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Item 1. Business

2025-02-28 compared with 2024-02-29 · 1084 added, 1217 removed, 46 unchanged (98% of the section changed)

The purpose of the abrdn Platinum ETF Trust (the “Trust”)

is to own platinum transferred to the Trust in exchange for shares issued by the Trust (“Shares”).

Each Share represents

a fractional undivided beneficial interest in and ownership of the Trust.

The assets of the Trust consist solely of platinum

The Trust was formed on December 30, 2009 when an initial deposit of platinum was made in exchange for the issuance of

two Baskets (a “Basket” consists of 50,000 Shares).

The sponsor of the Trust is abrdn ETFs Sponsor LLC (the “Sponsor”).

The trustee of the Trust is The Bank of New York Mellon (the “Trustee”) and the custodian is JPMorgan Chase Bank N.A.,

London Branch (the “Custodian”).

The Trust’s Shares at redeemable value decreased from

$1,096,553,007 at December 31, 2022 to $997,445,666 at December 31, 2023, the Trust’s fiscal year end.

Outstanding Shares

in the Trust decreased from 11,500,000 at December 31, 2022 to 10,850,000 at December 31, 2023.

The Trust is not managed like a corporation or an active investment

purpose of the abrdn Platinum ETF Trust (the “Trust”) is to own platinum transferred to the Trust in exchange

for shares issued by the Trust (“Shares”).

Each Share represents a fractional undivided beneficial interest in and

ownership of the Trust.

The assets of the Trust consist solely of platinum bullion.

The Trust was formed on December 30,

2009 when an initial deposit of platinum was made in exchange for the issuance of two Baskets (a “Basket” consists

of 50,000 Shares).

sponsor of the Trust is abrdn ETFs Sponsor LLC (the “Sponsor”).

The trustee of the Trust is The Bank of New York Mellon

(the “Trustee”) and the custodian is ICBC Standard Bank Plc (the “Custodian” or “ICBC”).

Trust’s Shares at redeemable value increased from $997,445,666 at December 31, 2023 to $1,018,947,768 at December 31, 2024,

the Trust’s fiscal year end.

Outstanding Shares in the Trust increased from 10,850,000 at December 31, 2023 to 12,200,000

at December 31, 2024.

Trust is not managed like a corporation or an active investment vehicle.

The Trust has no directors, officers or employees.

It does not engage in any activities designed to obtain a profit from

or to improve the losses caused by changes in the price of platinum.

The platinum held by the Trust will only be delivered

to pay the remuneration due to the Sponsor (the “Sponsor’s Fee”), distributed to Authorized Participants (defined

below) in connection with the redemption of Baskets or sold (1) on an as-needed basis to pay Trust expenses not assumed by the

Sponsor, (2) in the event the Trust terminates and liquidates its assets, or (3) as otherwise required by law or regulation.

The Trust is not registered as an investment company under the

Investment Company Act of 1940 and is not required to register under such act.

The Trust does not and will not hold or trade in

commodities futures contracts, “commodity interests” or any other instruments regulated by the Commodity Exchange Act

(the “CEA”), as administered by the Commodity Futures Trading Commission (the “CFTC”) and the National

Futures Association (“NFA”).

The Trust is not a commodity pool for purposes of the CEA and the Shares are not “commodity

interests,” and neither the Sponsor nor the Trustee is subject to regulation as a commodity pool operator or a commodity

trading advisor in connection with the Shares.

The Trust has no fixed termination date.

The Sponsor of the registrant maintains an Internet website

at www.abrdn.com/us/etf through which the registrant’s annual reports on Form 10-K, quarterly reports on Form 10-Q, and amendments

to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, or the

Exchange Act, are made available free of charge as soon as reasonably practicable after they have been filed or furnished to the

Securities and Exchange Commission (the “SEC”).

Additional information regarding the Trust may also be found on the

SEC’s EDGAR database at www.sec.gov.

Trust Objective

The investment objective of the Trust is for the Shares to reflect

the performance of the price of physical platinum , less the Trust’s expenses.

The Shares are intended to constitute

a simple and cost-effective means of making an investment similar to an investment in physical platinum.

An investment in physical platinum

requires expensive and sometimes complicated arrangements in connection with the assay, transportation, warehousing and insurance

of the metal.

Traditionally, such expense and complications have resulted in investments in physical platinum being efficient

only in amounts beyond the reach of many investors.

The Shares are intended to provide institutional and retail

investors with a simple and cost-efficient means, with minimal credit risk, of gaining investment benefits similar to those of

holding platinum bullion.

does not engage in any activities designed to obtain a profit from or to improve the losses caused by changes in the price of platinum.

The platinum held by the Trust will only be delivered to pay the remuneration due to the Sponsor (the “Sponsor’s

Fee”), distributed to Authorized Participants (defined below) in connection with the redemption of Baskets or sold (1) on

an as-needed basis to pay Trust expenses not assumed by the Sponsor, (2) in the event the Trust terminates and liquidates its

assets, or (3) as otherwise required by law or regulation.

Trust is not registered as an investment company under the Investment Company Act of 1940 and is not required to register under

The Trust does not and will not hold or trade in commodities futures contracts, “commodity interests” or

any other instruments regulated by the Commodity Exchange Act (the “CEA”), as administered by the Commodity Futures

Trading Commission (the “CFTC”) and the National Futures Association (“NFA”).

The Trust is not a commodity

pool for purposes of the CEA and the Shares are not “commodity interests,” and neither the Sponsor nor the Trustee

is subject to regulation as a commodity pool operator or a commodity trading advisor in connection with the Shares.

has no fixed termination date.

Sponsor of the registrant maintains an Internet website at www.abrdn.com/us/etf through which the registrant’s annual reports

on Form 10-K, quarterly reports on Form 10-Q, and amendments to those reports filed or furnished pursuant to Section 13(a) or

15(d) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, are made available free of charge as soon as reasonably

practicable after they have been filed or furnished to the Securities and Exchange Commission (the “SEC”).

The SEC maintains an internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically at www.sec.gov.

investment objective of the Trust is for the Shares to reflect the performance of the price of physical platinum, less the

Trust’s expenses.

The Shares are intended to constitute a simple and cost-effective means of making an investment similar

to an investment in physical platinum.

An investment in physical platinum requires expensive and sometimes complicated arrangements

in connection with the assay, transportation, warehousing and insurance of the metal.

Traditionally, such expense and complications

have resulted in investments in physical platinum being efficient only in amounts beyond the reach of many investors.

Shares are intended to provide institutional and retail investors with a simple and cost-efficient means, with minimal credit

risk, of gaining investment benefits similar to those of holding platinum bullion.

The Shares offer an investment that:

• Easily Accessible and Relatively Cost Effective .

Investors can access the platinum bullion market through a traditional brokerage account.

The Sponsor believes that investors

will be able to more effectively implement strategic and tactical asset allocation strategies that use platinum bullion by

using the Shares instead of using the traditional means of purchasing, trading and holding platinum bullion and for many investors,

transaction costs related to the Shares will be lower than those associated with the purchase, storage and insurance of physical

platinum bullion.

• Exchange Traded and Transparent.

trade on the NYSE Arca, providing investors with an efficient means to implement various investment strategies.

The Shares are

eligible for margin accounts and are backed by the assets of the Trust and the Trust does not hold or employ any derivative securities.

Furthermore, the value of the Trust’s holdings are reported on the Trust’s website daily.

Accessible and Relatively Cost Effective .

Investors can access the platinum bullion market through a traditional

brokerage account.

The Sponsor believes that investors will be able to more effectively implement strategic and tactical asset

allocation strategies that use platinum bullion by using the Shares instead of using the traditional means of purchasing,

trading and holding platinum bullion and for many investors, transaction costs related to the Shares will be lower than those

associated with the purchase, storage and insurance of physical platinum bullion.

Traded and Transparent.

The Shares trade on the NYSE Arca, providing investors with an efficient means to implement various

investment strategies.

The Shares are eligible for margin accounts and are backed by the assets of the Trust and the Trust does

not hold or employ any derivative securities.

Furthermore, the value of the Trust’s holdings are reported on the Trust’s

website daily.

● Minimal Credit Risk .

The Shares represent an interest

in physical platinum owned by the Trust (other than an amount held in unallocated form which is not sufficient to make up

a whole plate of which is held temporarily to effect a creation or redemption of Shares).

Physical platinum of the Trust

in the Custodian’s possession is not subject to borrowing arrangements with third parties.

Other than the platinum temporarily

being held in an unallocated platinum account with the Custodian, the physical platinum of the Trust is not subject to

counterparty or credit risks.

See “Risk Factors—Platinum held in the Trust’s unallocated platinum account

and any Authorized Participant’s unallocated platinum account is not segregated from the Custodian’s assets...”

This contrasts with most other financial products that gain exposure to platinum through the use of derivatives that are

subject to counterparty and credit risks.

Investing in the Shares does not insulate the investor from

certain risks, including price volatility.

The Shares represent an interest in physical platinum owned by the Trust (other than an amount

held in unallocated form which is not sufficient to make up a whole plate of which is held temporarily to effect a creation

or redemption of Shares).

Physical platinum of the Trust in the Custodian’s possession is not subject to borrowing

arrangements with third parties.

Other than the platinum temporarily being held in an unallocated platinum account with

the Custodian, the physical platinum of the Trust is not subject to counterparty or credit risks.

See “Risk Factors—Platinum

held in the Trust’s unallocated platinum account and any Authorized Participant’s unallocated platinum account

is not segregated from the Custodian’s assets...” This contrasts with most other financial products that gain

exposure to platinum through the use of derivatives that are subject to counterparty and credit risks.

in the Shares does not insulate the investor from certain risks, including price volatility.

See “Risk Factors.”

Overview of the Platinum Industry

This section provides a brief introduction to the platinum industry

by looking at some of the key participants, detailing the primary sources of demand and supply.

In this annual report, the term “ounces” refers

to troy ounces.

Platinum Group Metals

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—iridium, rhodium, ruthenium and osmium—are produced only as co-products of platinum

and palladium.

PGMs are known for their purity, high melting points and unique catalytic properties.

In addition to their oxidation

and reduction properties, they are also extremely resistant to corrosion.

PGMs are utilized in a number of industrial processes,

technologies and commercial applications.

Their unique chemical and physical properties make PGMs an excellent raw material, catalyst

and ingredient for manufacturing processes.

Consumer and industrial products made with platinum and other PGMs include flat panel

monitors, glass fiber, medical tools, computer hard drives, nylon and razors, among others.

PGMs play a critical role in autocatalysis

and pollution control in the automotive sector.

PGM mining is heavily concentrated in southern Africa (South

Africa and Zimbabwe), with smaller percentages coming from the United States, Russia and other locations.

South Africa is the world’s

leading platinum producer and one of the largest palladium producers.

of the Platinum Industry

section provides a brief introduction to the platinum industry by looking at some of the key participants, detailing the primary

sources of demand and supply.

this annual report, the term “ounces” refers to troy ounces.

Platinum Group

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—iridium, rhodium, ruthenium and

osmium—are produced only as co-products of platinum and palladium.

PGMs are known for their purity, high melting points

and unique catalytic properties.

In addition to their oxidation and reduction properties, they are also extremely resistant to

PGMs are utilized in a number of industrial processes, technologies and commercial applications.

Their unique chemical

and physical properties make PGMs an excellent raw material, catalyst and ingredient for manufacturing processes.

industrial products made with platinum and other PGMs include flat panel monitors, glass fiber, medical tools, computer hard drives,

nylon and razors, among others.

PGMs play a critical role in autocatalysis and pollution control in the automotive sector.

mining is heavily concentrated in southern Africa (South Africa and Zimbabwe), with smaller percentages coming from the United

States, Russia and other locations.

South Africa is the world’s leading platinum producer and one of the largest palladium

Russia is the second largest producer of platinum.

South Africa’s production is sourced from the Bushveld Igneous Complex, which hosts the world’s largest resource of

Together, South Africa and Russia accounted for over 83% of platinum supply in 2022.

World Platinum Supply and Demand 2013-2022

The following table sets forth a summary of the world platinum

supply and demand over the past 10 years (from 2013 to 2022) and is based on information reported by Johnson Matthey, PGM Market

Reports (2013 – 2023).

All of South Africa’s production is sourced from the Bushveld

Igneous Complex, which hosts the world’s largest resource of PGMs.

Together, South Africa and Russia accounted for over

83% of platinum supply in 2023.

Platinum Supply and Demand 2014-2023

following table sets forth a summary of the world platinum supply and demand over the past 10 years (from 2014 to 2023) and is

based on information reported by Johnson Matthey, PGM Market Reports (2015 – 2024).

(thousands of ounces)

Primary supply 1

North America

Total primary supply

Secondary supply 2

Electronics/other

Total secondary supply

7 unchanged sentences

Primary supply:

Supply figures represent sales of primary PGM by producers and are allocated to the region where mining took place,

rather than the region of subsequent processing.

Supply figures represent sales of primary

PGM by producers and are allocated to the region where mining took place, rather than the region of subsequent processing.

Secondary supply:

Secondary supply is the quantity of metal recovered from open-loop recycling (i.e.

where the original purchaser

does not retain ownership of the PGM).

Outside the automotive, jewelry and electronics markets, open-loop recycling is negligible.

Automotive recycling represents the weight of metal recovered from end-of-life vehicles and aftermarket scrap.

It does not include

warranty or production scrap.

Demand figures for any given application represent the sum of industry demand for new metal in that application, net of

any closed-loop recycling (i.e.

where industry participants retain ownership of the metal:

an example would be recycling of spent

chemical catalysts where the metal is retained to be used on fresh catalyst that replaces the spent charge).

Automotive demand is allocated to the region where the vehicle is manufactured and is accounted for at the time of vehicle production.

It includes emissions catalysts on vehicles, motorcycles and three-wheelers, as well as fuel cell vehicles.

Non-road mobile machinery

is counted as industrial demand, in the pollution control category.

Jewelry demand is allocated to the region where the finished jewelry is manufactured, not sold.

Secondary supply is the quantity of

metal recovered from open-loop recycling (i.e.

where the original purchaser does not retain ownership of the PGM).

Outside the automotive,

jewelry and electronics markets, open-loop recycling is negligible.

Automotive recycling represents the weight of metal recovered

from end-of-life vehicles and aftermarket scrap.

It does not include warranty or production scrap.

Demand figures for any given application represent

the sum of industry demand for new metal in that application, net of any closed-loop recycling (i.e.

where industry participants retain

ownership of the metal:

an example would be recycling of spent chemical catalysts where the metal is retained to be used on fresh catalyst

that replaces the spent charge).

Automotive demand is allocated to the region where the

vehicle is manufactured and is accounted for at the time of vehicle production.

It includes emissions catalysts on vehicles, motorcycles

and three-wheelers, as well as fuel cell vehicles.

Non-road mobile machinery is counted as industrial demand, in the pollution control

Jewelry demand is allocated to the region where the finished

jewelry is manufactured, not sold.

Movements in stocks:

This figure gives the overall market balance in any one year and reflects the extent of stocks that must be

mobilised to balance the market in that year.

It is thus a proxy for changes in stocks held by fabricators, dealers, banks and

depositories, but excludes stocks held by primary and secondary refiners and final consumers.

A positive figure (market surplus)

thus reflects an increase in global market stocks.

A negative value (market deficit) indicates a decrease in global market stocks.

The following are some of the main characteristics of the platinum

market illustrated by the table:

The main supplier of platinum is South Africa, providing approximately

72% of total mine supply over the past 10 years (2013-2022).

This figure gives the overall market

balance in any one year and reflects the extent of stocks that must be mobilized to balance the market in that year.

It is thus a proxy

for changes in stocks held by fabricators, dealers, banks and depositories, but excludes stocks held by primary and secondary refiners

and final consumers.

A positive figure (market surplus) thus reflects an increase in global market stocks.

A negative value (market deficit)

indicates a decrease in global market stocks.

following are some of the main characteristics of the platinum market illustrated by the table:

main supplier of platinum is South Africa, providing approximately 71.4% of total mine supply over the past 10 years (2014-2023).

Russia is the second largest supplier of platinum.

Its share of world

mine production has averaged around 12% of total mine supply over the past ten years ended 2022.

Scrap supply from recycling of

autocatalyst and other sources have accounted for about 24% of total supply over the last 10 years.

Over the ten years ended December 2022, jewelry demand for platinum

peaked at approximately 35% of total demand in 2014.

Jewelry demand has since declined to 21% total demand in 2022, following a

consistent downward trend.

Automotive demand for platinum, which accounted for around 34% of total demand at the end of 2013, has

increased to roughly 44% of total demand as of the end of 2022.

Following two consecutive years of growth, investment demand fell

from a high of 14% in 2020 into negative territory in 2022 at (9%).

Pollution control demand, which captures the production demand

of non-road vehicles such as agricultural equipment and industrial machinery as well as small engines and stationary source emissions

controls in factories that use technology that is similar to autocatalysts, increased to 4% of total demand in 2022.

In 2023, platinum production in South Africa has continued to impact global supply, as the country continues to experience power supply disruptions along with rising electricity prices.

Coupledwith labor strikes, political instability, inflation and volatile prices, which have compressed profit margins and subsequently led to a decrease in expected supply from the world's leading producer.While industry analysis groups see potential for a nearly 1-million-ounce deficit in platinum in 2023, the price performance has not reflected this sentiment over the course of the year as the marketremains well supplied pulling from existing above ground stockpiles.

Despite a positive outlook at the beginning of the year, fueled by China's rollback of Covid-related restrictions, that drove theprice as high as $1,128 per ounce on April 21, 2023, the Chinese economic rebound disappointed investors and led the price of platinum to fall as low as $850 per ounce on November 13, 2023.While an end-of-year rally saw the price of platinum increase roughly 18% off the yearly low to $1,000 per ounce, platinum ended the year approximately 3% below its 2022 closing price.

Historical Chart of the Price of Platinum

The price of platinum is volatile and fluctuations are expected

to have a direct impact on the value of the Shares.

However, movements in the price of platinum in the past are not a reliable

indicator of future movements.

The following chart illustrates the movements in the price of an ounce of platinum in U.S.

from December 31, 2013 to December 31, 2023 and is based on information provided by Bloomberg:

Its share of world mine production has averaged around 11.7% of total mine supply

over the past ten years ended 2023.

Scrap supply from recycling of autocatalyst and other sources have accounted for about 24%

of total supply over the last 10 years.

the ten years ended December 2023, jewelry demand for platinum peaked at approximately 36% of total demand in 2014.

Jewelry demand has

since declined to 18% total demand in 2023, following a consistent downward trend.

Automotive demand for platinum, which accounted for

around 36% of total demand at the end of 2014, has increased to roughly 44% of total demand as of the end of 2023.

Following two consecutive

years of growth, investment demand fell from a high of 14% in 2020 into negative territory in 2022 at (9%) but improved to 1% in 2023.

Pollution control demand, which captures the production demand of non-road vehicles such as agricultural equipment and industrial machinery

as well as small engines and stationary source emissions controls in factories that use technology that is similar to autocatalysts,

increased to 4% of total demand in 2023.

Chart of the Price of Platinum

price of platinum is volatile and fluctuations are expected to have a direct impact on the value of the Shares.

However, movements

in the price of platinum in the past are not a reliable indicator of future movements.

The following chart illustrates the

movements in the price of an ounce of platinum in U.S.

Dollars from December 31, 2014 to December 31, 2024 and is based on information provided by Bloomberg:

Bloomberg, abrdn.

Chart data from 12/31/2014 to 12/31/2024.

Spot Platinum Price = PLTMLNPM Index.

In 2012, platinum prices rose on the back

of supply disruptions in South Africa, which accounts for more than 72% of the world’s supply of platinum.

A strike at one

of South Africa’s biggest platinum mines caused the price of platinum to rise from $1,387 to $1,709 per ounce in August 2012.

At the beginning of 2013, Anglo American Platinum, the world’s biggest producer of the metal, announced its intention to

close four mine shafts and its consideration of selling another mine complex as part of a radical overhaul of its South African

This statement prompted a strong reaction on platinum prices, which rose from $1,656 to $1,736 per ounce in the days

following the announcement, on fears of a further tightening in platinum supply.

However, platinum’s correlation to gold weighed

on platinum prices in 2013 overall.

Prolonged strikes at South African mines in 2014 led to the deepest supply deficit in platinum

since 1975 (the earliest date we have supply and demand data).

However, that failed to arrest the price slide which saw prices

fall 11% in 2014, highlighting the extent of negative sentiment towards industrially-exposed precious metals.

Despite autocatalyst

demand for platinum increasing in 2015, tightening nitrogen oxide emission standards have led to pessimism about the future demand

for platinum-heavy diesel autocatalysts relative to palladium-heavy gasoline autocatalysts.

Further pessimistic outlook for South

Africa’s economy and its currency the South African Rand weighed on platinum prices throughout 2017, and platinum continued to

fall in 2018 driven by lackluster investor sentiment, a stronger US dollar, weaker diesel demand and rising mine supply.

prices bounced back, rising 19.9% to $952 per ounce at the end of 2019.

After seeing the price fall as low as $593 per ounce on

March 19, 2020, platinum rebounded from pandemic lows and finished the year at $1,068 per ounce.

The steep climb in palladium price

has led some investors to conclude that platinum appears under-valued, in view of its potential to substitute for palladium in

automotive applications in the future.

Additionally, the outlook for mining in South Africa is increasingly uncertain, with producers

facing steep increases in electricity prices, periodic disruption to power supplies and a risk of industrial action during anticipated

wage negotiations.

In 2021, platinum took a back seat to risky assets, similarly to other precious metals, as it returned -10%

(as of December 31, 2021).

Follow through from auto production disruptions during the pandemic were a major contributor to the

price performance in 2021.

The price of platinum reached as high as $1,151 per ounce on March 8, 2022, as Russia’s invasion

of Ukraine and the threat of sanctions on Russian exports, including platinum, pushed prices higher.

However, while other precious

metals (gold, silver, palladium) saw prices fluctuate throughout the year, platinum’s volatility was much more pronounced

within the first quarter of 2022, as the price fell roughly 15% by March 31, 2022, to close the first quarter at $983 per ounce.

Spo Platinum Price = PLTMLNPM Index.

The following is a discussion of the movements in the price of platinum illustrated by the table:

2012, platinum prices rose on the back of supply disruptions in South Africa, which accounts for more than 72% of the world’s

supply of platinum.

A strike at one of South Africa’s biggest platinum mines caused the price of platinum to rise from $1,387

to $1,709 per ounce in August 2012.

At the beginning of 2013, Anglo American Platinum, the world’s biggest producer of the

metal, announced its intention to close four mine shafts and its consideration of selling another mine complex as part of a radical

overhaul of its South African operations.

This statement prompted a strong reaction on platinum prices, which rose from $1,656

to $1,736 per ounce in the days following the announcement, on fears of a further tightening in platinum supply.

However, platinum’s

correlation to gold weighed on platinum prices in 2013 overall.

Prolonged strikes at South African mines in 2014 led to the deepest

supply deficit in platinum since 1975 (the earliest date we have supply and demand data).

However, that failed to arrest the price

slide which saw prices fall 11% in 2014, highlighting the extent of negative sentiment towards industrially-exposed precious metals.

Despite autocatalyst demand for platinum increasing in 2015, tightening nitrogen oxide emission standards have led to pessimism

about the future demand for platinum-heavy diesel autocatalysts relative to palladium-heavy gasoline autocatalysts.

Further pessimistic

outlook for South Africa’s economy and its currency the South African Rand weighed on platinum prices throughout 2017, and

platinum continued to fall in 2018 driven by lackluster investor sentiment, a stronger US dollar, weaker diesel demand and rising

Platinum prices bounced back, rising 19.9% to $952 per ounce at the end of 2019.

After seeing the price fall as low

as $593 per ounce on March 19, 2020, platinum rebounded from pandemic lows and finished the year at $1,068 per ounce.

climb in palladium price has led some investors to conclude that platinum appears under-valued, in view of its potential to substitute

for palladium in automotive applications in the future.

Additionally, the outlook for mining in South Africa is increasingly uncertain,

with producers facing steep increases in electricity prices, periodic disruption to power supplies and a risk of industrial action

during anticipated wage negotiations.

In 2021, platinum took a back seat to risky assets, similarly to other precious metals,

as it returned -10% (as of December 31, 2021).

Follow through from auto production disruptions during the pandemic were a major

contributor to the price performance in 2021.

The price of platinum reached as high as $1,151 per ounce on March 8, 2022, as Russia’s

invasion of Ukraine and the threat of sanctions on Russian exports, including platinum, pushed prices higher.

However, while other

precious metals (gold, silver, palladium) saw prices fluctuate throughout the year, platinum’s volatility was much more

pronounced within the first quarter of 2022, as the price fell roughly 15% by March 31, 2022, to close the first quarter at $983

Aggressive interest rate hikes by the U.S.

Federal Reserve, a strong U.S.

Dollar and risks of diminishing global economic growth

exerted additional pressure on prices, as the price of platinum fell as low as $831 per ounce on July 14, 2022.

Through the end

of 2022, increasing autocatalyst demand and a growing substitution of platinum for palladium contributed to ongoing physical market

tightness, despite a global surplus, which saw the price of platinum increase roughly 24% from July 14, 2022 through December 31,

Dollar and risks of diminishing global economic

growth exerted additional pressure on prices, as the price of platinum fell as low as $831 per ounce on July 14, 2022.

the end of 2022, increasing autocatalyst demand and a growing substitution of platinum for palladium contributed to ongoing physical

market tightness, despite a global surplus, which saw the price of platinum increase roughly 24% from July 14, 2022 through December

31, 2022 to $1,031 per ounce.

In 2023, a decrease in platinum production in South Africa, the world's leading producer, has continued to impact global supply (see “World Platinum Supply and Demand in 2023” above for additional discussion).

While industry analysis groups see potential for a nearly 1-million-ounce deficit in platinum in 2023, the price performance has not reflected this sentiment over the course of the year as the market remains well supplied pulling from existing above ground stockpiles.

Despite a positive outlook at the beginning of the year, fueled by China’s loosening of Covid-related restrictions, that drove the price as high as $1,128 per ounce on April 21, 2023, the Chinese economic rebound disappointed investors and led the price of platinum to fall as low as $850 per ounce on November 13, 2023.

While an end-of-year rally saw the price of platinum increase roughly 18% off the yearly low to $1,000 per ounce, platinum ended the year approximately 3% below its 2022 closing price.

Operation of the Platinum Market

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

Global Over-The-Counter Market

The OTC market trades on a 24-hour per day continuous basis

and accounts for most global platinum trading.

Market makers, as well as others in the OTC market, trade with each other and with

their clients on a principal-to-principal basis.

All risks and issues of credit are between the parties directly involved in the

Market makers include the market making members of the London Platinum and Palladium Market (“LPPM”),

the trade association that acts as the coordinator for activities conducted on behalf of its members and other participants in

Five member participants of the LPPM are currently participating in the electronic LME PM Fix (as described below) process

administered by the London Metal Exchange (“LME”).

The OTC market provides a relatively flexible market in terms of

quotes, price, size, destinations for delivery and other factors.

Bullion dealers customize transactions to meet clients’

requirements.

The OTC market has no formal structure and no open outcry meeting place.

The main centers of the OTC market for platinum are London,

New York, Hong Kong and Zurich.

Mining companies, manufacturers of jewelry and industrial products, together with investors and

speculators, tend to transact their business through one of these market centers.

Centers such as Dubai and several cities in the

Far East also transact substantial OTC market business, typically involving jewelry and small plates or ingots of platinum (1 kilogram

or less) and will hedge their exposure by selling into one of these main OTC centers.

Precious metals dealers have offices around

the world and most of the world’s major bullion dealers are either members or associate members of the London Bullion Market

Association (“LBMA”) and/or the LPPM.

In the OTC market for platinum, the standard size of trades between market makers

is 1,000 ounces.

Liquidity in the OTC market can vary from time to time during

the course of the 24-hour trading day.

Fluctuations in liquidity are reflected in adjustments to dealing spreads—the differential

between a dealer’s “buy” and “sell” prices.

The period of greatest liquidity in the platinum market

generally occurs at the time of day when trading in the European time zones overlaps with trading in the United States, which is

when OTC market trading in London, New York, Zurich and other centers coincides with futures and options trading on the Commodity

Exchange, Inc.

(“COMEX”), a designated contract market within the CME Group.

This period lasts for approximately four

hours each New York business day morning.

The Platinum Market

The Zurich and London Platinum Bullion Markets

Although the market for physical platinum is distributed globally,

most platinum is stored and most OTC market trades are cleared through Zurich.

As of September 1, 2009, London also serves as a

center for the clearing of OTC trades in platinum.

In addition to coordinating market activities, the LPPM acts as the principal

point of contact between the market and its regulators.

A primary function of the LPPM is its involvement in the promotion of refining

standards by maintenance of the “London/Zurich Good Delivery Lists,” which are the lists of LPPM accredited refiners

2023, a decrease in platinum production in South Africa, the world’s leading producer, has continued to impact global supply (see

“World Platinum Supply and Demand in 2023” above for additional discussion).

While industry analysis groups see potential

for a nearly 1-million-ounce deficit in platinum in 2023, the price performance has not reflected this sentiment over the course

of the year as the market remains well supplied pulling from existing above ground stockpiles.

Despite a positive outlook at the

beginning of the year, fueled by China’s loosening of Covid-related restrictions, that drove the price as high as $1,128

per ounce on April 21, 2023, the Chinese economic rebound disappointed investors and led the price of platinum to fall as low

as $850 per ounce on November 13, 2023.

While an end-of-year rally saw the price of platinum increase roughly 18% off the yearly

low to $1,000 per ounce, platinum ended the year approximately 3% below its 2022 closing price.

In 2024, mining production in South Africa has continued to impact global supply, as the country experiences some remaining power supply

disruptions, although at a far lower pace than in 2023.

Political instability, inflation and volatile market prices have compressed profit margins and subsequently led to a decrease in expected supply from the world's leading producer.

As a result, platinum

markets remained volatile throughout the year while prices have not responded to the existing supply side deficit as above ground stocks

are being worked through.

An increase in expected automotive demand provided some tailwinds during the first half of the year sent the

spot price of platinum as high as $1,065 per ounce on May 17, 2024.

However, the lackluster Chinese economic rebound and disappointing

level of stimulus turned to headwinds as the price retreated to $910 per ounce.

The risk of additional sanctions on Russian metal exports

in October provided some temporary price support, however market fears over supply restrictions quickly dissipated, and prices retreated

Headwinds grew as the US election resulted in an increased potential of tariffs that are large enough to slow global economic

growth and the spot price of platinum ended the year down -8.6%, at $914 per ounce.

of the Platinum Market

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.

Over-The-Counter Market

OTC market trades on a 24-hour per day continuous basis and accounts for most global platinum trading.

Market makers, as well

as others in the OTC market, trade with each other and with their clients on a principal-to-principal basis.

All risks and issues

of credit are between the parties directly involved in the transaction.

Market makers include the market making members of the

London Platinum and Palladium Market (“LPPM”), the trade association that acts as the coordinator for activities conducted

on behalf of its members and other participants in the LPPM.

Five member participants of the LPPM are currently participating

in the electronic LBMA Platinum Price PM (as described below) process administered by the London Metal Exchange (“LME”).

market provides a relatively flexible market in terms of quotes, price, size, destinations for delivery and other factors.

dealers customize transactions to meet clients’ requirements.

The OTC market has no formal structure and no open outcry

meeting place.

main centers of the OTC market for platinum are London, New York, Hong Kong and Zurich.

Mining companies, manufacturers of jewelry

and industrial products, together with investors and speculators, tend to transact their business through one of these market

Centers such as Dubai and several cities in the Far East also transact substantial OTC market business, typically involving

jewelry and small plates or ingots of platinum (1 kilogram or less) and will hedge their exposure by selling into one of these

main OTC centers.

Precious metals dealers have offices around the world and most of the world’s major bullion dealers are

either members or associate members of the London Bullion Market Association (“LBMA”) and/or the LPPM.

market for platinum, the standard size of trades between market makers is 1,000 ounces.

in the OTC market can vary from time to time during the course of the 24-hour trading day.

Fluctuations in liquidity are reflected

in adjustments to dealing spreads—the differential between a dealer’s “buy” and “sell” prices.

The period of greatest liquidity in the platinum market generally occurs at the time of day when trading in the European time

zones overlaps with trading in the United States, which is when OTC market trading in London, New York, and other centers

coincides with futures and options trading on the Commodity Exchange, Inc.

(“COMEX”), a designated contract market

within the CME Group.

This period lasts for approximately four hours each New York business day morning.

Platinum Market

Zurich and London Platinum Bullion Markets

Although the market for physical platinum is distributed globally, most platinum is stored and most OTC market trades are cleared through London and Zurich.

In addition to coordinating market activities, the LPPM acts as the principal point of contact between the market and its regulators.

A primary function of the LPPM is its involvement in the promotion of refining standards by maintenance of the London/Zurich Good Delivery Lists, which are the lists of LPPM accredited refiners of platinum.

The LPPM also coordinates market clearing and vaulting, promotes good trading practices and develops standard documentation.

Platinum is traded generally on a “loco Zurich”

basis, meaning the precious metal is physically held in vaults in Zurich or is transferred into accounts established in Zurich.

As of September 1, 2009, platinum began trading on a “loco London” basis as well, meaning the precious metal is physically

held in vaults in London or is transferred into accounts established in London.

The basis for settlement and delivery of a loco

Zurich spot trade is payment (generally in U.S.

Dollars) two business days after the trade date against delivery.

Delivery of the

platinum can either be by physical delivery or through the clearing systems to an unallocated account.

The unit of trade in London and Zurich is the troy ounce, whose

conversion between grams is:

1,000 grams equals to 32.1507465 troy ounces, and one troy ounce is equivalent to 31.1034768 grams.

A good delivery platinum plate or ingot on the LPPM approved list is acceptable for delivery in settlement of a transaction on

the OTC market (a “Good Delivery Platinum Plate or Ingot”).

A Good Delivery Platinum Plate or Ingot must contain between

32 and 192 troy ounces of platinum with a minimum fineness (or purity) of 999.5 parts per 1,000 (99.95%), be of good appearance,

and be easy to handle and stack.

The platinum content of a platinum Good Delivery Platinum Plate or Ingot is calculated by multiplying

the gross weight by the fineness of the plate or ingot.

A Good Delivery Platinum Plate or Ingot must also bear the stamp of one

of the refiners who are on the LPPM approved list.

Unless otherwise specified, the platinum spot price always refers to the “Good

Delivery Standards” set by the LPPM.

Business is generally conducted over the phone and through electronic dealing systems.

Since December 1, 2014, the LME has been administering the operation

of an electronic platinum bullion price fixing system (“LMEbullion”) that replicates electronically the manual London

platinum fix processes previously employed by the London Platinum and Palladium Fixing Company Ltd (“LPPFCL”), as well

as providing electronic market clearing processes for platinum bullion transactions at the fixed prices established by the LME

pricing mechanism.

The LME’s electronic price fixing processes, like the previous London platinum fix processes, establishes

and publishes fixed prices for troy ounces of platinum twice each London trading day during fixing sessions beginning at 9:45 a.m.

London time (the “LME AM Fix”) and 2:00 p.m.

London time (the “LME PM Fix”).

In addition to utilizing the

same London platinum fix standards and methods, the LME also supervises the platinum electronic price fixing processes through

its market operations, compliance, internal audit and third-party complaint handling capabilities in order to support the integrity

of the LME PM Fix.

The LME, in administering LMEbullion, uses a pricing methodology that meets the administrative and regulatory

needs of platinum market participants, including the International Organization of Securities Commission’s (IOSCO) Principles

for Financial Benchmarks, (the “IOSCO Principles”).

Daily during London trading hours the LME AM Fix and the LME

PM Fix each provide reference platinum prices for that day’s trading.

Many long-term contracts will be priced on the basis

of either the LME AM Fix or the LME PM Fix, and market participants will usually refer to one or the other of these prices when

looking for a basis for valuations.

The Trust values its platinum on the basis of the LME PM Fix.

Formal participation in the LME PM Fix is limited to participating

Platinum is traded generally on a loco London or loco Zurich basis, meaning the precious metal is physically held in vaults in London or Zurich or is transferred into accounts established in London or Zurich.

Delivery of the platinum can either be by physical delivery or through the clearing systems to an unallocated account.

unit of trade in London and Zurich is the troy ounce, whose conversion between grams is:

1,000 grams equals to 32.1507465 troy

ounces, and one troy ounce is equivalent to 31.1034768 grams.

A good delivery platinum plate or ingot on the LPPM approved list

is acceptable for delivery in settlement of a transaction on the OTC market (a “Good Delivery Platinum Plate or Ingot”).

A Good Delivery Platinum Plate or Ingot must contain between 32 and 192 troy ounces of platinum with a minimum fineness (or purity)

of 999.5 parts per 1,000 (99.95%), be of good appearance, and be easy to handle and stack.

The platinum content of a platinum

Good Delivery Platinum Plate or Ingot is calculated by multiplying the gross weight by the fineness of the plate or ingot.

Delivery Platinum Plate or Ingot must also bear the stamp of one of the refiners who are on the LPPM approved list.

Unless otherwise

specified, the platinum spot price always refers to the “Good Delivery Standards” set by the LPPM.

Business is generally

conducted over the phone and through electronic dealing systems.

December 1, 2014, the LME has been administering the operation of an electronic platinum bullion price fixing system (“LMEbullion”)

that replicates electronically the manual London platinum fix processes previously employed by the London Platinum and Palladium

Fixing Company Ltd (“LPPFCL”), as well as providing electronic market clearing processes for platinum bullion transactions

at the fixed prices established by the LME pricing mechanism.

The LME’s electronic price fixing processes, like the previous

London platinum fix processes, establishes and publishes fixed prices for troy ounces of platinum twice each London trading day

during fixing sessions beginning at 9:45 a.m.

London time (the “LBMA Platinum Price AM”) and 2:00 p.m.

London time (the “LBMA Platinum Price PM”).

In addition to utilizing the same London platinum fix standards and methods, the LME also supervises the platinum

electronic price fixing processes through its market operations, compliance, internal audit and third-party complaint handling

capabilities in order to support the integrity of the LBMA Platinum Price PM.

The LME, in administering LMEbullion, uses a pricing methodology

that meets the administrative and regulatory needs of platinum market participants, including the International Organization of

Securities Commission’s (IOSCO) Principles for Financial Benchmarks, (the “IOSCO Principles”).

during London trading hours the LBMA Platinum Price AM and the LBMA Platinum Price PM each provide reference platinum prices for that day’s trading.

Many long-term contracts will be priced on the basis of either the LBMA Platinum Price AM or the LBMA Platinum Price PM, and market participants will

usually refer to one or the other of these prices when looking for a basis for valuations.

The Trust values its platinum on the

basis of the LBMA Platinum Price PM.

If on a day when the Trusts NAV is being calculated, the LBMA Platinum Price PM is not available or has not been announced by 4:00 p.m.

New York time, 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 Trusts platinum based on the most recently announced LBMA Platinum Price PM or LBMA Platinum Price AM.

participation in the LBMA Platinum Price PM is limited to participating LPPM members.

Five LPPM members are currently participating in establishing

the LBMA Platinum Price PM (Goldman Sachs International, HSBC Bank USA NA, ICBC Standard Bank plc, Johnson Matthey plc and BASF Metals Ltd.).

Any other market participant wishing to participate in the trading on the LBMA Platinum Price PM is required to do so through one of the participating

LPPM members.

Five LPPM members are currently participating in establishing the LME PM Fix (Goldman Sachs International, HSBC Bank

USA NA, ICBC Standard Bank plc, Johnson Matthey plc and BASF Metals Ltd.).

Any other market participant wishing to participate

in the trading on the LME PM Fix is required to do so through one of the participating LPPM members.

Orders are placed either with one of the participating LPPM

member participants or with another precious metals dealer who will then be in contact with a participating LPPM member during

The fix begins with the chair reflecting the market price and other data, prevailing at the opening of the fix.

is relayed by the LPPM member participants to their dealing rooms which have direct communication with all interested parties.

Any member participant may enter the fixing process at any time, or adjust or withdraw his order.

The platinum price is adjusted

up or down until all the buy and sell orders are electronically matched, at which time the price is declared fixed.

are transacted on the basis of this fixed price, which is instantly relayed to the market through various media.

The LBMA and the LME have asserted that the LME’s electronic

price fixing processes are similar to the non-electronic processes previously used to establish the applicable London platinum

fix where the London platinum fix process adjusted the platinum price up or down until all the buy and sell orders entered by the

participating LPPM members are matched, at which time the price was declared fixed.

Nevertheless, the LME PM Fix has several advantages

over the previous London platinum fix.

The LME’s electronic price fixing processes are intended to be transparent.

asserts that its electronic price fixing processes are fully auditable by third parties since an audit trail exists from the beginning

of each fixing session.

The LME also asserts that the market operation, compliance, internal audit and third-party complaint handling

capabilities of the LME supports the integrity of the LME PM Fix.

Since December 1, 2014, the Sponsor determined that the

London platinum fix, which has been revised based on the new LME method and is now known as the LBMA Platinum Price (PM),

which we refer to herein as the LME PM Fix, is an appropriate basis for valuing platinum bullion received upon purchase of

the Trust’s Shares, delivered upon redemption of the Trust’s Shares and for determining the value of the

Trust’s platinum bullion each trading day.

The Sponsor also has determined that the LME PM Fix will fairly represent

the commercial value of platinum bullion held by the Trust and, the “Benchmark Price” (as defined in the Trust

Agreement) of the Trust’s platinum bullion as of any day is the LME PM Fix for such day.

As of December 1, 2014, the LPPFCL transferred ownership of

the historic and future intellectual property of the twice daily “fix” for platinum and palladium bullion to a subsidiary

company of the LBMA.

Futures Exchanges

The most significant platinum futures exchanges are the COMEX,

a designated contract market within the CME Group, and the Tokyo Commodity Exchange, Inc.

The COMEX is the

largest exchange in the world for trading precious metals futures and options and launched platinum futures in 1956, followed with

options in 1990.

are placed either with one of the participating LPPM member participants or with another precious metals dealer who will then

be in contact with a participating LPPM member during the fixing.

The fix begins with the chair reflecting the market price and

other data, prevailing at the opening of the fix.

This is relayed by the LPPM member participants to their dealing rooms which

have direct communication with all interested parties.

Any member participant may enter the fixing process at any time, or adjust

or withdraw his order.

The platinum price is adjusted up or down until all the buy and sell orders are electronically matched,

at which time the price is declared fixed.

All orders are transacted on the basis of this fixed price, which is instantly relayed

to the market through various media.

LBMA and the LME have asserted that the LME’s electronic price fixing processes are similar to the non-electronic processes

previously used to establish the applicable London platinum fix where the London platinum fix process adjusted the platinum price

up or down until all the buy and sell orders entered by the participating LPPM members are matched, at which time the price was

declared fixed.

Nevertheless, the LBMA Platinum Price PM has several advantages over the previous London platinum fix.

The LME’s electronic

price fixing processes are intended to be transparent.

The LME asserts that its electronic price fixing processes are fully auditable

by third parties since an audit trail exists from the beginning of each fixing session.

The LME also asserts that the market operation,

compliance, internal audit and third-party complaint handling capabilities of the LME supports the integrity of the LBMA Platinum Price PM.

December 1, 2014, the Sponsor determined that the London platinum fix, which has been revised based on the new LME method and

is now known as the LBMA Platinum Price (PM), which we refer to herein as the LBMA Platinum Price PM, is an appropriate basis for valuing

platinum bullion received upon purchase of the Trust’s Shares, delivered upon redemption of the Trust’s Shares and

for determining the value of the Trust’s platinum bullion each trading day.

The Sponsor also determined that the LME PM Fix fairly represents the commercial value of platinum bullion held by the Trust and the Benchmark Price (as defined in Trust Agreement) as of any day is such days LBMA Platinum Price PM or such days LBMA Platinum Price AM if such days LBMA Platinum Price PM is not available.

of December 1, 2014, the LPPFCL transferred ownership of the historic and future intellectual property of the twice daily “fix”

for platinum and palladium bullion to a subsidiary company of the LBMA.

most significant platinum futures exchanges are the COMEX, a designated contract market within the CME Group, and the Tokyo

Commodity Exchange, Inc.

The COMEX is the largest exchange in the world for trading precious metals futures

and options and launched platinum futures in 1956, followed with options in 1990.

The TOCOM has been trading platinum since 1984.

Trading on these exchanges is based on fixed delivery dates and

transaction sizes for the futures and options contracts traded.

Trading on these exchanges is based on fixed delivery dates and transaction sizes for the futures and options contracts traded.

Trading costs are negotiable.

As a matter of practice, only a small

percentage of the futures market turnover ever comes to physical delivery of the platinum represented by the contracts traded.

As a matter of practice, only a small percentage of the futures market turnover ever comes to physical

delivery of the platinum represented by the contracts traded.

Both exchanges permit trading on margin.

Margin trading can add to the speculative risk involved given the potential for margin

calls if the price moves against the contract holder.

The COMEX trades platinum futures almost continuously (with one short break

in the evening) through its CME Globex electronic trading system and clears through its central clearing system.

On June 6, 2003,

the TOCOM adopted a similar clearing system.

In each case, the exchange acts as a counterparty for each member for clearing purposes.

Market Regulation

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 (“FSM Act”).

Under this act, all U.K.-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.

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.

The TOCOM has authority to perform financial and operational

surveillance on its members’ trading activities, scrutinize positions held by members and large-scale customers, and monitor

the price movements of futures markets by comparing them with cash and other derivative markets’ prices.

To act as a Futures

Commission Merchant Broker on the TOCOM, a broker must obtain a license from Japan’s Ministry of Economy, Trade and Industry,

the regulatory authority that oversees the operations of the TOCOM.

The CFTC regulates trading in commodity contracts, such as futures,

options and swaps.

In addition, under the CEA, the CFTC has jurisdiction to prosecute manipulation and fraud in any commodity (including

precious metals) traded in interstate commerce as spot as well as deliverable forwards.

The CFTC is the exclusive regulator of

Margin trading can add

to the speculative risk involved given the potential for margin calls if the price moves against the contract holder.

trades platinum futures almost continuously (with one short break in the evening) through its CME Globex electronic trading system

and clears through its central clearing system.

On June 6, 2003, the TOCOM adopted a similar clearing system.

In each case, the

exchange acts as a counterparty for each member for clearing purposes.

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 (“FSM Act”).

Under this act, all U.K.-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.

FCA is responsible for regulating investment products, including derivatives, and those who deal in investment products.

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.

TOCOM has authority to perform financial and operational surveillance on its members’ trading activities, scrutinize positions

held by members and large-scale customers, and monitor the price movements of futures markets by comparing them with cash and

other derivative markets’ prices.

To act as a Futures Commission Merchant Broker on the TOCOM, a broker must obtain a license

from Japan’s Ministry of Economy, Trade and Industry, the regulatory authority that oversees the operations of the TOCOM.

CFTC regulates trading in commodity contracts, such as futures, options and swaps.

In addition, under the CEA, the CFTC has jurisdiction

to prosecute manipulation and fraud in any commodity (including precious metals) traded in interstate commerce as spot as well

as deliverable forwards.

The CFTC is the exclusive regulator of U.S.

commodity exchanges and clearing houses.

Secondary Market Trading

While the Trust’s investment objective is for the Shares

to reflect the performance of the price of physical platinum, less the Trust’s expenses, the Shares may trade in the secondary

market on the NYSE Arca at prices that are lower or higher relative to their net asset value (the value of the Trust’s assets

less its liabilities (“NAV”)) per Share.

The amount of the discount or premium in the trading price relative to the

NAV per Share may be influenced by non-concurrent trading hours between the NYSE Arca, COMEX and the London and Zurich platinum

While the Shares trade on the NYSE Arca until 4:00 PM New York time, liquidity in the global platinum market is reduced

after the close of the COMEX at 1:30 PM New York time.

As a result, during this time, trading spreads, and the resulting premium

or discount, on the Shares may widen.

Valuation of Platinum and Computation of Net Asset Value

On each day that the NYSE Arca is open for regular trading,

as promptly as practicable after 4:00 PM New York time, on such day (“Evaluation Time”), the Trustee evaluates the

platinum held by the Trust and determines both the average net asset value (“ANAV”) and the NAV of the Trust.

At the Evaluation Time, the Trustee values the Trust’s

platinum on the basis of that day’s LME PM Fix or, if no LME PM Fix is made on such day or has not been announced by the

Evaluation Time, the next most recent LME PM Fix determined prior to the Evaluation Time will be used, unless the Sponsor determines

that such price is inappropriate as a basis for evaluation.

In the event the Sponsor determines that the applicable LME PM Fix

or such other publicly available price as the Sponsor may deem fairly represents the commercial value of the Trust’s platinum

is not an appropriate basis for evaluation of the Trust’s platinum, it shall identify an alternative basis for such evaluation

to be employed by the Trustee.

Neither the Trustee nor the Sponsor shall be liable to any person for the determination that the

LME PM Fix or such other publicly available price is not appropriate as a basis for evaluation of the Trust’s platinum or

for any determination as to the alternative basis for such evaluation provided that such determination is made in good faith.

“Operation of the Platinum Market—The Platinum Market” for a description of the LME PM Fix.

Once the value of the platinum has been determined, the

Trustee subtracts all estimated accrued fees (other than the fees accruing for such day on which the valuation takes place which

are computed by reference to the value of the Trust or its assets), expenses and other liabilities of the Trust from the total

value of the platinum and any other assets of the Trust.

Market Trading

the Trust’s investment objective is for the Shares to reflect the performance of the price of physical platinum, less

the Trust’s expenses, the Shares may trade in the secondary market on the NYSE Arca at prices that are lower or higher relative

to their net asset value (the value of the Trust’s assets less its liabilities (“NAV”)) per Share.

of the discount or premium in the trading price relative to the NAV per Share may be influenced by non-concurrent trading hours

between the NYSE Arca, COMEX and the London and Zurich platinum markets.

While the Shares trade on the NYSE Arca until

4:00 PM New York time, liquidity in the global platinum market is reduced after the close of the COMEX at 1:30 PM New York

As a result, during this time, trading spreads, and the resulting premium or discount, on the Shares may widen.

of Platinum and Computation of Net Asset Value

each day that the NYSE Arca is open for regular trading, as promptly as practicable after 4:00 PM New York time, on such day (“Evaluation

Time”), the Trustee evaluates the platinum held by the Trust and determines both the average net asset value (“ANAV”)

and the NAV of the Trust.

At the Evaluation Time, the Trustee values the Trust’s platinum on the basis of that day’s LBMA Platinum Price PM or, if no

LBMA Platinum Price PM is made on such day or has not been announced by the Evaluation Time, the LBMA Platinum Price AM announced on that

day will be used.

If neither price is available for that day, the Trust will value its palladium based on the most recently announced

LBMA Platinum Price PM or LBMA Platinum Price AM, unless the Sponsor determines that such price is inappropriate as a basis for evaluation.

In the event the Sponsor determines that the applicable LBMA Platinum Price PM or such other publicly available price as the Sponsor may

deem fairly represents the commercial value of the Trust’s platinum is not an appropriate basis for evaluation of the Trust’s

platinum, it shall identify an alternative basis for such evaluation to be employed by the Trustee.

Neither the Trustee nor the Sponsor

shall be liable to any person for the determination that the LME PM Fix or such other publicly available price is not appropriate as a

basis for evaluation of the Trust’s platinum or for any determination as to the alternative basis for such evaluation provided that

such determination is made in good faith.

See “Operation of the Platinum Market—the Platinum Market”for a description

of the LBMA Platinum Price PM.

the value of the platinum has been determined, the Trustee subtracts all estimated accrued fees (other than the fees accruing

for such day on which the valuation takes place which are computed by reference to the value of the Trust or its assets),

expenses and other liabilities of the Trust from the total value of the platinum and any other assets of the Trust.

The resulting figure is the ANAV of the Trust.

The ANAV of the

Trust is used to compute the Sponsor’s Fee.

All fees accruing for the day on which the valuation takes place

which are computed by reference to the value of the Trust or its assets are calculated using the ANAV calculated for such

The Trustee subtracts from the ANAV the amount of accrued fees so computed for such day and the resulting figure is the NAV

of the Trust.

The Trustee also determines the NAV per Share by dividing the NAV of the Trust by the number of the Shares outstanding

as of the close of trading on the NYSE Arca (which includes the net number of any Shares created or redeemed on such evaluation

Any estimate of the accrued but unpaid fees, expenses and liabilities of

the Trust for purposes of computing the NAV of the Trust and ANAV 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 the Trust Agreement will be required

by reason of any difference in amounts estimated from those actually paid.

The Sponsor and the Shareholders may rely on any evaluation

furnished by the Trustee, and the Sponsor has no responsibility for the evaluation’s accuracy.

The determinations the Trustee

makes will be made in good faith upon the basis of, and the Trustee will not be liable for any errors contained in, information

reasonably available to it.

The Trustee will not be liable to the Sponsor, DTC, Authorized Participants, the Shareholders or any

other person for errors in judgment.

However, the preceding liability exclusion will not protect the Trustee against any liability

resulting from bad faith or gross negligence in the performance of its duties.

Trust Expenses

The Trust’s only ordinary recurring expense is the Sponsor’s

In exchange for the Sponsor’s Fee, the Sponsor has agreed to assume the following administrative and marketing expenses

incurred by the Trust:

the Trustee’s monthly fee and out-of-pocket expenses, the Custodian’s fee and reimbursement

of the Custodian’s expenses under the Custody Agreements, Exchange listing fees, SEC registration fees, printing and mailing

costs, audit fees and up to $100,000 per annum in legal expenses.

The Sponsor’s Fee accrues daily at an annualized rate

equal to 0.60% of the ANAV of the Trust and is payable monthly in arrears.

The Sponsor, from time to time, may temporarily waive

all or a portion of the Sponsor’s Fee at its discretion for a stated period of time.

Presently, the Sponsor does not intend

to waive any of its fee.

Furthermore, the Sponsor may, in its sole discretion, agree

to rebate all or a portion of the Sponsor’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’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’s Fee.

Neither the Trust nor the Trustee will be

a party to any Sponsor’s Fee rebate arrangements negotiated by the Sponsor.

Any Sponsor’s Fee rebate shall be paid

from the funds of the Sponsor and not from the assets of the Trust.

The Sponsor’s Fee is paid by delivery of platinum to an

account maintained by the Custodian for the Sponsor on an unallocated basis, monthly on the first business day of the month in

respect of fees payable for the prior month.

The delivery is of that number of ounces of platinum which equals the daily accrual

of the Sponsor’s Fee for such prior month calculated at the LME PM Fix.

The Trustee will, when directed by the Sponsor, and, in the

absence of such direction, may, in its discretion, sell platinum in such quantity and at such times as may be necessary to permit

payment in cash of Trust expenses not assumed by the Sponsor.

The Trustee is authorized to sell platinum at such times and in the

smallest amounts required to permit such payments as they become due, it being the intention to avoid or minimize the Trust’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’s expenses and the market price of platinum.

The Custodian is authorized to purchase from the

Trust, at the request of the Trustee, platinum needed to cover Trust expenses not assumed by the Sponsor at the price used by the

Trustee to determine the value of the platinum held by the Trust on the date of the sale.

The Sponsor’s Fee for the year ended December 31, 2023

was $5,772,056 (December 31, 2022:

The ANAV of the Trust is used to compute the Sponsor’s Fee.

fees accruing for the day on which the valuation takes place which are computed by reference to the value of the Trust or

its assets are calculated using the ANAV calculated for such day.

The Trustee subtracts from the ANAV the amount of accrued fees

so computed for such day and the resulting figure is the NAV of the Trust.

The Trustee also determines the NAV per Share

by dividing the NAV of the Trust by the number of the Shares outstanding as of the close of trading on the NYSE Arca (which includes

the net number of any Shares created or redeemed on such evaluation day).

estimate of the accrued but unpaid fees, expenses and liabilities of the Trust for purposes of computing the NAV of the Trust

and ANAV 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 the Trust Agreement will be required by reason of any difference in amounts estimated from those

actually paid.

Sponsor and the Shareholders may rely on any evaluation furnished by the Trustee, and the Sponsor has no responsibility for the

evaluation’s accuracy.

The determinations the Trustee makes will be made in good faith upon the basis of, and the Trustee

will not be liable for any errors contained in, information reasonably available to it.

The Trustee will not be liable to the

Sponsor, The Depository Trust Company (“DTC”).

Authorized Participants, the Shareholders or any other person for errors in judgment.

However, the preceding liability

exclusion will not protect the Trustee against any liability resulting from bad faith or gross negligence in the performance of

On May 23, 2024, the Sponsor entered into an Amendment (the Trust Amendment) to the Depositary Trust Agreement (the Trust Agreement) with the Trustee.

The Trust Amendment reflects the following changes, effective as of June 18, 2024, as approved and directed by the Sponsor on behalf of the Trust:

(1) the amendment of the definition of Benchmark Price to mean, as of any day, (i) such days LBMA Platinum Price PM or such days LBMA Platinum Price AM if such days LBMA Platinum Price PM is not available;

or (ii) such other publicly available price which is reasonably available to the Trustee at no cost 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;

(2) the deletion and replacement of the defined term for London PM Fix with the defined term LBMA Platinum Price PM, which means the price of a troy ounce of platinum as determined by the LME, the third party administrator of the London platinum price selected by the LBMA, or any successor administrator of the London [platinum price, at or about 2:00 p.m.

London, England time;

and (3) the addition of the new definition for LBMA Platinum Price AM which means the price of a troy ounce of platinum as determined by the LME, the third party administrator of the London platinum price selected by the LBMA, or any successor administrator of the London platinum price, at or about 9:45 a.m.

London, England time.

Trust’s only ordinary recurring expense is the Sponsor’s Fee.

In exchange for the Sponsor’s Fee, the Sponsor

has agreed to assume the following administrative and marketing expenses incurred by the Trust:

the Trustee’s monthly fee

and out-of-pocket expenses, the Custodian’s fee and reimbursement of the Custodian’s expenses under the Custody Agreements,

Exchange listing fees, SEC registration fees, printing and mailing costs, audit fees and up to $100,000 per annum in legal expenses.

Sponsor’s Fee accrues daily at an annualized rate equal to 0.60% of the ANAV of the Trust and is payable monthly in arrears.

The Sponsor, from time to time, may temporarily waive all or a portion of the Sponsor’s Fee at its discretion for a stated

period of time.

Presently, the Sponsor does not intend to waive any of its fee.

the Sponsor may, in its sole discretion, agree to rebate all or a portion of the Sponsor’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’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’s

Neither the Trust nor the Trustee will be a party to any Sponsor’s Fee rebate arrangements negotiated by the Sponsor.

Any Sponsor’s Fee rebate shall be paid from the funds of the Sponsor and not from the assets of the Trust.

Sponsor’s Fee is paid by delivery of platinum to an account maintained by the Custodian for the Sponsor on an unallocated

basis, monthly on the first business day of the month in respect of fees payable for the prior month.

The delivery is of that

number of ounces of platinum which equals the daily accrual of the Sponsor’s Fee for such prior month calculated at the

LBMA Platinum Price PM.

Trustee will, when directed by the Sponsor, and, in the absence of such direction, may, in its discretion, sell platinum in such

quantity and at such times as may be necessary to permit payment in cash of Trust expenses not assumed by the Sponsor.

is authorized to sell platinum at such times and in the smallest amounts required to permit such payments as they become due,

it being the intention to avoid or minimize the Trust’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’s expenses and the market price of platinum.

The Custodian is authorized to purchase from the Trust, at the request of the Trustee, platinum needed to cover Trust expenses

not assumed by the Sponsor at the price used by the Trustee to determine the value of the platinum held by the Trust on the date

Sponsor’s Fee for the year ended December 31, 2024 was $5,968,067 (December 31, 2023:

December 31, 2022:

Cash held by the Trustee pending payment of the Trust’s

expenses will not bear any interest.

Each delivery or sale of platinum by the Trust to pay the Sponsor’s Fee or other

Trust expenses will be a taxable event to Shareholders.

Creation and Redemption of Shares

The Trust creates and redeems Shares from time to time, but

only in one or more Baskets of 50,000 Shares.

The creation and redemption of Baskets is only made in exchange for the delivery

to the Trust or the distribution by the Trust of the amount of physical platinum represented by the Baskets being created

or redeemed, the amount of which is based on the combined NAV of the number of Shares included in the Baskets being created or

redeemed determined on the day the order to create or redeem Baskets is properly received.

Authorized Participants are the only persons that may place

orders to create and redeem Baskets.

Authorized Participants must be (1) registered broker-dealers or other securities market participants,

such as banks and other financial institutions, which are not required to register as broker-dealers to engage in securities

transactions, and (2) participants in DTC.

To become an Authorized Participant, a person must enter into an Authorized Participant

Agreement with the Sponsor and the Trustee.

The Authorized Participant Agreement provides the procedures for the creation and redemption

of Baskets and for the delivery of the platinum and any cash required for such creations and redemptions.

The Authorized Participant

Agreement and the related procedures attached thereto may be amended by the Trustee and the Sponsor, without the consent of any

Shareholder or Authorized Participant.

Authorized Participants pay a transaction fee of $500 to the Trustee for each order they

place to create or redeem one or more Baskets.

Authorized Participants who make deposits with the Trust in exchange for Baskets

receive no fees, commissions or other form of compensation or inducement of any kind from either the Sponsor or the Trust for serving

as an Authorized Participant, and no such person has any obligation or responsibility to the Sponsor or the Trust to effect any

sale or resale of Shares.

Authorized Participants are cautioned that some of their activities

will result in their being deemed participants in a distribution in a manner which would render them statutory underwriters and

subject them to the prospectus-delivery and liability provisions of the Securities Act, as described in “Plan of Distribution”.

Prior to initiating any creation or redemption order, an Authorized

Participant must have entered into an agreement with the Custodian or a platinum clearing bank to establish an Authorized

Participant Unallocated Account in London or Zurich (Authorized Participant Unallocated Bullion Account Agreement).

held in Authorized Participant Unallocated Accounts is typically not segregated from the Custodian’s or other platinum

clearing bank’s assets, as a consequence of which an Authorized Participant will have no proprietary interest in any specific plates

or ingots of platinum held by the Custodian or the platinum clearing bank.

Credits to its Authorized Participant Unallocated

Account are therefore at risk of the Custodian’s or other platinum clearing bank’s insolvency.

No fees will be

charged by the Custodian for the use of the Authorized Participant Unallocated Account as long as the Authorized Participant Unallocated

Account is used solely for platinum transfers to and from the Trust Unallocated Account and the Custodian (or one of its affiliates)

receives compensation for maintaining the Trust Allocated Account.

Authorized Participants should be aware that the Custodian’s

liability threshold under the Authorized Participant Unallocated Bullion Account Agreement is generally gross negligence, not negligence,

which is the Custodian’s liability threshold under the Trust’s Custody Agreements.

As the terms of the Authorized Participant Unallocated Bullion

Account Agreement differ in certain respects from the terms of the Trust Unallocated Account Agreement, potential Authorized Participants

should review the terms of the Authorized Participant Unallocated Bullion Account Agreement carefully.

A copy of the Authorized

Participant Agreement may be obtained by potential Authorized Participants from the Trustee.

Certain Authorized Participants are expected to have the facility

to participate directly in the physical platinum market and the platinum futures market.

In some cases, an Authorized Participant

may from time to time acquire platinum from or sell platinum to its affiliated platinum trading desk, which may

profit in these instances.

Each Authorized Participant must be registered as a broker-dealer under the Securities Exchange Act

of 1934 (Exchange Act) and regulated by FINRA or be exempt from being or otherwise not be required to be so regulated or registered,

and be qualified to act as a broker or dealer in the states or other jurisdictions where the nature of its business so requires.

Certain Authorized Participants are regulated under federal and state banking laws and regulations.

Each Authorized Participant

has its own set of rules and procedures, internal controls and information barriers as it determines is appropriate in light of

its own regulatory regime.

Authorized Participants may act for their own accounts or as

agents for broker-dealers, custodians and other securities market participants that wish to create or redeem Baskets.

for one or more Baskets may be placed by an Authorized Participant on behalf of multiple clients.

As of the date of this report,

Goldman Sachs & Co., HSBC Securities (USA) LLC, J.P.

Morgan Securities LLC, Merrill Lynch Professional Clearing Corp., Mizuho

Securities USA LLC, Morgan Stanley & Co.

Inc., Scotia Capital (USA) Inc., UBS Securities LLC and Virtu Americas, LLC have each

signed an Authorized Participant Agreement with the Trust and, upon the effectiveness of such agreement, may create and redeem

Baskets as described above.

Persons interested in purchasing Baskets should contact the Sponsor or the Trustee to obtain the contact

information for the Authorized Participants.

Shareholders who are not Authorized Participants will only be able to redeem

their Shares through an Authorized Participant.

All platinum is delivered to the Trust and distributed

by the Trust in unallocated form through credits and debits between Authorized Participant Unallocated Accounts and the Trust Unallocated

Platinum transferred from an Authorized Participant Unallocated Account to the Trust in unallocated form will first

be credited to the Trust Unallocated Account.

Thereafter, the Custodian will allocate, or cause the allocation by the Zurich Sub-Custodian

of, specific plates or ingots of platinum, in each case representing the amount of platinum credited to the Trust Unallocated

Account (to the extent such amount is representable by whole platinum plates or ingots) to the Trust Allocated Account.

of platinum is reversed for the distribution of platinum to an Authorized Participant in connection with the redemption

All physical platinum represented by a credit to any Authorized

Participant Unallocated Account and to the Trust Unallocated Account and all physical platinum held in the Trust Allocated

Account with the Custodian or for the Custodian by the Zurich Sub-Custodian must be of at least a minimum fineness (or purity)

of 999.5 parts per 1,000 (99.95%) and otherwise conform to the rules, regulations practices and customs of the LPPM, including

the specifications for a Good Delivery Platinum Plate or Ingot.

Under the Authorized Participant Agreement, the Sponsor has

agreed to indemnify the Authorized Participants against certain liabilities, including liabilities under the Securities Act.

Loco London and Loco Zurich Platinum Delivery Elections.

Authorized Participants can elect to deliver platinum loco London

or loco Zurich in connection with the creation of a Basket.

Authorized Participants can also elect to receive delivery of platinum

loco London or loco Zurich in connection with the redemption of a Basket.

A Basket creation order that elects a loco London

or loco Zurich delivery of platinum will cause the Custodian to effect an allocation of such platinum to the Trust Allocated Account

maintained by the Custodian in its London vault premises or by the Zurich Sub-Custodian in its Zurich vault premises.

a Basket redemption order that elects a loco London or loco Zurich delivery of platinum will cause the Custodian to effect a de-allocation

of platinum necessary to satisfy such redemption requests from the Trust Allocated Account maintained by the Custodian to the Trust

Unallocated Account.

In the event that there is not sufficient platinum in the Trust

Allocated Account in London to satisfy loco London redemptions, the Custodian shall cause the Zurich Sub-Custodian to de-allocate

sufficient platinum held by it for the Trust Allocated Account in Zurich and cause a transfer of platinum from the Trust Unallocated

Account maintained by the Custodian in Zurich to the Authorized Participant Unallocated Account maintained in London.

in the event that there is not sufficient platinum in the Trust Allocated Account in Zurich to satisfy loco Zurich redemptions,

the Custodian will initiate the reverse procedure to transfer platinum from London to Zurich.

These transfers between London and

Zurich unallocated accounts will generally occur pursuant to loco swap arrangements and will not expose the Authorized Participant

or the Trust to any additional expense.

The Custodian has assumed the responsibility and expenses for loco swap transfers and shall

bear any risk of loss related to the platinum being transferred.

If no loco swap counterparty is available, the Custodian shall

arrange, at its own expense and risk, for the physical transportation of platinum between the Zurich Sub-Custodian’s Zurich

vault premises and the Custodian’s London vault premises.

If such a loco swap or physical transfer is necessary to effect

a loco London or loco Zurich redemption, the settlement of loco London or loco Zurich redemption deliveries may be delayed more

than two, but not more than five, business days.

The Custodian, in its sole discretion, has the right to limit the location

where Authorized Participants can elect to receive delivery of platinum to either loco London or loco Zurich.

The following description of the procedures for the creation

and redemption of Baskets is only a summary and an investor should refer to the relevant provisions of the Trust Agreement and

the form of Authorized Participant Agreement for more detail.

Creation Procedures

On any business day, an Authorized Participant may place an

order with the Trustee to create one or more Baskets.

Creation and redemption orders are accepted on “business days”

the NYSE Arca is open for regular trading.

Settlements of such orders requiring receipt or delivery, or confirmation of receipt

or delivery, of platinum in the United Kingdom, Zurich or another jurisdiction will occur on “business days” when (1)

banks in the United Kingdom, Zurich and such other jurisdiction and (2) the London and Zurich platinum markets are regularly open

for business.

If such banks or the London or Zurich platinum markets are not open for regular business for a full day, such a day

will only be a “business day” for settlement purposes if the settlement procedures can be completed by the end of such

Redemption settlements including platinum deliveries loco London may be delayed longer than two, but no more than five, business

days following the redemption order date.

Settlement of orders requiring receipt or delivery, or confirmation of receipt or delivery,

of Shares will occur, after confirmation of the applicable platinum delivery, on “business days” when the NYSE Arca

is open for regular trading.

In the event of a level 3 market-wide circuit breaker resulting in a trading halt for the remainder

of the trading day, the time of the market-wide trading halt is considered the close of regular trading and no creation orders

for the current trade date will be accepted after that time (the “cutoff”).

Orders placed after the cutoff will be

deemed to be rejected and will not be processed.

Orders should be placed in proper form on the following business day.

orders must be placed no later than 3:59:59 p.m.

on each business day the NYSE Arca is open for regular trading.

By placing a purchase order, an Authorized Participant agrees

to deposit platinum with the Trust.

Prior to the delivery of Baskets for a purchase order, the Authorized Participant must also

have wired to the Trustee the non-refundable transaction fee due for the purchase order.

Determination of required deposits

The amount of the required platinum deposit is determined by

dividing the number of ounces of platinum held by the Trust by the number of Baskets outstanding, as adjusted for the amount of

platinum constituting estimated accrued but unpaid fees and expenses of the Trust.

Fractions of a fine ounce of platinum smaller than 0.001 of

a fine ounce which are included in the platinum deposit amount are disregarded in the foregoing calculation.

All questions as to

the composition of a Creation Basket Deposit will be finally determined by the Trustee.

The Trustee’s determination of the

Creation Basket Deposit shall be final and binding on all persons interested in the Trust.

Delivery of required deposits

An Authorized Participant who places a purchase order is responsible

for crediting its Authorized Participant Unallocated Account with the required platinum deposit amount by the second business day

in London or Zurich, as applicable, following the purchase order date.

Upon receipt of the platinum deposit amount, the Custodian,

after receiving appropriate instructions from the Authorized Participant and the Trustee, will transfer on the second business

day following the purchase order date the platinum deposit amount from the Authorized Participant Unallocated Account to the Trust

Unallocated Account and the Trustee will direct DTC to credit the number of Baskets ordered to the Authorized Participant’s

The expense and risk of delivery, ownership and safekeeping of platinum until such platinum has been received by the

Trust shall be borne solely by the Authorized Participant.

The Trustee may accept delivery of platinum by such other means as the

Sponsor, from time to time, may determine with the Trustee to be acceptable for the Trust, provided that the same is disclosed

in a prospectus relating to the Trust filed with the SEC pursuant to Rule 424 under the Securities Act.

If platinum is to be delivered

other than as described above, the Sponsor is authorized to establish such procedures and to appoint such custodians and establish

such custody accounts in addition to those described in this report, as the Sponsor determines to be desirable.

Acting on standing instructions given by the Trustee, the Custodian

will transfer the platinum deposit amount from the Trust Unallocated Account to the Trust Allocated Account by transferring platinum

plates and ingots from its inventory or the inventory of the Zurich Sub-Custodian to the Trust Allocated Account.

The Custodian

uses commercially reasonable efforts to complete the transfer of platinum to the Trust Allocated Account prior to the time by which

the Trustee is to credit the Basket to the Authorized Participant’s DTC account;

if, however, such transfers have not been

completed by such time, the number of Baskets ordered will be delivered against receipt of the platinum deposit amount in the Trust

Unallocated Account, and all Shareholders will be exposed to the risks of unallocated platinum to the extent of that platinum deposit

amount until the Custodian completes the allocation process or the Zurich Sub-Custodian completes the allocation process for the

See “Risk Factors—Platinum held in the Trust’s unallocated platinum account and any Authorized Participant’s

unallocated platinum account is not segregated from the Custodian’s assets.....”

Because platinum is only allocated in multiples of whole plates

or ingots, the amount of platinum allocated from the Trust Unallocated Account to the Trust Allocated Account may be less than

the total fine ounces of platinum credited to the Trust Unallocated Account.

Any balance will be held in the Trust Unallocated

The Custodian uses commercially reasonable efforts to minimize the amount of platinum held in the Trust Unallocated Account;

no more than 192 ounces of platinum (maximum weight to make one Good Delivery Platinum Plate or Ingot) is expected to be held in

the Trust Unallocated Account at the close of each business day.

Rejection of purchase orders

The Trustee may reject a purchase order or a Creation Basket

Deposit if such order or Creation Basket Deposit is not presented in proper form as described in the Authorized Participant Agreement

or if the fulfillment of the order, in the opinion of counsel, might be unlawful.

None of the Trustee, the Sponsor or the Custodian

will be liable for the rejection of any purchase order or Creation Basket Deposit.

Redemption Procedures

The procedures by which an Authorized Participant can redeem

one or more Baskets mirror the procedures for the creation of Baskets.

On any business day, an Authorized Participant may place

an order with the Trustee to redeem one or more Baskets.

Redemption orders must be placed no later than 3:59:59 p.m.

held by the Trustee pending payment of the Trust’s expenses will not bear any interest.

Each delivery or sale of platinum

by the Trust to pay the Sponsor’s Fee or other Trust expenses will be a taxable event to Shareholders.

and Redemption of Shares

Trust creates and redeems Shares from time to time, but only in one or more Baskets of 50,000 Shares.

The creation and redemption

of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of physical

platinum represented by the Baskets being created or redeemed, the amount of which is based on the combined NAV of the number

of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem Baskets is properly

Participants are the only persons that may place orders to create and redeem Baskets.

Authorized Participants must be (1) registered

broker-dealers or other securities market participants, such as banks and other financial institutions, which are not required

to register as broker-dealers to engage in securities transactions, and (2) participants in DTC.

To become an Authorized Participant,

a person must enter into an Authorized Participant Agreement with the Sponsor and the Trustee.

The Authorized Participant Agreement

provides the procedures for the creation and redemption of Baskets and for the delivery of the platinum and any cash required

for such creations and redemptions.

The Authorized Participant Agreement and the related procedures attached thereto may be amended

by the Trustee and the Sponsor, without the consent of any Shareholder or Authorized Participant.

Authorized Participants pay

a transaction fee of $500 to the Trustee for each order they place to create or redeem one or more Baskets.

Authorized Participants

who make deposits with the Trust in exchange for Baskets receive no fees, commissions or other form of compensation or inducement

of any kind from either the Sponsor or the Trust for serving as an Authorized Participant, and no such person has any obligation

or responsibility to the Sponsor or the Trust to effect any sale or resale of Shares.

Participants are cautioned that some of their activities will result in their being deemed participants in a distribution in a

manner which would render them statutory underwriters and subject them to the prospectus-delivery and liability provisions of

the Securities Act, as described in “Plan of Distribution”.

to initiating any creation or redemption order, an Authorized Participant must have entered into an agreement with the Custodian

or a platinum clearing bank to establish an Authorized Participant Unallocated Account in London (Authorized Participant

Unallocated Bullion Account Agreement).

Authorized Participant Unallocated Accounts may only be used for transactions with the Trust.

Platinum held in Authorized Participant Unallocated Accounts is typically not segregated

from the Custodian’s or other platinum clearing bank’s assets, as a consequence of which an Authorized Participant

will have no proprietary interest in any specific plates or ingots of platinum held by the Custodian or the platinum

clearing bank.

Credits to its Authorized Participant Unallocated Account are therefore at risk of the Custodian’s or other platinum

clearing bank’s insolvency.

No fees will be charged by the Custodian for the use of the Authorized Participant Unallocated

Account as long as the Authorized Participant Unallocated Account is used solely for platinum transfers to and from the Trust

Unallocated Account and the Custodian (or one of its affiliates) receives compensation for maintaining the Trust Allocated Account.

Authorized Participants should be aware that the Custodian’s liability threshold under the Authorized Participant Unallocated

Bullion Account Agreement is generally gross negligence, not negligence, which is the Custodian’s liability threshold under

the Trust’s Custody Agreements.

the terms of the Authorized Participant Unallocated Bullion Account Agreement differ in certain respects from the terms of the

Trust Unallocated Account Agreement, potential Authorized Participants should review the terms of the Authorized Participant Unallocated

Bullion Account Agreement carefully.

A copy of the Authorized Participant Agreement may be obtained by potential Authorized Participants

from the Trustee.

Authorized Participants are expected to have the facility to participate directly in the physical platinum market and the

platinum futures market.

In some cases, an Authorized Participant may from time to time acquire platinum from or sell platinum

to its affiliated platinum trading desk, which may profit in these instances.

Each Authorized Participant must be registered

as a broker-dealer under the Securities Exchange Act of 1934 (Exchange Act) and regulated by FINRA or be exempt from being or

otherwise not be required to be so regulated or registered, and be qualified to act as a broker or dealer in the states or

other jurisdictions where the nature of its business so requires.

Certain Authorized Participants are regulated under federal

and state banking laws and regulations.

Each Authorized Participant has its own set of rules and procedures, internal controls

and information barriers as it determines is appropriate in light of its own regulatory regime.

Participants may act for their own accounts or as agents for broker-dealers, custodians and other securities market participants

that wish to create or redeem Baskets.

An order for one or more Baskets may be placed by an Authorized Participant on behalf of

multiple clients.

As of the date of this report, Goldman Sachs & Co., HSBC Securities (USA) LLC, J.P.

Morgan Securities LLC,

Merrill Lynch Professional Clearing Corp., Mizuho Securities USA LLC, Morgan Stanley & Co.

Inc., Scotia Capital (USA)

Inc., UBS Securities LLC and Virtu Americas, LLC have each signed an Authorized Participant Agreement with the Trust and,

upon the effectiveness of such agreement, may create and redeem Baskets as described above.

Persons interested in purchasing Baskets

should contact the Sponsor or the Trustee to obtain the contact information for the Authorized Participants.

Shareholders who

are not Authorized Participants will only be able to redeem their Shares through an Authorized Participant.

platinum is delivered to the Trust and distributed by the Trust in unallocated form through credits and debits between Authorized

Participant Unallocated Accounts and the Trust Unallocated Account.

Platinum transferred from an Authorized Participant Unallocated

Account to the Trust in unallocated form will first be credited to the Trust Unallocated Account.

Thereafter, the Custodian will

allocate, specific plates or ingots of platinum, in each case representing

the amount of platinum credited to the Trust Unallocated Account (to the extent such amount is representable by whole platinum

plates or ingots) to the Trust Allocated Account.

The movement of platinum is reversed for the distribution of platinum to an

Authorized Participant in connection with the redemption of Baskets.

physical platinum represented by a credit to any Authorized Participant Unallocated Account and to the Trust Unallocated Account

and all physical platinum held in the Trust Allocated Account with the Custodian must be of at least a minimum fineness (or purity) of 999.5 parts per 1,000 (99.95%) and otherwise conform to the rules, regulations

practices and customs of the LPPM, including the specifications for a Good Delivery Platinum Plate or Ingot.

the Authorized Participant Agreement, the Sponsor has agreed to indemnify the Authorized Participants against certain liabilities,

including liabilities under the Securities Act.

following description of the procedures for the creation and redemption of Baskets is only a summary and an investor should

refer to the relevant provisions of the Trust Agreement and the form of Authorized Participant Agreement for more

any business day, an Authorized Participant may place an order with the Trustee to create one or more Baskets.

Creation and redemption

orders are accepted on “business days” the NYSE Arca is open for regular trading.

Settlements of such orders requiring

receipt or delivery, or confirmation of receipt or delivery, of platinum in the United Kingdom, or another jurisdiction

will occur on “business days” when (1) banks in the United Kingdom or other jurisdiction and (2) the

London platinum markets are regularly open for business.

If such banks or the London platinum markets are

not open for regular business for a full day, such a day will only be a “business day” for settlement purposes if

the settlement procedures can be completed by the end of such day.

Redemption settlements including platinum deliveries loco London

may be delayed longer than two, but no more than five, business days following the redemption order date.

Settlement of orders

requiring receipt or delivery, or confirmation of receipt or delivery, of Shares will occur, after confirmation of the applicable

platinum delivery, on “business days” when the NYSE Arca is open for regular trading.

In the event of a level 3 market-wide

circuit breaker resulting in a trading halt for the remainder of the trading day, the time of the market-wide trading halt is

considered the close of regular trading and no creation orders for the current trade date will be accepted after that time (the

Orders placed after the cutoff will be deemed to be rejected and will not be processed.

Orders should be

placed in proper form on the following business day.

Purchase orders must be placed no later than 3:59:59 p.m.

on each business

day the NYSE Arca is open for regular trading.

In the event of a level 3 market-wide circuit breaker resulting in a trading halt

for the remainder of the trading day, the time of the market-wide trading halt is considered the close of regular trading and no

redemption orders for the current trade date will be accepted after that time (the “cutoff”).

Orders placed after the

cutoff will be deemed to be rejected and will not be processed.

Orders should be placed in proper form on the following business

A redemption order so received is effective on the date it is received in satisfactory form by the Trustee.

The redemption

procedures allow Authorized Participants to redeem Baskets and do not entitle an individual Shareholder to redeem any Shares in

an amount less than a Basket, or to redeem Baskets other than through an Authorized Participant.

By placing a redemption order, an Authorized Participant agrees

to deliver the Baskets to be redeemed through DTC’s book entry system to the Trust not later than the second business day

following the effective date of the redemption order.

Prior to the delivery of the redemption distribution for a redemption order,

the Authorized Participant must also have wired to the Trustee the non-refundable transaction fee due for the redemption order.

Determination of redemption distribution

The redemption distribution from the Trust consists of a credit

to the redeeming Authorized Participant’s Authorized Participant Unallocated Account representing the amount of the platinum

held by the Trust evidenced by the Shares being redeemed.

Fractions of a fine ounce of platinum included in the redemption distribution

smaller than 0.001 of a fine ounce are disregarded.

Redemption distributions will be subject to the deduction of any applicable

tax or other governmental charges which may be due.

Delivery of redemption distribution

The redemption distribution due from the Trust will be delivered

to the Authorized Participant on the second business day following a loco Zurich redemption order date if, by 10:00 a.m.

time on such second business day, the Trustee’s DTC account has been credited with the Baskets to be redeemed.

The redemption

distribution due from the Trust will be delivered to the Authorized Participant on or before the fifth business day following a

loco London redemption order date if, by 10:00 a.m.

New York time on the second business day after the loco London redemption order

date, the Trustee’s DTC account has been credited with the Baskets to be redeemed.

If a loco swap or physical transfer is

necessary to effect a loco London or loco Zurich redemption, the redemption distribution due from the Trust will be delivered to

the Authorized Participant on or before the fifth business day following such a loco London or loco Zurich redemption order date

if, by 10:00 a.m.

New York time on the second business day after the loco London or loco Zurich redemption order date, the Trustee’s

DTC account has been credited with the Baskets to be redeemed.

In the event that, by 10:00 a.m.

New York time on the second business

day following the order date of a redemption order, the Trustee’s DTC account has not been credited with the total number

of Shares corresponding to the total number of Baskets to be redeemed pursuant to such redemption order, the Trustee shall send

to the Authorized Participant and the Custodian via fax or electronic mail message notice of such fact and the Authorized Participant

shall have two business days following receipt of such notice to correct such failure.

If such failure is not cured within such

two business day period, the Trustee (in consultation with the Sponsor) will cancel such redemption order and will send via fax

or electronic mail message notice of such cancellation to the Authorized Participant and the Custodian, and the Authorized Participant

will be solely responsible for all costs incurred by the Trust, the Trustee or the Custodian related to the cancelled order.

Trustee is also authorized to deliver the redemption distribution notwithstanding that the Baskets to be redeemed are not credited

to the Trustee’s DTC account by 10:00 a.m.

New York time on the second business day following the redemption order date if

the Authorized Participant has collateralized its obligation to deliver the Baskets through DTC’s book entry system on such

terms as the Sponsor and the Trustee may from time to time agree upon.

The Custodian transfers the redemption platinum amount from

the Trust Allocated Account to the Trust Unallocated Account and, thereafter, to the redeeming Authorized Participant’s Authorized

Participant Unallocated Account.

The Authorized Participant and the Trust are each at risk in respect of platinum credited to their

respective unallocated accounts in the event of the Custodian’s insolvency.

See “Risk Factors—Platinum held in

the Trust’s unallocated platinum account and any Authorized Participant’s unallocated platinum account is not segregated

placing a purchase order, an Authorized Participant agrees to deposit platinum with the Trust.

Prior to the delivery of Baskets

for a purchase order, the Authorized Participant must also have wired to the Trustee the non-refundable transaction fee due for

the purchase order.

Determination

of required deposits

amount of the required platinum deposit is determined by dividing the number of ounces of platinum held by the Trust by the number

of Baskets outstanding, as adjusted for the amount of platinum constituting estimated accrued but unpaid fees and expenses of

of a fine ounce of platinum smaller than 0.001 of a fine ounce which are included in the platinum deposit amount are disregarded

in the foregoing calculation.

All questions as to the composition of a Creation Basket Deposit will be finally determined by the

The Trustee’s determination of the Creation Basket Deposit shall be final and binding on all persons interested

in the Trust.

of required deposits

Authorized Participant who places a purchase order is responsible for crediting its Authorized Participant Unallocated Account

with the required platinum deposit amount by the prescribed settlement date in London.

Upon receipt of the platinum deposit amount,

the Custodian, after receiving appropriate instructions from the Authorized Participant and the Trustee, will transfer on the

prescribed settlement date the platinum deposit amount from the Authorized Participant Unallocated Account to the Trust Unallocated

Account and the Trustee will direct DTC to credit the number of Baskets ordered to the Authorized Participant’s DTC account.

expense and risk of delivery, ownership and safekeeping of platinum until such platinum has been received by the Trust shall be

borne solely by the Authorized Participant.

The Trustee may accept delivery of platinum by such other means as the Sponsor, from

time to time, may determine with the Trustee to be acceptable for the Trust, provided that the same is disclosed in a prospectus

relating to the Trust filed with the SEC pursuant to Rule 424 under the Securities Act.

If platinum is to be delivered other than

as described above, the Sponsor is authorized to establish such procedures and to appoint such custodians and establish such custody

accounts in addition to those described in this report, as the Sponsor determines to be desirable.

on standing instructions given by the Trustee, the Custodian will transfer the platinum deposit amount from the Trust Unallocated

Account to the Trust Allocated Account by transferring platinum plates and ingots from its inventory to the Trust Allocated Account.

The Custodian uses commercially reasonable efforts to complete the transfer of platinum to the Trust Allocated Account prior to

the time by which the Trustee is to credit the Basket to the Authorized Participant’s DTC account;

if, however, such transfers

have not been completed by such time, the number of Baskets ordered will be delivered against receipt of the platinum deposit

amount in the Trust Unallocated Account, and all Shareholders will be exposed to the risks of unallocated platinum to the extent

of that platinum deposit amount until the Custodian completes the allocation process.

See “Risk Factors—Platinum held

in the Trust’s unallocated platinum account and any Authorized Participant’s unallocated platinum account is not segregated

from the Custodian’s assets.....”

As with the allocation of platinum to the Trust Allocated Account

which occurs upon a purchase order, if in transferring platinum from the Trust Allocated Account to the Trust Unallocated Account

in connection with a redemption order there is an excess amount of platinum transferred to the Trust Unallocated Account, the excess

over the platinum redemption amount will be held in the Trust Unallocated Account.

The Custodian uses commercially reasonable efforts

to minimize the amount of platinum held in the Trust Unallocated Account;

no more than 192 ounces of platinum (maximum weight to

make one Good Delivery Platinum Plate or Ingot) is expected to be held in the Trust Unallocated Account at the close of each business

Suspension or rejection of redemption orders

The Trustee may, in its discretion, and will, when directed

by the Sponsor, suspend the right of redemption, or postpone the redemption settlement date, (1) for any period during which the

NYSE Arca is closed other than customary weekend or holiday closings, or trading on the NYSE Arca is suspended or restricted or

(2) for any period during which an emergency exists as a result of which delivery, disposal or evaluation of platinum is not reasonably

None of the Sponsor, the Trustee or the Custodian are liable to any person or in any way for any loss or damages that

may result from any such suspension or postponement.

The Trustee will reject a redemption order if the order is not

in proper form as described in the Authorized Participant Agreement or if the fulfillment of the order, in the opinion of its counsel,

platinum is only allocated in multiples of whole plates or ingots, the amount of platinum allocated from the Trust Unallocated

Account to the Trust Allocated Account may be less than the total fine ounces of platinum credited to the Trust Unallocated Account.

Any balance will be held in the Trust Unallocated Account.

The Custodian uses commercially reasonable efforts to minimize the

amount of platinum held in the Trust Unallocated Account;

no more than 192 ounces of platinum (maximum weight to make one Good

Delivery Platinum Plate or Ingot) is expected to be held in the Trust Unallocated Account at the close of each business day.

of purchase orders

Trustee may reject a purchase order or a Creation Basket Deposit if such order or Creation Basket Deposit is not presented in

proper form as described in the Authorized Participant Agreement or if the fulfillment of the order, in the opinion of counsel,

might be unlawful.

Creation and Redemption Transaction Fee

To compensate the Trustee for services in processing the creation

and redemption of Baskets, an Authorized Participant is required to pay a transaction fee to the Trustee of $500 per order to create

or redeem Baskets.

None of the Trustee, the Sponsor or the Custodian will be liable for the rejection of any purchase order or

Creation Basket Deposit.

procedures by which an Authorized Participant can redeem one or more Baskets mirror the procedures for the creation of Baskets.

On any business day, an Authorized Participant may place an order with the Trustee to redeem one or more Baskets.

Redemption orders

must be placed no later than 3:59:59 p.m.

on each business day the NYSE Arca is open for regular trading.

In the event of a level

3 market-wide circuit breaker resulting in a trading halt for the remainder of the trading day, the time of the market-wide trading

halt is considered the close of regular trading and no redemption orders for the current trade date will be accepted after that

time (the “cutoff”).

Orders placed after the cutoff will be deemed to be rejected and will not be processed.

should be placed in proper form on the following business day.

A redemption order so received is effective on the date it is received

in satisfactory form by the Trustee.

The redemption procedures allow Authorized Participants to redeem Baskets and do not entitle

an individual Shareholder to redeem any Shares in an amount less than a Basket, or to redeem Baskets other than through an Authorized

placing a redemption order, an Authorized Participant agrees to deliver the Baskets to be redeemed through DTC’s book-entry system

to the Trust by the prescribed settlement date.

Prior to the delivery of the redemption distribution for a redemption order, the

Authorized Participant must also have wired to the Trustee the non-refundable transaction fee due for the redemption order.

Determination

of redemption distribution

redemption distribution from the Trust consists of a credit to the redeeming Authorized Participant’s Authorized Participant

Unallocated Account representing the amount of the platinum held by the Trust evidenced by the Shares being redeemed.

of a fine ounce of platinum included in the redemption distribution smaller than 0.001 of a fine ounce are disregarded.

distributions will be subject to the deduction of any applicable tax or other governmental charges which may be due.

of redemption distribution

redemption distribution due from the Trust will be delivered to the Authorized Participant on the prescribed settlement date following

a loco London redemption order date if, by 10:00 a.m.

New York time on the settlement date, the Trustee’s DTC account has been

credited with the Baskets to be redeemed.

If a loco swap or physical transfer is necessary to effect a loco London redemption,

the redemption distribution due from the Trust will be delivered to the Authorized Participant on or before the prescribed settlement

date if, by 10:00 a.m.

New York time on the first business day after the loco London redemption order date, the Trustee’s DTC account has been credited with the Baskets

to be redeemed.

In the event that, by 10:00 a.m.

New York time on the prescribed settlement date, the Trustee’s DTC account has

not been credited with the total number of Shares corresponding to the total number of Baskets to be redeemed pursuant to such

redemption order, the Trustee shall send to the Authorized Participant and the Custodian via fax or electronic mail message notice

of such fact and the Authorized Participant shall have one business day following receipt of such notice to correct such failure.

If such failure is not cured within such one business day period, the Trustee (in consultation with the Sponsor) will cancel such

redemption order and will send via fax or electronic mail message notice of such cancellation to the Authorized Participant and

the Custodian, and the Authorized Participant will be solely responsible for all costs incurred by the Trust, the Trustee or the

Custodian related to the cancelled order.

The Trustee is also authorized to deliver the redemption distribution notwithstanding

that the Baskets to be redeemed are not credited to the Trustee’s DTC account by 10:00 a.m.

New York time on the prescribed settlement

date if the Authorized Participant has collateralized its obligation to deliver the Baskets through DTC’s book entry system on

such terms as the Sponsor and the Trustee may from time to time agree upon.

Custodian transfers the redemption platinum amount from the Trust Allocated Account to the Trust Unallocated Account and, thereafter,

to the redeeming Authorized Participant’s Authorized Participant Unallocated Account.

The Authorized Participant and the

Trust are each at risk in respect of platinum credited to their respective unallocated accounts in the event of the Custodian’s

See “Risk Factors—Platinum held in the Trust’s unallocated platinum account and any Authorized Participant’s

unallocated platinum account is not segregated from the Custodian’s assets.....”

with the allocation of platinum to the Trust Allocated Account which occurs upon a purchase order, if in transferring platinum

from the Trust Allocated Account to the Trust Unallocated Account in connection with a redemption order there is an excess amount

of platinum transferred to the Trust Unallocated Account, the excess over the platinum redemption amount will be held in the Trust

Unallocated Account.

The Custodian uses commercially reasonable efforts to minimize the amount of platinum held in the Trust Unallocated

no more than 192 ounces of platinum (maximum weight to make one Good Delivery Platinum Plate or Ingot) is expected to

be held in the Trust Unallocated Account at the close of each business day.

or rejection of redemption orders

Trustee may, in its discretion, and will, when directed by the Sponsor, suspend the right of redemption, or postpone the redemption

settlement date, (1) for any period during which the NYSE Arca is closed other than customary weekend or holiday closings, or

trading on the NYSE Arca is suspended or restricted or (2) for any period during which an emergency exists as a result of which

delivery, disposal or evaluation of platinum is not reasonably practicable.

None of the Sponsor, the Trustee or the Custodian

are liable to any person or in any way for any loss or damages that may result from any such suspension or postponement.

Trustee will reject a redemption order if the order is not in proper form as described in the Authorized Participant Agreement

or if the fulfillment of the order, in the opinion of its counsel, might be unlawful.

and Redemption Transaction Fee

compensate the Trustee for services in processing the creation and redemption of Baskets, an Authorized Participant is required

to pay a transaction fee to the Trustee of $500 per order to create or redeem Baskets.

An order may include multiple Baskets.

The transaction fee may be reduced, increased or otherwise changed by

the Trustee with the consent of the Sponsor.

From time to time, the Trustee, with the consent of the Sponsor, may waive all or

a portion of the applicable transaction fee.

The Trustee shall notify DTC of any agreement to change the transaction fee and will

not implement any increase in the fee for the redemption of Baskets until 30 days after the date of the notice.

The Trust’s Sponsor is abrdn ETFs Sponsor LLC, a Delaware

limited liability company formed on June 17, 2009.

The Sponsor’s office is located at c/o abrdn ETFs Sponsor

LLC, 1900 Market Street, Suite 200, Philadelphia, PA 19103.

Prior to April 27, 2018, the Sponsor was wholly-owned by ETF Securities

Limited, a Jersey, Channel Islands based company.

Effective April 27, 2018, ETF Securities Limited sold its membership interest

in the Sponsor to abrdn Inc.

(known as Aberdeen Standard Investments Inc.

The transaction fee may be reduced, increased or otherwise changed by the Trustee with the consent of the Sponsor.

time, the Trustee, with the consent of the Sponsor, may waive all or a portion of the applicable transaction fee.

shall notify DTC of any agreement to change the transaction fee and will not implement any increase in the fee for the redemption

of Baskets until 30 days after the date of the notice.

Trust’s Sponsor is abrdn ETFs Sponsor LLC, a Delaware limited liability company formed on June 17, 2009.

Sponsor’s office is located at c/o abrdn ETFs Sponsor LLC, 1900 Market Street, Suite 200, Philadelphia, PA 19103.

Prior to April 27, 2018, the Sponsor was wholly-owned by ETF Securities Limited, a Jersey, Channel Islands based company.

Effective April 27, 2018, ETF Securities Limited sold its membership interest in the Sponsor to abrdn Inc.

(known as Aberdeen

Standard Investments Inc.

prior to January 1, 2022) a Delaware corporation.

a result of the sale, abrdn Inc.

became the sole member of the Sponsor.

is a wholly-owned indirect subsidiary of abrdn

plc, which together with its affiliates and subsidiaries, is collectively referred to as “abrdn.” Under the Delaware

Limited Liability Company Act and the governing documents of the Sponsor, the sole member of the Sponsor, abrdn Inc., is not responsible

for the debts, obligations and liabilities of the Sponsor solely by reason of being the sole member of the Sponsor.

The Sponsor’s Role

The Sponsor arranged for the creation of the Trust, and is responsible

for the ongoing registration of the Shares for their public offering in the United States and the listing of the Shares on the

The Sponsor has agreed to assume the following administrative and marketing expenses incurred by the Trust:

the Trustee’s

monthly fee and out-of-pocket expenses, the Custodian’s fee and the reimbursement of the Custodian’s expenses under

the Custody Agreements, Exchange listing fees, SEC registration fees, printing and mailing costs, audit fees and up to $100,000

per annum in legal expenses.

The Sponsor also paid the costs of the Trust’s organization and the initial sale of the Shares,

including the applicable SEC registration fees.

The Sponsor does 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’s initial Internal Control Over Financial Reporting.

The Sponsor also has the right to replace the Trustee during the

90 days following any merger, consolidation or conversion in which the Trustee is not the surviving entity or, in its discretion,

on the fifth anniversary of the creation of the Trust or on any subsequent third anniversary thereafter.

The Sponsor also has the

right to approve any new or additional custodian that the Trustee may wish to appoint and any new or additional sub-custodian,

including the Zurich Sub-Custodian, that the Custodian may wish to appoint.

The Sponsor or one of its affiliates or agents (1) develops

a marketing plan for the Trust on an ongoing basis, (2) prepares marketing materials regarding the Shares, including the content

of the Trust’s website and (3) executes the marketing plan for the Trust.

The Bank of New York Mellon, a banking corporation organized

under the laws of the State of New York with trust powers (“BNYM”), serves as the Trustee.

BNYM has a trust office

at 240 Greenwich Street, New York, NY 10286.

BNYM is subject to supervision by the New York State Financial Services Department

and the Board of Governors of the Federal Reserve System.

Information regarding creation and redemption Basket composition, NAV

of the Trust, transaction fees and the names of the parties that have each executed an Authorized Participant Agreement may be

obtained from BNYM.

A copy of the Trust Agreement is available for inspection at BNYM’s trust office identified above.

the Trust Agreement, the Trustee is required to have capital, surplus and undivided profits of at least $150 million.

The Trustee’s Role

The Trustee is generally responsible for the day-to-day administration

of the Trust, including keeping the Trust’s operational records.

The Trustee’s principal responsibilities include (1)

transferring the Trust’s platinum as needed to pay the Sponsor’s Fee in platinum (platinum transfers are expected to

occur approximately monthly in the ordinary course), (2) valuing the Trust’s platinum and calculating the NAV of the Trust

and the NAV per Share, (3) receiving and processing orders from Authorized Participants to create and redeem Baskets and coordinating

the processing of such orders with the Custodian and DTC, (4) selling the Trust’s platinum as needed to pay any extraordinary

Trust expenses that are not assumed by the Sponsor, (5) when appropriate, making distributions of cash or other property to Shareholders,

and (6) receiving and reviewing reports from or on the Custodian’s custody of and transactions in the Trust’s platinum.

The Trustee shall, with respect to directing the Custodian, act in accordance with the instructions of the Sponsor.

If the Custodian

resigns, the Trustee shall appoint an additional or replacement Custodian selected by the Sponsor.

The Trustee intends to regularly communicate with the Sponsor

to monitor the overall performance of the Trust.

The Trustee does not monitor the performance of the Custodian, the Zurich Sub-Custodian,

or any other sub-custodian other than to review the reports provided by the Custodian pursuant to the Custody Agreements.

along with the Sponsor, will liaise with the Trust’s legal, accounting and other professional service providers as needed.

The Trustee will assist and support the Sponsor with the preparation of all periodic reports required to be filed with the SEC

on behalf of the Trust.

The Trustee’s monthly fees and out-of-pocket expenses

are paid by the Sponsor.

Affiliates of the Trustee may from time to time act as Authorized

Participants or purchase or sell platinum or Shares for their own account, as agent for their customers and for accounts over which

they exercise investment discretion.

Affiliates of the Trustee are subject to the same transaction fee as other Authorized Participants.

The Custodian

As a result of the sale, abrdn Inc.

sole member of the Sponsor.

is a wholly-owned indirect subsidiary of abrdn plc, which together with its affiliates

and subsidiaries, is collectively referred to as “abrdn.” Under the Delaware Limited Liability Company Act and

the governing documents of the Sponsor, the sole member of the Sponsor, abrdn Inc., is not responsible for the debts,

obligations and liabilities of the Sponsor solely by reason of being the sole member of the Sponsor.

Sponsor’s Role

Sponsor arranged for the creation of the Trust, and is generally responsible for the ongoing registration of the Shares for their

public offering in the United States and the listing of the Shares on the NYSE Arca.

The Sponsor has agreed to assume the

organizational expenses of the Trust and the following administrative and marketing expenses incurred by the Trust:

Trustee’s monthly fee and out-of-pocket expenses, the Custodian’s fee and the reimbursement of the Custodian’s

expenses under the Custody Agreements, exchange listing fees, SEC registration fees, printing and mailing costs, audit fees and up

to $100,000 per annum in legal expenses.

The Sponsor also paid the costs of the Trust’s organization and the initial sale of

the Shares, including the applicable SEC registration fees.

Sponsor does 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’s initial Internal Control Over Financial Reporting.

The Sponsor also has

the right to replace the Trustee during the 90 days following any merger, consolidation or conversion in which the Trustee is

not the surviving entity or, in its discretion, on the fifth anniversary of the creation of the Trust or on any subsequent third

anniversary thereafter.

The Sponsor also has the right to approve any new or additional custodian that the Trustee may wish to

appoint and any new or additional sub-custodian that the Custodian may wish to appoint.

Sponsor or one of its affiliates or agents (1) develops a marketing plan for the Trust on an ongoing basis, (2) prepares marketing

materials regarding the Shares, including the content of the Trust’s website and (3) executes the marketing plan for the

Bank of New York Mellon, a banking corporation organized under the laws of the State of New York with trust powers (“BNYM”),

serves as the Trustee.

BNYM has a Trust office at 240 Greenwich Street, New York, NY 10286.

BNYM is subject to supervision by

the New York State Financial Services Department and the Board of Governors of the Federal Reserve System.

Information regarding

creation and redemption Basket composition, NAV of the Trust, transaction fees and the names of the parties that have each executed

an Authorized Participant Agreement may be obtained from BNYM.

A copy of the Trust Agreement is available for inspection at BNYM’s

trust office identified above.

Under the Trust Agreement, the Trustee is required to have capital, surplus and undivided profits

of at least $150 million.

Trustee’s Role

Trustee is generally responsible for the day-to-day administration of the Trust, including keeping the Trust’s operational

The Trustee’s principal responsibilities include (1) transferring the Trust’s platinum as needed to pay the

Sponsor’s Fee in platinum (platinum transfers are expected to occur approximately monthly in the ordinary course), (2) valuing

the Trust’s platinum and calculating the NAV of the Trust and the NAV per Share, (3) receiving and processing orders from

Authorized Participants to create and redeem Baskets and coordinating the processing of such orders with the Custodian and DTC,

(4) selling the Trust’s platinum as needed to pay any extraordinary Trust expenses that are not assumed by the Sponsor,

(5) when appropriate, making distributions of cash or other property to Shareholders, and (6) receiving and reviewing reports

from or on the Custodian’s custody of and transactions in the Trust’s platinum.

The Trustee shall, with respect to

directing the Custodian, act in accordance with the instructions of the Sponsor.

If the Custodian resigns, the Trustee shall appoint

an additional or replacement Custodian selected by the Sponsor.

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, or any sub-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’s legal, accounting and other

professional service providers as needed.

The Trustee will assist and support the Sponsor with the preparation of all periodic

reports required to be filed with the SEC on behalf of the Trust.

Trustee’s monthly fees and out-of-pocket expenses are paid by the Sponsor.

of the Trustee may from time to time act as Authorized Participants or purchase or sell platinum or Shares for their own account,

as agent for their customers and for accounts over which they exercise investment discretion.

Affiliates of the Trustee are subject

to the same transaction fee as other Authorized Participants.

May 23, 2024, the Trustee, at the direction of the Sponsor, entered into an Allocated Account Agreement and Unallocated Account

Agreement with ICBC providing for the custody of the Trust’s platinum.

Effective August 8, 2024,

JPMorgan Chase Bank N.A.

(“JPMorgan”) serves as

the Custodian of the Trust’s platinum.

JPMorgan is a national banking association organized under the laws of the United

States of America.

JPMorgan is subject to supervision by the Federal Reserve Bank of New York and the Federal Deposit Insurance

JPMorgan’s London office is regulated by the FCA and is located at 25 Bank Street, Canary Wharf, London, E14

5JP, United Kingdom.

JPMorgan is a subsidiary of JPMorgan Chase & Co.

While the United Kingdom operations of the Custodian

are regulated by the FCA, the custodial services provided by the Custodian and any sub-custodian, including the Zurich Sub-Custodian

under the Custody Agreements, are presently not a regulated activity subject to the supervision and rules of the FCA.

Sub-Custodian selected by the Custodian is UBS AG, which is located at 45 Bahnhofstrasse, 8001 Zurich, Switzerland.

The Custodian’s Role

The Custodian is responsible for the safekeeping of the Trust’s

platinum deposited with it by Authorized Participants in connection with the creation of Baskets.

The Custodian is also responsible

for selecting the Zurich Sub-Custodian and its other direct sub-custodians, if any.

The Custodian facilitates the transfer of platinum

in and out of the Trust through the unallocated platinum accounts it will maintain for each Authorized Participant and the unallocated

and allocated platinum accounts it maintains for the Trust.

The Custodian holds at its London, England vault premises that portion

of the Trust’s allocated platinum to be held in London.

The Zurich Sub-Custodian holds at its Zurich, Switzerland vault premises

that portion of the Trust’s allocated platinum to be held in Zurich on behalf of the Custodian.

The Custodian is responsible

for allocating specific plates or ingots of physical platinum to the Trust’s allocated platinum account.

The Custodian provides

the Trustee with regular reports detailing the platinum transfers in and out of the Trust’s unallocated and allocated platinum

accounts and identifying the platinum plates or ingots held in the Trust’s allocated platinum account.

The Custodian’s fees and expenses under the Custody Agreements

are 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 agent for their customers and for accounts

over which they exercise investment discretion.

The Custodian and its affiliates are subject to the same transaction fee as other

Authorized Participants.

Inspection of Platinum

Under the Custody Agreements, the Trustee, the Sponsor and the

Trust’s auditors and inspectors may, only up to twice a year, visit the premises of the Custodian and the Zurich Sub-Custodian

for the purpose of examining the Trust’s platinum and certain related records maintained by the Custodian.

Under the Allocated

Account Agreement, the Custodian agreed to procure similar inspection rights from the Zurich Sub-Custodian.

Visits by auditors

and inspectors to the Zurich Sub-Custodian’s facilities will be arranged through the Custodian.

Other than with respect to the

Zurich Sub-Custodian, the Trustee and the Sponsor have no right to visit the premises of any sub-custodian for the purposes of

examining the Trust’s platinum or any records maintained by the sub-custodian, and no sub-custodian is obligated to cooperate in

any review the Trustee or the Sponsor may wish to conduct of the facilities, procedures, records or creditworthiness of such sub-custodian.

The Sponsor has exercised its right to visit the Custodian and

the Zurich Sub-Custodian, in order to examine the platinum and the records maintained by the Custodian.

Inspections were conducted

by Bureau Veritas Commodities UK, Ltd, a leading commodity inspection and testing company retained by the Sponsor, as of July 7,

2023 and December 31, 2023.

There can be no guarantee that the Sponsor or the Trust’s auditors

and inspectors will be able to perform physical inspections of the Trust’s platinum as planned.

Local policies, regulations, or

ordinances, as well as polices or restrictions adopted by the Custodian or a sub-custodian, may temporarily prevent, or otherwise

impair the ability of, the Sponsor or the Trust’s auditors and inspectors, from performing a physical inspection of the Trust’s

platinum on a desired date.

In those situations, the Sponsor or the Trust’s auditors and inspectors may seek to verify the platinum

held by the Trust by alternate means, including through virtual inspections of the Trust’s platinum and/or a review of pertinent

Description of the Shares

The Trustee is authorized under the Trust Agreement to create

and issue an unlimited number of Shares.

The Trustee creates Shares only in Baskets (a Basket equals a block of 50,000 Shares)

and only upon the order of an Authorized Participant.

The Shares represent units of fractional undivided beneficial interest in

and ownership of the Trust and have no par value.

Any creation and issuance of Shares above the amount registered on the Trust’s

then-current and effective registration statement with the SEC will require the registration of such additional Shares.

Description of Limited Rights

The Shares do not represent a traditional investment and Shareholders

should not view them as similar to shares of a corporation operating a business enterprise with management and a board of directors.

Shareholders do not have the statutory rights normally associated with the ownership of shares of a corporation, including, for

example, the right to bring “oppression” or “derivative” actions.

All Shares are of the same class with

equal rights and privileges.

Each Share is transferable, is fully paid and non-assessable and entitles the holder to vote on the

limited matters upon which Shareholders may vote under the Trust Agreement.

The Shares do not entitle their holders to any conversion

or pre-emptive rights, or, except as provided below, any redemption rights or rights to distributions.

no longer serves as a custodian of the Trust’s platinum.

is a public limited company incorporated under the laws of England and Wales, serves as a Custodian of the Trust’s platinum.

ICBC’s office is located at 20 Gresham Street, London, EC2V 7JE, United Kingdom.

Custodian’s Role

Custodian is responsible for the safekeeping of the Trust’s platinum deposited with it by Authorized Participants in connection

with the creation of Baskets.

The Custodian facilitates the transfer of platinum in and out of the Trust through the unallocated

platinum accounts it will maintain for each Authorized Participant and the unallocated and allocated platinum accounts it maintains

for the Trust.

The Custodian holds at its London, England vault premises that portion of the Trust’s allocated platinum

to be held in London.

The Custodian is responsible for allocating specific plates or ingots of physical platinum to the Trust’s

allocated platinum account.

The Custodian provides the Trustee with regular reports detailing the platinum transfers in and out

of the Trust’s unallocated and allocated platinum accounts and identifying the platinum plates or ingots held in the Trust’s

allocated platinum account.

Custodian’s fees and expenses under the Custody Agreements are paid by the Sponsor.

Custodian and its affiliates may from time to time act as Authorized Participants or purchase or sell platinum or Shares for their

own account, as agent for their customers and for accounts over which they exercise investment discretion.

The Custodian and its

affiliates are subject to the same transaction fee as other Authorized Participants.

the Custody Agreements, the Trustee, the Sponsor and the Trust’s auditors and inspectors may, only up to twice a year, visit the

premises of the Custodian for the purpose of examining the Trust’s platinum and certain related records maintained by the Custodian.

The Trustee and the Sponsor have no right to visit the premises of any sub-custodian for the purposes of examining the Trust’s

platinum or any records maintained by the sub-custodian, and no sub-custodian is obligated to cooperate in any review the Trustee

or the Sponsor may wish to conduct of the facilities, procedures, records or creditworthiness of such sub-custodian.

Sponsor has exercised its right to visit the Custodian in order to examine the platinum and the records maintained by the Custodian.

Inspections were conducted by Bureau Veritas Commodities UK, Ltd, a leading commodity inspection and testing company retained by the

Sponsor, as of July 26, 2024 and January 4, 2025.

The results can be found on www.abrdn.com/usa/etf .

can be no guarantee that the Sponsor or the Trust’s auditors and inspectors will be able to perform physical inspections of the

Trust’s platinum as planned.

Local policies, regulations, or ordinances, as well as polices or restrictions adopted by the Custodian

or a sub-custodian, may temporarily prevent, or otherwise impair the ability of, the Sponsor or the Trust’s auditors and inspectors,

from performing a physical inspection of the Trust’s platinum on a desired date.

In those situations, the Sponsor or the Trust’s

auditors and inspectors may seek to verify the platinum held by the Trust by alternate means, including through virtual inspections

of the Trust’s platinum and/or a review of pertinent records.

of the Shares

Trustee is authorized under the Trust Agreement to create and issue an unlimited number of Shares.

The Trustee creates Shares

only in Baskets (a Basket equals a block of 50,000 Shares) and only upon the order of an Authorized Participant.

The Shares represent

units of fractional undivided beneficial interest in and ownership of the Trust and have no par value.

Any creation and issuance

of Shares above the amount registered on the Trust’s then-current and effective registration statement with the SEC will

require the registration of such additional Shares.

of Limited Rights

Shares do not represent a traditional investment and Shareholders should not view them as similar to shares of a corporation operating

a business enterprise with management and a board of directors.

Shareholders do not have the statutory rights normally associated

with the ownership of shares of a corporation, including, for example, the right to bring “oppression” or “derivative”

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.

do not entitle their holders to any conversion or pre-emptive rights, or, except as provided below, any redemption rights or rights

to distributions.

Distributions

If the Trust is terminated and liquidated, the Trustee will

distribute to the Shareholders any amounts remaining after the satisfaction of all outstanding liabilities of the Trust and the

establishment of such reserves for applicable taxes, other governmental charges and contingent or future liabilities as the Trustee

shall determine.

Shareholders of record on the record date fixed by the Trustee for a distribution will be entitled to receive

their pro rata portion of any distribution.

Voting and Approvals

Under the Trust Agreement, Shareholders have no voting rights,

except in limited circumstances.

The Trustee may terminate the Trust upon the agreement of Shareholders owning at least 75% of

the outstanding Shares.

In addition, certain amendments to the Trust Agreement require advance notice to the Shareholders before

the effectiveness of such amendments, but no Shareholder vote or approval is required for any amendment to the Trust Agreement.

Redemption of the Shares

The Shares may only be redeemed by or through an Authorized

Participant and only in Baskets.

Book-Entry Form

Individual certificates will not be issued for the Shares.

one or more global certificates is deposited by the Trustee with DTC and registered in the name of Cede & Co., as nominee for

The global certificates evidence all of the Shares outstanding at any time.

Under the Trust Agreement, Shareholders are limited

to (1) participants in DTC such as banks, brokers, dealers and trust companies (DTC Participants), (2) those who maintain, either

directly or indirectly, a custodial relationship with a DTC Participant (Indirect Participants), and (3) those banks, brokers,

dealers, trust companies and others who hold interests in the Shares through DTC Participants or Indirect Participants.

are only transferable through the book-entry system of DTC.

Shareholders who are not DTC Participants may transfer their Shares

through DTC by instructing the DTC Participant holding their Shares (or by instructing the Indirect Participant or other entity

through which their Shares are held) to transfer the Shares.

Transfers will be made in accordance with standard securities industry

Custody of the Trust’s Platinum

Custody of the physical platinum deposited with and held by

the Trust is provided by the Custodian at its London, England vault and by the Zurich Sub-Custodian selected by the Custodian in

its Zurich, Switzerland vault and by other sub-custodians on a temporary basis.

The Custodian is a market maker, clearer and approved

weigher under the rules of the LPPM.

The Custodian is the custodian of the physical platinum credited

to Trust Allocated Account in accordance with the Custody Agreements.

The Custodian segregates the physical platinum credited to

the Trust Allocated Account from any other precious metal it holds or holds for others by entering appropriate entries in its books

and records, and requires the Zurich Sub-Custodian to also segregate the physical platinum of the Trust that it holds from the

other platinum held by it for other customers of the Custodian and the Zurich Sub-Custodian’s other customers.

The Custodian

requires the Zurich Sub-Custodian to identify in its books and records the Trust as having the rights to the physical platinum

credited to its Trust Allocated Account.

Under the Custody Agreements, the Trustee, the Sponsor and the Trust’s auditors

and inspectors may inspect the vaults of the Custodian and the Zurich Sub-Custodian.

the Trust is terminated and liquidated, the Trustee will distribute to the Shareholders any amounts remaining after the satisfaction

of all outstanding liabilities of the Trust and the establishment of such reserves for applicable taxes, other governmental charges

and contingent or future liabilities as the Trustee shall determine.

Shareholders of record on the record date fixed by the Trustee

for a distribution will be entitled to receive their pro rata portion of any distribution.

and Approvals

the Trust Agreement, Shareholders have no voting rights, except in limited circumstances.

The Trustee may terminate the Trust

upon the agreement of Shareholders owning at least 75% of the outstanding Shares.

In addition, certain amendments to the Trust

Agreement require advance notice to the Shareholders before the effectiveness of such amendments, but no Shareholder vote or approval

is required for any amendment to the Trust Agreement.

of the Shares

Shares may only be redeemed by or through an Authorized Participant and only in Baskets.

certificates will not be issued for the Shares.

Instead, one or more global certificates is deposited by the Trustee with DTC

and registered in the name of Cede & Co., as nominee for DTC.

The global certificates evidence all of the Shares outstanding

Under the Trust Agreement, Shareholders are limited to (1) participants in DTC such as banks, brokers, dealers and

trust companies (DTC Participants), (2) those who maintain, either directly or indirectly, a custodial relationship with a DTC

Participant (Indirect Participants), and (3) those banks, brokers, dealers, trust companies and others who hold interests in the

Shares through DTC Participants or Indirect Participants.

The Shares are only transferable through the book-entry system of DTC.

Shareholders who are not DTC Participants may transfer their Shares through DTC by instructing the DTC Participant holding their

Shares (or by instructing the Indirect Participant or other entity through which their Shares are held) to transfer the Shares.

Transfers will be made in accordance with standard securities industry practice.

of the Trust’s Platinum

of the physical platinum deposited with and held by the Trust is provided by the Custodian at its London, England vault and by

other sub-custodians on a temporary basis.

The Custodian is a market maker, clearer and approved weigher under the rules of the

Custodian is the custodian of the physical platinum credited to Trust Allocated Account in accordance with the Custody Agreements.

The Custodian segregates the physical platinum credited to the Trust Allocated Account from any other precious metal it holds

or holds for others by entering appropriate entries in its books and records.

Under the Custody Agreements, the Trustee, the Sponsor

and the Trust’s auditors and inspectors may inspect the vaults of the Custodian.

See “ Inspection of Platinum ”.

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, or requires Zurich Sub-Custodian to allocate, platinum deposited

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 platinum for deposit to the Trust Allocated Account.

2 unchanged sentences

is non-conforming.

The process of withdrawing platinum from the Trust for

a redemption of a Basket follows the same general procedure as for depositing platinum with the Trust for a creation of a

Basket, only in reverse.

Each transfer of platinum between the Trust Allocated Account and the Trust Unallocated Account connected

with a creation or redemption of a Basket may result in a small amount of platinum being held in the Trust Unallocated Account

after the completion of the transfer.

In making deposits and withdrawals between the Trust Allocated Account and the Trust Unallocated

Account, the Custodian will use commercially reasonable efforts to minimize the amount of platinum held in the Trust Unallocated

Account as of the close of each business day.

See “Creation and Redemption of Shares.”

United States Federal Income Tax Consequences

The following discussion of the material US federal income tax

consequences generally applies to the purchase, ownership and disposition of Shares by a US Shareholder (as defined below), and

certain US federal income tax consequences that may apply to an investment in Shares by a Non-US Shareholder (as defined below).

The discussion is based on the United States Internal Revenue Code of 1986 as amended (the “Code”).

The discussion

below is based on the Code, United States Treasury Regulations (“Treasury Regulations”) promulgated under the Code

and judicial and administrative interpretations of the Code, all as in effect on the date of this annual report and all of which

are subject to change either prospectively or retroactively.

The tax treatment of Shareholders may vary depending upon their own

particular circumstances.

Certain Shareholders (including broker-dealers, traders, banks and other financial institutions, insurance

companies, real estate investment trusts, tax-exempt entities, Shareholders whose functional currency is not the U.S.

other investors with special circumstances) may be subject to special rules not discussed below.

In addition, the following discussion

applies only to investors who hold Shares as “capital assets” within the meaning of Code section 1221 and not as part

of a straddle, hedging transaction or a conversion or constructive sale transaction.

Moreover, the discussion below does not address

the effect of any state, local or foreign tax law or any transfer tax on an owner of Shares.

Purchasers of Shares are urged to

consult their own tax advisors with respect to all federal, state, local and foreign tax law or any transfer tax considerations

potentially applicable to their investment in Shares.

For purposes of this discussion, a “US Shareholder”

is a Shareholder that is:

• An individual who is a citizen or resident of the

United States;

• A corporation (or other entity treated as a corporation

for US federal tax purposes) created or organized in or under the laws of the United States or any political subdivision thereof;

• An estate, the income of which is includible in

gross income for US federal income tax purposes regardless of its source;

• A trust, if a court within the United States is

able to exercise primary supervision over the administration of the trust and one or more US persons have the authority to control

all substantial decisions of the trust.

Taxation of the Trust

The Trust is classified as a “grantor trust” for

US federal income tax purposes.

As a result, the Trust itself is not subject to US federal income tax.

Instead, the Trust’s

income and expenses “flow through” to the Shareholders, and the Trustee reports the Trust’s income, gains, losses

and deductions to the Internal Revenue Service (“IRS”) on that basis.

A Shareholder that is not a US Shareholder as defined above

(other than a partnership, or an entity treated as a partnership for US federal tax purposes) generally is considered a “Non-US

Shareholder” for purposes of this discussion.

For US federal income tax purposes, the treatment of any beneficial owner of

an interest in a partnership, including any entity treated as a partnership for US federal income tax purposes, generally depends

upon the status of the partner and upon the activities of the partnership.

Partnerships and partners in partnerships should consult

their tax advisors about the US federal income tax consequences of purchasing, owning and disposing of Shares.

Taxation of US Shareholders

Shareholders generally are treated, for US federal income tax

purposes, as if they directly owned a pro rata share of the underlying assets held by the Trust.

Shareholders are also treated

as if they directly received their respective pro rata share of the Trust’s income, if any, and as if they directly incurred

their respective pro rata share of the Trust’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 is equal to its cost

of acquiring the Shares.

In the case of a Shareholder that acquires its Shares as part of a creation of a Basket, the delivery

of platinum to the Trust in exchange for the Shares is not a taxable event to the Shareholder, and the Shareholder’s

tax basis and holding period for the Shares are the same as its tax basis and holding period for the platinum delivered in

exchange therefore (except to the extent of any cash contributed for such Shares).

For purposes of this discussion, it is assumed

that all of a Shareholder’s Shares are acquired on the same date and at the same price per Share.

Shareholders that hold

multiple lots of Shares, or that are contemplating acquiring multiple lots of Shares, should consult their tax advisors.

When the Trust sells or transfers platinum, for example to pay

expenses, a Shareholder generally will recognize gain or loss in an amount equal to the difference between (1) the Shareholder’s

pro rata share of the amount realized by the Trust upon the sale or transfer and (2) the Shareholder’s tax basis for its

pro rata share of the platinum that was sold or transferred.

Such gain or loss will generally be long-term or short-term capital

gain or loss, depending upon whether the Shareholder has a holding period in its Shares of longer than one year.

A Shareholder’s

tax basis for its share of any platinum sold by the Trust generally will be determined by multiplying the Shareholder’s total

basis for its Shares 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 by the Trust immediately prior to the sale.

After any such sale,

a Shareholder’s tax basis for its pro rata share of the platinum remaining in the Trust will be equal to its tax basis for

its Shares immediately prior to the sale, less the portion of such basis allocable to its share of the platinum that was sold.

Upon a Shareholder’s sale of some or all of its Shares,

the Shareholder will be treated as having sold a pro rata share of the platinum held in the Trust at the time of the sale.

Accordingly, the Shareholder generally will recognize a gain or loss on the sale in an amount equal to the difference between

(1) the amount realized pursuant to the sale of the Shares, and (2) the Shareholder’s tax basis for the Shares sold, as determined

in the manner described in the preceding paragraph.

A redemption of some or all of a Shareholder’s Shares

in exchange for the underlying platinum represented by the Shares redeemed generally will not be a taxable event to the Shareholder.

The Shareholder’s tax basis for the platinum received in the redemption generally will be the same as the Shareholder’s

tax basis for the Shares redeemed.

The Shareholder’s holding period with respect to the platinum received should include

the period during which the Shareholder held the Shares redeemed.

A subsequent sale of the platinum received by the Shareholder

will be a taxable event.

An Authorized Participant and other investors may be able to

re-invest, on a tax-deferred basis, in-kind redemption proceeds received from exchange-traded products that are substantially similar

to the Trust in the Trust’s Shares.

Authorized Participants and other investors should consult their tax advisors as to whether

and under what circumstances the reinvestment in the Shares of proceeds from substantially similar exchange-traded products can

be accomplished on a tax-deferred basis.

Under current law, gains recognized by individuals, estates

or trusts from the sale of “collectibles,” including physical platinum, held for more than one year are taxed at a

maximum federal income tax rate of 28%, rather than the 20% rate applicable to most other long-term capital gains.

For these purposes,

gains recognized by an individual upon the sale of Shares held for more than one year, or attributable to the Trust’s sale

of any physical platinum which the Shareholder is treated (through its ownership of Shares) as having held for more than one

year, generally will be taxed at a maximum rate of 28%.

The tax rates for capital gains recognized upon the sale of assets held

by an individual US Shareholder for one year or less or by a corporate taxpayer are generally the same as those at which ordinary

income is taxed.

In addition, high-income individuals and certain trusts and

estates are subject to a 3.8% Medicare contribution tax that is imposed on net investment income and gain.

Shareholders should

consult their tax advisor regarding this tax.

Brokerage Fees and Trust Expenses

Any brokerage or other transaction fees incurred by a Shareholder

in purchasing Shares is treated as part of the Shareholder’s tax basis in the Shares.

Similarly, any brokerage fee incurred

by a Shareholder in selling Shares reduces the amount realized by the Shareholder with respect to the sale.

Shareholders will be required to recognize gain or loss upon

a sale of platinum by the Trust (as discussed above), even though some or all of the proceeds of such sale are used by the

Trustee to pay Trust expenses.

Shareholders may deduct their respective pro rata share of each expense incurred by the Trust to

the same extent as if they directly incurred the expense.

Shareholders who are individuals, estates or trusts, however, may be

required to treat some or all of the expenses of the Trust, to the extent that such expenses may be deducted, as miscellaneous

itemized deductions.

Miscellaneous itemized deductions, including expenses for the production of income, will not be deductible

for either regular federal income tax or alternative minimum tax purposes for taxable years beginning after December 31, 2017 and

before January 1, 2026 and thereafter generally are (i) deductible only to the extent that the aggregate of a Shareholder’s miscellaneous

itemized deductions exceeds 2% of such Shareholder’s adjusted gross income for federal income tax purposes, (ii) not deductible

for the purposes of the alternative minimum tax and (iii) are subject to the overall limitation on itemized deductions under the

Investment by Regulated Investment Companies

Mutual funds and other investment vehicles which are “regulated

investment companies” within the meaning of Code section 851 should consult with their tax advisors concerning (1) the likelihood

that an investment in Shares, although they are a “security” within the meaning of the Investment Company Act of 1940,

may be considered an investment in the underlying platinum for purposes of Code section 851(b), and (2) the extent to which

an investment in Shares might nevertheless be consistent with preservation of their qualification under Code section 851.

In 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 “security”, but, instead, intends to defer to guidance from the SEC for such

determination.

United States Information Reporting and Backup Withholding

Tax for US and Non-US Shareholders

The Trustee or the appropriate broker will file certain information

returns with the IRS, and provides certain tax-related information to Shareholders, in accordance with applicable Treasury Regulations.

Each Shareholder will be provided with information regarding its allocable portion of the Trust’s annual income (if any)

and expenses.

A US Shareholder may be subject to US backup withholding tax

in certain circumstances unless it provides its taxpayer identification number and complies with certain certification procedures.

Non-US Shareholders may have to comply with certification procedures to establish that they are not a US person in order to avoid

the backup withholding tax.

The amount of any backup withholding tax will be allowed as

a credit against a Shareholder’s US federal income tax liability and may entitle such a Shareholder to a refund, provided

that the required information is furnished to the IRS.

Income Taxation of Non-US Shareholders

The Trust does not expect to generate taxable income except

for gains (if any) upon the sale of platinum.

A Non-US Shareholder generally is not subject to US federal income tax with respect

to gains recognized upon the sale or other disposition of Shares, or upon the sale of platinum by the Trust, unless (1) the

Non-US Shareholder is an individual and is present in the United States for 183 days or more during the taxable year of the sale

or other disposition, and the gain is treated as being from United States sources;

or (2) the gain is effectively connected with

the conduct by the Non-US Shareholder of a trade or business in the United States.

Taxation in Jurisdictions other than the United States

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 not being 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.

ERISA and Related Considerations

The Employee Retirement Income Security Act of 1974, as amended

(“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, “Plans”),

and on persons who are fiduciaries with respect to the investment of “plan assets” 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 (“Other Law”).

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 “Risk Factors” 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’s governing documents, (2) whether the fiduciary has the authority to make the investment, (3) whether the investment

is consistent with the Plan’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 report.

In addition, ERISA and Code section 4975 prohibit a broad

range of transactions involving assets of a plan and persons who are “parties in interest” under ERISA or “disqualified

persons” 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.

It is anticipated that the Shares will constitute “publicly

offered securities” as defined in the Department of Labor “Plan Asset Regulations,” §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 “fiduciary

responsibility” rules of ERISA and the “prohibited transaction” 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.

Investment by Certain Retirement Plans

Code section 408(m) provides that the acquisition of a “collectible”

by an individual retirement account (“IRA”) or a participant-directed account maintained under any plan that is tax-qualified

under Code section 401(a) (“Tax Qualified Account”) 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.

The term “collectible” is defined to include, with certain exceptions, “any metal

The IRS has issued several private letter rulings to the effect that a purchase by an IRA, or by a participant-directed

account under a Code section 401(a) plan, of publicly-traded shares in a trust holding precious metals will not be treated as resulting

in a taxable distribution to the IRA owner or Tax Qualified Account participant under Code section 408(m).

However the private

letter rulings provide that, if any of the Shares so purchased are distributed from the IRA or Tax Qualified Account to the IRA

owner or Tax Qualified Account participant, or if any precious metal is received by such IRA or Tax Qualified Account upon

the redemption of any of the Shares purchased by it, the Shares or precious metal so distributed will be subject to federal

income tax in the year of distribution, to the extent provided under the applicable provisions of Code sections 408(d), 408(m)

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).

process of withdrawing platinum from the Trust for a redemption of a Basket follows the same general procedure as for depositing platinum

with the Trust for a creation of a Basket, only in reverse.

Each transfer of platinum between the Trust Allocated Account

and the Trust Unallocated Account connected with a creation or redemption of a Basket may result in a small amount of platinum

being held in the Trust Unallocated Account after the completion of the transfer.

In making deposits and withdrawals between the

Trust Allocated Account and the Trust Unallocated Account, the Custodian will use commercially reasonable efforts to minimize

the amount of platinum held in the Trust Unallocated Account as of the close of each business day.

See “Creation and

Redemption of Shares.”

States Federal Income Tax Consequences

following discussion of the material US federal income tax consequences generally applies to the purchase, ownership and disposition

of Shares by a US Shareholder (as defined below), and certain US federal income tax consequences that may apply to an investment

in Shares by a Non-US Shareholder (as defined below).

The discussion is based on the United States Internal Revenue Code of 1986

as amended (the “Code”).

The discussion below is based on the Code, United States Treasury Regulations (“Treasury

Regulations”) promulgated under the Code and judicial and administrative interpretations of the Code, all as in effect on

the date of this annual report and all of which are subject to change either prospectively or retroactively.

The tax treatment

of Shareholders may vary depending upon their own particular circumstances.

Certain Shareholders (including broker-dealers, traders,

banks and other financial institutions, insurance companies, real estate investment trusts, tax-exempt entities, Shareholders

whose functional currency is not the 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 hold Shares as “capital assets”

within the meaning of Code section 1221 and not as part of a straddle, hedging transaction or a conversion or constructive sale

Moreover, the discussion below does not address the effect of any state, local or foreign tax law or any transfer

tax on an owner of Shares.

Purchasers of Shares are urged to consult their own tax advisors with respect to all federal, state,

local and foreign tax law or any transfer tax considerations potentially applicable to their investment in Shares.

purposes of this discussion, a “US Shareholder” is a Shareholder that is:

individual who is a citizen or resident of the United States;

corporation (or other entity treated as a corporation for US federal tax purposes) created or organized in or under the laws of

the United States or any political subdivision thereof;

estate, the income of which is includible in gross income for US federal income tax purposes regardless of its source;

trust, if a court within the United States is able to exercise primary supervision over the administration of the trust and one

or more US persons have the authority to control all substantial decisions of the trust.

Trust is classified as a “grantor trust” for US federal income tax purposes.

As a result, the Trust itself is not

subject to US federal income tax.

Instead, the Trust’s income and expenses “flow through” to the Shareholders,

and the Trustee reports the Trust’s income, gains, losses and deductions to the Internal Revenue Service (“IRS”)

on that basis.

Shareholder that is not a US Shareholder as defined above (other than a partnership, or an entity treated as a partnership

for US federal tax purposes) generally is considered a “Non-US Shareholder” for purposes of this discussion.

US federal income tax purposes, the treatment of any beneficial owner of an interest in a partnership, including any entity

treated as a partnership for US federal income tax purposes, generally depends upon the status of the partner and upon the

activities of the partnership.

Partnerships and partners in partnerships should consult their tax advisors about the US

federal income tax consequences of purchasing, owning and disposing of Shares.

of US Shareholders

generally are treated, for US federal income tax purposes, as if they directly owned a pro rata share of the underlying assets

held by the Trust.

Shareholders are also treated as if they directly received their respective pro rata share of the Trust’s

income, if any, and as if they directly incurred their respective pro rata share of the Trust’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 is equal to its cost of acquiring the Shares.

In the case of a Shareholder that acquires its Shares

as part of a creation of a Basket, the delivery of platinum to the Trust in exchange for the Shares is not a taxable event

to the Shareholder, and the Shareholder’s tax basis and holding period for the Shares are the same as its tax basis and

holding period for the platinum delivered in exchange therefore (except to the extent of any cash contributed for such Shares).

For purposes of this discussion, it is assumed that all of a Shareholder’s Shares are acquired on the same date and at the

same price per Share.

Shareholders that hold multiple lots of Shares, or that are contemplating acquiring multiple lots of Shares,

should consult their tax advisors.

the Trust sells or transfers platinum, for example to pay expenses, a Shareholder generally will recognize gain or loss in an

amount equal to the difference between (1) the Shareholder’s pro rata share of the amount realized by the Trust upon the

sale or transfer and (2) the Shareholder’s tax basis for its pro rata share of the platinum that was sold or transferred.

Such gain or loss will generally be long-term or short-term capital gain or loss, depending upon whether the Shareholder has a

holding period in its Shares of longer than one year.

A Shareholder’s tax basis for its share of any platinum sold by the

Trust generally will be determined by multiplying the Shareholder’s total basis for its Shares 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 by the Trust immediately prior to the sale.

After any such sale, a Shareholder’s tax basis for its pro

rata share of the platinum remaining in the Trust will be equal to its tax basis for its Shares immediately prior to the sale,

less the portion of such basis allocable to its share of the platinum that was sold.

a Shareholder’s sale of some or all of its Shares, the Shareholder will be treated as having sold a pro rata share of the platinum

held in the Trust at the time of the sale.

Accordingly, the Shareholder generally will recognize a gain or loss on the sale

in an amount equal to the difference between (1) the amount realized pursuant to the sale of the Shares, and (2) the Shareholder’s

tax basis for the Shares sold, as determined in the manner described in the preceding paragraph.

redemption of some or all of a Shareholder’s Shares in exchange for the underlying platinum represented by the Shares

redeemed generally will not be a taxable event to the Shareholder.

The Shareholder’s tax basis for the platinum received

in the redemption generally will be the same as the Shareholder’s tax basis for the Shares redeemed.

The Shareholder’s

holding period with respect to the platinum received should include the period during which the Shareholder held the Shares

A subsequent sale of the platinum received by the Shareholder will be a taxable event.

Authorized Participant and other investors may be able to re-invest, on a tax-deferred basis, in-kind redemption proceeds received

from exchange-traded products that are substantially similar to the Trust in the Trust’s Shares.

Authorized Participants

and other investors should consult their tax advisors as to whether and under what circumstances the reinvestment in the Shares

of proceeds from substantially similar exchange-traded products can be accomplished on a tax-deferred basis.

current law, gains recognized by individuals, estates or trusts from the sale of “collectibles,” including physical

platinum, held for more than one year are taxed at a maximum federal income tax rate of 28%, rather than the 20% rate applicable

to most other long-term capital gains.

For these purposes, gains recognized by an individual upon the sale of Shares held for

more than one year, or attributable to the Trust’s sale of any physical platinum which the Shareholder is treated (through

its ownership of Shares) as having held for more than one year, generally will be taxed at a maximum rate of 28%.

The tax rates

for capital gains recognized upon the sale of assets held by an individual US Shareholder for one year or less or by a corporate

taxpayer are generally the same as those at which ordinary income is taxed.

addition, high-income individuals and certain trusts and estates are subject to a 3.8% Medicare contribution tax that is imposed

on net investment income and gain.

Shareholders should consult their tax advisor regarding this tax.

Fees and Trust Expenses

brokerage or other transaction fees incurred by a Shareholder in purchasing Shares is treated as part of the Shareholder’s

tax basis in the Shares.

Similarly, any brokerage fee incurred by a Shareholder in selling Shares reduces the amount realized

by the Shareholder with respect to the sale.

will be required to recognize gain or loss upon a sale of platinum by the Trust (as discussed above), even though some or

all of the proceeds of such sale are used by the Trustee to pay Trust expenses.

Shareholders may deduct their respective pro rata

share of each expense incurred by the Trust to the same extent as if they directly incurred the expense.

Shareholders who are

individuals, estates or trusts, however, may be required to treat some or all of the expenses of the Trust, to the extent that

such expenses may be deducted, as miscellaneous itemized deductions.

Miscellaneous itemized deductions, including expenses for

the production of income, will not be deductible for either regular federal income tax or alternative minimum tax purposes for

taxable years beginning after December 31, 2017 and before January 1, 2026 and thereafter generally are (i) deductible only to

the extent that the aggregate of a Shareholder’s miscellaneous itemized deductions exceeds 2% of such Shareholder’s

adjusted gross income for federal income tax purposes, (ii) not deductible for the purposes of the alternative minimum tax and

(iii) are subject to the overall limitation on itemized deductions under the Code.

by Regulated Investment Companies

funds and other investment vehicles which are “regulated investment companies” within the meaning of Code section

851 should consult with their tax advisors concerning (1) the likelihood that an investment in Shares, although they are a “security”

within the meaning of the Investment Company Act of 1940, may be considered an investment in the underlying platinum for

purposes of Code section 851(b), and (2) the extent to which an investment in Shares might nevertheless be consistent with preservation

of their qualification under Code section 851.

In 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 “security”,

but, instead, intends to defer to guidance from the SEC for such determination.

States Information Reporting and Backup Withholding Tax for US and Non-US Shareholders

Trustee or the appropriate broker will file certain information returns with the IRS, and provides certain tax-related information

to Shareholders, in accordance with applicable Treasury Regulations.

Each Shareholder will be provided with information regarding

its allocable portion of the Trust’s annual income (if any) and expenses.

US Shareholder may be subject to US backup withholding tax in certain circumstances unless it provides its taxpayer identification

number and complies with certain certification procedures.

Non-US Shareholders may have to comply with certification procedures

to establish that they are not a US person in order to avoid the backup withholding tax.

amount of any backup withholding tax will be allowed as a credit against a Shareholder’s US federal income tax liability

and may entitle such a Shareholder to a refund, provided that the required information is furnished to the IRS.

Taxation of Non-US Shareholders

Trust does not expect to generate taxable income except for gains (if any) upon the sale of platinum.

A Non-US Shareholder generally

is not subject to US federal income tax with respect to gains recognized upon the sale or other disposition of Shares, or upon

the sale of platinum by the Trust, unless (1) the Non-US Shareholder is an individual and is present in the United States

for 183 days or more during the taxable year of the sale or other disposition, and the gain is treated as being from United States

or (2) the gain is effectively connected with the conduct by the Non-US Shareholder of a trade or business in the United

in Jurisdictions other than the United States

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 not being 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.

and Related Considerations

Employee Retirement Income Security Act of 1974, as amended (“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, “Plans”), and on persons who are fiduciaries with respect to the investment

of “plan assets” 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 (“Other Law”).

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 “Risk Factors” discussed above

and whether such investment is consistent with its fiduciary responsibilities under ERISA or Other Law, including, but not limited

(1) whether the investment is permitted under the Plan’s governing documents, (2) whether the fiduciary has the authority

to make the investment, (3) whether the investment is consistent with the Plan’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 report.

addition, ERISA and Code section 4975 prohibit a broad range of transactions involving assets of a plan and persons who are “parties

in interest” under ERISA or “disqualified persons” 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.

is anticipated that the Shares will constitute “publicly offered securities” as defined in the Department of Labor

“Plan Asset Regulations,” §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 “fiduciary responsibility” rules of ERISA and the “prohibited

transaction” 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.

by Certain Retirement Plans

section 408(m) provides that the acquisition of a “collectible” by an individual retirement account (“IRA”)

or a participant-directed account maintained under any plan that is tax-qualified under Code section 401(a) (“Tax Qualified

Account”) 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.

“collectible” is defined to include, with certain exceptions, “any metal or gem”.

The IRS has issued several

private letter rulings to the effect that a purchase by an IRA, or by a participant-directed account under a Code section 401(a)

plan, of publicly-traded shares in a trust holding precious metals will not be treated as resulting in a taxable distribution

to the IRA owner or Tax Qualified Account participant under Code section 408(m).

However the private letter rulings provide that,

if any of the Shares so purchased are distributed from the IRA or Tax Qualified Account to the IRA owner or Tax Qualified Account

participant, or if any precious metal is received by such IRA or Tax Qualified Account upon the redemption of any of the

Shares purchased by it, the Shares or precious metal so distributed will be subject to federal income tax in the year of

distribution, to the extent provided under the applicable provisions of Code sections 408(d), 408(m) or 402.

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).

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business