
obligations under this Agreement as the Custodian considers appropriate and will be responsible for all costs, fees and expenses
(including any relevant taxes) in relation to such insurance policy or policies. Upon reasonable prior written notice, in connection
with the preparation of the initial registration statement under the United States Securities Act of 1933, as amended, covering
any Shares, the Custodian will allow its insurance to be reviewed by the Trustee and by the Sponsor. The Custodian also will allow
from time to time the Trustee and the Sponsor to review such insurance in connection with any amendment to that initial registration
statement or any future registration statement that covers the Shares and any amendment thereto in each case upon reasonable prior
written notice from the Trustee. Any permission to review the Custodian&rsquo;s insurance is limited to the term of this Agreement
and is conditioned on the reviewing party executing a form of confidentiality agreement provided by the Custodian, or if the confidentiality
agreement is already in force, acknowledging that the review is subject thereto. </FONT>In the event that the Custodian (or one
of its Affiliates) elects to reduce, cancel or not to renew the Custodian&rsquo;s insurance, the Custodian will give the Trustee
and the Sponsor written notice of any such election within no more than 15 days after the date of any such election.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>11.4</B></TD><TD STYLE="text-align: justify"><B>Force Majeure: </B>The Custodian shall not be liable for any delay in performance, or for the
non-performance, of any of its obligations under this Agreement by reason of any cause beyond the Custodian&rsquo;s reasonable
control. This includes any act of God or war or terrorism, any breakdown, malfunction or failure of, or connected with, any communication,
computer, transmission, clearing or settlement facilities, industrial action, or acts, rules and regulations of any governmental
or supra national bodies or authorities or any relevant regulatory or self-regulatory organization.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>11.5</B></TD><TD STYLE="text-align: justify"><B>Indemnity: </B>The Trustee, solely from and to the extent of the assets of the Trust, shall
indemnify and keep indemnified the Custodian (on an after tax basis) on demand against all costs and expenses, damages, liabilities
and losses (other than VAT, which is addressed in <U>clause 13.1</U>) and the expenses assumed by the Sponsor under its agreement
with the Custodian referenced in <U>clause 10.2</U>) which the Custodian may suffer or incur, directly or indirectly in connection
with this Agreement, except to the extent that such sums are due directly to the negligence, willful default or fraud of the Custodian.
The foregoing indemnity shall also not apply to the Custodians&rsquo; fees that are paid by the Sponsor pursuant to <U>clause 10.1</U>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>11.6</B></TD><TD STYLE="text-align: justify"><B>Custodian&rsquo;s Interests and Affiliates&rsquo; Interests: </B>The Custodian has the right,
without notifying the Trustee, to act upon the Trustee&rsquo;s instructions or to take any other action permitted by the terms
of this Agreement where:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in">(a)</TD><TD STYLE="text-align: justify">the Custodian, directly or indirectly, has an interest in the consequences of such instruction
or action;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in">(b)</TD><TD STYLE="text-align: justify">except as otherwise provided in this Agreement, the Custodian processes the Trustee&rsquo;s instructions
on an aggregated basis together with similar instructions from other clients; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in">(c)</TD><TD STYLE="text-align: justify">the Custodian, except as otherwise provided in this Agreement, has a relationship with another
party which does or may create a conflict with its duty to the Trustee or the Trust including (without prejudice) circumstances
where the Custodian or any of its associates may (i) act as financial adviser, banker or otherwise provide services to a contract
counterparty of the Trustee or the Trust; (ii) act in the same arrangement as agent for more than one client; or (iii) earn profits
from any of the activities listed herein.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify">The Custodian or any of its divisions,
branches or Affiliates may be in possession of information tending to show that the action required by the Trustee&rsquo;s instructions
may not be in the Trust&rsquo;s best interests, but shall not have any duty to disclose any such information.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TERMINATION</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>12.1</B></TD><TD STYLE="text-align: justify"><B>Notice:</B> Any termination notice given by the Trustee under <U>clause 12.2</U> must specify:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in">(a)</TD><TD STYLE="text-align: justify">the date on which the termination will take effect;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in">(b)</TD><TD STYLE="text-align: justify">the person to whom the Physical Platinum is to be transferred; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in">(c)</TD><TD STYLE="text-align: justify">all other necessary arrangements for the transfer of Physical Platinum to the order of the Trustee.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>12.2</B></TD><TD STYLE="text-align: justify"><B>Term:</B> This Agreement shall have a fixed term up to and including five (5) years and will
automatically renew for further successive terms of one (1) year thereafter unless terminated by the parties in accordance with
this <U>clause 12</U>; provided that during such periods (i) either the Trustee or the Custodian may terminate this Agreement for
any reason or for no reason by giving not less than 90 days&rsquo; written notice to the other party and (ii) this Agreement may
be terminated immediately upon written notice as follows:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in">(a)</TD><TD STYLE="text-align: justify">by the Trustee, if the Custodian ceases to offer the services contemplated by this Agreement to
its clients or proposes to withdraw from the platinum business;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in">(b)</TD><TD STYLE="text-align: justify">by the Trustee or the Custodian, if it becomes unlawful for the Custodian to be a party to this
Agreement or to offer its services to the Trust on the terms contemplated by this Agreement or if it becomes unlawful for the Trustee
or the Trust to receive such services or for the Trustee to be a party to this Agreement;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in">(c)</TD><TD STYLE="text-align: justify">by the Custodian, if there is any event which, in the Custodian&rsquo;s reasonable view, indicates
the Trust&rsquo;s or the Sponsor&rsquo;s insolvency or impending insolvency;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in">(d)</TD><TD STYLE="text-align: justify">by the Trustee, if there is any event which, in the Sponsor&rsquo;s reasonable view, indicates
the Custodian&rsquo;s or the Sponsor&rsquo;s insolvency or impending insolvency;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in">(e)</TD><TD STYLE="text-align: justify">by the Trustee, if the Trust is to be terminated; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in">(f)</TD><TD STYLE="text-align: justify">by the Trustee or by the Custodian, if the Unallocated Platinum Account Agreement ceases to be
in full force and effect at any time.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>12.3</B></TD><TD STYLE="text-align: justify"><B>Change in Trustee or the Sponsor:</B> If there is any change in the identity of the Trustee
or the Sponsor in accordance with the Trust Agreement, then the Custodian, the Trustee, the Sponsor and the Trust shall, subject
to the last sentence of this <U>clause 12.3</U>, execute such documents and shall take such actions as the new Trustee or Sponsor
and the outgoing Trustee or Sponsor may reasonably require for the purpose of vesting in the new Trustee or Sponsor the rights
and obligations of the outgoing Trustee or Sponsor, and releasing the outgoing Trustee or Sponsor from its future obligations under
this Agreement. The Custodian&rsquo;s obligations under this <U>clause 12.3</U> shall be conditioned on the Custodian having conducted
prompt, reasonable and proportionate due diligence to the Custodian&rsquo;s reasonable satisfaction on any such new Trustee or
Sponsor.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>12.4</B></TD><TD STYLE="text-align: justify"><B>Redelivery Arrangements:</B> If the Trustee does not make arrangements acceptable to the Custodian
for the delivery of the Physical Platinum, the Custodian may continue to maintain the Trust Allocated Account, in which case the
Custodian will continue to charge the fees and expenses payable under <U>clause 10</U>. If the Trustee has not made arrangements
acceptable to the Custodian for the transfer of Physical Platinum from the Trust Allocated Account within 6 months of the date
specified in the termination notice as the date on which the termination will take effect, the Custodian will be entitled to close
the Trust Allocated Account and sell the Physical Platinum (at such time and on such markets as the Custodian considers appropriate)
and account to the Trustee for the proceeds.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>12.5</B></TD><TD STYLE="text-align: justify"><B>Existing rights:</B> Termination shall not affect rights and obligations then outstanding under
this Agreement which shall continue to be governed by this Agreement until all obligations have been fully performed.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE
ADDED TAX</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>13.1</B></TD><TD STYLE="text-align: justify"><B>VAT Inclusive: </B>All sums payable or other consideration provided to the Custodian by the
Trustee or the Sponsor in connection with this Agreement and the Unallocated Platinum Account Agreement (including pursuant to
the separate agreement referred to in <U>clause 10.1</U> of this Agreement) are inclusive of any VAT which is or becomes chargeable
on any supplies made by the Custodian pursuant to this Agreement and the Unallocated Platinum Account Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOTICES</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>14.1</B></TD><TD STYLE="text-align: justify"><B>Notices:</B> Except as provided in <U>clauses 2.4</U>, <U>5.2</U> and <U>16.5</U>, any notice
or other communication shall be delivered personally or sent by first class post, pre-paid recorded delivery (or air mail if overseas),
authenticated electronic transmission (including email and SWIFT) or such other electronic transmission as the parties may from
time to time agree, to the party due to receive the notice or communication, at its address, number or destination set out in <U>clause
14.3</U> or another address, number or destination specified by that party by written notice to the other.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>14.2</B></TD><TD STYLE="text-align: justify"><B>Deemed Receipt of Notice:</B> A notice or other communication under or in connection with <U>clause
14.1</U> will be deemed received only if actually received or delivered.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>14.3</B></TD><TD STYLE="text-align: justify"><B>Contact Information</B>: The addresses and numbers of the parties for the purposes of <U>clauses
5.2</U> and <U>14.1 </U>are:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">The Custodian:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1.5in; text-align: justify">ICBC Standard Bank Plc</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1.5in; text-align: justify">20 Gresham Street</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1.5in; text-align: justify">London</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1.5in; text-align: justify">EC2V 7JE</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Attention: Precious Metals Operations</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1.5in; text-align: justify">E-mail: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;London.PreciousMetalsOperations@icbcstandard.com
and</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bullion.Physical@icbcstandard.com</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1.5in; text-align: justify">The Trustee:&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1.5in; text-align: justify">The Bank of New York Mellon</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1.5in; text-align: justify">2 Hanson Place</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Brooklyn, New York 11217</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">Attention: Chris Yedreyeski</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Facsimile: 718-315-4927</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1.5in; text-align: justify">E-Mail: etfservicescom@bnymellon.com</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify">The address and numbers of the Sponsor
for purposes of receiving notices under this Agreement are:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">The Sponsor:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">GraniteShares LLC</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">30 Vesey Street &ndash; 9th
Floor</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">New York NY 10007</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">Attention: Benoit Autier</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">Telephone: +1 917 338 0565</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">E-Mail: benoit.autier@graniteshares.com</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>14.4</B></TD><TD STYLE="text-align: justify"><B>Recording of Calls:</B> The Custodian and the Trustee may each record telephone conversations
without use of a warning tone. Such recordings will be the recording party&rsquo;s sole property and accepted by the other party
hereto as evidence of the orders or instructions given, provided that (i) in case of any dispute or disagreement regarding any
conversation so recorded the recording party will promptly share the recordings with the other party and its representatives and
(ii) the recording party will have no obligation to retain any such recordings prior to becoming aware of any such dispute or disagreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GENERAL</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>15.1</B></TD><TD STYLE="text-align: justify"><B>Role of Trustee:</B> The Trustee is a party to this Agreement solely in its capacity as Trustee
for the Shareholders and accordingly (i) the Trustee shall only be liable to satisfy any obligations under this Agreement, including
any obligations or liabilities arising in connection with any default by the Trustee under this Agreement, to the extent of the
assets held from time to time by the Trustee as trustee of the Trust (the &ldquo;<B>Trust Assets</B>&rdquo;) to the extent authorized
by the Trust Agreement and (ii) no recourse shall be had to (a) any assets other than the Trust Assets, including any of the assets
held by the Trustee as trustee, co-trustee or nominee of a trust other than the Trust, as owner in its individual capacity or in
any way other than as trustee of the Trust; or (b) the Trustee for any assets that have been distributed by the Trustee to the
beneficiaries of the Trust.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>15.2</B></TD><TD STYLE="text-align: justify"><B>No Advice:</B> The Custodian&rsquo;s duties and obligations under this Agreement do not include
providing the other party with investment advice. In asking the Custodian to open and maintain the Trust Allocated Account, the
Trustee acknowledges that it is acting pursuant to the Trust Agreement, and the Custodian shall not owe to the Trustee or the Trust
any duty to exercise any judgement on their behalf as to the merits or suitability of any deposits into, or withdrawals from, the
Trust Allocated Account.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>15.3</B></TD><TD STYLE="text-align: justify"><B>Rights and Remedies:</B> The Custodian hereby waives any right it has or may hereafter acquire
to combine, consolidate or merge the Metal Accounts with any other account of the Trust or the Trustee or to set off any liabilities
of the Trust or the Trustee to the Custodian and agrees that it may not set off, transfer or combine or withhold payment of any
sum standing to the credit or to be credited to the Metal Accounts in or towards or conditionally upon satisfaction of any liabilities
to it of the Trust or the Trustee. Subject thereto, the Custodian&rsquo;s rights under this Agreement are in addition to, and independent
of, any other rights which the Custodian may have at any time in relation to the Metal Accounts.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>15.4</B></TD><TD STYLE="text-align: justify"><B>Business Day:</B> If an obligation of a party would otherwise be due to be performed on a day
which is not a New York Business Day or a London Business Day, as the case may be, in respect of the Trust Allocated Account, such
obligation shall be due to be performed on the next succeeding New York Business Day or London Business Day, as the case may be,
in respect of the Trust Allocated Account.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>15.5</B></TD><TD STYLE="text-align: justify"><B>Assignment:</B> This Agreement is for the benefit of and binding upon both the Custodian and
the Trustee and their respective successors and assigns. Save as expressly provided in <U>clause 12.3</U> and this <U>clause 15.5</U>,
no party may assign, transfer or encumber, or purport to assign, transfer or encumber, any right or obligation under this Agreement
unless the other party otherwise consents in writing, except that consent is not required where the Custodian assigns, transfers
or encumbers any right or obligation under this Agreement to an Affiliate. This clause shall not restrict the Custodian&rsquo;s
power to merge or consolidate with any party, or to dispose of all or part of its custody business, and further provided that this
clause shall not restrict the Trustee from assigning its rights hereunder to a Shareholder to the extent required for the Trust
to fulfill its obligations under the Trust Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>15.6</B></TD><TD STYLE="text-align: justify"><B>Amendments: </B>Any amendment to this Agreement must be agreed in writing and be signed by the
Trustee and the Custodian. Unless otherwise agreed, an amendment will not affect any legal rights or obligations which may already
have arisen.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>15.7</B></TD><TD STYLE="text-align: justify"><B>Partial Invalidity:</B> If any of the clauses (or part of a clause) of this Agreement becomes
invalid or unenforceable in any way under the Rules or any law, the validity of the remaining clauses (or part of a clause) will
not in any way be affected or impaired.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>15.8</B></TD><TD STYLE="text-align: justify"><B>Liability: </B>Nothing in this Agreement shall exclude or limit any liability which cannot lawfully
be excluded or limited (e.g. liability for personal injury or death caused by negligence).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>15.9</B></TD><TD STYLE="text-align: justify"><B>Entire Agreement: </B>This Agreement and the Unallocated Platinum Account Agreement represent
the entire agreement between the parties in respect of their subject matter. This Agreement and the Unallocated Platinum Account
Agreement supersede and replace any prior existing agreement between the parties hereto relating to the same subject matter.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>15.10</B></TD><TD STYLE="text-align: justify"><B>Counterparts:</B> This Agreement may be executed in any number of counterparts, each of which
when executed and delivered is an original, but all the counterparts together constitute the same agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GOVERNING
LAW AND JURISDICTION</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>16.1</B></TD><TD STYLE="text-align: justify"><B>Governing Law:</B> This Agreement is governed by, and will be construed in accordance with,
English law.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>16.2</B></TD><TD STYLE="text-align: justify"><B>Jurisdiction:</B> The Trustee and the Custodian agree that the courts of the State of New York,
in the United States of America, and the United States federal court located in the Borough of Manhattan in such state, are to
have jurisdiction to settle any Disputes which may arise out of or in connection with this Agreement and, for these purposes the
Trustee and the Custodian irrevocably submits to the non-exclusive jurisdiction of such courts, waive any claim of forum non conveniens
and any objection to laying of venue, and further waive any personal service.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>16.3</B></TD><TD STYLE="text-align: justify"><B>Waiver of Immunity: </B>To the extent that the Trustee may in any jurisdiction claim as Trustee,
the Trust or its assets any immunity from suit, judgment, enforcement or otherwise howsoever, the Trustee agrees not to claim,
and irrevocably waives, any such immunity to which it would otherwise be entitled to (whether on grounds of sovereignty or otherwise)
to the full extent permitted by the laws of such jurisdiction.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>16.4</B></TD><TD STYLE="text-align: justify"><B>Third Party Rights:</B> Except with respect to the Trust, which shall be considered a beneficiary
of this entire Agreement, and the Sponsor, which shall be considered a beneficiary (as applicable) of <U>clauses</U> <U>2.7, 2.8, 3.2,
4.3, 6.2, 8.1, 11.1, 11.3, 12.3, 14.3</U>, and <U>16.4</U>, the Custodian does not owe any duty or obligation or have any liability
towards any person who is not a party to this Agreement. Except as set forth in this <U>clause 16.4,</U> this Agreement does not
confer a benefit on any person who is not a party to it. The parties to this Agreement do not intend that any term of this Agreement
shall be enforceable by any person who is not a party to it and do intend that the Contracts (Rights of Third Parties) 1999 Act
shall not apply to this Agreement, provided that the Sponsor may enforce its rights under <U>2.7, 2.8, 3.2, 4.3, 6.2, 8.1, 11.1,
11.3, 12.3, 14.3</U> and <U>16.4</U>. Nothing in this paragraph is intended to limit the obligations hereunder of any successor
Trustee of the Trust or to limit the right of any successor Trustee of the Trust to enforce the Custodian&rsquo;s obligations hereunder.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.6in"><B>16.5</B></TD><TD STYLE="text-align: justify"><B>Service of Process:</B> Process by which any proceedings are begun may be served on a party
by being delivered to the party&rsquo;s address specified below. This does not affect any right to serve process in another manner
permitted by law.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1.5in; text-align: justify"><I>Custodian&rsquo;s Address for service
of process:</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1.5in; text-align: justify">ICBC Standard Bank Plc</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1.5in; text-align: justify">20 Gresham Street</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1.5in; text-align: justify">London</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1.5in; text-align: justify">EC2V 7JE</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Attention: The Head of Legal</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1.5in; text-align: justify"><I>Trustee&rsquo;s Address for service
of process:</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1.5in; text-align: justify">The Bank of New York Mellon</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1.5in; text-align: justify">225 Liberty Street</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1.5in; text-align: justify">New York, New York 10286</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Attention: Legal Department &ndash; Asset
Servicing</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><I>[Signature Page Follows]</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date set out on the cover page of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Signed on behalf of</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>ICBC STANDARD BANK PLC</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">By its authorized signatories</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: bottom; width: 10%; text-align: justify">Signature</TD>
    <TD STYLE="vertical-align: top; width: 38%; text-align: justify; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; text-align: justify">Signature</TD>
    <TD STYLE="vertical-align: bottom; width: 38%; text-align: justify; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: justify">Name</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">Name</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: justify">Title</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">Title</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: justify">Date</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">Date</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Signed on behalf of</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>THE BANK OF NEW YORK MELLON</B>,</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">solely in its capacity as trustee of the GraniteShares
Platinum Trust</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">and not individually</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">By its authorized signatory</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: bottom; width: 6%; text-align: justify">Signature</TD>
    <TD STYLE="vertical-align: top; width: 42%; text-align: justify; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 52%; text-align: justify">&nbsp;</TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: justify">Name</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: justify">Title</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: justify">Date</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><I>[Signature Page to Allocated Platinum Account
Agreement]</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>5
<FILENAME>ex10-2.htm
<DESCRIPTION>FORM OF UNALLOCATED PLATINUM ACCOUNT AGREEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0; text-align: left"><A HREF="gspt-s1_110317.htm">GraniteShares Platinum Trust S-1</A></P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.2</B>&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Dated: ______________, 2017</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ICBC STANDARD BANK PLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>and</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE BANK OF NEW YORK MELLON</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>solely in its
capacity as trustee of the GraniteShares Platinum Trust</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>and not individually</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 25%; margin-top: 3pt; margin-bottom: 3pt">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNALLOCATED PLATINUM ACCOUNT AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>
<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 25%; margin-top: 3pt; margin-bottom: 3pt">


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This <B>UNALLOCATED PLATINUM ACCOUNT AGREEMENT</B>
(this &ldquo;<B>Agreement</B>&rdquo;) is made as of the date set out on the cover page of this Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>BETWEEN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify"><B>ICBC Standard Bank Plc</B>, a public limited company incorporated under the laws of England
and Wales with its registered office at 20 Gresham Street, London, EC2V 7JE, United Kingdom (the &ldquo;<B>Custodian&rdquo;</B>);
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify"><B>THE BANK OF NEW YORK MELLON</B>, a New York banking corporation, solely in its capacity as trustee
of the GraniteShares Platinum Trust created under the Trust Agreement identified below and not individually&nbsp;(the &ldquo;<B>Trustee</B>&rdquo;),
which expression shall, wherever the context so admits, include the named Trustee and all other persons or companies for the time
being the trustee or trustees of the Trust Agreement as trustee for the Shareholders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>INTRODUCTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">The Trustee has agreed to act as trustee for the Shareholders of the Shares pursuant to the Trust
Agreement.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">An Authorized Participant may apply to become a Shareholder by: (i) applying for Shares in accordance
with an Authorized Participant Agreement and (ii) depositing the relevant amount of Platinum into the Trust Unallocated Account</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">The Custodian has agreed to transfer Platinum deposited into the Trust Unallocated Account to the
Trust Allocated Account.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(4)</TD><TD STYLE="text-align: justify">In order to effect redemptions of Shares for Authorized Participants, Physical Platinum must be
transferred from the Trust Allocated Account to the Trust Unallocated Account by way of de-allocation, and must then be delivered
to the AP Account.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(5)</TD><TD STYLE="text-align: justify">The Trustee has agreed that the Trust Unallocated Account will be established by the Trustee for
the account of the Trust, and that the Trustee will have the sole right to give instructions for the making of any payments into
or out of the Trust Unallocated Account.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IT IS AGREED AS FOLLOWS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INTERPRETATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>1.1</B></TD><TD STYLE="text-align: justify"><B>Definitions: </B>I<FONT STYLE="background-color: white">n this Agreement, unless there is anything
in the subject or context inconsistent therewith, the following expressions shall have the following meanings.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>Affiliate</B>&rdquo;
means an entity that directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common
control with the Custodian.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>Allocated Platinum Account
Agreement</B>&rdquo; means the Allocated Platinum Account Agreement dated ____________, 2017 between the Trustee and the Custodian
pursuant to which the Trust Allocated Account is established and operated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>AP Account</B>&rdquo;
means a loco London Platinum account maintained on an Unallocated Basis by the Custodian or another LPMCL clearing bank for the
Authorized Participant, as specified in the applicable transfer instructions given under <U>clause 5.2</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>AP Application</B>&rdquo;
means an offer by an Authorized Participant to the Trust (in the form prescribed by the Trust) to subscribe for Shares, being an
offer on terms referred to in the Prospectus and in accordance with the provisions of the relevant Authorized Participant Agreement
and the Conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>AP Redemption Form</B>&rdquo;
means an offer by an Authorized Participant to the Trust (in the form prescribed by the Trust) to redeem Shares in exchange for
Platinum, being an offer on terms referred to in the Prospectus and in accordance with the provisions of the relevant Authorized
Participant Agreement and the Conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>AURUM</B>&rdquo; means
the electronic matching and settlement system operated by LPMCL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>Authorized Participant</B>&rdquo;
means a person which, at the time of submitting an order to the Trust for the creation or redemption of Shares: (a) is a person
who (i) is a registered broker-dealer or other securities market participant such as a bank or other financial institution which,
but for an exclusion from registration, would be required to register as a broker-dealer to engage in securities transactions,
and (ii) is a participant in The Depository Trust Company or its successors; (b) has in effect a valid Authorized Participant Agreement
and (c) has established an AP Account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>Authorized Participant
Agreement</B>&rdquo; means a written agreement between the Trustee, the Sponsor and another person under which such person is appointed
to act as an &ldquo;Authorized Participant,&rdquo; in relation to Shares and, if such agreement is subject to conditions precedent,
provided that such conditions have been satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>Availability Date</B>&rdquo;
means the London Business Day on which the Trustee wishes the Custodian to credit to the Trust Unallocated Account Platinum to
be transferred to the Trust Unallocated Account on such London Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>Benchmark Price</B>&rdquo;
means, as of any day, (i) such day&rsquo;s LBMA Platinum Price PM or such day&rsquo;s LBMA Platinum Price AM if such day&rsquo;s
LBMA Platinum Price PM is not available; or (ii) such other publicly available price which is reasonably available to the Trustee
and which the Sponsor may determine fairly represents the commercial value of platinum held by the Trust and instructs the Trustee
to use as the Benchmark Price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>Conditions</B>&rdquo;
means the terms and conditions on and subject to which Shares are issued in the form or substantially in the form set out in the
Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>Dispute</B>&rdquo; means
for the purpose of <U>clause 15</U> any disagreement between the Trustee and the Custodian which has not been resolved amicably
within a period of fourteen London Business Days after the Trustee has received from the Custodian, or the Custodian has received
from the Trustee, written notification of the disagreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>Good Delivery Standards</B>&rdquo;
means the specifications for &ldquo;good delivery&rdquo; platinum plates and ingots, including the specifications for weight, dimensions,
fineness (or purity), identifying marks and appearance of platinum plates and ingots, set forth in &ldquo;The Good Delivery Rules
for Platinum and Palladium Plates and Ingots&rdquo; published by the LPPM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>LBMA</B>&rdquo; means
The London Bullion Market Association or its successors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>LBMA Platinum Price AM</B>&rdquo;
means the price of a troy ounce of platinum as determined by the auction administered by the LME for the LBMA, or any successor
administrator of the auction for the London platinum price, at or about 9:45 a.m. London, England time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>LBMA Platinum Price PM</B>&rdquo;
means the price of a troy ounce of platinum as determined by the auction administered by the LME for the LBMA, or any successor
administrator of the auction for the London platinum price, at or about 2:00 p.m. London, England time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>LME</B>&rdquo; means
The London Metal Exchange or its successors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>Loco London</B>&rdquo;
means with respect to an account holding Platinum, the custody, trading or clearing of such Platinum in London, United Kingdom.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>London Business Day</B>&rdquo;
means a day (excluding Saturdays, Sundays and public holidays) on which commercial banks generally are open for business in London
and on which the London platinum market is open for business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>LPMCL</B>&rdquo; means
London Precious Metals Clearing Limited or its successors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>LPPM</B>&rdquo; means
The London Platinum and Palladium Market or its successors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>Metal Accounts</B>&rdquo;
means the Trust Allocated Account and the Trust Unallocated Account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>New York Business Day</B>&rdquo;
means a &ldquo;Business Day&rdquo; as defined in the Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>Physical Platinum</B>&rdquo;
means platinum bullion that meets the Good Delivery Standards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>Platinum</B>&rdquo; means
(i) Physical Platinum held by the Custodian or any sub-custodian under the Allocated Platinum Account Agreement and/or (ii) any
credit to an account, including the Trust Unallocated Account, on an Unallocated Basis, as the context requires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>Point of Delivery</B>&rdquo;
means such date and time that the recipient (or its agent) acknowledges in written form its receipt of delivery of Platinum;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>Prospectus</B>&rdquo;
means the prospectus constituting a part of the registration statement filed on Form S-1, Registration Number ____________ with
the Securities Exchange Commission in accordance with the U.S. Securities Act of 1933, as amended, in relation to the Shares dated
on or about ______________, 2017, as the same may be modified, supplemented or amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>Rules</B>&rdquo; means
the rules, regulations, practices, procedures and customs of the LPPM, including the Good Delivery Standards, the LPMCL, the Financial
Conduct Authority, the Prudential Regulation Authority, the Bank of England and such other regulatory authority or other body,
applicable to the activities contemplated by this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>Shareholder</B>&rdquo;
means the beneficial owner of one or more Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>Shares</B>&rdquo; means
the units of fractional undivided beneficial interest in the Trust which are issued by the Trust, named GraniteShares Platinum
Shares and created pursuant to and constituted by the Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>Sponsor</B>&rdquo; means
GraniteShares LLC, its successors and assigns and any successor Sponsor appointed pursuant to the Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>Trust</B>&rdquo; means
the GraniteShares Platinum Trust formed pursuant to the Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>Trust Agreement</B>&rdquo;
means the Depositary Trust Agreement of the GraniteShares Platinum Trust dated on or about ____________, 2017, as amended from
time to time, between GraniteShares LLC, as Sponsor, and The Bank of New York Mellon, as Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>Trust Allocated Account</B>&rdquo;
means the loco London Platinum account, number _______________, established in the name of the Trustee and maintained for the benefit
of the Trust by the Custodian on an allocated basis pursuant to the Allocated Platinum Account Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>Trust Unallocated Account</B>&rdquo;
means the loco London Platinum account, number _______________, established in the name of the Trustee and maintained for the benefit
of the Trust by the Custodian on an Unallocated Basis pursuant to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>Unallocated Basis</B>&rdquo;
means, with respect to the holding of platinum, that the holder is entitled to receive delivery of Physical Platinum in the amount
standing to the credit of the holder&rsquo;s account, but the holder has no ownership interest in any particular platinum that
the custodian maintaining that account owns or holds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>VAT</B>&rdquo; means
value added tax as provided for in the Value Added Tax Act 1994 (as amended or re-enacted from time to time) and legislation supplemental
thereto and any other tax (whether imposed in the United Kingdom in substitution thereof or in addition thereto or elsewhere) of
a similar fiscal nature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<B>Withdrawal Date</B>&rdquo;
means the London Business Day on which the Trustee wishes a withdrawal of Platinum from the Trust Unallocated Account to take place.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>1.2</B></TD><TD><B>Headings: </B> The headings in this Agreement do not affect its interpretation.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>1.3</B></TD><TD><B>Singular and plural:</B> References to the singular include the plural and vice versa.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>1.4</B></TD><TD><B>Construction.</B> The word &ldquo;including&rdquo; means &ldquo;including without limitation&rdquo;. The word &ldquo;or&rdquo;
is not exclusive.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">2.</TD><TD STYLE="text-align: justify">TRUST UNALLOCATED ACCOUNT</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>2.1</B></TD><TD STYLE="text-align: justify"><B>Opening Trust Unallocated Account:</B> The Custodian shall open and maintain the Trust Unallocated
Account in the name of the Trustee (in its capacity as trustee for the Shareholders).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>2.2</B></TD><TD STYLE="text-align: justify"><B>Denomination of Trust Unallocated Account: </B>The Trust Unallocated Account will hold deposits
of Platinum and will be denominated in gross troy ounces (to three decimal places).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>2.3</B></TD><TD STYLE="text-align: justify"><B>Trust Unallocated Account Reports: </B>At the end of each London Business Day, the Custodian
will provide the Trustee with access to information showing the increases and decreases to the Platinum standing to the Trustee&rsquo;s
credit in the Trust Unallocated Account, and identifying separately each transaction and the New York or London Business Day on
which it occurred. On each London Business Day, the Custodian will send the Trustee a notification of (i) each separate transaction,
if any, transferring Platinum to the Trust Unallocated Account, including the amount of Platinum transferred to the Trust Unallocated
Account and the AP Account from which such Platinum is transferred, (ii) the amount of Platinum, if any, transferred from the Trust
Unallocated Account to the Trust Allocated Account or to any AP Account and (iii) the closing balance of Platinum credited to the
Trust Unallocated Account for such London Business Day, and the Custodian will use commercially reasonable efforts to send the
notification by 12:00 noon (New York time). In addition, the Custodian will provide the Trustee such information about the increases
and decreases to the Platinum standing to the Trustee&rsquo;s credit in the Trust Unallocated Account on a same-day basis at such
other times and in such other form as the Trustee and the Custodian shall agree. For each calendar month, the Custodian will provide
the Trustee within a reasonable time after the end of the month a statement of account for the Trust Unallocated Account which
shall include the opening and closing monthly balance and all transfers to and from the Trust Unallocated Account. All such reports
will be made available to the Trustee by means of authenticated SWIFT message, provided that, if the SWIFT messaging system is
unavailable for any reason, the Trustee and the Custodian will agree upon a temporary notification system for making such reports
available to the Trustee. Additionally, if agreed to by the Trustee and the Custodian, such reports will be made available to the
Trustee by means of the Custodian&rsquo;s proprietary electronic system.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>2.4</B></TD><TD STYLE="text-align: justify"><B>Reversal of Entries:</B> The Custodian shall reverse any provisional or erroneous entries to
the Trust Unallocated Account which it discovers or of which it is notified with effect back-valued to the date upon which the
final or correct entry (or no entry) should have been made.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>2.5</B></TD><TD STYLE="text-align: justify"><B>Provision of Information<I>: </I></B>The Custodian agrees that it will forthwith notify the
Trustee in writing of any encumbrance of which it is aware is or is purported to have been created over or in respect of the Trust
Unallocated Account or any of the amounts standing to the credit thereof.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>2.6</B></TD><TD STYLE="text-align: justify"><B>Access<I>:</I></B>&nbsp;The Custodian will allow the Sponsor and the Trustee and their identified
representatives, independent public accountants and bullion auditors (currently Inspectorate International Ltd.) access to its
premises, upon reasonable notice during normal business hours, to examine the Platinum and such records, as they may reasonably
require to perform their respective duties with regard to investors in Shares. The Trustee agrees that any such access shall be
subject to execution of a confidentiality agreement and agreement to the Custodian&rsquo;s security procedures, and any such audit
shall be at the Trust&rsquo;s expense.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>2.7</B></TD><TD STYLE="text-align: justify"><B>Regulatory Reporting:</B> To the extent that the Custodian&rsquo;s activities under this Agreement
are relevant to the preparation of the filings required of the Trust under the securities laws of the United States or any other
jurisdiction, the Custodian will, to the extent permitted by applicable law, the Rules or applicable regulatory authority, cooperate
with the Trustee and the Sponsor and the Trustee&rsquo;s and the Sponsor&rsquo;s representatives to provide such information concerning
the Custodian&rsquo;s activities as may be necessary for such filings to be completed. Additionally, to the extent that the Custodian&rsquo;s
activities or controls in its capacity as custodian of the Trust&rsquo;s assets are relevant to the information presented in the
financial statements of the Trust, the Custodian will cooperate with the Sponsor and the Trustee to assist the Sponsor in providing
the required written assurances regarding the reliability of the internal controls used in the preparation of such financial statements,
including by providing the Sponsor&rsquo;s and the Trust&rsquo;s external auditors with any necessary information and reports regarding
the Custodian&rsquo;s internal controls over financial reporting as far as such reporting relates to the scope of the Custodian&rsquo;s
duties.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">3.</TD><TD STYLE="text-align: justify">DEPOSITS</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>3.1</B></TD><TD STYLE="text-align: justify"><B>Procedure:</B>&nbsp;The Custodian shall receive deposits of Platinum into the Trust Unallocated
Account (in the manner and accompanied by such documentation as the Custodian may reasonably require) by:</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">de-allocation of Platinum held in the Trust Allocated Account on redemption of Shares by an Authorized
Participant or for any other purpose authorized by the Trust Agreement; or</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">transfer of Platinum from an AP Account relating to the same kind of Platinum and having the same
denomination as that to which the Trust Unallocated Account relates in connection with an AP Application by an Authorized Participant
for Shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">No other
methods of deposit are permitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>3.2</B></TD><TD STYLE="text-align: justify"><B>Notice Requirements: </B>&nbsp;Notice of intended deposit must be received by the Custodian
from the Trustee no later than 3:00 p.m. (London time) one London Business Day prior to the Availability Date and specify the weight
(in gross troy ounces of platinum) to be credited to the Trust Unallocated Account, the Availability Date, the account from which
such deposit will be transferred, and any other information which the Custodian may, with the agreement of the Trustee, from time
to time require. The Custodian will promptly notify the Trustee by email upon a deposit of Platinum being made into the Trust Unallocated
Account pursuant to <U>clause 3.1(b)</U>. When, by reference to the Trustee&rsquo;s notifications and instructions to the Custodian,
the Custodian reasonably believes an amount of Platinum has been credited to the Trust Unallocated Account in error, the Custodian
will notify the Trustee promptly and, pending a joint resolution of the error, will treat such amount as not being subject to the
standing instruction in <U>clause 5.3</U>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>3.3</B></TD><TD STYLE="text-align: justify"><B>Right to Amend Procedure:</B> &nbsp;The Custodian may amend the procedure in relation to the
deposit of Platinum to the Trust Unallocated Account only where such amendment is caused by a change in Rules. The Custodian will,
whenever practicable, notify the Trustee and the Sponsor within a commercially reasonable time before the Custodian amends its
procedures or imposes additional ones in relation to the transfer of Platinum into the Trust Unallocated Account, and in doing
so the Custodian will consider the Trustee&rsquo;s and the Sponsor&rsquo;s needs to communicate any such change to Authorized Participants
and others.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">4.</TD><TD STYLE="text-align: justify">WITHDRAWALS</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>4.1</B></TD><TD STYLE="text-align: justify"><B>Procedure:</B>&nbsp;The Trustee may at any time give instructions to the Custodian for the withdrawal
of Platinum standing to the credit of the Trust Unallocated Account as provided for in this Agreement, provided that<I>&nbsp;</I>a
withdrawal may be made only by:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">transfer to an AP Account relating to the same kind of Platinum and having the same denomination
as that to which the Trust Unallocated Account relates when Shares are to be redeemed by an Authorized Participant;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">transfer of Platinum to the Trust Allocated Account;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">the collection of Physical Platinum from the Custodian at its vault premises, or such other location
as the Custodian may direct;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">delivery of Platinum to such location as the Trustee directs, at the Trust&rsquo;s expense and
risk; or</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The Trustee anticipates exercising
its rights under <U>clauses 4.1(c)</U> and <U>(d)</U> on an exceptional basis only. Any Platinum made available to the relevant
person (as instructed by the Trustee) pursuant to <U>clauses 4.1(c)</U> and <U>(d)</U> will be in a form which complies with the
Rules or in such other form as may be agreed between the Trustee and the Custodian the combined gross weight of which will not
exceed the number of gross ounces of Platinum the Trustee has instructed the Custodian to debit. To the extent that the Trustee
is authorized to sell Platinum under the Trust Agreement, the Custodian may, but is not required to, purchase such Platinum; provided
that, if the Trustee&rsquo;s instruction to sell Platinum is received by the Custodian by 1:00 p.m. (London time) on a London Business
Day, the purchase price for such Platinum shall be that day&rsquo;s Benchmark Price and, if the Trustee&rsquo;s instruction to
sell Platinum is received by the Custodian after 1:00 p.m. (London time) on a London Business Day, the purchase price for such
Platinum shall be the next Benchmark Price available after that day. The Trustee&rsquo;s instruction to sell Platinum may be an
instruction to sell such amount of Platinum as necessary to produce a specified amount of United States dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>4.2</B></TD><TD STYLE="text-align: justify"><B>Notice Requirements: <I>&nbsp;</I></B>Any notice from the Trustee relating to a withdrawal of
Platinum must be in writing and:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">if it relates to a withdrawal pursuant to <U>clauses 4.1(a)</U> or <U>(e)</U> (for sale of Platinum
only), to be in such form as may be agreed by the parties from time to time, and in all cases be received by the Custodian no later
than 3:00 p.m (London time) on the Withdrawal Date unless otherwise agreed;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">if it relates to a transfer pursuant to <U>clause 4.1(b)</U>, be in the form of an AP Application
(which shall be sufficient instruction for the purposes of this Agreement) and be received by the Custodian no later than 3:00
p.m. (London time) on the day which is one London Business Day prior to the Withdrawal Date; or</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">if it relates to a withdrawal pursuant to <U>clause 4.1(c)</U>, <U>(d)</U> or <U>(e)</U> (with
respect to transfers (other than for sales of Platinum) permitted under the Trust Agreement), be received by the Custodian no later
than 11:30 a.m. (London time) not less than two London Business Days prior to the Withdrawal Date unless otherwise agreed and specify
the name of the person or carrier that will collect the Platinum from the Custodian or the identity of the person to whom delivery
is to be made, as the case may be;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">and in all cases, specify the weight
(in gross troy ounces of platinum) of the Platinum to be debited from the Trust Unallocated Account, the Withdrawal Date and any
other information which the Custodian may, with the agreement of the Trustee, from time to time require.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>4.3</B></TD><TD STYLE="text-align: justify"><B>Right to Amend Procedure:</B> The Custodian may amend the procedure for the withdrawal of Platinum
from the Trust Unallocated Account only where such amendment is caused by a change in the Rules. Any such amendment will be subject
to the notification conditions of <U>clause 3.3</U>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>4.4</B></TD><TD STYLE="text-align: justify"><B>Delivery Obligations: </B>Unless otherwise instructed by the Trustee on behalf of the Trust
or the relevant person, the Custodian shall make any transportation and insurance arrangements in respect of delivery of Platinum
in accordance with its usual practice. Where instructions are given, the Custodian shall use all reasonable efforts to comply with
the same. The Custodian shall not be obliged to effect any requested delivery if, in its reasonable opinion, this would cause the
Custodian or its agents to be in breach of the Rules or other applicable law, court order or regulation; the costs incurred would
be excessive or delivery is impracticable for any reason. All insurance and transportation costs shall be for the account of the
Trust.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>4.5</B></TD><TD STYLE="text-align: justify"><B>Risk:</B>&nbsp;Where there is a shipment from the Custodian of Platinum, all right, title and
risk in and to such Platinum shall pass at the Point of Delivery to the relevant person for whose account the Platinum is being
delivered.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>4.6</B></TD><TD STYLE="text-align: justify"><B>Allocation:</B>&nbsp;Without limiting <U>clause 5.3</U>, in the case of a transfer under <U>clause
4.1(b)</U> and after receipt of notice given in the form prescribed in <U>clause 4.2(b)</U>, the Custodian will use its commercially
reasonable endeavours to complete the allocation of such deposits of Platinum by not later than 3:00 p.m. (London time) on the
Withdrawal Date provided that the Platinum referenced in such notice is deposited into the Trust Unallocated Account by 10:00 a.m.
(London time) on the Withdrawal Date, and the Custodian will promptly notify the Trustee by email upon the completion of such allocation.
Following the Custodian&rsquo;s receipt of such notice, the Custodian shall identify plates or 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. The Trustee acknowledges that the process of allocation of Platinum to the Trust Allocated
Account from the Trust Unallocated Account may involve minimal adjustments to the weights of Platinum to be allocated to adjust
such weight to the number of whole plates or ingots available.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">5.</TD><TD STYLE="text-align: justify">INSTRUCTIONS</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>5.1</B></TD><TD STYLE="text-align: justify"><B>Giving of Instructions:</B>&nbsp;Only the Trustee shall have the right to give instructions
in respect of the Trust Unallocated Account. The Trustee shall notify the Custodian in writing of the names of the people who are
authorised to give instructions on the Trustee&rsquo;s behalf. Until the Custodian receives written notice to the contrary, the
Custodian is entitled to assume that any of those people have full and unrestricted power to give instructions on the Trustee&rsquo;s
behalf. The Custodian is also entitled to rely on any instructions which are from, or which purport to emanate from, any person
who appears to have such authority. The Custodian reserves the right to obtain further validation of any instructions.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>5.2</B></TD><TD STYLE="text-align: justify"><B>Transfer Instructions:</B> All transfers into and out of the Trust Unallocated Account shall
be made upon receipt of, and in accordance with, instructions given by the Trustee to the Custodian. Such instructions shall be
given by authenticated SWIFT message or, if for any reason the SWIFT messaging system is not operational, by such other temporary
means as the Trustee and the Custodian may agree from time to time. Other information (which shall not constitute an instruction)
related to transfers into and out of the Trust Unallocated Account may be sent between the Trustee and the Custodian by email or
by such other means as the Trustee and the Custodian may agree from time to time. Any such communication shall be deemed to have
been given, made or served upon actual receipt by the recipient.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>5.3</B></TD><TD STYLE="text-align: justify"><B>Continuous Allocation of Platinum:</B>&nbsp;Without prejudice to <U>clause 5.1</U>, unless otherwise
notified by the Trustee in writing, the Custodian shall, at the end of each London Business Day, including when Platinum is to
be transferred from an AP Account to the Metal Accounts, transfer any Platinum then standing to the credit of the Trust Unallocated
Account (excluding Platinum which has been de-allocated in order to effect delivery of Platinum to a redeeming Authorized Participant
or pursuant to other withdrawal occurring on such day) to the Trust Allocated Account such that the amount of Platinum that remains
standing to the credit of the Trustee in the Trust Unallocated Account does not exceed 192.000 gross ounces at the close of such
London Business Day. Additionally, the Custodian shall use reasonable commercial efforts to minimize the amount of Platinum held
for the Trust in the Trust Unallocated Account at all times during each London Business Day.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>5.4</B></TD><TD STYLE="text-align: justify"><B>Account not to be Overdrawn:</B> The Trust Unallocated Account may not at any time have a debit
balance thereon, and no instruction shall be valid to the extent that the effect thereof would be for the Trust Unallocated Account
to have a debit balance thereon.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>5.5</B></TD><TD STYLE="text-align: justify"><B>AURUM: </B>The Trustee acknowledges that instructions relating to a counterparty for whom the
Custodian does not already provide settlement services will be forwarded by the Custodian to AURUM on the Trustee&rsquo;s behalf.
The Trustee acknowledges that AURUM is operated by a third party and that the Custodian cannot be responsible for any errors, omissions
or malfunctions in the systems operated by AURUM. To the extent that AURUM is not available or suffering a malfunction, the Trustee
agrees that the Custodian&rsquo;s obligations under this Agreement shall be postponed during such unavailability or such malfunction
and until a reasonable period thereafter.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>5.6</B></TD><TD STYLE="text-align: justify"><B>Amendments: </B>Once given, instructions continue in full force and effect until they are cancelled,
amended or suspended. Any communication that cancels, amends or suspends as instruction shall be valid only after actual receipt
by the Custodian in accordance with <U>clause 5.2</U>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>5.7</B></TD><TD STYLE="text-align: justify"><B>Unclear or Ambiguous Instructions:</B> If, in the Custodian&rsquo;s opinion, any instructions
are unclear or ambiguous, the Custodian shall use reasonable endeavours (taking into account any relevant time constraints) to
obtain clarification of those instructions from the Trustee and, failing that, the Custodian may in its absolute discretion and
without any liability on its part, act upon what the Custodian believes in good faith such instructions to be or refuse to take
any action or execute such instructions until any ambiguity or conflict has been resolved to the Custodian&rsquo;s reasonable satisfaction.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>5.8</B></TD><TD STYLE="text-align: justify"><B>Refusal to Execute:</B> The Custodian may refuse to execute instructions if in its reasonable
opinion they are or may be, or require action which is or may be, contrary to the Rules or any applicable law.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">6.</TD><TD STYLE="text-align: justify">CONFIDENTIALITY</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>6.1</B></TD><TD STYLE="text-align: justify"><B>Disclosure to Others:</B> Subject to <U>clause 6.2</U>, each party shall respect the confidentiality
of information acquired under this Agreement and neither will, without the consent of the other party, disclose to any other person
any transaction or other information acquired about the other party, its business or the Trust under this Agreement, provided that
such other party has made clear, at or before the time such information is provided, that such information is being provided on
a confidential basis. Notwithstanding anything to the contrary in this Agreement, to the extent required, a copy of this Agreement
may be filed under the securities laws of the United States or any other jurisdiction in connection with the registration of the
public offering of Shares by the Trust.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>6.2</B></TD><TD STYLE="text-align: justify"><B>Permitted Disclosures:</B> Each party accepts that from time to time the other party may be
required by law or the Rules, or required or requested by a government department or agency, fiscal body or regulatory or listing
authority, required by the LPMCL (e.g., in connection with AURUM), or required as otherwise may be necessary in conducting the
Trust&rsquo;s business, to disclose this Agreement or information acquired under this Agreement. In addition, the disclosure of
such information may be required by a party&rsquo;s auditors, by its legal or other advisors, by a company which is in the same group
of companies as a party (i.e., a subsidiary or holding company of a party) or (in the case of the Trustee) by the Sponsor, or any
beneficiary of the Trust. Each party irrevocably authorizes such persons to make such disclosures without further reference to
such party.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">7.</TD><TD STYLE="text-align: justify">CUSTODY SERVICES</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>7.1</B></TD><TD STYLE="text-align: justify"><B>Appointment:</B>&nbsp;The Trustee hereby appoints the Custodian to act as custodian of
the Platinum in accordance with this Agreement and any Rules which apply to the Custodian, and the Custodian hereby accepts such
appointment.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>7.2</B></TD><TD STYLE="text-align: justify"><B>Safekeeping of Platinum:&nbsp;</B>The Custodian will be responsible for the safekeeping
of the Platinum on the terms and conditions of this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>7.3</B></TD><TD STYLE="text-align: justify"><B>Ownership of Platinum:&nbsp;</B>The Custodian will identify in its books that the Platinum
belongs to the Trustee (on trust for the Shareholders). The Custodian shall ensure that the Platinum belonging to the Trustee (on
trust for the Shareholders) shall at all times be free and clear of all liens and encumbrances and shall not be subject to any
right, charge, security interest, lien or claim of any kind, whether arising by operation of law or otherwise, in favor of the
Custodian, any sub-custodian or any creditor of any of them or any other person. The Custodian shall not loan, hypothecate, pledge
or otherwise encumber any Platinum held in Trust Unallocated Account absent the Trustee&rsquo;s written instructions to the contrary.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">8.</TD><TD STYLE="text-align: justify">REPRESENTATIONS</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>8.1</B></TD><TD STYLE="text-align: justify">Each party represents and warrants to the other party, on the basis that each of its following
representations and warranties is deemed repeated each time that a notice is given for the deposit or withdrawal of Platinum under
this Agreement, that:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 35.25pt">(a)</TD><TD STYLE="text-align: justify">it is duly constituted and validly existing under the laws of its jurisdiction of constitution;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 71.25pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 35.25pt">(b)</TD><TD STYLE="text-align: justify">it has all necessary authority, powers, consents, licences and authorizations and has taken all
necessary action to enable it lawfully to enter into and perform its duties and obligations under this Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 35.25pt">(c)</TD><TD STYLE="text-align: justify">the person or persons entering into this Agreement on its behalf has or have been duly authorized
to do so; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 35.25pt">(d)</TD><TD STYLE="text-align: justify">this Agreement and the obligations created under it are binding upon it and enforceable against
it in accordance with the terms of this Agreement (subject to applicable principles of equity) and do not and will not violate
the terms of the Rules, any applicable laws or any order, charge or agreement by which it is bound.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">9.</TD><TD STYLE="text-align: justify">FEES AND EXPENSES</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>9.1</B></TD><TD STYLE="text-align: justify"><B>Fees:</B> There will be no fees charged directly to the Trustee or the Trust by the Custodian
for the services provided by it under this Agreement. Payment of such fees will be made by the Sponsor pursuant to the Allocated
Platinum Account Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>9.2</B></TD><TD STYLE="text-align: justify"><B>Expenses: </B>Pursuant to a separate agreement between the Sponsor and the Custodian, to which
the Custodian has agreed, the Sponsor shall pay to the Custodian on demand all costs, charges and expenses (excluding (i) any relevant
taxes and VAT (if chargeable), duties and other governmental charges, (ii) fees for storage of the Platinum, which will be recovered
under the Allocated Platinum Account Agreement, and (iii) indemnification obligations of the Trustee under <U>clause 10.5</U>,
which will be paid pursuant to the following sentence) incurred by the Custodian in connection with the performance of its duties
and obligations under this Agreement or otherwise in connection with the Platinum. The Trustee will procure payment on demand,
solely from and to the extent of the assets of the Trust, of any other costs, charges and expenses not assumed by the Sponsor under
its agreement with the Custodian referenced in this <U>clause 9.2</U> (including any relevant taxes (other than VAT, which is addressed
in <U>clause 12.1</U>), duties, other governmental charges and indemnification claims of the Custodian payable by the Trustee pursuant
to <U>clause 10.5</U>, but excluding fees for storage of the Platinum, which will be recovered under the Allocated Platinum Account
Agreement) incurred by the Custodian in connection with the Platinum.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>9.3</B></TD><TD STYLE="text-align: justify"><B>Credit Balances: </B>No interest or other amount will be paid by the Custodian on any credit
balance on the Trust Unallocated Account unless otherwise agreed by the Custodian and the Trustee.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>9.4</B></TD><TD STYLE="text-align: justify"><B>No Recovery from Trust: </B>Amounts payable pursuant to this <U>clause 9</U> (including <U>clause
9.5</U>) shall not be debited from the Trust Unallocated Account, but shall be payable, as applicable, by the Sponsor or the Trustee
on behalf of the Trust, and the Custodian hereby acknowledges that it will have no recourse against Platinum standing to the credit
of the Trust Unallocated Account or to the Trustee individually in respect of any such amounts.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>9.5</B></TD><TD STYLE="text-align: justify"><B>Default Interest:</B> If the Trustee or the Sponsor, as applicable, fails to procure payment
to the Custodian of any amount when it is due, the Custodian reserves the right to charge interest (both before and after any judgment)
on any such unpaid amount calculated at a rate equal to 2% above the overnight London Interbank Offered Rate (LIBOR) for the currency
in which the amount is due. Interest will accrue on a daily basis and will be due and payable as a separate debt.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">10.</TD><TD STYLE="text-align: justify">SCOPE OF RESPONSIBILITY</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>10.1</B></TD><TD STYLE="text-align: justify"><B>Exclusion of Liability:</B> The Custodian will use reasonable care in the performance of its
duties under this Agreement and will only be responsible for any loss or damage suffered by the Trustee or the Trust as a direct
result of any negligence, fraud or willful default on its part in the performance of its duties, and in which case its liability
will not exceed the market value of the Platinum credited to the Trust Unallocated Account and the Trust Allocated Account at the
time such negligence, fraud or willful default is either discovered by or notified to the Custodian (such market value calculated
using the nearest available LBMA Platinum Price PM following the occurrence of such negligence, fraud or willful default), provided
that, in the case of such discovery by or notification to the Custodian, the Custodian notifies the Sponsor and the Trustee promptly
after any discovery of such negligence, fraud or willful default. If the Custodian delivers from the Trust Unallocated Account
Platinum that is not of the gross weight the Custodian has represented to the Trustee or that is not in accordance with the Rules,
recovery by the Trustee, to the extent such recovery is otherwise allowed, shall not be barred by any delay in asserting a claim
because of the failure to discover the corresponding loss or damage regardless of whether such loss or damage could or should have
been discovered.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>10.2</B></TD><TD STYLE="text-align: justify"><B>No Duty or Obligation:</B> The Custodian is under no duty or obligation to make or take any
special arrangements or precautions beyond those required by the Rules or as specifically set forth in this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>10.3</B></TD><TD STYLE="text-align: justify"><B>Insurance:</B>&nbsp;The Custodian (or one of its Affiliates) shall make such insurance arrangements
from time to time in connection with the Custodian&rsquo;s custodial obligations under this Agreement as the Custodian considers
appropriate and will be responsible for all costs, fees and expenses (including any relevant taxes) in relation to such insurance
policy or policies. Upon reasonable prior written notice, in connection with the preparation of the initial registration statement
under the United States Securities Act of 1933, as amended, covering any Shares, the Custodian will allow its insurance to be reviewed
by the Trustee and by the Sponsor. The Custodian also will allow from time to time the Trustee and the Sponsor to review such insurance
in connection with any amendment to that initial registration statement or any future registration statement that covers the Shares
and any amendment thereto, in each case upon reasonable prior written notice from the Trustee. Any permission to review the Custodian&rsquo;s
insurance is limited to the term of this Agreement and is conditioned on the reviewing party executing a form of confidentiality
agreement provided by the Custodian, or if the confidentiality agreement is already in force, acknowledging that the review is
subject thereto. In the event that the Custodian (or one of its Affiliates) elects to reduce, cancel or not to renew the Custodian&rsquo;s
insurance, the Custodian will give the Trustee and the Sponsor written notice of any such election within no more than 15 days
after the date of any such election.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>10.4</B></TD><TD STYLE="text-align: justify"><B>Force Majeure: </B>The Custodian shall not be liable for any delay in performance, or for the
non-performance, of any of its obligations under this Agreement by reason of any cause beyond the Custodian&rsquo;s reasonable
control. This includes any act of God or war or terrorism, any breakdown, malfunction or failure of, or connected with, any communication,
computer, transmission, clearing or settlement facilities, industrial action, or acts, rules and regulations of any governmental
or supra national bodies or authorities or any relevant regulatory or self-regulatory organization.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>10.5</B></TD><TD STYLE="text-align: justify"><B>Indemnity: </B>The Trustee, solely from and to the extent of the assets of the Trust, shall
indemnify and keep indemnified the Custodian (on an after tax basis) on demand against all costs and expenses, damages, liabilities
and losses (other than VAT, which is addressed in <U>clause 12.1</U>) and the expenses assumed by the Sponsor under its agreement
with the Custodian referenced in <U>clause 9.2</U>) which the Custodian may suffer or incur, directly or indirectly in connection
with this Agreement, except to the extent that such sums are due directly to the negligence, willful default or fraud of the Custodian.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>10.6</B></TD><TD STYLE="text-align: justify"><B>Custodian&rsquo;s Interests and Affiliates&rsquo; Interests: </B>The Custodian has the right,
without notifying the Trustee, to act upon the Trustee&rsquo;s instructions or to take any other action permitted by the terms
of this Agreement where:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 35.25pt">(a)</TD><TD STYLE="text-align: justify">the Custodian, directly or indirectly, has an interest in the consequences of such instruction
or action;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 71.25pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 35.25pt">(b)</TD><TD STYLE="text-align: justify">except as otherwise provided in this Agreement, the Custodian processes the Trustee&rsquo;s instructions
on an aggregated basis together with similar instructions from other clients; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 90.75pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 35.25pt">(c)</TD><TD STYLE="text-align: justify">the Custodian, except as otherwise provided in this Agreement, has a relationship with another
party which does or may create a conflict with its duty to the Trustee or the Trust including (without prejudice) circumstances
where the Custodian or any of its associates may (i) act as financial adviser, banker or otherwise provide services to a contract
counterparty of the Trustee or the Trust; (ii) act in the same arrangement as agent for more than one client; or (iii) earn profits
from any of the activities listed herein.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The Custodian or any of its divisions,
branches or Affiliates may be in possession of information tending to show that the action required by the Trustee&rsquo;s instructions
may not be in the Trust&rsquo;s best interests, but shall not have any duty to disclose any such information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">11.</TD><TD STYLE="text-align: justify">TERMINATION</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>11.1</B></TD><TD STYLE="text-align: justify"><B>Notice:</B> Any termination notice given by the Trustee under <U>clause 11.2</U> must specify:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the date on which the termination will take effect;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the person to whom the Platinum is to be transferred; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">all other necessary arrangements for the transfer of Platinum to the order of the Trustee.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>11.2</B></TD><TD STYLE="text-align: justify"><B>Term:&nbsp;</B>This Agreement shall have a fixed term up to and including five (5) years and
will automatically renew for further successive terms of one (1) year thereafter unless terminated by the parties in accordance
with this <U>clause 11</U>; provided that during such periods (i) either the Trustee or the Custodian may terminate this Agreement
for any reason or for no reason by giving not less than 90 days&rsquo; written notice to the other party and (ii) this Agreement
may be terminated immediately upon written notice as follows:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 35.25pt">(a)</TD><TD STYLE="text-align: justify">by the Trustee, if the Custodian ceases to offer the services contemplated by this Agreement to
its clients or proposes to withdraw from the platinum business;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 71.25pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 35.25pt">(b)</TD><TD STYLE="text-align: justify">by the Trustee or the Custodian, if it becomes unlawful for the Custodian to be a party to this
Agreement or to offer its services to the Trust on the terms contemplated by this Agreement or if it becomes unlawful for the Trustee
or the Trust to receive such services or for the Trustee to be a party to this Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 71.25pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 35.25pt">(c)</TD><TD STYLE="text-align: justify">by the Custodian, if there is any event which, in the Custodian&rsquo;s reasonable view, indicates
the Trust&rsquo;s or the Sponsor&rsquo;s insolvency or impending insolvency;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 71.25pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 35.25pt">(d)</TD><TD STYLE="text-align: justify">by the Trustee, if there is any event which, in the Sponsor&rsquo;s reasonable view, indicates
the Custodian&rsquo;s or the Sponsor&rsquo;s insolvency or impending insolvency;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 71.25pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 35.25pt">(e)</TD><TD STYLE="text-align: justify">by the Trustee, if the Trust is to be terminated; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 71.25pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 35.25pt">(f)</TD><TD STYLE="text-align: justify">by the Trustee or by the Custodian, if the Allocated Platinum Account Agreement ceases to be in
full force and effect at any time.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>11.3</B></TD><TD STYLE="text-align: justify"><B>Change in Trustee or the Sponsor:</B> If there is any change in the identity of the Trustee
or the Sponsor in accordance with the Trust Agreement, then the Custodian, the Trustee, the Sponsor and the Trust shall, subject
to the last sentence of this <U>clause 11.3</U>, execute such documents and shall take such actions as the new Trustee or Sponsor
and the outgoing Trustee or Sponsor may reasonably require for the purpose of vesting in the new Trustee or Sponsor the rights
and obligations of the outgoing Trustee or Sponsor, and releasing the outgoing Trustee or Sponsor from its future obligations under
this Agreement. The Custodian&rsquo;s obligations under this <U>clause 11.3</U> shall be conditioned on the Custodian having conducted
prompt, reasonable and proportionate due diligence to the Custodian&rsquo;s reasonable satisfaction on any such new Trustee or
Sponsor.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>11.4</B></TD><TD STYLE="text-align: justify"><B>Redelivery Arrangements:</B> If the Trustee does not make arrangements acceptable to the Custodian
for the delivery of the Platinum, the Custodian may continue to maintain the Trust Unallocated Account, in which case the Custodian
will continue to charge the fees and expenses payable under clause 10 of the Allocated Platinum Account Agreement. If the Trustee
has not made arrangements acceptable to the Custodian for the transfer of Platinum from the Trust Unallocated Account within 6
months of the date specified in the termination notice as the date on which the termination will take effect, the Custodian will
be entitled to close the Trust Unallocated Account and sell the Platinum (at such time and on such markets as the Custodian considers
appropriate) and account to the Trustee for the proceeds.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>11.5</B></TD><TD STYLE="text-align: justify"><B>Existing rights:</B> Termination shall not affect rights and obligations then outstanding under
this Agreement which shall continue to be governed by this Agreement until all obligations have been fully performed.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">12.</TD><TD STYLE="text-align: justify">VALUE ADDED TAX</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>12.1</B></TD><TD STYLE="text-align: justify"><B>VAT Inclusive: </B>All sums payable or other consideration provided to the Custodian by the
Trustee or the Sponsor in connection with this Agreement and the Allocated Platinum Account Agreement (including pursuant to the
separate agreement referred to in clause 10.1 of the Allocated Platinum Account Agreement) are inclusive of any VAT which is or
becomes chargeable on any supplies made by the Custodian pursuant to this Agreement and the Allocated Platinum Account Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">13.</TD><TD STYLE="text-align: justify">NOTICES</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>13.1</B></TD><TD STYLE="text-align: justify"><B>Notices:</B> Except as provided in <U>clauses 2.3, 3.2, 4.6, 5.2</U> and <U>15.5</U>, any notice
or other communication shall be delivered personally or sent by first class post, pre-paid recorded delivery (or air mail if overseas),
authenticated electronic transmission (including email and SWIFT) or such other electronic transmission as the parties may from
time to time agree, to the party due to receive the notice or communication, at its address, number or destination set out in <U>clause
13.3</U> or another address, number or destination specified by that party by written notice to the other.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>13.2</B></TD><TD STYLE="text-align: justify"><B>Deemed Receipt of Notice:</B> A notice or other communication under or in connection with <U>clause
13.1</U> will be deemed received only if actually received or delivered.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>13.3</B></TD><TD STYLE="text-align: justify"><B>Contact Information:</B> The addresses and numbers of the parties for the purposes of <U>clauses
5.2</U> and <U>13.1 </U>are:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">The Custodian:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">ICBC Standard Bank Plc</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">20 Gresham Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">London</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">EC2V 7JE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Attention: &nbsp;&nbsp;Precious Metals Operations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">E-mail:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;London.PreciousMetalsOperations@icbcstandard.com and Bullion.Physical@icbcstandard.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">The Trustee:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">The Bank of New York Mellon</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">2 Hanson Place</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Brooklyn, New York 11217</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">Attention: Chris Yedreyeski</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Facsimile: 718-315-4927</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">E-Mail: etfservicescom@bnymellon.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The address and numbers of the
Sponsor for purposes of receiving notices under this Agreement are:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">The Sponsor:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">GraniteShares LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">30 Vesey Street &ndash;
9th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">New York NY 10007</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">Attention: Benoit Autier</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">Telephone: +1 917 338
0565</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">E-Mail: benoit.autier@graniteshares.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>13.4</B></TD><TD STYLE="text-align: justify"><B>Recording of Calls:</B> The Custodian and the Trustee may each record telephone conversations
without use of a warning tone. Such recordings will be the recording party&rsquo;s sole property and accepted by the other party
hereto as evidence of the orders or instructions given, provided that (i) in case of any dispute or disagreement regarding any
conversation so recorded the recording party will promptly share the recordings with the other party and its representatives and
(ii) the recording party will have no obligation to retain any such recordings prior to becoming aware of any such dispute or disagreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">14.</TD><TD STYLE="text-align: justify">GENERAL</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>14.1</B></TD><TD STYLE="text-align: justify"><B>Role of Trustee:</B> The Trustee is a party to this Agreement solely in its capacity as Trustee
for the Shareholders and accordingly (i) the Trustee shall only be liable to satisfy any obligations under this Agreement, including
any obligations or liabilities arising in connection with any default by the Trustee under this Agreement, to the extent of the
assets held from time to time by the Trustee as trustee of the Trust (the &ldquo;<B>Trust Assets</B>&rdquo;) to the extent authorized
by the Trust Agreement and (ii) no recourse shall be had to (a) any assets other than the Trust Assets, including any of the assets
held by the Trustee as trustee, co-trustee or nominee of a trust other than the Trust, as owner in its individual capacity or in
any way other than as trustee of the Trust; or (b) the Trustee for any assets that have been distributed by the Trustee to the
beneficiaries of the Trust.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>14.2</B></TD><TD STYLE="text-align: justify"><B>No Advice:</B> The Custodian&rsquo;s duties and obligations under this Agreement do not include
providing the other party with investment advice. In asking the Custodian to open and maintain the Trust Unallocated Account, the
Trustee acknowledges that it is acting pursuant to the Trust Agreement, and the Custodian shall not owe to the Trustee or the Trust
any duty to exercise any judgement on their behalf as to the merits or suitability of any deposits into, or withdrawals from, the
Trust Unallocated Account.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>14.3</B></TD><TD STYLE="text-align: justify"><B>Rights and Remedies:</B> The Custodian hereby waives any right it has or may hereafter acquire
to combine, consolidate or merge the Metal Accounts with any other account of the Trust or the Trustee or to set off any liabilities
of the Trust or the Trustee to the Custodian and agrees that it may not set off, transfer or combine or withhold payment of any
sum standing to the credit or to be credited to the Metal Accounts in or towards or conditionally upon satisfaction of any liabilities
to it of the Trust or the Trustee. Subject thereto, the Custodian&rsquo;s rights under this Agreement are in addition to, and independent
of, any other rights which the Custodian may have at any time in relation to the Metal Accounts.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>14.4</B></TD><TD STYLE="text-align: justify"><B>Business Day:</B> If an obligation of a party would otherwise be due to be performed on a day
which is not a New York Business Day or a London Business Day, as the case may be, in respect of the Trust Unallocated Account,
such obligation shall be due to be performed on the next succeeding New York Business Day or London Business Day, as the case may
be, in respect of the Trust Unallocated Account.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>14.5</B></TD><TD STYLE="text-align: justify"><B>Assignment:</B> This Agreement is for the benefit of and binding upon both the Custodian and
the Trustee and their respective successors and assigns. Save as expressly provided in <U>clause 11.3</U> and this <U>clause 14.5</U>,
no party may assign, transfer or encumber, or purport to assign, transfer or encumber, any right or obligation under this Agreement
unless the other party otherwise consents in writing, except that consent is not required where the Custodian assigns, transfers
or encumbers any right or obligation under this Agreement to an Affiliate. This clause shall not restrict the Custodian&rsquo;s
power to merge or consolidate with any party, or to dispose of all or part of its custody business, and further provided that this
clause shall not restrict the Trustee from assigning its rights hereunder to a Shareholder to the extent required for the Trust
to fulfill its obligations under the Trust Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>14.6</B></TD><TD STYLE="text-align: justify"><B>Amendments: </B>Any amendment to this Agreement must be agreed in writing and be signed by the
Trustee and the Custodian. Unless otherwise agreed, an amendment will not affect any legal rights or obligations which may already
have arisen.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>14.7</B></TD><TD STYLE="text-align: justify"><B>Partial Invalidity:</B> If any of the clauses (or part of a clause) of this Agreement becomes
invalid or unenforceable in any way under the Rules or any law, the validity of the remaining clauses (or part of a clause) will
not in any way be affected or impaired.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>14.8</B></TD><TD STYLE="text-align: justify"><B>Liability: </B>Nothing in this Agreement shall exclude or limit any liability which cannot lawfully
be excluded or limited (e.g. liability for personal injury or death caused by negligence).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>14.9</B></TD><TD STYLE="text-align: justify"><B>Entire Agreement: </B>This Agreement and the Allocated Platinum Account Agreement represent
the entire agreement between the parties in respect of their subject matter. This Agreement and the Allocated Platinum Account
Agreement supersede and replace any prior existing agreement between the parties hereto relating to the same subject matter.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>14.10</B></TD><TD STYLE="text-align: justify"><B>Counterparts:</B> This Agreement may be executed in any number of counterparts, each of which
when executed and delivered is an original, but all the counterparts together constitute the same agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">15.</TD><TD STYLE="text-align: justify">GOVERNING LAW AND JURISDICTION</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>15.1</B></TD><TD STYLE="text-align: justify"><B>Governing Law:</B> This Agreement is governed by, and will be construed in accordance with,
English law.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>15.2</B></TD><TD STYLE="text-align: justify"><B>Jurisdiction:</B> The Trustee and the Custodian agree that the courts of the State of New York,
in the United States of America, and the United States federal court located in the Borough of Manhattan in such state, are to
have jurisdiction to settle any Disputes which may arise out of or in connection with this Agreement and, for these purposes the
Trustee and the Custodian irrevocably submits to the non-exclusive jurisdiction of such courts, waive any claim of forum non conveniens
and any objection to laying of venue, and further waive any personal service.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>15.3</B></TD><TD STYLE="text-align: justify"><B>Waiver of Immunity: </B>To the extent that the Trustee may in any jurisdiction claim as Trustee,
the Trust or its assets any immunity from suit, judgment, enforcement or otherwise howsoever, the Trustee agrees not to claim,
and irrevocably waives, any such immunity to which it would otherwise be entitled (whether on grounds of sovereignty or otherwise)
to the full extent permitted by the laws of such jurisdiction.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>15.4</B></TD><TD STYLE="text-align: justify"><B>Third Party Rights:</B> Except with respect to the Trust, which shall be considered a beneficiary
of this entire Agreement, and the Sponsor, which shall be considered a beneficiary (as applicable) of <U>clauses 2.6, 2.7, 3.3,
4.3, 6.2, 10.1, 10.3, 11.3, 13.3</U> and <U>15.4</U>, the Custodian does not owe any duty or obligation or have any liability towards
any person who is not a party to this Agreement. Except as set forth in this <U>clause 15.4</U>, this Agreement does not confer
a benefit on any person who is not a party to it. The parties to this Agreement do not intend that any term of this Agreement shall
be enforceable by any person who is not a party to it and do intend that the Contracts (Rights of Third Parties) 1999 Act shall
not apply to this Agreement, provided that the Sponsor may enforce its rights under <U>clauses 2.6, 2.7, 3.3, 4.3, 6.2, 10.1, 10.3,
11.3, 13.3</U> and <U>15.4</U>. Nothing in this paragraph is intended to limit the obligations hereunder of any successor Trustee
of the Trust or to limit the right of any successor Trustee of the Trust to enforce the Custodian&rsquo;s obligations hereunder.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>15.5</B></TD><TD STYLE="text-align: justify"><B>Service of Process:</B> Process by which any proceedings are begun may be served on a party
by being delivered to the party&rsquo;s address specified below. This does not affect any right to serve process in another manner
permitted by law.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify"><I>Custodian&rsquo;s Address
for service of process:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">ICBC Standard Bank Plc</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">20 Gresham Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">London</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">EC2V 7JE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Attention: The Head of Legal</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify"><I>Trustee&rsquo;s Address for
service of process:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">The Bank of New York Mellon</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">225 Liberty Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">New York, New York 10286</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Attention: Legal Department &ndash;
Asset Servicing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: center; text-indent: -1in"><I>[Signature
Page Follows]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">IN WITNESS WHEREOF, the parties have executed
this Agreement as of the date set out on the cover page of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Signed on behalf of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ICBC STANDARD BANK PLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By its authorized signatories</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: bottom; width: 8%; text-align: justify">Signature</TD>
    <TD STYLE="vertical-align: top; width: 40%; text-align: justify; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; text-align: justify">Signature</TD>
    <TD STYLE="vertical-align: bottom; width: 40%; text-align: justify; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: justify">Name</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">Name</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: justify">Title</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">Title</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: justify">Date</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">Date</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Signed on behalf of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>THE BANK OF NEW YORK MELLON</B>,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">solely in its capacity as trustee of the GraniteShares Platinum
Trust and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">not individually</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By its authorized signatory</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: bottom; width: 8%; text-align: justify">Signature</TD>
    <TD STYLE="vertical-align: top; width: 40%; text-align: justify; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 52%; text-align: justify">&nbsp;</TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: justify">Name</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: justify">Title</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: justify">Date</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Signature Page to Unallocated Platinum
Account Agreement]</I></P>



<P STYLE="margin: 0">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>6
<FILENAME>ex10-3.htm
<DESCRIPTION>FORM OF MARKETING SERVICES AGREEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; font-family: Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0; font-family: Times New Roman, Times, Serif"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0; font-family: Times New Roman, Times, Serif; text-align: left"><A HREF="gspt-s1_110317.htm">GraniteShares Platinum Trust S-1</A></P>

<P STYLE="margin: 0; font-family: Times New Roman, Times, Serif; text-align: right"><B>Exhibit 10.3</B>&nbsp;</P>

<P STYLE="margin: 0; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0; font-family: Times New Roman, Times, Serif"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MARKETING
SERVICES AGREEMENT</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THIS
AGREEMENT is made and entered into as of this ____day of _____ 2017 on behalf of GraniteShares Platium Trust (the &ldquo;Trust&rdquo;)
by and between GraniteShares, LLC, a Delaware limited liability company with its principal office and place of business at 30
Vesey Street 9<SUP>th</SUP> Floor, New York, New York 10007, as agent of the Trust (the &ldquo;Client&rdquo;) and Foreside Fund
Services, LLC, a Delaware limited liability company (&ldquo;Foreside,&rdquo; and together with the Client, each, a &ldquo;Party,&rdquo;
and collectively, the &ldquo;Parties&rdquo;). Capitalized terms used but not defined in this Agreement shall have the meaning
ascribed thereto in the Trust&rsquo;s Prospectus included its Registration Statement on Form S-1 (Registration No. <FONT STYLE="background-color: White">__________)</FONT>,
as it may be amended from time-to-time.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
the establishment, operation and administration of the Trust will be governed in accordance with the terms of a certain Depository
Trust Agreement (the &ldquo;Trust Agreement&rdquo;); and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
the Client, as sponsor of the Trust and on behalf of the Trust, has filed with Securities and Exchange Commission (the &ldquo;Commission&rdquo;
or &ldquo;SEC&rdquo;) a registration statement on Form S-1 <FONT STYLE="background-color: White">(__________)</FONT> (together
as applicable with amendments thereto), including as part thereof a prospectus (the &ldquo;Prospectus&rdquo;), under the Securities
Act of 1933 (the &ldquo;1933 Act&rdquo;), the forms of which have heretofore been delivered to the Marketing Agent; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
the Trust Agreement provides that the Client, as sponsor of the Trust, shall be responsible for the marketing expenses of the
Trust; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
the Trust and the Client wish to employ Foreside to provide certain services for the Trust and the Client on the terms and conditions
hereinafter set forth and additional services as may be agreed from time-to-time; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
Foreside is registered as a broker-dealer under the Securities Exchange Act of 1934 (the &ldquo;1934 Act&rdquo;), and is a member
of the Financial Industry Regulatory Authority, Inc. (&ldquo;FINRA&rdquo;).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOW
THEREFORE</B>, in consideration of the promises and mutual covenants herein contained, and for other good and valuable consideration,
the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Services.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreside
agrees to provide the services listed in Exhibit A.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to a certain Securities Activities and Services Agreement, Foreside will hold the FINRA registration of certain employees of an
affiliate of the Client who will market the Trust.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreside
shall perform all duties set forth herein in compliance with all applicable laws and any exemptions thereof (including state and
federal securities laws) as well as the laws, rules, and/or regulations of the securities exchanges and all other governmental,
regulatory and self-regulatory authorities and organizations having jurisdiction over them.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
services furnished by Foreside hereunder are not to be deemed exclusive and Foreside shall be free to furnish similar services
to others so long as its services under this Agreement are not impaired thereby.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Delivery
of Documents.</B> Contemporaneous with the effective date of this Agreement, the Client shall deliver to Foreside copies of the
following documents:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.75in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><IMG SRC="gspts1110317002.jpg" ALT="(syml)"></FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         then current Prospectus for the Trust;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.75in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><IMG SRC="gspts1110317002.jpg" ALT="(syml)"></FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                         relevant policies and procedures adopted by the Client or the Trust or its service providers
                                         that are applicable to the services provided by Foreside; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.75in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><IMG SRC="gspts1110317002.jpg" ALT="(sylm)"></FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                         other documents, materials or information that Foreside shall reasonably request to enable
                                         it to perform its duties pursuant to this Agreement.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Client shall thereafter deliver to Foreside as soon as is reasonably practical any and all amendments to the documents required
to be delivered under this Section.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representations,
Warranties and Covenants of the Client.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Client hereby represents and warrants to Foreside, which representations and warranties shall be deemed to be continuing throughout
the term of this Agreement, that:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">it
                                         is duly organized and in good standing under the laws of its jurisdiction of organization;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">this
                                         Agreement has been duly authorized, executed and delivered by the Client and, when executed
                                         and delivered, will constitute a valid and legally binding obligation of the Client,
                                         enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization,
                                         moratorium and other laws of general application affecting the rights and remedies of
                                         creditors and secured parties;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">it
                                         is conducting its business in compliance in all material respects with all applicable
                                         laws and regulations, both state and federal, and has obtained all regulatory approvals
                                         necessary to carry on its business as now conducted;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Prospectus has been prepared in conformity with the requirements of the 1933 Act; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">it
                                         not required to be registered as an investment adviser under the Investment Advisers
                                         Act of 1940 (the &ldquo;Advisers Act&rdquo;).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">all
                                         necessary approvals, authorizations, consents or orders of or filings with any federal,
                                         state, local or foreign governmental or regulatory commission, board, body, authority
                                         or agency have been or will be obtained by the Trust in connection with the issuance
                                         and sale of the Shares, including registration of the Shares under the 1933 Act, and
                                         any necessary qualification under the securities or blue sky laws of the various jurisdictions
                                         in which the Shares are being offered.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Client shall fully cooperate in the efforts of Foreside in the provision of the services. In addition, the Client shall keep Foreside
fully informed of its affairs as they relate to the provision by Foreside of the services under this Agreement and shall provide
to Foreside from time to time copies of all information that Foreside may reasonably request for use in connection with the provision
of the Services.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representations,
Warranties and Covenants of Foreside.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreside
hereby represents and warrants to the Client, which representations and warranties shall be deemed to be continuing throughout
the term of this Agreement, that:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">it
                                         is duly organized and existing under the laws of the jurisdiction of its organization,
                                         with full power to carry on its business as now conducted, to enter into this Agreement
                                         and to perform its obligations hereunder;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">this
                                         Agreement has been duly authorized, executed and delivered by Foreside and, when executed
                                         and delivered, will constitute a valid and legally binding obligation of Foreside, enforceable
                                         in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium
                                         and other laws of general application affecting the rights and remedies of creditors
                                         and secured parties;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">it
                                         is conducting its business in compliance in all material respects with all applicable
                                         laws and regulations, both state and federal, and has obtained all regulatory approvals
                                         necessary to carry on its business as now conducted; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">it
                                         is registered as a broker-dealer under the 1934 Act and is a member in good standing
                                         of FINRA.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with all matters relating to this Agreement, Foreside will comply with the applicable requirements of the 1933 Act,
the 1934 Act, the regulations of FINRA and any other applicable self-regulatory organization, and all other applicable federal
or state laws and regulations.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation.
</B>As compensation for the services performed and the expenses assumed by Foreside under this Agreement, Foreside shall be entitled
to the fees and expenses set forth in Exhibit B.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indemnification.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Client shall indemnify, defend and hold Foreside, its affiliates and each of their respective members, managers, directors, officers,
employees, representatives and any person who controls or previously controlled Foreside within the meaning of Section 15 of the
1933 Act (collectively, the &ldquo;Foreside Indemnitees&rdquo;), free and harmless from and against any and all losses, claims,
demands, liabilities, damages and expenses (including the costs of investigating or defending any alleged losses, claims, demands,
liabilities, damages or expenses and any reasonable counsel fees incurred in connection therewith) (collectively, &ldquo;Losses&rdquo;)
that any Foreside Indemnitee may incur under the 1933 Act, the 1934 Act, any other statute (including Blue Sky laws) or any rule
or regulation thereunder, or under common law or otherwise, arising out of or relating to (i) the Client&rsquo;s breach of any
of its obligations, representations, warranties or covenants contained in this Agreement; (ii) the Client&rsquo;s failure to comply
with any applicable securities laws or regulations; or (iii) any claim that the Prospectus, </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; color: Black; background-color: White">sales
literature and advertising materials</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">or other
information filed or made public by the Client (as from time to time amended) include or included an untrue statement of a material
fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein not
misleading under the 1933 Act, or any other statute or the common law, or any rule of FINRA or of the SEC or any other jurisdiction
wherein Shares of the Trust are sold, provided, however, that the Client&rsquo;s obligation to indemnify any of the Foreside Indemnitees
shall not be deemed to cover any Losses arising out of any untrue statement or alleged untrue statement or omission or alleged
omission made in the Prospectus or any such advertising materials or sales literature in reliance upon and in conformity with
information relating to Foreside and furnished to the Client or its counsel by Foreside in writing and acknowledging the purpose
of its use. In no event shall anything contained herein be so construed as to protect Foreside against any liability to the Client
to which Foreside would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance
of its duties under this Agreement or by reason of its reckless disregard of its obligations under this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Client&rsquo;s agreement to indemnify the Foreside Indemnitees with respect to any action is expressly conditioned upon the Client
being notified of such action or claim of loss brought against any Foreside Indemnitee, within a reasonable time after the summons
or other first legal process giving information of the nature of the claim shall have been served upon such Foreside Indemnitee,
unless the failure to give notice does not prejudice the Client.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Client shall be entitled to participate at its own expense in the defense or, if it so elects, to assume the defense of any suit
brought to enforce any such Losses, but if the Client elects to assume the defense, such defense shall be conducted by counsel
chosen by the Client and approved by Foreside, which approval shall not be unreasonably withheld. In the event the Client elects
to assume the defense of any such suit and retain such counsel, the Foreside Indemnitee(s) in such suit shall bear the fees and
expenses of any additional counsel retained by them. If the Client does not elect to assume the defense of any such suit, or in
case Foreside does not, in the exercise of reasonable judgment, approve of counsel chosen by the Client or, if under prevailing
law or legal codes of ethics, the same counsel cannot effectively represent the interests of both the Client and the Foreside
Indemnitee(s), the Client will reimburse the Foreside Indemnitee(s) in such suit, for the fees and expenses of any counsel retained
by Foreside and them.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreside
shall indemnify, defend and hold the Client, its affiliates, and each of their respective directors, officers, employees, representatives,
and any person who controls or previously controlled the Client within the meaning of Section 15 of the 1933 Act (collectively,
the &ldquo;Client Indemnitees&rdquo;), free and harmless from and against any and all Losses that any Client Indemnitee may incur
under the 1933 Act, the 1934 Act, any other statute (including Blue Sky laws) or any rule or regulation thereunder, or under common
law or otherwise, arising out of or based upon (i) Foreside&rsquo;s breach of any of its obligations, representations, warranties
or covenants contained in this Agreement; (ii) Foreside&rsquo;s failure to comply with any applicable securities laws or regulations
or applicable rules and regulations of any self-regulatory organization, including, without limitation, FINRA; or (iii) any claim
that the Prospectus, </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; color: Black">sales
literature and advertising materials</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">or other
information filed or made public by the Client (as from time to time amended) include or included an untrue statement of a material
fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements not misleading,
insofar as such statement or omission was made in reliance upon, and in conformity with, information furnished to the Client by
Foreside in writing. In no event shall anything contained herein be so construed as to protect the Client against any liability
to Foreside to which the Client would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in
the performance of its duties under this Agreement or by reason of its reckless disregard of its obligations under this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreside&rsquo;s
agreement to indemnify the Client Indemnitees is expressly conditioned upon Foreside being notified of any action or claim of
loss brought against a Client Indemnitee, such notification to be given by letter addressed to Foreside&rsquo;s Legal Department,
within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall have
been served upon the Client Indemnitee, unless the failure to give notice does not prejudice Foreside.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreside
shall be entitled to participate at its own expense in the defense or, if it so elects, to assume the defense of any suit brought
to enforce any such Losses, but if Foreside elects to assume the defense, such defense shall be conducted by counsel chosen by
Foreside and approved by the Client Indemnitee, which approval shall not be unreasonably withheld. In the event Foreside elects
to assume the defense of any such suit and retain such counsel, the Client Indemnitee(s) in such suit shall bear the fees and
expenses of any additional counsel retained by them. If Foreside does not elect to assume the defense of any such suit, or in
case the Client does not, in the exercise of reasonable judgment, approve of counsel chosen by Foreside or, if under prevailing
law or legal codes of ethics, the same counsel cannot effectively represent the interests of both Foreside and the Client Indemnitee(s),
Foreside will reimburse the Client Indemnitee(s) in such suit, for the fees and expenses of any counsel retained by the Client
and them.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
person shall be obligated to provide indemnification under this Section 6 if such indemnification would be impermissible under
the 1933 Act, the 1934 Act or the rules of the FINRA; provided, however, in such event indemnification shall be provided under
this Section 6 to the maximum extent so permissible.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limitations
on Damages. </B>Neither Party shall be liable for any consequential, special or indirect losses or damages suffered by the other
Party, whether or not the likelihood of such losses or damages was known by the Party.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Force
Majeure. </B>Neither Party shall be liable for losses, delays, failure, errors, interruption or loss of data occurring directly
or indirectly by reason of circumstances beyond its reasonable control, including, without limitation, Acts of Nature (including
fire, flood, earthquake, storm, hurricane or other natural disaster); action or inaction of civil or military authority; acts
of foreign enemies; war; terrorism; riot; insurrection; sabotage; epidemics; labor disputes; civil commotion; or interruption,
loss or malfunction of utilities, transportation, computer or communications capabilities that are beyond the control of the Party,
and the other Party shall have no right to terminate this Agreement in such circumstances.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duration
and Termination.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement shall become effective as of the date first set forth above. Unless sooner terminated as provided herein, this Agreement
shall continue in effect for two years from the date hereof. Thereafter, if not terminated, this Agreement shall continue automatically
in effect for successive one-year periods.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, this Agreement may be terminated, without the payment of any penalty, upon no less than 60 days&rsquo; written
notice, by either the Client or by Foreside.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Privacy. </B>In accordance with Regulation S-P, Foreside will not disclose any non-public
personal information, as defined in Regulation S-P, received from the Client or the Trust regarding any Trust shareholder;
provided, however, that Foreside may disclose such information to any party as necessary in the ordinary course of business
to carry out the purposes for which such information was disclosed to Foreside. Foreside shall have in place and maintain
physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of,
and to prevent unauthorized access to or use of, records and information relating to consumers and customers of the
Trust.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Client represents to Foreside that it has adopted a Statement of its privacy policies and practices as required by Securities
and Exchange Commission Regulation S-P and agrees to provide to Foreside a copy of that statement annually. Foreside agrees to
use reasonable precautions to protect, and prevent the unintentional disclosure of, such non-public personal information.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Confidentiality.
</B>During the term of this Agreement, Foreside and the Client may have access to confidential information relating to such matters
as either party&rsquo;s business, trade secrets, systems, procedures, manuals, products, contracts, personnel, and clients. As
used in this Agreement, &ldquo;Confidential Information&rdquo; means information belonging to Foreside or the Client which is
of value to such party and the disclosure of which could result in a competitive or other disadvantage to either party, including,
without limitation, financial information, business practices and policies, know-how, trade secrets, market or sales information
or plans, customer lists, business plans, and all provisions of this Agreement. Confidential Information does not include: (i)
information that was known to the receiving Party before receipt thereof from or on behalf of the disclosing party (&ldquo;Disclosing
Party&rdquo;); (ii) information that is disclosed to the receiving party (&ldquo;Receiving Party&rdquo;) by a third person who
has a right to make such disclosure without any obligation of confidentiality to the Party seeking to enforce its rights under
this Section; (iii) information that is or becomes generally known in the trade without violation of this Agreement by the Receiving
Party; or (iv) information that is independently developed by the Receiving Party or its employees or affiliates without reference
to the Disclosing Party&rsquo;s information.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
party will protect the other&rsquo;s Confidential Information with at least the same degree of care it uses with respect to its
own Confidential Information, and will not use the other party&rsquo;s Confidential Information other than in connection with
its obligations hereunder. Notwithstanding the foregoing, a party may disclose the other&rsquo;s Confidential Information if (i)
required by law, regulation or legal process or if requested by any applicable governmental agency or self-regulatory organization;
(ii) it is advised by counsel that it may incur liability for failure to make such disclosure; (iii) requested to by the other
Party; provided that in the event of (i) or (ii) the Disclosing Party shall give the other Party reasonable prior notice of such
disclosure to the extent reasonably practicable and cooperate with the other Party (at such other Party&rsquo;s expense) in any
efforts to prevent such disclosure.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notices.
</B>Any notice required or permitted to be given by any Party to the others shall be in writing and shall be deemed to have been
given on the date delivered personally or by courier service or 3 days after sent by registered or certified mail, postage prepaid,
return receipt requested or on the date sent and confirmed received by facsimile transmission to the other Party&rsquo;s address
as set forth below:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notices
to Foreside shall be sent to:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreside
Fund Services, LLC</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn:
Legal Department</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Three
Canal Plaza, Suite 100</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Portland,
ME 04101</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(207)
553-7110</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fax:
(207) 553-7151</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notices
to the Client shall be sent to:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GraniteShares,
LLC</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn:
Benoit Autier</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30
Vesey Street, 9<SUP>th</SUP> Floor</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
York, NY 10007</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phone:
917-338-0565</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email:
benoit.autier@graniteshares.com</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Modifications. </B>The
terms of this Agreement shall not be waived, altered, modified, amended or supplemented in any manner whatsoever except by a written
instrument signed by Foreside and the Client.</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14.&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Governing Law. </B>This Agreement shall be construed in accordance with the laws of the State
of Delaware, without regard to the conflicts of law principles thereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>15.&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assignment. </B>This Agreement may not be assigned by either Party without the prior written
consent of the other Party. This Agreement shall be binding upon and inure to the benefit of the Parties&rsquo;
representatives, successors, heirs, and permitted assigns, as applicable. A change in control shall not be construed to be
an assignment.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>16.&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entire Agreement. </B>This Agreement constitutes the entire agreement
between the Parties hereto and supersedes all prior communications, understandings and agreements relating to the subject
matter hereof, whether oral or written.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Survival. </B>The provisions of Sections 6, 7, 10, and 11 of this Agreement shall survive any
termination of this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous.
</B>The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions
hereof or otherwise affect their construction or effect. Any provision of this Agreement which may be determined by competent
authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability
in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. This Agreement shall
be binding upon and inure to the benefit of the parties hereto and their respective successors.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparts.
</B>This Agreement may be executed by the Parties hereto in any number of counterparts, and all of the counterparts taken together
shall be deemed to constitute one and the same document.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts
as of the date first above written.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FORESIDE
    FUND SERVICES, LLC</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="width: 47%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 40%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mark
    Fairbanks</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice
    President</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GRANITESHARES,
    LLC</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXHIBIT
A</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Services:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Review
                                         all proposed advertising materials and sales literature for compliance with applicable
                                         laws and regulations; file with appropriate regulators those advertising materials and
                                         sales literature as required; furnish to the Client any comments provided by regulators
                                         with respect to such materials and use its best efforts to obtain approval of such advertising
                                         materials by such regulators and sales literature when required.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepare
                                         and provide compliance policies and procedures for complying with applicable laws, rules
                                         and regulations under the 1933 Act, including, without limitation, Rules 134, 135 and
                                         433 under the Securities Act, and the rules and regulations of any applicable self-regulatory
                                         organizations, including the Financial Regulatory Authority (&ldquo;FINRA&rdquo;).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consult
                                         with Trust&rsquo;s legal counsel when requested in connection with the services provided
                                         pursuant to the Agreement.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepare,
                                         maintain and reproduce when requested all applicable books and records related to the
                                         services provided pursuant to the Agreement. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXHIBIT
B</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Compensation</U></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>MARKETING
SERVICES FEES</U></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="width: 40%; border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>One-time
    Fee </I></FONT></TD>
    <TD STYLE="width: 40%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Rate</I></FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Organizational
    Setup Fee</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$5,000
    (WAIVED)</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Recurring
    Marketing Services Fees</I></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Rate</I></FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Asset
    Base Fee, based on total assets in each Fund/Pool calculated and billed monthly (subject to an annual minimum fee of $10,000
    per Fund).</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.0in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.50
                                         basis points for assets up to $1 billion</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.0in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.35
        basis points for assets in excess of $1 billion</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>OUT-OF-POCKET
EXPENSES</U></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reasonable
out-of-pocket expenses incurred by the Foreside in connection with the services provided pursuant to the Marketing Services Agreement.
Such expenses may include, without limitation, regulatory filing fees; sales literature regulatory review fees; communications;
postage and delivery service fees; bank fees; reproduction and record retention fees; travel, lodging and meals.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45.8pt"><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: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><IMG SRC="gspts1110317002.jpg" ALT="(a)"></FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fees
                                         will be calculated and payable monthly.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><IMG SRC="gspts1110317002.jpg" ALT="(a)"></FONT></TD><TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fees
                                         will start to accrue once a Fund is listed on a National Exchange and, in case a Fund
                                         is terminated, until the day before its listing is suspended.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"></P>

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<DOCUMENT>
<TYPE>EX-10.4.A
<SEQUENCE>7
<FILENAME>ex10-4a.htm
<DESCRIPTION>LICENSE AGREEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0; text-align: left"><A HREF="gspt-s1_110317.htm">GraniteShares Platinum Trust S-1</A></P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.4.a</B></P>

<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>LICENSE
AGREEMENT</U></FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THIS
LICENSE AGREEMENT (this &ldquo;Agreement&rdquo;) is entered into effective as of the 3rd day of July, 2017 (the
&ldquo;Effective Date&rdquo;), by and between The Bank of New York Mellon, a New York banking corporation
(&ldquo;Licensor&rdquo;), and GraniteShares LLC, a Delaware limited liability company, as sponsor to Licensed Products as
defined below (&ldquo;Licensee&rdquo;).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
Licensor and Licensee have entered into a fee letter agreement (the &ldquo;Fee Letter Agreement&rdquo;) regarding the establishment
and maintenance of a gold investment product to be known as GraniteShares Gold Trust (the &ldquo;Gold Trust&rdquo;).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
in connection with the Gold Trust, Licensee wishes to obtain a license under certain of Licensor&rsquo;s patent rights, and Licensor
wishes to grant such license subject to the terms and conditions of this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOW
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Licensor and
Licensee agree as follows:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CERTAIN
DEFINITIONS.</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the purposes of this Agreement, the following terms have the following meanings:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Affiliate&rdquo;
means any entity that directly or indirectly controls, is controlled by or is under common control with a party. In this context,
the term &ldquo;control&rdquo; means ownership of more than fifty percent (50%) of the voting securities of such entity (or, in
the case of a non-corporate entity, equivalent interests). The term &ldquo;controlled&rdquo; has a corollary meaning.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Licensed
Product&rdquo; means any gold investment product that is sold, sponsored or issued by Licensee in the Territory that is covered
by or encompasses a claim contained in Licensor Patent Rights, including, but not limited to the Gold Trust.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Licensee
Improvements&rdquo; means any improvement, enhancement, modification, derivative work or upgrade to any of Licensor Patent Rights
made, conceived, reduced to practice, affixed or otherwise developed by or on behalf of Licensee during the term of this Agreement
and solely as exercised under the License.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Licensor
Patent Rights&rdquo; means: (i) U.S. Patent Application No. 10/680,589, filed on October 6, 2003, entitled &ldquo;Systems and Methods
for Securitizing a Commodity&rdquo; (the &ldquo;Patent Application&rdquo;), (ii) all foreign and international counterparts filed
by or on behalf of Licensor (iii) all continuations, continuations-in-part, divisionals, substitutes and equivalents thereof relating
to any of the foregoing patent applications (iv) all letters patent that are or may be granted from any of the foregoing patent
applications, and (v) all know-how related to any of the foregoing patents and patent applications.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Territory&rdquo;
means the United States.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Trust
Agreement&rdquo; means a definitive agreement entered into among Licensee, Licensor and certain other parties that, among other
things, establishes a Licensed Product and sets forth the respective roles and responsibilities of Licensee and Licensor with
respect to such Licensed Product.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Trustee&rdquo;
means any entity designated to act in the capacity of any or all of the following, as the context requires: trustee, custodian,
issuing agent, registrar, agent, administrator or the like for and on behalf of (i) the sponsor, issuer or other entity offering
shares in gold investment product and/or (ii) any participant of the Gold Trust.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>LICENSE.</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the terms and conditions of this Agreement, Licensor hereby grants to Licensee a non-exclusive, personal and non-transferable
(except as provided in Article 12.1) license under Licensor Patent Rights for the term of this Agreement solely for the purpose
of establishing, operating and marketing the Licensed Products in the Territory (the &ldquo;License&rdquo;).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
License includes the limited right of Licensee to grant sublicenses to its Affiliates, trustees, custodians and agents (each a
&ldquo;Sublicensee&rdquo;), but solely in connection with such Sublicensee&rsquo;s establishment, operation and marketing of the Licensed
Product and provided that Licensee shall have previously entered into an enforceable, written agreement with each such Sublicensee
on terms no less protective of Licensor&rsquo;s rights in the Licensor Patent Rights than the terms in this Agreement and shall provide
Licensor with copies of such agreements on request. For the avoidance of any doubt, the Sponsor is a permitted Sublicensee under
this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ALL
RIGHTS NOT SPECIFICALLY AND EXPRESSLY GRANTED TO LICENSEE IN THIS ARTICLE 2 ARE HEREBY RESERVED TO THE LICENSOR.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>COVENANT
TO LICENSOR.</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Licensee
hereby covenants and agrees that it will not, directly or indirectly, initiate or participate in any action of any kind against
Licensor, its successors and Affiliates, for their use of any Licensee Improvements in connection with establishing, operating
or marketing gold investment products in the Territory based, in whole or in part, on the securitization of any commodity, including
currency. This covenant is perpetual, personal, royalty-free and non-exclusive. This covenant shall survive termination or expiration
of this Agreement for any reason except termination for Licensor&rsquo;s breach of this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-variant: normal">4.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PAYMENT.</B></FONT></TD>
</TR></TABLE>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12.5pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
grant of the License hereunder is in consideration for the engagement of Licensor to act as Trustee for each Licensed Product
under terms substantially as set forth in the Fee Letter Agreement, or such other terms as the parties may mutually agree in writing
hereafter. No additional payment of royalties to Licensor shall be required as long as Licensor is so engaged.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that Licensor is not engaged to act as Trustee for a Licensed Product for any reason, then, to enjoy the benefit of
the License with respect to such Licensed Product, Licensee shall thereafter pay Licensor a royalty as follows:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Licensee shall pay Licensor a running royalty that will accrue daily at the annualized rate of 0.0500% (five basis points) of
the total gross adjusted assets of such Licensed Product.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
five basis point running royalties described in the preceding subparagraph (a) shall be collectively identified hereinafter as
the &ldquo;Royalty Fee.&rdquo; Such Royalty Fee shall be due and payable within ten days following the end of each calendar month
for which such Royalty Fee has accrued and shall be subject to the Minimum Annual Royalty set forth the following subparagraph
(c).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
subparagraph (a) above:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;beginning
on the Effective Date, for each year in which there is one Licensed Product (which year shall be measured from the date that is
six months after the launch date of the Licensed Product; each such year being defined hereinafter as an &ldquo;Annual Period&rdquo;),
Licensee shall pay Licensor a minimum annual royalty (the &ldquo;Minimum Annual Royalty&rdquo;) of not less than Two Hundred Fifty
Thousand Dollars ($250,000) per Annual Period for such Licensed Product. If the aggregate Royalty Fees payable to Licensee over
an Annual Period for such Licensed Product is less than the Minimum Annual Royalty, then Licensee shall pay Licensor the difference
between the Minimum Annual Royalty and the aggregate Royalty Fees payable to Licensee over such Annual Period for such Licensed
Product, which payment shall be due and payable within 30 days after the end of the applicable Annual Period.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;beginning
on January 1, 2018, for each year in which there are seven or more Licensed Products (which year shall be measured from the date
that is six months after the launch date of the final Licensed Product to be launched; each such year being defined hereinafter
as an &ldquo;Annual Period&rdquo;), Licensee shall pay Licensor a Minimum Annual Royalty of not less than One Million Two Hundred
Fifty Thousand Dollars ($1,250,000) per Annual Period for such Licensed Products. If the aggregate Royalty Fees payable to Licensee
over an Annual Period for such Licensed Products are less than the Minimum Annual Royalty, then Licensee shall pay Licensor the
difference between the Minimum Annual Royalty and the aggregate Royalty Fees payable to Licensee over such Annual Period for such
Licensed Products, which payment shall be due and payable within 30 days after the end of the applicable Annual Period.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
payments to Licensor hereunder shall be made in United States dollars either by corporate check to Licensor at the address specified
in Article 12 (or such other address as Licensor may hereafter designate in writing) or by wire transfer to a bank account designated
by Licensor in writing. Payments to Licensor hereunder shall be deemed made as of the day on which they are received by Licensor
at such address or bank account. Late payments shall accrue interest from the date due at rate that is the lesser of 1.5% per
month or the maximum rate permitted by law.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
with respect to any taxes assessed directly upon Licensor&rsquo;s income, all amounts payable by Licensee under this Agreement are exclusive
of any taxes that are or may be assessed or imposed by any governmental authority in any jurisdiction in connection with establishing,
operating and marketing such Licensed Product, including without limitation, any sales, use, excise, value-added, personal property,
export, import or withholding taxes, which taxes shall all be assumed and paid by Licensee.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal">5.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REPORTS,
RECORDS AND AUDITS.</B></FONT></TD>
</TR></TABLE>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12.5pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the term of this Agreement, for so long as Licensee has a royalty obligation to Licensor under the terms hereof, Licensee shall
deliver to Licensor within ten (10) days of the end of each calendar month a report setting forth in reasonable detail the Royalty
Fee due to Licensor for such calendar month and Licensee&rsquo;s calculation of the same.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the term of this Agreement, for so long as Licensee has a royalty obligation to Licensor under the terms hereof and for three
(3) years thereafter, Licensee shall keep complete and accurate books and records in sufficient detail to enable Licensor to verify
the amounts due to it hereunder.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the term of this Agreement, for so long as Licensee has a royalty obligation to Licensor under the terms hereof and for three
(3) years thereafter, Licensor shall have the right, through a qualified independent auditor, to review and audit the books and
records of Licensee for the purpose of verifying the accuracy of royalty payments made by Licensee under this Agreement. Such
reviews and audits shall be conducted with reasonable prior written notice to Licensee, at Licensee&rsquo;s place of business and during
Licensee&rsquo;s normal business hours, and shall not be conducted more than once per calendar year. Each review and audit hereunder
shall be at Licensor&rsquo;s sole cost and expense; provided, however, that Licensee shall promptly reimburse Licensor for all costs
and expenses actually incurred in connection with a review and audit if the auditor determines that Licensee has underpaid by
five percent (5%) or more during the relevant period under examination. Licensee will promptly pay Licensor the amount of any
underpayment revealed by a review and audit, plus interest at the rate that is the lesser of 1.5% per month or the maximum rate
allowed by law from the dates that any unpaid amounts were due.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal">6.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ENFORCEMENT.</B></FONT></TD>
</TR></TABLE>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12.5pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Licensee
shall promptly (i) notify Licensor of any potential or actual infringement by a third party of Licensor Patent Rights of which
Licensee becomes aware, and (ii) provide to Licensor all evidence of such infringement in Licensee&rsquo;s possession, custody or control.
Licensor shall have the sole right, but not the obligation, to initiate any legal action at its own expense against such infringement
and to recover damages and enforce any injunction granted as a result of any judgment in Licensor&rsquo;s favor. Licensor shall have
sole control over any such action including, without limitation, the sole right to settle and compromise such action. In the event
of a dispute between Licensor and any third party regarding the infringement, validity or enforceability of Licensor Patent Rights,
Licensee agrees, at Licensor&rsquo;s expense, to do all things reasonably requested by Licensor to assist Licensor in connection with
such dispute.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TERM
AND TERMINATION.</B></FONT></TD>
</TR></TABLE>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Agreement shall commence on the Effective Date and, unless earlier terminated according to the terms of this Agreement, shall
expire upon the expiration or lapse of the last-to-expire or lapse of the Licensor Patent Rights (or, if earlier, upon the entry
of a final order by a court of competent jurisdiction, which order is not appealable or regarding which appeal is not taken, effectively
holding that there is no valid claim included in the Licensor Patent Rights).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the term of this Agreement, Licensor shall diligently prosecute and/or maintain Licensor Patent Rights. If no letters patent are
granted on the applications specified in Licensor Patent Rights or if all such applications are finally rejected without appeal
being taken or are abandoned, withdrawn or otherwise lapse, then the License granted pursuant to this Agreement shall terminate
immediately. Licensor shall notify Licensee promptly in writing if the foregoing events shall occur.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
License granted pursuant to this Agreement will terminate immediately, without any requirement for Licensor to provide notice,
with respect to any Licensed Product that is terminated.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, either party may terminate this Agreement by written notice at any time if the other party materially breaches this
Agreement and fails to cure such breach with thirty (30) days following written notice thereof from the non-breaching party. Upon
any termination or expiration of this Agreement, all rights and obligations under this Agreement (including Licensee&rsquo;s rights
under the License) will immediately terminate; provided, however, that the provisions of Articles 1, 8 (the second paragraph only),
10 (solely with respect Licensee&rsquo;s Losses based on or arising from Licensee&rsquo;s exercise of its rights in accordance with this Agreement
while the License was in effect), 11 and 12, and any other provision that survives by its express terms, shall survive any termination
or expiration of this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ACKNOWLEDGMENT
OF RIGHTS.</B></FONT></TD>
</TR></TABLE>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Licensee
hereby acknowledges and agrees that, as between Licensor and Licensee, Licensor is the exclusive owner of all right, title and
interest in and to the Licensor Patent Rights. During the term of this Agreement, Licensee will not directly or indirectly: (i)
initiate or participate in any proceeding of any kind opposing the grant of any patent, or challenging any patent application,
within the Licensor Patent Rights, (ii) dispute the validity or enforceability of any patent within the Licensor Patent Rights
or any of the claims thereof, or (iii) assist any other Person to do any of the foregoing (except if required by court order or
subpoena); <U>provided</U>, <U>however</U>, the foregoing shall in no way limit Licensee&rsquo;s ability to defend against or to
mitigate any claim brought by Licensor against Licensee.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the term of this Agreement and thereafter, Licensee shall not directly or indirectly interfere improperly with Licensor&rsquo;s ability
to negotiate with any potential licensee under, or any potential purchaser of, the Licensor Patent Rights, or assist any other
Person to do the foregoing (except if required by court order or subpoena). This paragraph shall survive termination or expiration
of this Agreement for any reason.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
violation of this Article 8 will constitute a material breach of this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REPRESENTATIONS
                                         AND WARRANTIES.</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
party hereby represents and warrants that (i) it has the power and authority to enter into this Agreement and perform its obligations
hereunder; (ii) the execution and delivery of this Agreement have been duly authorized and all necessary actions have been taken
to make this Agreement a legal, valid and binding obligation of such party enforceable in accordance with its terms; and (iii)
the execution and delivery of this Agreement and the performance by such party of its obligations hereunder will not contravene
or result in any breach of the Certificate of Incorporation or Bylaws of such party or of any agreement, contract, indenture,
license, instrument or understanding or, to the best of its knowledge, result in any violation of law, rule, regulation, statute,
order or decree to which such party is bound or by which they or any of their property is subject.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXCEPT
AS EXPRESSLY SET FORTH IN THE FOREGOING, LICENSOR DOES NOT MAKE AND HEREBY EXPRESSLY DISCLAIMS ALL OTHER WARRANTIES, EXPRESS OR
IMPLIED, STATUTORY OR OTHERWISE, REGARDING THE SUBJECT MATTER OF THIS AGREEMENT INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES
OF MERCHANTABILITY, TITLE, FITNESS FOR A PARTICULAR PURPOSE, OR NON-INFRINGEMENT.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INDEMNITY.</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
party shall defend, indemnify and hold harmless the other party and such other party&rsquo;s Affiliates, employees, officers, directors,
and agents from and against any liabilities, losses, damages, costs or expenses (including, without limitation, reasonable attorneys&rsquo;
fees) (collectively, &ldquo;Losses&rdquo;) resulting from or arising in connection with the breach by the indemnifying party of
any of its representations, warranties, covenants or obligations contained in this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any action, suit, proceeding (including, but not limited to, any govermnental investigation), claim or dispute (collectively,
a &ldquo;Proceeding&rdquo;) is brought or asserted against a party for which indemnification is sought under this Agreement, the
party seeking indemnification (the &ldquo;Indemnified Party&rdquo;) shall promptly (and in no event more than seven (7) days after
receipt of notice of such Proceeding) notify the party obligated to provide such indemnification (the &ldquo;Indemnifying Party&rdquo;)
of such Proceeding. The failure of the Indemnified Party to so notify the Indemnifying Party shall not impair the Indemnified
Party&rsquo;s ability to obtain indemnification from the Indemnifying Party (but only for costs, expenses and liabilities incurred after
such notice) unless such failure adversely affects the Indemnifying Party&rsquo;s ability to adequately oppose or defend such Proceeding.
Upon receipt of such notice from the Indemnified Party, the Indemnifying Party shall be entitled to participate in such Proceeding
at its own expense. Provided no conflict of interest exists as specified in clause (ii) below and there are no other defenses
available to Indemnified Party as specified in clause (iv) below, the Indemnifying Party, to the extent that it shall so desire,
shall be entitled to assume the defense of the Proceeding with counsel reasonably satisfactory to the Indemnified Party, in which
case all attorney&rsquo;s fees and expenses shall be borne by the Indemnifying Party (except as specified below) and the Indemnifying
Party shall in good faith defend the Indemnified Party. After receiving written notice from the Indemnifying Party of its election
to assume the defense of the Proceeding, the Indemnified Party shall have the right to employ separate counsel in any such Proceeding
and to participate in the defense thereof, provided that the fees and expenses of such counsel shall be borne entirely by the
Indemnified Party unless (i) the Indemnifying Party expressly agrees in writing to pay such fees and expenses, (ii) there is such
a conflict of interest between the Indemnifying Party and the Indemnified Party as would preclude, in compliance with the ethical
rules in effect in the jurisdiction in which the Proceeding was brought, one lawyer from representing both parties simultaneously,
(iii) the Indemnifying Party fails, within the earlier of (x) twenty (20) days following receipt of notice of the Proceeding from
the Indemnified Party or (y) seven (7) days prior to the date the first response or appearance is required to be made in such
Proceeding, to assume the defense of such Proceeding with counsel reasonably satisfactory to the Indemnified Party or (iv) there
are legal defenses available to the Indemnified Party that are different from or are in addition to those available to the Indemnifying
Party. In each of cases (i) through (iv), the fees and expenses of counsel shall be borne by the Indemnifying Party. No compromise
or settlement of such Proceeding may be effected by either party without the other party&rsquo;s consent unless there is no finding
or admission of any violation of law and no effect on any other claims that may be made against such other party and the sole
relief provided is monetary damages that are paid in full by the party seeking the settlement. Neither party shall have any liability
with respect to any compromise or settlement effected without its consent, which shall not be unreasonably withheld. The Indemnifying
Party shall have no obligation to indemnify and hold harmless the Indemnified Party from any loss, expense or liability incurred
by the Indemnified Party as a result of a default judgment entered against the Indemnified Party unless such judgment was entered
after the Indemnifying Party agreed, in writing, to assume the defense of such proceeding.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<TD STYLE="width: 34.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>LIMITATION
                                         OF LIABILITY.</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN
NO EVENT SHALL LICENSOR BE LIABLE FOR ANY SPECIAL, INCIDENTAL, CONSEQUENTIAL, PUNITIVE, EXEMPLARY OR OTHER INDIRECT DAMAGES, HOWSOEVER
CAUSED, WHETHER ARISING IN CONTRACT, TORT OR OTHERWISE, EVEN IF IT HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MISCELLANEOUS
                                         PROVISIONS.</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.9pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Assignment.
                                         </B>Licensee may not assign or otherwise transfer (whether by operation of law or otherwise)
                                         any right or obligation under this Agreement without the prior written consent of Licensor.
                                         Such consent shall be deemed given with respect to an assignment or transfer (whether
                                         by operation of law or otherwise) of the entire Agreement, including all rights and obligations
                                         hereunder, to a successor in interest or assignee of substantially all of the assets
                                         of Licensee, provided that Licensee has given prompt written notice thereof to Licensor.
                                         This Agreement is binding on, and inures to the benefit of, the parties and their permitted
                                         successors and assigns. Any attempted assignment or other transfer of rights under this
                                         Agreement in violation of this Article 12.1 will be void.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.9pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Injunctive
                                         Relief.</B> Licensee agrees and acknowledges that money damages may not be an adequate
                                         remedy for any breach by Licensee of the provisions of this Agreement and that the Licensor
                                         may, in its sole discretion, apply to any court of law or equity of competent jurisdiction
                                         for temporary preliminary relief (specific performance and/or injunctive relief), without
                                         posting a bond or other security, in order to enforce or prevent any violation of the
                                         provisions of this Agreement.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.9pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Governing
                                         Law.</B> This Agreement will be governed by and construed under the laws of the State
                                         of New York, without reference to any choice of law rules (except that questions affecting
                                         the construction and effect of any patent will be determined by the law of the country
                                         in which the patent was granted).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.9pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exclusive
                                         Jurisdiction and Venue; No Jury.</B> Any action brought by either party that arises out
                                         of or relates to this Agreement will be filed only in the state or federal courts located
                                         in New York County, New York. Each party irrevocably submits to the jurisdiction of those
                                         courts. FURTHERMORE, EACH PARTY (I) WAIVES ANY OBJECTIONS THAT IT MAY HAVE NOW OR IN
                                         THE FUTURE TO THE JURISDICTION OF THOSE COURTS, (II) WAIVES ANY CLAIM THAT IT MAY HAVE
                                         NOW OR IN THE FUTURE THAT LITIGATION BROUGHT IN THOSE COURTS HAS BEEN BROUGHT IN AN INCONVENIENT
                                         FORUM AND (III) WAIVES ANY RIGHT TO A JURY TRIAL.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.9pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Entire
                                         Agreement.</B> This Agreement sets forth the entire agreement of the parties as to its
                                         subject matter and supersedes all prior agreements, negotiations, representations, and
                                         promises between them with respect to its subject matter.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.9pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.6.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Unenforceable
                                         Provisions.</B> If any provision of this Agreement is held unenforceable by a court of
                                         competent jurisdiction, the other provisions will remain in full force and effect. If
                                         legally permitted, the unenforceable provision will be replaced with an enforceable provision
                                         that as nearly as possible gives effect to the parties&rsquo; intent.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11.5pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.9pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.7.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Relationship
                                         Of The Parties.</B> Each party is an independent contractor of the other party. Nothing
                                         in this Agreement creates a partnership, joint venture or agency relationship between
                                         the parties.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11.5pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.9pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.8.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notices.
                                         </B>A notice under this Agreement is not sufficient unless it is: (i) in writing; (ii)
                                         addressed using the contact information listed below for the party to which the notice
                                         is being given (or using updated contact information which that party has specified by
                                         written notice in accordance with this Article); and (iii) sent by hand delivery, facsimile
                                         transmission, registered or certified mail (return receipt requested), or reputable express
                                         delivery service with tracking capabilities (such as Federal Express).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11.5pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11.5pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 31%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contact Information for Licensor:</FONT></TD>
    <TD STYLE="width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contact Information for Licensee:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Bank of New York Mellon</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GRANITESHARES LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2 Hanson Place</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30 Vesey Street, 9th Floor</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9<SUP>th</SUP> Floor</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York, New York 10007</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brooklyn, NY 11217</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention: President</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn: ETF Services</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11.5pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.9pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.9.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amendments.
                                         </B>This Agreement may not be amended unless the amendment is in writing and signed by
                                         authorized representatives of both parties.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11.5pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.9pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.10.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Waivers.
                                         </B>A waiver of rights under this Agreement will not be effective unless it is in writing
                                         and signed by an authorized representative of the party that is waiving the rights.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11.5pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<TD STYLE="width: 34.9pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.11.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Counterparts
                                         and Execution.</B> This Agreement may be executed simultaneously in counterparts, each
                                         of which shall be deemed an original, but all of which together shall constitute one
                                         and the same instrument. Any manual signature upon this Agreement that is faxed, scanned
                                         or photocopied, and any electronic signature valid under the Electronic Signatures in
                                         Global and National Commerce Act, 15 U.S.C. &sect;7001, <I>et. seq</I>. shall for all
                                         purposes have the same validity, legal effect and admissibility in evidence as an original
                                         signature and the parties hereby waive any objection to the contrary.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11.5pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(signature
page follows)</I></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 30.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN
WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly authorized representatives.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></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="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE BANK OF NEW YORK MELLON</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 32%; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;/s/
    Thomas Porrazzo</FONT></TD>
    <TD STYLE="width: 62%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thomas Porrazzo</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Managing Director</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GRANITESHARES LLC</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;/s/
    William Rhind</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">William Rhind</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Managing Member</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


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<DOCUMENT>
<TYPE>EX-10.4.B
<SEQUENCE>8
<FILENAME>ex10-4b.htm
<DESCRIPTION>FORM OF AMENDMENT TO LICENSE AGREEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0; text-align: left"><A HREF="gspt-s1_110317.htm">GraniteShares Platinum Trust S-1</A></P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.4.b</B></P>

<P STYLE="margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TO</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>LICENSE AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Amendment (the
&ldquo;Amendment&rdquo;) is made as of November ___, 2017 by and between GRANITESHARES LLC (&ldquo;Licensee&rdquo;) and THE BANK
OF NEW YORK MELLON (&ldquo;Licensor&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BACKGROUND:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">A.</TD><TD STYLE="text-align: justify">WHEREAS, Licensee and Licensor are parties to a License
Agreement dated as of July 3, 2017 (the &ldquo;Agreement&rdquo;);</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">B.</TD><TD STYLE="text-align: justify">WHEREAS, Licensee and Licensor desire to amend the Agreement
with respect to the foregoing;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TERMS:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOW, THEREFORE, in consideration of the
premises and mutual covenants herein contained, the parties hereto agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">1.</TD><TD STYLE="text-align: justify">The WHEREAS clauses are hereby deleted in their entirety
and replaced with the following:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left">1.1</TD><TD STYLE="text-align: justify">&ldquo;WHEREAS, Licensor and Licensee have entered
into a fee letter agreement (the &ldquo;Fee Letter Agreement&rdquo;) regarding the establishment and maintenance of certain precious
metals investment products as set forth on Exhibit A hereto (each a &ldquo;Trust&rdquo; and collectively, the &ldquo;Trusts&rdquo;).&rdquo;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 99pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left">1.2</TD><TD STYLE="text-align: justify">&ldquo;WHEREAS, in connection with the Trusts, Licensee
wishes to obtain a license under certain of Licensor&rsquo;s patent rights, and Licensor wishes to grant such license subject to the
terms and conditions of this Agreement.&rdquo;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">2.</TD><TD STYLE="text-align: justify">The following defined term description are hereby deleted
in their entirety and replaced with the following:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left">2.1</TD><TD STYLE="text-align: justify">&ldquo;Licensed Product&rdquo; means any precious
metals investment product that is sold, sponsored or issued by Licensee in the Territory that is covered by or encompasses a claim
contained in Licensor Patent Rights, including, but not limited to the Trusts.&rdquo;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 99pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left">2.2</TD><TD STYLE="text-align: justify">&ldquo;Trustee&rdquo; means any entity designated
to act in the capacity of any or all of the following, as the context requires: trustee, custodian, issuing agent, registrar,
agent, administrator or the like for and on behalf of (i) the sponsor, issuer or other entity offering shares in a precious metals
product and/or (ii) any participant of the Trusts.&rdquo;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">3.</TD><TD STYLE="text-align: justify">Section 3, Covenant to Licensor, is hereby deleted
in its entirety and replaced with the following:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;Licensee hereby covenants
and agrees that it will not, directly or indirectly, initiate or participate in any action of any kind against Licensor, its successors
and Affiliates, for their use of any Licensee Improvements in connection with establishing, operating or marketing precious metals
investment products in the Territory based, in whole or in part, on the securitization of any commodity, including currency. This
covenant is perpetual, personal, royalty-free and non-exclusive. This covenant shall survive termination or expiration of this
Agreement for any reason except termination for Licensor&rsquo;s breach of this Agreement.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">4.</TD><TD STYLE="text-align: justify">Exhibit A is hereby added to the Agreement as attached
hereto.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">5.</TD><TD STYLE="text-align: justify"><U>Miscellaneous</U>.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD STYLE="text-align: justify">As hereby amended and supplemented, the Agreement shall
remain in full force and effect. In the event of a conflict between the terms of this Amendment and the terms of the Agreement,
the terms of this Amendment shall control with respect to the matters described herein.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD STYLE="text-align: justify">This Amendment may be executed in two or more counterparts,
each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. The facsimile
signature of any party to this Amendment shall constitute the valid and binding execution hereof by such party.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left">(c)</TD><TD STYLE="text-align: justify">If any provision or provisions of this Amendment shall
be held to be invalid, unlawful or unenforceable, the validity, legality and enforceability of the remaining provisions shall
not in any way be affected or impaired.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Signature page follows.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>IN WITNESS WHEREOF</B>, the parties
hereto have caused this Amendment to be executed by their duly authorized officers designated below on the date and year first
above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="width: 56%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4"><FONT STYLE="font-size: 10pt"><B>GRANITESHARES LLC</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4"><FONT STYLE="font-size: 10pt"><B>THE BANK OF NEW YORK MELLON</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B><U>EXHIBIT A</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><U>Trust Name</U> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">GraniteShares Gold Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">GraniteShares Silver
Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">GraniteShares Platinum
Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">GraniteShares Palladium
Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
