Document:

Dated:
January 11, 2018 

 

ICBC
STANDARD BANK PLC

 

and

 

THE
BANK OF NEW YORK MELLON

solely
in its capacity as trustee of the GraniteShares Platinum Trust

and
not individually

 

 

 

ALLOCATED
PLATINUM ACCOUNT AGREEMENT

 

 

 

    	 	1	 

    	 

    

 

This
ALLOCATED PLATINUM ACCOUNT AGREEMENT (this “Agreement”) is made as of the date set out on the cover
page of this Agreement

 

BETWEEN

 

	(1)	ICBC
    Standard Bank Plc, a public limited company incorporated under the laws of England and Wales with its registered office
    at 20 Gresham Street, London, EC2V 7JE, United Kingdom (the “Custodian”); and
	 	 
	(2)	THE
    BANK OF NEW YORK MELLON, a New York banking corporation, solely in its capacity as trustee of the GraniteShares Platinum
    Trust created under the Trust Agreement identified below and not individually (the “Trustee”), which expression
    shall, wherever the context so admits, include the named Trustee and all other persons or companies for the time being the
    trustee or trustees of the Trust Agreement as trustee for the Shareholders. 

 

INTRODUCTION

 

	(1)	The
    Trustee has agreed to act as trustee for the Shareholders of the Shares pursuant to the Trust Agreement.
	 	 
	(2)	Shares
    may be issued by the Trust against delivery of Platinum made by way of payment for the issue of such Shares. The Trustee has
    agreed that Platinum delivered in connection with a subscription for Shares will be paid into the Metal Accounts.
	 	 
	(3)	The
    Custodian has agreed to open and maintain for the Trustee the Trust Allocated Account and to provide other services in connection
    with the Trust Allocated Account.
	 	 
	(4)	The
    Custodian has agreed to transfer Platinum deposited into the Trust Unallocated Account to the Trust Allocated Account in connection
    with a subscription for Shares and to transfer Platinum from the Trust Allocated Account to the Trust Unallocated Account
    in connection with redemption of Shares.
	 	 
	(5)	The
    Trustee has agreed that the Trust Allocated Account will be established by the Trustee (for the account of the Trust), and
    that the Trustee will have the sole right to give instructions for the making of any payments into or out of the Trust Allocated
    Account.

 

IT
IS AGREED AS FOLLOWS

 

	1.	INTERPRETATION

 

	 	1.1	Definitions:
    In this Agreement, unless there is anything in the subject or context inconsistent therewith, the following expressions
    shall have the following meanings.

 

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“Affiliate”
means an entity that directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common
control with the Custodian.

 

“AURUM”
means the electronic matching and settlement system operated by LPMCL.

 

“Authorized
Participant” shall have the meaning assigned to such term in the Unallocated Platinum Account Agreement.

 

“Dispute”
means for the purpose of clause 16 any disagreement between the Trustee and the Custodian which has not been resolved amicably
within a period of fourteen London Business Days after the Custodian has received from the Trustee, or the Trustee has received
from the Custodian, written notification of the disagreement.

 

“Good
Delivery Standards” means the specifications for “good delivery” platinum plates and ingots, including the
specifications for weight, dimensions, fineness (or purity), identifying marks and appearance of platinum plates and ingots, set
forth in “The Good Delivery Rules for Platinum and Palladium Plates and Ingots” published by the LPPM.

 

“LBMA”
means The London Bullion Market Association or its successors.

 

“LBMA
Platinum Price PM” means the price of a troy ounce of platinum as determined by the auction administered by the LME
for the LBMA, or any successor administrator of the auction for the London platinum price, at or about 2:00 p.m. London, England
time.

 

“LME”
means The London Metal Exchange or its successors.

 

“Loco
London” means with respect to an account holding Platinum, the custody, trading or clearing of such Platinum in London,
United Kingdom.

 

“London
Business Day” means a day (excluding Saturdays, Sundays and public holidays) on which commercial banks generally are
open for business in London and on which the London platinum market is open for business.

 

“LPMCL”
means London Precious Metals Clearing Limited or its successors.

 

“LPPM”
means The London Platinum and Palladium Market or its successors.

 

“Metal
Accounts” means the Trust Allocated Account and the Trust Unallocated Account.

 

“New
York Business Day” means a “Business Day” as defined in the Trust Agreement.

 

“Physical
Platinum” means platinum bullion that meets the Good Delivery Standards.

 

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“Platinum”
means (i) Physical Platinum held by the Custodian or any Sub-Custodian under this Agreement and/or (ii) any credit to an account,
including the Trust Unallocated Account, on an Unallocated Basis, as the context requires.

 

“Point
of Delivery” means such date and time that the recipient (or its agent) acknowledges in written form its receipt of
delivery of Physical Platinum;

 

“Rules”
means the rules, regulations, practices, procedures and customs of the LPPM, including the Good Delivery Standards, the LPMCL,
the Financial Conduct Authority, the Prudential Regulation Authority, the Bank of England and such other regulatory authority
or other body, applicable to the activities contemplated by this Agreement, including the activities of any Sub-Custodian.

 

“Shareholder”
means the beneficial owner of one or more Shares.

 

“Shares”
means the units of fractional undivided beneficial interest in the Trust which are issued by the Trust, named “GraniteShares
Platinum Shares” created pursuant to and constituted by the Trust Agreement.

 

“Sponsor”
means GraniteShares LLC, its successors and assigns and any successor Sponsor appointed pursuant to the Trust Agreement.

 

“Sub-Custodian”
means a sub-custodian, agent or depository (including an entity within our corporate group) appointed by the Custodian pursuant
to clause 8.

 

“Trust”
means the GraniteShares Platinum Trust formed pursuant to the Trust Agreement.

 

“Trust
Agreement” means the Depositary Trust Agreement of the GraniteShares Platinum Trust dated on or about January 11,
2018 , as amended from time to time, between the GraniteShares LLC, as Sponsor, and The Bank of New York Mellon, as Trustee.

 

“Trust
Allocated Account” means the loco London Platinum account, number 250004940, established in the name of the Trustee
and maintained for the benefit of the Trust by the Custodian on an allocated basis pursuant to this Agreement.

 

“Trust
Unallocated Account” means the loco London Platinum account, number 250004939, established in the name of the Trustee
and maintained for the benefit of the Trust by the Custodian on an Unallocated Basis pursuant to the Unallocated Platinum Account
Agreement.

 

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“Unallocated
Basis” means, with respect to the holding of platinum, that the holder is entitled to receive delivery of Physical Platinum
in the amount standing to the credit of the holder’s account, but the holder has no ownership interest in any particular
platinum that the custodian maintaining that account owns or holds.

 

“Unallocated
Platinum Account Agreement” means the Unallocated Account Agreement dated January 11, 2018 between the
Trustee and the Custodian pursuant to which the Trust Unallocated Account is established and operated.

 

“VAT”
means value added tax as provided for in the Value Added Tax Act 1994 (as amended or re-enacted from time to time) and legislation
supplemental thereto and any other tax (whether imposed in the United Kingdom in substitution thereof or in addition thereto or
elsewhere) of a similar fiscal nature.

 

	 	1.2	Headings:
    The headings in this Agreement do not affect its interpretation.
	 	 	 
	 	1.3	Singular
    and plural: References to the singular include the plural and vice versa.
	 	 	 
	 	1.4	Construction.
    The word “including” means “including without limitation”. The word “or” is not exclusive.

 

	2.	TRUST
    ALLOCATED ACCOUNT

 

	 	2.1	Opening
    Trust Allocated Account: The Custodian shall open and maintain the Trust Allocated Account in the name of the Trustee
    (in its capacity as trustee for the Shareholders).
	 	 	 
	 	2.2	Deposits
    and Withdrawals: The Trust Allocated Account shall evidence and record deposits and withdrawals of Physical Platinum made
    pursuant to the terms of this Agreement.
	 	 	 
	 	2.3	Denomination
    of Allocated Accounts: The Trust Allocated Account will hold deposits of Physical Platinum and will be denominated in
    gross troy ounces (to three decimal places).

 

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	 	2.4	Trust
    Allocated Account Reports: At the end of each London Business Day, the Custodian will provide the Trustee with access
    to information (i) showing the increases and decreases to the Physical Platinum standing to the Trustee’s credit in
    the Trust Allocated Account and identifying separately each transaction and the New York or London Business Day on which it
    occurred and (ii) identifying each individual plate or ingot of Physical Platinum held in the Trust Allocated Account. On
    each London Business Day, the Custodian will send the Trustee a notification of (i) each separate transaction, if any, transferring
    Platinum to the Trust Allocated Account from the Trust Unallocated Account, (ii) the amount of Platinum, if any, transferred
    from the Trust Allocated Account to the Trust Allocated Account and (iii) the closing balance of Physical Platinum held in
    the Trust Allocated Account for such London Business Day, and the Custodian will use commercially reasonable efforts to send
    the notification by 12:00 noon (New York time). In addition, the Custodian will provide the Trustee with such information
    about the increases and decreases to the Platinum standing to the Trustee’s credit in the Trust Unallocated Account
    on a same-day basis at such other times and in such other form as the Trustee and the Custodian shall agree. For each calendar
    month, the Custodian will provide the Trustee within a reasonable time after the end of the month a statement of account for
    the Trust Allocated Account which shall include the opening and closing monthly balance and all transfers to and from the
    Trust Allocated Account, accompanied by one or more weight lists containing information sufficient to identify each plate
    or ingot of Physical Platinum held in the Trust Allocated Account as of the last London Business Day of the calendar month
    and the party having physical possession thereof, including any Sub-Custodian or any sub-custodian of a Sub-Custodian. The
    Custodian also will provide the Trustee with additional weight lists in respect of the Physical Platinum held in the Trust
    Allocated Account from time to time upon the Trustee’s reasonable request. All such reports will be made available to
    the Trustee by means of authenticated SWIFT message, provided that, if the SWIFT messaging system is unavailable for any reason,
    the Trustee and the Custodian will agree upon a temporary notification system for making such reports available to the Trustee.
    Additionally, if agreed to by the Trustee and the Custodian, such reports will be made available to the Trustee by means of
    the Custodian’s proprietary electronic system.

 

	 	2.5	Reversal
    of Entries: The Custodian shall reverse any provisional or erroneous entries to the Trust Allocated Account which it discovers
    or of which it is notified with effect back-valued to the date upon which the final or correct entry (or no entry) should
    have been made.
	 	 	 
	 	2.6	Provision
    of Information: The Custodian agrees that it will forthwith notify the Trustee in writing of any encumbrance of which
    it is aware is or is purported to have been created over or in respect of the Trust Allocated Account or any of the amounts
    standing to the credit thereof.
	 	 	 
	 	2.7	Access:
    The Custodian will allow, and will procure that any Sub-Custodian that the Custodian appoints allows, the Sponsor
    and the Trustee and their identified representatives, independent public accountants and bullion auditors (currently Inspectorate
    International Ltd.) access to its premises, upon reasonable notice during normal business hours, to examine the Physical Platinum
    held in the Trust Allocated Account and such records as they may reasonably require to perform their respective duties with
    regard to investors in Shares. The Trustee agrees that any such access shall be subject to execution of a confidentiality
    agreement and agreement to the Custodian’s security procedures, and any such audit shall be at the Trust’s expense.

 

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	 	2.8	Regulatory
    Reporting: To the extent that the Custodian’s activities under this Agreement are relevant to the preparation of
    the filings required of the Trust under the securities laws of the United States or any other jurisdiction, the Custodian
    will, to the extent permitted by applicable law, the Rules or applicable regulatory authority, cooperate with the Trustee
    and the Sponsor and the Trustee’s and the Sponsor’s representatives to provide such information concerning the
    Custodian’s activities as may be necessary for such filings to be completed. Additionally, to the extent that the Custodian’s
    activities or controls in its capacity as custodian of the Trust’s assets are relevant to the information presented
    in the financial statements of the Trust, the Custodian will cooperate with the Sponsor and the Trustee to assist the Sponsor
    in providing the required written assurances regarding the reliability of the internal controls used in the preparation of
    such financial statements, including by providing the Sponsor’s and the Trust’s external auditors with any necessary
    information and reports regarding the Custodian’s internal controls over financial reporting as far as such reporting
    relates to the scope of the Custodian’s duties.

 

	3.	DEPOSITS

 

	 	3.1	Procedure:
    The Custodian shall receive deposits of Physical Platinum into the Trust Allocated Account relating to the same kind of
    Physical Platinum and having the same denomination as that to which the Trust Allocated Account relates only pursuant to transfers
    from the Trust Unallocated Account as provided in clause 4.1(b) of the Unallocated Platinum Account Agreement or as
    otherwise agreed upon between Custodian and the Trustee. The notice for any deposit of Platinum to be made into the Trust
    Allocated Account in connection with clause 4.1(b) of the Unallocated Platinum Account Agreement shall be made in accordance
    with clause 4.2(b) of the Unallocated Platinum Account Agreement.
	 	 	 
	 	3.2	Right
    to Amend Procedure: The Custodian may amend the procedure in relation to the deposit of Platinum to the Trust Allocated
    Account only where such amendment is caused by a change in the Rules. The Custodian will, whenever practicable, notify the
    Trustee and the Sponsor within a commercially reasonable time before the Custodian amends its procedures or imposes additional
    ones in relation to the transfer of Platinum into Trust Allocated Account, and in doing so the Custodian will consider the
    Trustee’s and the Sponsor’s needs to communicate any such change to Authorized Participants and others.
	 	 	 
	 	3.3	Allocation:
    The Trustee acknowledges that the process of allocation of Physical Platinum to the Trust Allocated Account from the Trust
    Unallocated Account may involve minimal adjustments to the weights of Physical Platinum to be allocated to adjust such weight
    to the number of whole plates or ingots available.

 

	4.	WITHDRAWALS

 

	 	4.1	Procedure:
    The Trustee may at any time give instructions to the Custodian for the withdrawal of Physical Platinum from the Trust
    Allocated Account as provided for in this Agreement, provided that a withdrawal may be made only by:

 

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	 	(a)	transfer
    to the Trust Unallocated Account or another account maintained on an Unallocated Basis or as otherwise permitted in connection
    with the transfers described in clauses 4.1(a) and (e) of the Unallocated Platinum Account Agreement; or
	 	 	 
	 	(b)
    	transfer
    in the manner described in clauses 4.1(c) and (d) of the Unallocated Platinum Account Agreement. 
	 	 	 
	 	 	The
    Trustee anticipates exercising its rights under clauses 4.1(c) and (d) of the Unallocated Platinum Account Agreement
    on an exceptional basis only. Any Platinum made available to the relevant person (as instructed by the Trustee) pursuant to
    clauses 4.1(c) and (d) of the Unallocated Platinum Account Agreement will be in a form which complies with the
    Rules or in such other form as may be agreed between the Trustee and the Custodian the combined gross weight of which will
    not exceed the number of gross ounces of Platinum the Trustee has instructed the Custodian to debit.
	 	 	 
	 	4.2	Notice
    Requirements: The notice for any withdrawal of Platinum to be made from the Trust Allocated Account (i) in connection
    with clauses 4.1(a) or (e) (with respect to sales of Platinum only) of the Unallocated Platinum Account Agreement
    shall be made in accordance with clause 4.2(a) of the Unallocated Platinum Account Agreement and (ii) in connection
    with clauses 4.1(c), (d) or (e) (with respect to transfers (other than for the sale of Platinum) permitted under
    the Trust Agreement) of the Unallocated Platinum Account Agreement shall be made in accordance with clause 4.2(c) of
    the Unallocated Platinum Account Agreement.
	 	 	 
	 	4.3	Right
    to Amend Procedure: The Custodian may amend the procedure for the withdrawal of Platinum from the Trust Unallocated Account
    only where such amendment is caused by a change in the Rules. Any such amendment will be subject to the notification conditions
    of clause 3.2.
	 	 	 
	 	4.4	Specification
    of Physical Platinum: The Custodian may specify the serial numbers of the plates or ingots to be withdrawn once it receives
    instructions from the Trustee to effect a withdrawal of Physical Platinum pursuant to clause 4.1. The Custodian is
    entitled to select the Physical Platinum to be made available for any such withdrawal, provided, however, that to the extent
    the Trustee provides specific serial numbers of plates or ingots to be so selected, the Custodian will take reasonable efforts
    to select such Physical Platinum as specified by the Trustee. The Custodian may require more than two London Business Days
    prior notice in the event that the Trustee does specify the serial numbers of plates or ingots to be withdrawn.
	 	 	 
	 	4.5	Delivery
    Obligations: Unless otherwise instructed by the Trustee on behalf of the Trust or the relevant person, the Custodian shall
    make any transportation and insurance arrangements in respect of delivery of Physical Platinum in accordance with its usual
    practice. Where instructions are given, the Custodian shall use all reasonable efforts to comply with the same. The Custodian
    shall not be obliged to effect any requested delivery if, in its reasonable opinion, this would cause the Custodian or its
    agents to be in breach of the Rules or other applicable law, court order or regulation, the costs incurred would be excessive
    or delivery is impracticable for any reason. All insurance and transportation costs shall be for the account of the Trust.

 

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	 	4.6	De-allocation:
    Following receipt by the Custodian of notice for the withdrawal of Physical Platinum from the Trust Allocated Account
    pursuant to clause 4.1, the Custodian shall de-allocate sufficient Physical Platinum from the Trust Allocated Account
    to credit the Trust Unallocated Account in the amount required, provided that, in the case of a transfer made in connection
    with clause 4.1(a) of the Unallocated Platinum Account Agreement, the Custodian will use its commercially reasonable
    endeavors to complete the de-allocation of Physical Platinum from the Trust Allocated Account to the Trust Unallocated Account
    by no later than 5:00 p.m. (London Time) on the London Business Day on which notice is given in the form prescribed in clause
    4.2(a) of the Unallocated Platinum Account Agreement for a withdrawal under clause 4.1(a) of the Unallocated Platinum
    Account Agreement. The Trustee acknowledges that the process of de-allocation of Physical Platinum for withdrawal and/or credit
    to the Trust Unallocated Account may involve minimal adjustments to the weight of Physical Platinum to be withdrawn to adjust
    such weight to the whole plates or ingots available.
	 	 	 
	 	4.7	Risk:
    Where there is a shipment from the Custodian of Physical Platinum, all right, title and risk in and to such Physical Platinum
    shall pass at the Point of Delivery to the relevant person for whose account the Physical Platinum is being delivered.

 

	5.	INSTRUCTIONS

 

	 	5.1	Giving
    of Instructions: Only the Trustee shall have the right to give instructions in respect of the Trust Allocated Account.
    The Trustee shall notify the Custodian in writing of the names of the people who are authorised to give instructions on the
    Trustee’s behalf. Until the Custodian receives written notice to the contrary, the Custodian is entitled to assume that
    any of those people have full and unrestricted power to give instructions on the Trustee’s behalf. The Custodian is
    also entitled to rely on any instructions which are from, or which purport to emanate from, any person who appears to have
    such authority. The Custodian reserves the right to obtain further validation of any instructions.
	 	 	 
	 	5.2	Transfer
    Instructions: All transfers into and out of the Trust Allocated Account shall be made upon receipt of, and in accordance
    with, instructions given by the Trustee to the Custodian. Such instructions shall be given by authenticated SWIFT message
    or, if for any reason the SWIFT messaging system is not operational, by such other temporary means as the Trustee and the
    Custodian may agree from time to time. Other information (which shall not constitute an instruction) related to transfers
    into and out of the Trust Unallocated Account may be sent between the Trustee and the Custodian by email or by such other
    means as the Trustee and the Custodian may agree from time to time. Any such communication shall be deemed to have been given,
    made or served upon actual receipt by the recipient.

 

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	 	5.3	Account
    not to be Overdrawn: The Trust Allocated Account may not at any time have a debit balance thereon, and no instruction
    shall be valid to the extent that the effect thereof would be for the Trust Allocated Account to have a debit balance thereon.
	 	 	 
	 	5.4	Amendments:
    Once given, instructions continue in full force and effect until they are cancelled, amended or suspended. Any communication
    that cancels, amends or suspends as instruction shall be valid only after actual receipt by the Custodian in accordance with
    clause 5.2.
	 	 	 
	 	5.5	Unclear
    or Ambiguous Instructions: If, in the Custodian’s opinion, any instructions are unclear or ambiguous, the Custodian
    shall use reasonable endeavours (taking into account any relevant time constraints) to obtain clarification of those instructions
    from the Trustee and, failing that, the Custodian may in its absolute discretion and without any liability on its part, act
    upon what the Custodian believes in good faith such instructions to be or refuse to take any action or execute such instructions
    until any ambiguity or conflict has been resolved to the Custodian’s reasonable satisfaction.
	 	 	 
	 	5.6	Refusal
    to Execute: The Custodian may refuse to execute instructions if in its reasonable opinion they are or may be, or require
    action which is or may be, contrary to the Rules or any applicable law.

 

	6.	CONFIDENTIALITY

 

	 	6.1	Disclosure
    to Others: Subject to clause 6.2, each party shall respect the confidentiality of information acquired under this
    Agreement and neither will, without the consent of the other party, disclose to any other person any transaction or other
    information acquired about the other party, its business or the Trust under this Agreement, provided that such other party
    has made clear, at or before the time such information is provided, that such information is being provided on a confidential
    basis. Notwithstanding anything to the contrary in this Agreement, to the extent required, a copy of this Agreement may be
    filed under the securities laws of the United States or any other jurisdiction in connection with the registration of the
    public offering of Shares by the Trust.
	 	 	 
	 	6.2	Permitted
    Disclosures: Each party accepts that from time to time the other party may be required by law or the Rules, or required
    or requested by a government department or agency, fiscal body or regulatory or listing authority, required by the LPMCL (e.g.,
    in connection with AURUM), or required as otherwise may be necessary in conducting the Trust’s business, to disclose
    this Agreement or information acquired under this Agreement. In addition, the disclosure of such information may be required
    by a party’s auditors, by its legal or other advisors, by a company which is in the same group of companies as a party
    (i.e., a subsidiary or holding company of a party) or (in the case of the Trustee) by the Sponsor, or any beneficiary
    of the Trust. Each party irrevocably authorizes such persons to make such disclosures without further reference to such party.

 

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	7.	CUSTODY
    SERVICES

 

	 	7.1	Appointment:
    The Trustee hereby appoints the Custodian to act as custodian of the Physical Platinum held in the Trust Allocated Account
    in accordance with this Agreement and any Rules which apply to the Custodian, and the Custodian hereby accepts such appointment.
	 	 	 
	 	7.2	Segregation
    of Physical Platinum: The Custodian will be responsible for the safekeeping of the Physical Platinum on the terms and
    conditions of this Agreement. The Custodian will segregate the Physical Platinum from any Physical Platinum which the Custodian
    owns or holds for others by making appropriate entries in its books and records and will require Sub-Custodian to segregate
    the Physical Platinum from any Physical Platinum which they own or hold for others by making appropriate entries in their
    books and records. Entries on the Custodian’s books and records to identify Physical Platinum will refer to each plate
    or ingot of Physical Platinum by refiner, assay, serial number and gross weight. Additionally, the Custodian will require
    each Sub-Custodian to identify on its books and records each plate or ingot of Physical Platinum held by them by refiner,
    assay, serial number and gross weight and to provide such information to the Trustee upon request.
	 	 	 
	 	7.3	Ownership
    of Physical Platinum: The Custodian will identify in its books and records that the Physical Platinum is being held for
    the Trustee (on trust for the Shareholders), and will require each Sub-Custodian to identify on its book and records that
    the Physical Platinum is being held for the Custodian for the benefit of the Trust. The Custodian shall ensure that the Physical
    Platinum belonging to the Trustee (on trust for the Shareholders) shall at all times be free and clear of all liens and encumbrances
    and shall not be subject to any right, charge, security interest, lien or claim of any kind, whether arising by operation
    of law or otherwise, in favor of the Custodian, any Sub-Custodian or any creditor of any of them or any other person. The
    Custodian shall not loan, hypothecate, pledge or otherwise encumber any Physical Platinum held in Trust Allocated Account
    absent the Trustee’s written instructions to the contrary.
	 	 	 
	 	7.4	Location
    of Physical Platinum: Unless otherwise agreed between the parties, Physical Platinum must be held by the Custodian at
    its London vault premises or, when Physical Platinum has been allocated on a temporary basis in a vault other than the Custodian’s
    London vault by any Sub-Custodian employed by the Custodian pursuant to clause 8.1. The Custodian agrees that it shall
    use, or where applicable procure any Sub-Custodian to use, commercially reasonable efforts promptly to transport any Physical
    Platinum held for the Trustee to its London vault premises at the Custodian’s cost and risk. The Custodian agrees that
    all delivery and packing shall be in accordance with the Rules and LPPM good market practices.

 

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	 	7.5	Replacement
    of Platinum: Upon a determination by the Custodian that any Physical Platinum credited to the Trust Allocated Account
    does not comply with the Rules, the Custodian shall as soon as practical replace such Physical Platinum with Physical Platinum
    which complies with the Rules by (i) debiting the Trust Allocated Account and crediting the Trust Unallocated Account with
    the requisite amount of Physical Platinum to be replaced, (ii) providing replacement Physical Platinum which complies with
    the Rules and which is of an amount that as closely as practical approximates (without exceeding) the amount of Physical Platinum
    to be replaced and (iii) debiting the Trust Unallocated Account and crediting the Trust Allocated Account with the requisite
    amount of replacement Physical Platinum. The Custodian shall not start the foregoing replacement process on a particular London
    Business Day unless it is reasonably sure that such replacement process can be started and completed in the same London Business
    Day. The Custodian shall notify the Trustee as soon as practicable on the London Business Day (but no later than the end of
    business on such London Business Day) when (i) the Custodian has determined that Physical Platinum credited to the Trust Allocated
    Account does not comply with the Rules and will be replaced and (ii) when replacement Physical Platinum has been credited
    to the Trust Allocated Account in accordance with the above instructions. The cost of any such replacement shall be borne
    by the Custodian.

 

	8.	SUB-CUSTODIANS

 

	 	8.1	Sub-Custodians:
    The Custodian may employ Sub-Custodians solely for the temporary custody and safekeeping of Physical Platinum until transported
    to the Custodian’s London vault premises as provided in clause 7.4. The Sub-Custodians the Custodian selects
    may themselves select sub-custodians to provide such temporary custody and safekeeping of Physical Platinum, but such sub-custodians
    shall not by such selection or otherwise be, or be considered to be, a Sub-Custodian as such term is used herein. The Custodian
    will use reasonable care in selecting any Sub-Custodian. In selecting any Sub-Custodian with reasonable care, the Custodian
    is to determine if such Sub-Custodian can reasonably be expected to operate in a reasonable and prudent manner and in compliance
    with the Rules and all other relevant laws, rules and regulations applicable to its services as a sub-custodian of Platinum.
    The Custodian will notify each of the Trustee and the Sponsor if it selects any Sub-Custodian, or stops using any Sub-Custodian
    for such purpose. The receipt of notice by each of the Trustee and the Sponsor that the Custodian has selected a Sub-Custodian
    shall not be deemed to limit the Custodian’s responsibility in selecting such Sub-Custodian. Any Sub-Custodian shall
    be a LPPM member.
	 	 	 
	 	8.2	Liability:
    Except for the Custodian’s obligations under clauses 2.7, 7.2, 7.3 and 7.4, the Custodian shall
    not be liable in contract, tort or otherwise for any loss, damage or expense arising directly or indirectly from an act or
    omission, or insolvency, of any Sub-Custodian or any further delegate of such Sub-Custodian unless the appointment of that
    Sub-Custodian was made by the Custodian fraudulently, negligently or in bad faith.

 

    	 	12	 

    	 

    

 

	 	8.3	Notice:
    The Custodian will provide the Trustee upon request with the name and address of any Sub-Custodian the Custodian selects
    and any direct or indirect sub-custodian selected or used by such Sub-Custodian, along with any other information which the
    Trustee may reasonably request concerning the appointment of such Sub-Custodian or such direct or indirect sub-custodian.

 

	9.	REPRESENTATIONS

 

	 	9.1	Each
    party represents and warrants to the other party, on the basis that each of its following representations and warranties is
    deemed repeated each time that a notice is given for the deposit or withdrawal of Physical Platinum under this Agreement,
    that:
	 	 	 
	 	(a)	it
    is duly constituted and validly existing under the laws of its jurisdiction of constitution;
	 	 	 
	 	(b)	it
    has all necessary authority, powers, consents, licences and authorizations and has taken all necessary action to enable it
    lawfully to enter into and perform its duties and obligations under this Agreement;
	 	 	 
	 	(c)	the
    person or persons entering into this Agreement on its behalf has or have been duly authorized to do so; and
	 	 	 
	 	(d)	this
    Agreement and the obligations created under it are binding upon it and enforceable against it in accordance with the terms
    of this Agreement (subject to applicable principles of equity) and do not and will not violate the terms of the Rules, any
    applicable laws or any order, charge or agreement by which it is bound.

 

	10.	FEES
    AND EXPENSES

 

	 	10.1	Fees:
    For the Custodian’s services under this Agreement, the Custodian and the Sponsor have entered into a separate agreement,
    to which the Custodian has agreed, under which the Sponsor shall to pay the Custodian’s fee for services under this
    Agreement.
	 	 	 
	 	10.2	Expenses:
    Pursuant to a separate written agreement between the Sponsor and the Custodian, to which the Custodian has agreed, the
    Sponsor shall pay to the Custodian on demand all costs, charges and expenses (excluding (i) any relevant taxes and VAT (if
    chargeable), duties and other governmental charges, (ii) fees for storage of the Physical Platinum and any fees and expenses
    of Sub-Custodians, which will be recovered under clause 10.1, and (iii) indemnification obligations of the Trustee
    under clause 11.5, which will be paid pursuant to the following sentence) incurred by the Custodian in connection with
    the performance of its duties and obligations under this Agreement or otherwise in connection with the Physical Platinum.
    The Trustee will procure payment on demand, solely from and to the extent of the assets of the Trust, of any other costs,
    charges and expenses not assumed by the Sponsor under its agreement with the Custodian referenced in this clause 10.2
    (including any relevant taxes (other than VAT, which is addressed in clause 13.1), duties, other governmental charges
    and indemnification claims of the Custodian payable by the Trustee pursuant to clause 11.5, but excluding fees for
    storage of the Physical Platinum and any fees and expenses of Sub-Custodians, which will be recovered under clause 10.1)
    incurred by the Custodian in connection with the Physical Platinum.

 

    	 	13	 

    	 

    

 

	 	10.3	Credit
    Balances: No interest or other amount will be paid by the Custodian on any credit balance on the Trust Allocated Account
    unless otherwise agreed by the Custodian and the Trustee.
	 	 	 
	 	10.4	No
    Recovery from Trust: Amounts payable pursuant to this clause 10 (including clause 10.5) shall not be debited
    from the Trust Allocated Account, but shall be payable, as applicable, by the Sponsor or by the Trustee on behalf of the Trust,
    and the Custodian hereby acknowledges that it will have no recourse against Physical Platinum standing to the credit of the
    Trust Allocated Account or to the Trustee individually in respect of any such amounts.
	 	 	 
	 	10.5	Default
    Interest: If the Trustee or the Sponsor, as applicable, fails to procure payment to the Custodian of any amount when it
    is due, the Custodian reserves the right to charge interest (both before and after any judgment) on any such unpaid amount
    calculated at a rate equal to 2% above the overnight London Interbank Offered Rate (LIBOR) for the currency in which the amount
    is due. Interest will accrue on a daily basis and will be due and payable as a separate debt.

 

	11.	SCOPE
    OF RESPONSIBILITY

 

	 	11.1	Exclusion
    of Liability: The Custodian will use reasonable care in the performance of its duties under this Agreement and will only
    be responsible for any loss or damage suffered by the Trustee or the Trust as a direct result of any negligence, fraud or
    willful default on its part in the performance of its duties, and in which case its liability will not exceed the market value
    of the Platinum credited to the Trust Unallocated Account and the Trust Allocated Account at the time such negligence, fraud
    or willful default is either discovered by or notified to the Custodian (such market value calculated using the nearest available
    LBMA Platinum Price PM following the occurrence of such negligence, fraud or willful default), provided that, in the case
    of such discovery by or notification to the Custodian, the Custodian notifies the Sponsor and the Trustee promptly after any
    discovery of such negligence, fraud or willful default. If the Custodian delivers from the Trust Allocated Account Platinum
    that is not of the gross weight the Custodian has represented to the Trustee or that is not in accordance with the Rules,
    recovery by the Trustee, to the extent such recovery is otherwise allowed, shall not be barred by any delay in asserting a
    claim because of the failure to discover the corresponding loss or damage regardless of whether such loss or damage could
    or should have been discovered.

 

    	 	14	 

    	 

    

 

	 	11.2	No
    Duty or Obligation: The Custodian is under no duty or obligation to make or take, or require any Sub-Custodian to make
    or take, any special arrangements or precautions beyond those required by the Rules or as specifically set forth in this Agreement.
	 	 	 
	 	11.3	Insurance:
    The Custodian (or one of its Affiliates) shall make such insurance arrangements from time to time in connection with the
    Custodian’s custodial obligations under this Agreement as the Custodian considers appropriate and will be responsible
    for all costs, fees and expenses (including any relevant taxes) in relation to such insurance policy or policies. Upon reasonable
    prior written notice, in connection with the preparation of the initial registration statement under the United States Securities
    Act of 1933, as amended, covering any Shares, the Custodian will allow its insurance to be reviewed by the Trustee and by
    the Sponsor. The Custodian also will allow from time to time the Trustee and the Sponsor to review such insurance in connection
    with any amendment to that initial registration statement or any future registration statement that covers the Shares and
    any amendment thereto in each case upon reasonable prior written notice from the Trustee. Any permission to review the Custodian’s
    insurance is limited to the term of this Agreement and is conditioned on the reviewing party executing a form of confidentiality
    agreement provided by the Custodian, or if the confidentiality agreement is already in force, acknowledging that the review
    is subject thereto. In the event that the Custodian (or one of its Affiliates) elects to reduce, cancel or not to renew the
    Custodian’s insurance, the Custodian will give the Trustee and the Sponsor written notice of any such election within
    no more than 15 days after the date of any such election.
	 	 	 
	 	11.4	Force
    Majeure: The Custodian shall not be liable for any delay in performance, or for the non-performance, of any of its obligations
    under this Agreement by reason of any cause beyond the Custodian’s reasonable control. This includes any act of God
    or war or terrorism, any breakdown, malfunction or failure of, or connected with, any communication, computer, transmission,
    clearing or settlement facilities, industrial action, or acts, rules and regulations of any governmental or supra national
    bodies or authorities or any relevant regulatory or self-regulatory organization.
	 	 	 
	 	11.5	Indemnity:
    The Trustee, solely from and to the extent of the assets of the Trust, shall indemnify and keep indemnified the Custodian
    (on an after tax basis) on demand against all costs and expenses, damages, liabilities and losses (other than VAT, which is
    addressed in clause 13.1) and the expenses assumed by the Sponsor under its agreement with the Custodian referenced
    in clause 10.2) which the Custodian may suffer or incur, directly or indirectly in connection with this Agreement,
    except to the extent that such sums are due directly to the negligence, willful default or fraud of the Custodian. The foregoing
    indemnity shall also not apply to the Custodians’ fees that are paid by the Sponsor pursuant to clause 10.1.

 

    	 	15	 

    	 

    

 

	 	11.6	Custodian’s
    Interests and Affiliates’ Interests: The Custodian has the right, without notifying the Trustee, to act upon the
    Trustee’s instructions or to take any other action permitted by the terms of this Agreement where:
	 	 	 
	 	(a)	the
    Custodian, directly or indirectly, has an interest in the consequences of such instruction or action;
	 	 	 
	 	(b)	except
    as otherwise provided in this Agreement, the Custodian processes the Trustee’s instructions on an aggregated basis together
    with similar instructions from other clients; or
	 	 	 
	 	(c)	the
    Custodian, except as otherwise provided in this Agreement, has a relationship with another party which does or may create
    a conflict with its duty to the Trustee or the Trust including (without prejudice) circumstances where the Custodian or any
    of its associates may (i) act as financial adviser, banker or otherwise provide services to a contract counterparty of the
    Trustee or the Trust; (ii) act in the same arrangement as agent for more than one client; or (iii) earn profits from any of
    the activities listed herein.
	 	 	 
	 	 	The
    Custodian or any of its divisions, branches or Affiliates may be in possession of information tending to show that the action
    required by the Trustee’s instructions may not be in the Trust’s best interests, but shall not have any duty to
    disclose any such information.

 

	12.	TERMINATION

 

	 	12.1	Notice:
    Any termination notice given by the Trustee under clause 12.2 must specify:
	 	 	 
	 	(a)	the
    date on which the termination will take effect;
	 	 	 
	 	(b)	the
    person to whom the Physical Platinum is to be transferred; and
	 	 	 
	 	(c)	all
    other necessary arrangements for the transfer of Physical Platinum to the order of the Trustee.

 

	 	12.2	Term:
    This Agreement shall have a fixed term up to and including five (5) years and will automatically renew for further successive
    terms of one (1) year thereafter unless terminated by the parties in accordance with this clause 12; provided that
    during such periods (i) either the Trustee or the Custodian may terminate this Agreement for any reason or for no reason by
    giving not less than 90 days’ written notice to the other party and (ii) this Agreement may be terminated immediately
    upon written notice as follows:
	 	 	 
	 	(a)	by
    the Trustee, if the Custodian ceases to offer the services contemplated by this Agreement to its clients or proposes to withdraw
    from the platinum business;

 

    	 	16	 

    	 

    

 

	 	(b)	by
    the Trustee or the Custodian, if it becomes unlawful for the Custodian to be a party to this Agreement or to offer its services
    to the Trust on the terms contemplated by this Agreement or if it becomes unlawful for the Trustee or the Trust to receive
    such services or for the Trustee to be a party to this Agreement;
	 	 	 
	 	(c)	by
    the Custodian, if there is any event which, in the Custodian’s reasonable view, indicates the Trust’s or the Sponsor’s
    insolvency or impending insolvency;
	 	 	 
	 	(d)	by
    the Trustee, if there is any event which, in the Sponsor’s reasonable view, indicates the Custodian’s or the Sponsor’s
    insolvency or impending insolvency;
	 	 	 
	 	(e)	by
    the Trustee, if the Trust is to be terminated; or
	 	 	 
	 	(f)	by
    the Trustee or by the Custodian, if the Unallocated Platinum Account Agreement ceases to be in full force and effect at any
    time.
	 	 	 
	 	12.3	Change
    in Trustee or the Sponsor: If there is any change in the identity of the Trustee or the Sponsor in accordance with the
    Trust Agreement, then the Custodian, the Trustee, the Sponsor and the Trust shall, subject to the last sentence of this clause
    12.3, execute such documents and shall take such actions as the new Trustee or Sponsor and the outgoing Trustee or Sponsor
    may reasonably require for the purpose of vesting in the new Trustee or Sponsor the rights and obligations of the outgoing
    Trustee or Sponsor, and releasing the outgoing Trustee or Sponsor from its future obligations under this Agreement. The Custodian’s
    obligations under this clause 12.3 shall be conditioned on the Custodian having conducted prompt, reasonable and proportionate
    due diligence to the Custodian’s reasonable satisfaction on any such new Trustee or Sponsor
	 	 	 
	 	12.4	Redelivery
    Arrangements: If the Trustee does not make arrangements acceptable to the Custodian for the delivery of the Physical Platinum,
    the Custodian may continue to maintain the Trust Allocated Account, in which case the Custodian will continue to charge the
    fees and expenses payable under clause 10. If the Trustee has not made arrangements acceptable to the Custodian for
    the transfer of Physical Platinum from the Trust Allocated Account within 6 months of the date specified in the termination
    notice as the date on which the termination will take effect, the Custodian will be entitled to close the Trust Allocated
    Account and sell the Physical Platinum (at such time and on such markets as the Custodian considers appropriate) and account
    to the Trustee for the proceeds.
	 	 	 
	 	12.5	Existing
    rights: Termination shall not affect rights and obligations then outstanding under this Agreement which shall continue
    to be governed by this Agreement until all obligations have been fully performed.

 

    	 	17	 

    	 

    

 

	13.	VALUE
    ADDED TAX

 

	 	13.1	VAT
    Inclusive: All sums payable or other consideration provided to the Custodian by the Trustee or the Sponsor in connection
    with this Agreement and the Unallocated Platinum Account Agreement (including pursuant to the separate agreement referred
    to in clause 10.1 of this Agreement) are inclusive of any VAT which is or becomes chargeable on any supplies made by
    the Custodian pursuant to this Agreement and the Unallocated Platinum Account Agreement.

 

	14.	NOTICES

 

	 	14.1	Notices:
    Except as provided in clauses 2.4, 5.2 and 16.5, any notice or other communication shall be delivered
    personally or sent by first class post, pre-paid recorded delivery (or air mail if overseas), authenticated electronic transmission
    (including email and SWIFT) or such other electronic transmission as the parties may from time to time agree, to the party
    due to receive the notice or communication, at its address, number or destination set out in clause 14.3 or another
    address, number or destination specified by that party by written notice to the other.
	 	 	 
	 	14.2	Deemed
    Receipt of Notice: A notice or other communication under or in connection with clause 14.1 will be deemed received
    only if actually received or delivered.
	 	 	 
	 	14.3	Contact
    Information: The addresses and numbers of the parties for the purposes of clauses 5.2 and 14.1 are:

 

The
Custodian:

 

ICBC
Standard Bank Plc

20
Gresham Street

London

EC2V
7JE

Attention:
Precious Metals Operations

E-mail:
London.PreciousMetalsOperations@icbcstandard.com and

             Bullion.Physical@icbcstandard.com

 

The
Trustee:

 

The
Bank of New York Mellon

2
Hanson Place

Brooklyn,
New York 11217

Attention:
Chris Yedreyeski

Facsimile:
718-315-4927

E-Mail:
etfservicescom@bnymellon.com

 

    	 	18	 

    	 

    

 

The
address and numbers of the Sponsor for purposes of receiving notices under this Agreement are:

 

The
Sponsor:

 

GraniteShares
LLC

30
Vesey Street – 9th Floor

New
York NY 10007

Attention:
Benoit Autier

Telephone:
+1 917 338 0565

E-Mail:
benoit.autier@graniteshares.com

 

	 	14.4	Recording
    of Calls: The Custodian and the Trustee may each record telephone conversations without use of a warning tone. Such recordings
    will be the recording party’s sole property and accepted by the other party hereto as evidence of the orders or instructions
    given, provided that (i) in case of any dispute or disagreement regarding any conversation so recorded the recording party
    will promptly share the recordings with the other party and its representatives and (ii) the recording party will have no
    obligation to retain any such recordings prior to becoming aware of any such dispute or disagreement.

 

	15.	GENERAL

 

	 	15.1	Role
    of Trustee: The Trustee is a party to this Agreement solely in its capacity as Trustee for the Shareholders and accordingly
    (i) the Trustee shall only be liable to satisfy any obligations under this Agreement, including any obligations or liabilities
    arising in connection with any default by the Trustee under this Agreement, to the extent of the assets held from time to
    time by the Trustee as trustee of the Trust (the “Trust Assets”) to the extent authorized by the Trust
    Agreement and (ii) no recourse shall be had to (a) any assets other than the Trust Assets, including any of the assets held
    by the Trustee as trustee, co-trustee or nominee of a trust other than the Trust, as owner in its individual capacity or in
    any way other than as trustee of the Trust; or (b) the Trustee for any assets that have been distributed by the Trustee to
    the beneficiaries of the Trust.
	 	 	 
	 	15.2	No
    Advice: The Custodian’s duties and obligations under this Agreement do not include providing the other party with
    investment advice. In asking the Custodian to open and maintain the Trust Allocated Account, the Trustee acknowledges that
    it is acting pursuant to the Trust Agreement, and the Custodian shall not owe to the Trustee or the Trust any duty to exercise
    any judgement on their behalf as to the merits or suitability of any deposits into, or withdrawals from, the Trust Allocated
    Account.
	 	 	 
	 	15.3	Rights
    and Remedies: The Custodian hereby waives any right it has or may hereafter acquire to combine, consolidate or merge the
    Metal Accounts with any other account of the Trust or the Trustee or to set off any liabilities of the Trust or the Trustee
    to the Custodian and agrees that it may not set off, transfer or combine or withhold payment of any sum standing to the credit
    or to be credited to the Metal Accounts in or towards or conditionally upon satisfaction of any liabilities to it of the Trust
    or the Trustee. Subject thereto, the Custodian’s rights under this Agreement are in addition to, and independent of,
    any other rights which the Custodian may have at any time in relation to the Metal Accounts.

 

    	 	19	 

    	 

    

 

	 	15.4	Business
    Day: If an obligation of a party would otherwise be due to be performed on a day which is not a New York Business Day
    or a London Business Day, as the case may be, in respect of the Trust Allocated Account, such obligation shall be due to be
    performed on the next succeeding New York Business Day or London Business Day, as the case may be, in respect of the Trust
    Allocated Account.
	 	 	 
	 	15.5	Assignment:
    This Agreement is for the benefit of and binding upon both the Custodian and the Trustee and their respective successors
    and assigns. Save as expressly provided in clause 12.3 and this clause 15.5, no party may assign, transfer or
    encumber, or purport to assign, transfer or encumber, any right or obligation under this Agreement unless the other party
    otherwise consents in writing, except that consent is not required where the Custodian assigns, transfers or encumbers any
    right or obligation under this Agreement to an Affiliate. This clause shall not restrict the Custodian’s power to merge
    or consolidate with any party, or to dispose of all or part of its custody business, and further provided that this clause
    shall not restrict the Trustee from assigning its rights hereunder to a Shareholder to the extent required for the Trust to
    fulfill its obligations under the Trust Agreement.
	 	 	 
	 	15.6	Amendments:
    Any amendment to this Agreement must be agreed in writing and be signed by the Trustee and the Custodian. Unless otherwise
    agreed, an amendment will not affect any legal rights or obligations which may already have arisen.
	 	 	 
	 	15.7	Partial
    Invalidity: If any of the clauses (or part of a clause) of this Agreement becomes invalid or unenforceable in any way
    under the Rules or any law, the validity of the remaining clauses (or part of a clause) will not in any way be affected or
    impaired.
	 	 	 
	 	15.8	Liability:
    Nothing in this Agreement shall exclude or limit any liability which cannot lawfully be excluded or limited (e.g. liability
    for personal injury or death caused by negligence).
	 	 	 
	 	15.9	Entire
    Agreement: This Agreement and the Unallocated Platinum Account Agreement represent the entire agreement between the parties
    in respect of their subject matter. This Agreement and the Unallocated Platinum Account Agreement supersede and replace any
    prior existing agreement between the parties hereto relating to the same subject matter.
	 	 	 
	 	15.10	Counterparts:
    This Agreement may be executed in any number of counterparts, each of which when executed and delivered is an original,
    but all the counterparts together constitute the same agreement.

 

    	 	20	 

    	 

    

 

	16.	GOVERNING
    LAW AND JURISDICTION

 

	 	16.1	Governing
    Law: This Agreement is governed by, and will be construed in accordance with, English law.
	 	 	 
	 	16.2	Jurisdiction:
    The Trustee and the Custodian agree that the courts of the State of New York, in the United States of America, and the
    United States federal court located in the Borough of Manhattan in such state, are to have jurisdiction to settle any Disputes
    which may arise out of or in connection with this Agreement and, for these purposes the Trustee and the Custodian irrevocably
    submits to the non-exclusive jurisdiction of such courts, waive any claim of forum non conveniens and any objection to laying
    of venue, and further waive any personal service.
	 	 	 
	 	16.3	Waiver
    of Immunity: To the extent that the Trustee may in any jurisdiction claim as Trustee, the Trust or its assets any immunity
    from suit, judgment, enforcement or otherwise howsoever, the Trustee agrees not to claim, and irrevocably waives, any such
    immunity to which it would otherwise be entitled to (whether on grounds of sovereignty or otherwise) to the full extent permitted
    by the laws of such jurisdiction.
	 	 	 
	 	16.4	Third
    Party Rights: Except with respect to the Trust, which shall be considered a beneficiary of this entire Agreement, and
    the Sponsor, which shall be considered a beneficiary (as applicable) of clauses 2.7, 2.8, 3.2, 4.3, 6.2, 8.1, 11.1, 11.3,
    12.3, 14.3, and 16.4, the Custodian does not owe any duty or obligation or have any liability towards any person
    who is not a party to this Agreement. Except as set forth in this clause 16.4, this Agreement does not confer a benefit
    on any person who is not a party to it. The parties to this Agreement do not intend that any term of this Agreement shall
    be enforceable by any person who is not a party to it and do intend that the Contracts (Rights of Third Parties) 1999 Act
    shall not apply to this Agreement, provided that the Sponsor may enforce its rights under 2.7, 2.8, 3.2, 4.3, 6.2, 8.1,
    11.1, 11.3, 12.3, 14.3 and 16.4. Nothing in this paragraph is intended to limit the obligations hereunder of any
    successor Trustee of the Trust or to limit the right of any successor Trustee of the Trust to enforce the Custodian’s
    obligations hereunder.
	 	 	 
	 	16.5	Service
    of Process: Process by which any proceedings are begun may be served on a party by being delivered to the party’s
    address specified below. This does not affect any right to serve process in another manner permitted by law.

 

Custodian’s
Address for service of process:

 

ICBC
Standard Bank Plc

20
Gresham Street

London

EC2V
7JE

Attention:
The Head of Legal

 

Trustee’s
Address for service of process:

 

The
Bank of New York Mellon

225
Liberty Street

New
York, New York 10286

Attention:
Legal Department – Asset Servicing

 

[Signature
Page Follows]

 

    	 	21	 

    	 

    

 

IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date set out on the cover page of this Agreement.

 

Signed
on behalf of

ICBC
STANDARD BANK PLC

 

By
its authorized signatories

 

	Signature 	/s/
    Dominique Spurr	 	Signature   	/s/
    Paul McKerrell.
	Name	Dominique
    Spurr	 	Name	Paul
    McKerrell
	Title	Legal
    Department	 	Title	Authorised
    Signatory
	Date	January
    8, 2018	 	Date	January
    8, 2018

 

Signed
on behalf of

THE
BANK OF NEW YORK MELLON,

solely
in its capacity as trustee of the GraniteShares Platinum Trust

and
not individually

 

By
its authorized signatory

 

	Signature 	/s/
    Elizabeth Stubenrauch	 
	Name	Elizabeth
    Stubenrauch	 
	Title	Vice
    President 	 
	Date	January
    8, 2018	 

 

[Signature
Page to Allocated Platinum Account Agreement]

 

    	 	22Dated:
January 11, 2018 

 

ICBC
STANDARD BANK PLC

 

and

 

THE
BANK OF NEW YORK MELLON

solely
in its capacity as trustee of the GraniteShares Platinum Trust

and
not individually

 

 

 

UNALLOCATED
PLATINUM ACCOUNT AGREEMENT

 

 

 

    	 	1	 

     

    

 

This
UNALLOCATED PLATINUM ACCOUNT AGREEMENT (this “Agreement”) is made as of the date set out on the cover
page of this Agreement

 

BETWEEN

 

	(1)	ICBC
    Standard Bank Plc, a public limited company incorporated under the laws of England and Wales with its registered office
    at 20 Gresham Street, London, EC2V 7JE, United Kingdom (the “Custodian”); and
	 	 
	(2)	THE
    BANK OF NEW YORK MELLON, a New York banking corporation, solely in its capacity as trustee of the GraniteShares Platinum
    Trust created under the Trust Agreement identified below and not individually (the “Trustee”), which expression
    shall, wherever the context so admits, include the named Trustee and all other persons or companies for the time being the
    trustee or trustees of the Trust Agreement as trustee for the Shareholders.

 

INTRODUCTION

 

	 	(1)	The
    Trustee has agreed to act as trustee for the Shareholders of the Shares pursuant to the Trust Agreement.
	 	 	 
	 	(2)	An
    Authorized Participant may apply to become a Shareholder by: (i) applying for Shares in accordance with an Authorized Participant
    Agreement and (ii) depositing the relevant amount of Platinum into the Trust Unallocated Account
	 	 	 
	 	(3)	The
    Custodian has agreed to transfer Platinum deposited into the Trust Unallocated Account to the Trust Allocated Account.
	 	 	 
	 	(4)	In
    order to effect redemptions of Shares for Authorized Participants, Physical Platinum must be transferred from the Trust Allocated
    Account to the Trust Unallocated Account by way of de-allocation, and must then be delivered to the AP Account.
	 	 	 
	 	(5)	The
    Trustee has agreed that the Trust Unallocated Account will be established by the Trustee for the account of the Trust, and
    that the Trustee will have the sole right to give instructions for the making of any payments into or out of the Trust Unallocated
    Account.

 

IT
IS AGREED AS FOLLOWS

 

	1.	INTERPRETATION

 

	 	1.1	Definitions:
    In this Agreement, unless there is anything in the subject or context inconsistent
    therewith, the following expressions shall have the following meanings.

 

“Affiliate”
means an entity that directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common
control with the Custodian.

 

“Allocated
Platinum Account Agreement” means the Allocated Platinum Account Agreement dated January 11, 2018 between the
Trustee and the Custodian pursuant to which the Trust Allocated Account is established and operated.

 

    	 	2	 

     

    

 

“AP
Account” means a loco London Platinum account maintained on an Unallocated Basis by the Custodian or another LPMCL clearing
bank for the Authorized Participant, as specified in the applicable transfer instructions given under clause 5.2.

 

“AP
Application” means an offer by an Authorized Participant to the Trust (in the form prescribed by the Trust) to subscribe
for Shares, being an offer on terms referred to in the Prospectus and in accordance with the provisions of the relevant Authorized
Participant Agreement and the Conditions.

 

“AP
Redemption Form” means an offer by an Authorized Participant to the Trust (in the form prescribed by the Trust) to redeem
Shares in exchange for Platinum, being an offer on terms referred to in the Prospectus and in accordance with the provisions of
the relevant Authorized Participant Agreement and the Conditions.

 

“AURUM”
means the electronic matching and settlement system operated by LPMCL.

 

“Authorized
Participant” means a person which, at the time of submitting an order to the Trust for the creation or redemption of
Shares: (a) is a person who (i) is a registered broker-dealer or other securities market participant such as a bank or other financial
institution which, but for an exclusion from registration, would be required to register as a broker-dealer to engage in securities
transactions, and (ii) is a participant in The Depository Trust Company or its successors; (b) has in effect a valid Authorized
Participant Agreement and (c) has established an AP Account.

 

“Authorized
Participant Agreement” means a written agreement between the Trustee, the Sponsor and another person under which such
person is appointed to act as an “Authorized Participant,” in relation to Shares and, if such agreement is subject
to conditions precedent, provided that such conditions have been satisfied.

 

“Availability
Date” means the London Business Day on which the Trustee wishes the Custodian to credit to the Trust Unallocated Account
Platinum to be transferred to the Trust Unallocated Account on such London Business Day.

 

“Benchmark
Price” means, as of any day, (i) such day’s LBMA Platinum Price PM or such day’s LBMA Platinum Price AM
if such day’s LBMA Platinum Price PM is not available; or (ii) such other publicly available price which is reasonably available
to the Trustee and which the Sponsor may determine fairly represents the commercial value of platinum held by the Trust and instructs
the Trustee to use as the Benchmark Price.

 

    	 	3	 

     

    

 

“Conditions”
means the terms and conditions on and subject to which Shares are issued in the form or substantially in the form set out in the
Trust Agreement.

 

“Dispute”
means for the purpose of clause 15 any disagreement between the Trustee and the Custodian which has not been resolved
amicably within a period of fourteen London Business Days after the Trustee has received from the Custodian, or the Custodian
has received from the Trustee, written notification of the disagreement.

 

“Good
Delivery Standards” means the specifications for “good delivery” platinum plates and ingots, including the
specifications for weight, dimensions, fineness (or purity), identifying marks and appearance of platinum plates and ingots, set
forth in “The Good Delivery Rules for Platinum and Palladium Plates and Ingots” published by the LPPM.

 

“LBMA”
means The London Bullion Market Association or its successors.

 

“LBMA
Platinum Price AM” means the price of a troy ounce of platinum as determined by the auction administered by the LME
for the LBMA, or any successor administrator of the auction for the London platinum price, at or about 9:45 a.m. London, England
time.

 

“LBMA
Platinum Price PM” means the price of a troy ounce of platinum as determined by the auction administered by the LME
for the LBMA, or any successor administrator of the auction for the London platinum price, at or about 2:00 p.m. London, England
time.

 

“LME”
means The London Metal Exchange or its successors.

 

“Loco
London” means with respect to an account holding Platinum, the custody, trading or clearing of such Platinum in London,
United Kingdom.

 

“London
Business Day” means a day (excluding Saturdays, Sundays and public holidays) on which commercial banks generally are
open for business in London and on which the London platinum market is open for business.

 

“LPMCL”
means London Precious Metals Clearing Limited or its successors.

 

“LPPM”
means The London Platinum and Palladium Market or its successors.

 

“Metal
Accounts” means the Trust Allocated Account and the Trust Unallocated Account.

 

    	 	4	 

     

    

 

“New
York Business Day” means a “Business Day” as defined in the Trust Agreement.

 

“Physical
Platinum” means platinum bullion that meets the Good Delivery Standards.

 

“Platinum”
means (i) Physical Platinum held by the Custodian or any sub-custodian under the Allocated Platinum Account Agreement and/or (ii)
any credit to an account, including the Trust Unallocated Account, on an Unallocated Basis, as the context requires.

 

“Point
of Delivery” means such date and time that the recipient (or its agent) acknowledges in written form its receipt of
delivery of Platinum;

 

“Prospectus”
means the prospectus constituting a part of the registration statement filed on Form S-1, Registration Number 333-221325 with
the Securities Exchange Commission in accordance with the U.S. Securities Act of 1933, as amended, in relation to the Shares dated
on or about November 3, 2017, as the same may be modified, supplemented or amended from time to time.

 

“Rules”
means the rules, regulations, practices, procedures and customs of the LPPM, including the Good Delivery Standards, the LPMCL,
the Financial Conduct Authority, the Prudential Regulation Authority, the Bank of England and such other regulatory authority
or other body, applicable to the activities contemplated by this Agreement.

 

“Shareholder”
means the beneficial owner of one or more Shares.

 

“Shares”
means the units of fractional undivided beneficial interest in the Trust which are issued by the Trust, named GraniteShares Platinum
Shares and created pursuant to and constituted by the Trust Agreement.

 

“Sponsor”
means GraniteShares LLC, its successors and assigns and any successor Sponsor appointed pursuant to the Trust Agreement.

 

“Trust”
means the GraniteShares Platinum Trust formed pursuant to the Trust Agreement.

 

“Trust
Agreement” means the Depositary Trust Agreement of the GraniteShares Platinum Trust dated on or about January 11,
2018 , as amended from time to time, between GraniteShares LLC, as Sponsor, and The Bank of New York Mellon, as Trustee.

 

“Trust
Allocated Account” means the loco London Platinum account, number 250004940, established in the name of the Trustee
and maintained for the benefit of the Trust by the Custodian on an allocated basis pursuant to the Allocated Platinum Account
Agreement.

 

    	 	5	 

     

    

 

“Trust
Unallocated Account” means the loco London Platinum account, number 250004939, established in the name of the Trustee
and maintained for the benefit of the Trust by the Custodian on an Unallocated Basis pursuant to this Agreement.

 

“Unallocated
Basis” means, with respect to the holding of platinum, that the holder is entitled to receive delivery of Physical Platinum
in the amount standing to the credit of the holder’s account, but the holder has no ownership interest in any particular
platinum that the custodian maintaining that account owns or holds.

 

“VAT”
means value added tax as provided for in the Value Added Tax Act 1994 (as amended or re-enacted from time to time) and legislation
supplemental thereto and any other tax (whether imposed in the United Kingdom in substitution thereof or in addition thereto or
elsewhere) of a similar fiscal nature.

 

“Withdrawal
Date” means the London Business Day on which the Trustee wishes a withdrawal of Platinum from the Trust Unallocated
Account to take place.

 

	 	1.2	Headings:
    The headings in this Agreement do not affect its interpretation.
	 	 	 
	 	1.3	Singular
    and plural: References to the singular include the plural and vice versa.
	 	 	 
	 	1.4	Construction.
    The word “including” means “including without limitation”. The word “or” is not exclusive.

 

	2.	TRUST
    UNALLOCATED ACCOUNT

 

	 	2.1	Opening
    Trust Unallocated Account: The Custodian shall open and maintain the Trust Unallocated Account in the name of the Trustee
    (in its capacity as trustee for the Shareholders).
	 	 	 
	 	2.2	Denomination
    of Trust Unallocated Account: The Trust Unallocated Account will hold deposits of Platinum and will be denominated in
    gross troy ounces (to three decimal places).
	 	 	 
	 	2.3	Trust
    Unallocated Account Reports: At the end of each London Business Day, the Custodian will provide the Trustee with access
    to information showing the increases and decreases to the Platinum standing to the Trustee’s credit in the Trust Unallocated
    Account, and identifying separately each transaction and the New York or London Business Day on which it occurred. On each
    London Business Day, the Custodian will send the Trustee a notification of (i) each separate transaction, if any, transferring
    Platinum to the Trust Unallocated Account, including the amount of Platinum transferred to the Trust Unallocated Account and
    the AP Account from which such Platinum is transferred, (ii) the amount of Platinum, if any, transferred from the Trust Unallocated
    Account to the Trust Allocated Account or to any AP Account and (iii) the closing balance of Platinum credited to the Trust
    Unallocated Account for such London Business Day, and the Custodian will use commercially reasonable efforts to send the notification
    by 12:00 noon (New York time). In addition, the Custodian will provide the Trustee such information about the increases and
    decreases to the Platinum standing to the Trustee’s credit in the Trust Unallocated Account on a same-day basis at such
    other times and in such other form as the Trustee and the Custodian shall agree. For each calendar month, the Custodian will
    provide the Trustee within a reasonable time after the end of the month a statement of account for the Trust Unallocated Account
    which shall include the opening and closing monthly balance and all transfers to and from the Trust Unallocated Account. All
    such reports will be made available to the Trustee by means of authenticated SWIFT message, provided that, if the SWIFT messaging
    system is unavailable for any reason, the Trustee and the Custodian will agree upon a temporary notification system for making
    such reports available to the Trustee. Additionally, if agreed to by the Trustee and the Custodian, such reports will be made
    available to the Trustee by means of the Custodian’s proprietary electronic system.

 

    	 	6	 

     

    

 

	 	2.4	Reversal
    of Entries: The Custodian shall reverse any provisional or erroneous entries to the Trust Unallocated Account which it
    discovers or of which it is notified with effect back-valued to the date upon which the final or correct entry (or no entry)
    should have been made.
	 	 	 
	 	2.5	Provision
    of Information: The Custodian agrees that it will forthwith notify the Trustee in writing of any encumbrance of
    which it is aware is or is purported to have been created over or in respect of the Trust Unallocated Account or any of the
    amounts standing to the credit thereof.
	 	 	 
	 	2.6	Access:
    The Custodian will allow the Sponsor and the Trustee and their identified representatives, independent public accountants
    and bullion auditors (currently Inspectorate International Ltd.) access to its premises, upon reasonable notice during normal
    business hours, to examine the Platinum and such records, as they may reasonably require to perform their respective duties
    with regard to investors in Shares. The Trustee agrees that any such access shall be subject to execution of a confidentiality
    agreement and agreement to the Custodian’s security procedures, and any such audit shall be at the Trust’s expense.
	 	 	 
	 	2.7	Regulatory
    Reporting: To the extent that the Custodian’s activities under this Agreement are relevant to the preparation of
    the filings required of the Trust under the securities laws of the United States or any other jurisdiction, the Custodian
    will, to the extent permitted by applicable law, the Rules or applicable regulatory authority, cooperate with the Trustee
    and the Sponsor and the Trustee’s and the Sponsor’s representatives to provide such information concerning the
    Custodian’s activities as may be necessary for such filings to be completed. Additionally, to the extent that the Custodian’s
    activities or controls in its capacity as custodian of the Trust’s assets are relevant to the information presented
    in the financial statements of the Trust, the Custodian will cooperate with the Sponsor and the Trustee to assist the Sponsor
    in providing the required written assurances regarding the reliability of the internal controls used in the preparation of
    such financial statements, including by providing the Sponsor’s and the Trust’s external auditors with any necessary
    information and reports regarding the Custodian’s internal controls over financial reporting as far as such reporting
    relates to the scope of the Custodian’s duties.

 

    	 	7	 

     

    

 

	3.	DEPOSITS

 

	 	3.1	Procedure:
    The Custodian shall receive deposits of Platinum into the Trust Unallocated Account (in the manner and accompanied by
    such documentation as the Custodian may reasonably require) by:
	 	 	 
	 	(a)	de-allocation
    of Platinum held in the Trust Allocated Account on redemption of Shares by an Authorized Participant or for any other purpose
    authorized by the Trust Agreement; or
	 	 	 
	 	(b)	transfer
    of Platinum from an AP Account relating to the same kind of Platinum and having the same denomination as that to which the
    Trust Unallocated Account relates in connection with an AP Application by an Authorized Participant for Shares.
	 	 	 
	 	 	No
    other methods of deposit are permitted.
	 	 	 
	 	3.2	Notice
    Requirements: Notice of intended deposit must be received by the Custodian from the Trustee no later than 3:00 p.m. (London
    time) one London Business Day prior to the Availability Date and specify the weight (in gross troy ounces of platinum) to
    be credited to the Trust Unallocated Account, the Availability Date, the account from which such deposit will be transferred,
    and any other information which the Custodian may, with the agreement of the Trustee, from time to time require. The Custodian
    will promptly notify the Trustee by email upon a deposit of Platinum being made into the Trust Unallocated Account pursuant
    to clause 3.1(b). When, by reference to the Trustee’s notifications and instructions to the Custodian, the Custodian
    reasonably believes an amount of Platinum has been credited to the Trust Unallocated Account in error, the Custodian will
    notify the Trustee promptly and, pending a joint resolution of the error, will treat such amount as not being subject to the
    standing instruction in clause 5.3.
	 	 	 
	 	3.3	Right
    to Amend Procedure: The Custodian may amend the procedure in relation to the deposit of Platinum to the Trust Unallocated
    Account only where such amendment is caused by a change in Rules. The Custodian will, whenever practicable, notify the Trustee
    and the Sponsor within a commercially reasonable time before the Custodian amends its procedures or imposes additional ones
    in relation to the transfer of Platinum into the Trust Unallocated Account, and in doing so the Custodian will consider the
    Trustee’s and the Sponsor’s needs to communicate any such change to Authorized Participants and others.

 

    	 	8	 

     

    

 

	4.	WITHDRAWALS

 

	 	4.1	Procedure:
    The Trustee may at any time give instructions to the Custodian for the withdrawal of Platinum standing to the credit of
    the Trust Unallocated Account as provided for in this Agreement, provided that a withdrawal may be made only by:
	 	 	 
	 	(a)	transfer
    to an AP Account relating to the same kind of Platinum and having the same denomination as that to which the Trust Unallocated
    Account relates when Shares are to be redeemed by an Authorized Participant;
	 	 	 
	 	(b)	transfer
    of Platinum to the Trust Allocated Account;
	 	 	 
	 	(c)	the
    collection of Physical Platinum from the Custodian at its vault premises, or such other location as the Custodian may direct;
	 	 	 
	 	(d)	delivery
    of Platinum to such location as the Trustee directs, at the Trust’s expense and risk; or
	 	 	 
	 	(e)	transfer
    to an account maintained by the Custodian or by a third party on an Unallocated Basis in connection with the sale of Platinum
    or other transfers permitted under the Trust Agreement.
	 	 	 
	 	 	The
    Trustee anticipates exercising its rights under clauses 4.1(c) and (d) on an exceptional basis only. Any Platinum
    made available to the relevant person (as instructed by the Trustee) pursuant to clauses 4.1(c) and (d) will
    be in a form which complies with the Rules or in such other form as may be agreed between the Trustee and the Custodian the
    combined gross weight of which will not exceed the number of gross ounces of Platinum the Trustee has instructed the Custodian
    to debit. To the extent that the Trustee is authorized to sell Platinum under the Trust Agreement, the Custodian may, but
    is not required to, purchase such Platinum; provided that, if the Trustee’s instruction to sell Platinum is received
    by the Custodian by 1:00 p.m. (London time) on a London Business Day, the purchase price for such Platinum shall be that day’s
    Benchmark Price and, if the Trustee’s instruction to sell Platinum is received by the Custodian after 1:00 p.m. (London
    time) on a London Business Day, the purchase price for such Platinum shall be the next Benchmark Price available after that
    day. The Trustee’s instruction to sell Platinum may be an instruction to sell such amount of Platinum as necessary to
    produce a specified amount of United States dollars.

 

    	 	9	 

     

    

 

	 	4.2	Notice
    Requirements: Any notice from the Trustee relating to a withdrawal of Platinum must be in writing and:
	 	 	 
	 	(a)	if
    it relates to a withdrawal pursuant to clauses 4.1(a) or (e) (for sale of Platinum only), to be in such form
    as may be agreed by the parties from time to time, and in all cases be received by the Custodian no later than 3:00 p.m (London
    time) on the Withdrawal Date unless otherwise agreed;
	 	 	 
	 	(b)	if
    it relates to a transfer pursuant to clause 4.1(b), be in the form of an AP Application (which shall be sufficient
    instruction for the purposes of this Agreement) and be received by the Custodian no later than 3:00 p.m. (London time) on
    the day which is one London Business Day prior to the Withdrawal Date; or
	 	 	 
	 	(c)	if
    it relates to a withdrawal pursuant to clause 4.1(c), (d) or (e) (with respect to transfers (other than
    for sales of Platinum) permitted under the Trust Agreement), be received by the Custodian no later than 11:30 a.m. (London
    time) not less than two London Business Days prior to the Withdrawal Date unless otherwise agreed and specify the name of
    the person or carrier that will collect the Platinum from the Custodian or the identity of the person to whom delivery is
    to be made, as the case may be;
	 	 	 
	 		and
    in all cases, specify the weight (in gross troy ounces of platinum) of the Platinum to be debited from the Trust Unallocated
    Account, the Withdrawal Date and any other information which the Custodian may, with the agreement of the Trustee, from time
    to time require.
	 	 	 
	 	4.3	Right
    to Amend Procedure: The Custodian may amend the procedure for the withdrawal of Platinum from the Trust Unallocated Account
    only where such amendment is caused by a change in the Rules. Any such amendment will be subject to the notification conditions
    of clause 3.3.
	 	 	 
	 	4.4	Delivery
    Obligations: Unless otherwise instructed by the Trustee on behalf of the Trust or the relevant person, the Custodian shall
    make any transportation and insurance arrangements in respect of delivery of Platinum in accordance with its usual practice.
    Where instructions are given, the Custodian shall use all reasonable efforts to comply with the same. The Custodian shall
    not be obliged to effect any requested delivery if, in its reasonable opinion, this would cause the Custodian or its agents
    to be in breach of the Rules or other applicable law, court order or regulation; the costs incurred would be excessive or
    delivery is impracticable for any reason. All insurance and transportation costs shall be for the account of the Trust.
	 	 	 
	 	4.5	Risk:
    Where there is a shipment from the Custodian of Platinum, all right, title and risk in and to such Platinum shall pass
    at the Point of Delivery to the relevant person for whose account the Platinum is being delivered.

 

    	 	10	 

     

    

 

	 	4.6	Allocation:
    Without limiting clause 5.3, in the case of a transfer under clause 4.1(b) and after receipt of notice given
    in the form prescribed in clause 4.2(b), the Custodian will use its commercially reasonable endeavours to complete
    the allocation of such deposits of Platinum by not later than 3:00 p.m. (London time) on the Withdrawal Date provided that
    the Platinum referenced in such notice is deposited into the Trust Unallocated Account by 10:00 a.m. (London time) on the
    Withdrawal Date, and the Custodian will promptly notify the Trustee by email upon the completion of such allocation. Following
    the Custodian’s receipt of such notice, the Custodian shall identify plates or ingots of a weight most closely approximating,
    but not exceeding, the balance in the Trust Unallocated Account and shall transfer such weight from the Trust Unallocated
    Account to the Trust Allocated Account. The Trustee acknowledges that the process of allocation of Platinum to the Trust Allocated
    Account from the Trust Unallocated Account may involve minimal adjustments to the weights of Platinum to be allocated to adjust
    such weight to the number of whole plates or ingots available.

 

	5.	INSTRUCTIONS

 

	 	5.1	Giving
    of Instructions: Only the Trustee shall have the right to give instructions in respect of the Trust Unallocated Account.
    The Trustee shall notify the Custodian in writing of the names of the people who are authorised to give instructions on the
    Trustee’s behalf. Until the Custodian receives written notice to the contrary, the Custodian is entitled to assume that
    any of those people have full and unrestricted power to give instructions on the Trustee’s behalf. The Custodian is
    also entitled to rely on any instructions which are from, or which purport to emanate from, any person who appears to have
    such authority. The Custodian reserves the right to obtain further validation of any instructions.
	 	 	 
	 	5.2	Transfer
    Instructions: All transfers into and out of the Trust Unallocated Account shall be made upon receipt of, and in accordance
    with, instructions given by the Trustee to the Custodian. Such instructions shall be given by authenticated SWIFT message
    or, if for any reason the SWIFT messaging system is not operational, by such other temporary means as the Trustee and the
    Custodian may agree from time to time. Other information (which shall not constitute an instruction) related to transfers
    into and out of the Trust Unallocated Account may be sent between the Trustee and the Custodian by email or by such other
    means as the Trustee and the Custodian may agree from time to time. Any such communication shall be deemed to have been given,
    made or served upon actual receipt by the recipient.
	 	 	 
	 	5.3	Continuous
    Allocation of Platinum: Without prejudice to clause 5.1, unless otherwise notified by the Trustee in writing, the
    Custodian shall, at the end of each London Business Day, including when Platinum is to be transferred from an AP Account to
    the Metal Accounts, transfer any Platinum then standing to the credit of the Trust Unallocated Account (excluding Platinum
    which has been de-allocated in order to effect delivery of Platinum to a redeeming Authorized Participant or pursuant to other
    withdrawal occurring on such day) to the Trust Allocated Account such that the amount of Platinum that remains standing to
    the credit of the Trustee in the Trust Unallocated Account does not exceed 192.000 gross ounces at the close of such London
    Business Day. Additionally, the Custodian shall use reasonable commercial efforts to minimize the amount of Platinum held
    for the Trust in the Trust Unallocated Account at all times during each London Business Day.

 

    	 	11	 

     

    

 

	 	5.4	Account
    not to be Overdrawn: The Trust Unallocated Account may not at any time have a debit balance thereon, and no instruction
    shall be valid to the extent that the effect thereof would be for the Trust Unallocated Account to have a debit balance thereon.
	 	 	 
	 	5.5	AURUM:
    The Trustee acknowledges that instructions relating to a counterparty for whom the Custodian does not already provide
    settlement services will be forwarded by the Custodian to AURUM on the Trustee’s behalf. The Trustee acknowledges that
    AURUM is operated by a third party and that the Custodian cannot be responsible for any errors, omissions or malfunctions
    in the systems operated by AURUM. To the extent that AURUM is not available or suffering a malfunction, the Trustee agrees
    that the Custodian’s obligations under this Agreement shall be postponed during such unavailability or such malfunction
    and until a reasonable period thereafter.
	 	 	 
	 	5.6	Amendments:
    Once given, instructions continue in full force and effect until they are cancelled, amended or suspended. Any communication
    that cancels, amends or suspends as instruction shall be valid only after actual receipt by the Custodian in accordance with
    clause 5.2.
	 	 	 
	 	5.7	Unclear
    or Ambiguous Instructions: If, in the Custodian’s opinion, any instructions are unclear or ambiguous, the Custodian
    shall use reasonable endeavours (taking into account any relevant time constraints) to obtain clarification of those instructions
    from the Trustee and, failing that, the Custodian may in its absolute discretion and without any liability on its part, act
    upon what the Custodian believes in good faith such instructions to be or refuse to take any action or execute such instructions
    until any ambiguity or conflict has been resolved to the Custodian’s reasonable satisfaction.
	 	 	 
	 	5.8	Refusal
    to Execute: The Custodian may refuse to execute instructions if in its reasonable opinion they are or may be, or require
    action which is or may be, contrary to the Rules or any applicable law. 

 

	6.	CONFIDENTIALITY

 

	 	6.1	Disclosure
    to Others: Subject to clause 6.2, each party shall respect the confidentiality of information acquired under this
    Agreement and neither will, without the consent of the other party, disclose to any other person any transaction or other
    information acquired about the other party, its business or the Trust under this Agreement, provided that such other party
    has made clear, at or before the time such information is provided, that such information is being provided on a confidential
    basis. Notwithstanding anything to the contrary in this Agreement, to the extent required, a copy of this Agreement may be
    filed under the securities laws of the United States or any other jurisdiction in connection with the registration of the
    public offering of Shares by the Trust.

 

    	 	12	 

     

    

 

	 	6.2	Permitted
    Disclosures: Each party accepts that from time to time the other party may be required by law or the Rules, or required
    or requested by a government department or agency, fiscal body or regulatory or listing authority, required by the LPMCL (e.g.,
    in connection with AURUM), or required as otherwise may be necessary in conducting the Trust’s business, to disclose
    this Agreement or information acquired under this Agreement. In addition, the disclosure of such information may be required
    by a party’s auditors, by its legal or other advisors, by a company which is in the same group of companies as a party
    (i.e., a subsidiary or holding company of a party) or (in the case of the Trustee) by the Sponsor, or any beneficiary of the
    Trust. Each party irrevocably authorizes such persons to make such disclosures without further reference to such party.

 

	7.	CUSTODY
    SERVICES

 

	 	7.1	Appointment:
    The Trustee hereby appoints the Custodian to act as custodian of the Platinum in accordance with this Agreement and
    any Rules which apply to the Custodian, and the Custodian hereby accepts such appointment.
	 	 	 
	 	7.2	Safekeeping
    of Platinum: The Custodian will be responsible for the safekeeping of the Platinum on the terms and conditions
    of this Agreement.
	 	 	 
	 	7.3	Ownership
    of Platinum: The Custodian will identify in its books that the Platinum belongs to the Trustee (on trust for the
    Shareholders). The Custodian shall ensure that the Platinum belonging to the Trustee (on trust for the Shareholders) shall
    at all times be free and clear of all liens and encumbrances and shall not be subject to any right, charge, security interest,
    lien or claim of any kind, whether arising by operation of law or otherwise, in favor of the Custodian, any sub-custodian
    or any creditor of any of them or any other person. The Custodian shall not loan, hypothecate, pledge or otherwise encumber
    any Platinum held in Trust Unallocated Account absent the Trustee’s written instructions to the contrary.

 

	8.	REPRESENTATIONS

 

	 	8.1	Each
    party represents and warrants to the other party, on the basis that each of its following representations and warranties is
    deemed repeated each time that a notice is given for the deposit or withdrawal of Platinum under this Agreement, that:
	 	 	 
	 	(a)	it
    is duly constituted and validly existing under the laws of its jurisdiction of constitution;
	 	 	 
	 	(b)	it
    has all necessary authority, powers, consents, licences and authorizations and has taken all necessary action to enable it
    lawfully to enter into and perform its duties and obligations under this Agreement;

 

    	 	13	 

     

    

 

	 	(c)	the
    person or persons entering into this Agreement on its behalf has or have been duly authorized to do so; and
	 	 	 
	 	(d)	this
    Agreement and the obligations created under it are binding upon it and enforceable against it in accordance with the terms
    of this Agreement (subject to applicable principles of equity) and do not and will not violate the terms of the Rules, any
    applicable laws or any order, charge or agreement by which it is bound.

 

	9.	FEES
    AND EXPENSES

 

	 	9.1	Fees:
    There will be no fees charged directly to the Trustee or the Trust by the Custodian for the services provided by it under
    this Agreement. Payment of such fees will be made by the Sponsor pursuant to the Allocated Platinum Account Agreement.
	 	 	 
	 	9.2	Expenses:
    Pursuant to a separate agreement between the Sponsor and the Custodian, to which the Custodian has agreed, the Sponsor
    shall pay to the Custodian on demand all costs, charges and expenses (excluding (i) any relevant taxes and VAT (if chargeable),
    duties and other governmental charges, (ii) fees for storage of the Platinum, which will be recovered under the Allocated
    Platinum Account Agreement, and (iii) indemnification obligations of the Trustee under clause 10.5, which will be paid
    pursuant to the following sentence) incurred by the Custodian in connection with the performance of its duties and obligations
    under this Agreement or otherwise in connection with the Platinum. The Trustee will procure payment on demand, solely from
    and to the extent of the assets of the Trust, of any other costs, charges and expenses not assumed by the Sponsor under its
    agreement with the Custodian referenced in this clause 9.2 (including any relevant taxes (other than VAT, which is
    addressed in clause 12.1), duties, other governmental charges and indemnification claims of the Custodian payable by
    the Trustee pursuant to clause 10.5, but excluding fees for storage of the Platinum, which will be recovered under
    the Allocated Platinum Account Agreement) incurred by the Custodian in connection with the Platinum.
	 	 	 
	 	9.3	Credit
    Balances: No interest or other amount will be paid by the Custodian on any credit balance on the Trust Unallocated Account
    unless otherwise agreed by the Custodian and the Trustee.
	 	 	 
	 	9.4	No
    Recovery from Trust: Amounts payable pursuant to this clause 9 (including clause 9.5) shall not be debited
    from the Trust Unallocated Account, but shall be payable, as applicable, by the Sponsor or the Trustee on behalf of the Trust,
    and the Custodian hereby acknowledges that it will have no recourse against Platinum standing to the credit of the Trust Unallocated
    Account or to the Trustee individually in respect of any such amounts.
	 	 	 
	 	9.5	Default
    Interest: If the Trustee or the Sponsor, as applicable, fails to procure payment to the Custodian of any amount when it
    is due, the Custodian reserves the right to charge interest (both before and after any judgment) on any such unpaid amount
    calculated at a rate equal to 2% above the overnight London Interbank Offered Rate (LIBOR) for the currency in which the amount
    is due. Interest will accrue on a daily basis and will be due and payable as a separate debt.

 

    	 	14	 

     

    

 

	10.	SCOPE
    OF RESPONSIBILITY

 

	 	10.1	Exclusion
    of Liability: The Custodian will use reasonable care in the performance of its duties under this Agreement and will only
    be responsible for any loss or damage suffered by the Trustee or the Trust as a direct result of any negligence, fraud or
    willful default on its part in the performance of its duties, and in which case its liability will not exceed the market value
    of the Platinum credited to the Trust Unallocated Account and the Trust Allocated Account at the time such negligence, fraud
    or willful default is either discovered by or notified to the Custodian (such market value calculated using the nearest available
    LBMA Platinum Price PM following the occurrence of such negligence, fraud or willful default), provided that, in the case
    of such discovery by or notification to the Custodian, the Custodian notifies the Sponsor and the Trustee promptly after any
    discovery of such negligence, fraud or willful default. If the Custodian delivers from the Trust Unallocated Account Platinum
    that is not of the gross weight the Custodian has represented to the Trustee or that is not in accordance with the Rules,
    recovery by the Trustee, to the extent such recovery is otherwise allowed, shall not be barred by any delay in asserting a
    claim because of the failure to discover the corresponding loss or damage regardless of whether such loss or damage could
    or should have been discovered.
	 	 	 
	 	10.2	No
    Duty or Obligation: The Custodian is under no duty or obligation to make or take any special arrangements or precautions
    beyond those required by the Rules or as specifically set forth in this Agreement.
	 	 	 
	 	10.3	Insurance:
    The Custodian (or one of its Affiliates) shall make such insurance arrangements from time to time in connection with the
    Custodian’s custodial obligations under this Agreement as the Custodian considers appropriate and will be responsible
    for all costs, fees and expenses (including any relevant taxes) in relation to such insurance policy or policies. Upon reasonable
    prior written notice, in connection with the preparation of the initial registration statement under the United States Securities
    Act of 1933, as amended, covering any Shares, the Custodian will allow its insurance to be reviewed by the Trustee and by
    the Sponsor. The Custodian also will allow from time to time the Trustee and the Sponsor to review such insurance in connection
    with any amendment to that initial registration statement or any future registration statement that covers the Shares and
    any amendment thereto, in each case upon reasonable prior written notice from the Trustee. Any permission to review the Custodian’s
    insurance is limited to the term of this Agreement and is conditioned on the reviewing party executing a form of confidentiality
    agreement provided by the Custodian, or if the confidentiality agreement is already in force, acknowledging that the review
    is subject thereto. In the event that the Custodian (or one of its Affiliates) elects to reduce, cancel or not to renew the
    Custodian’s insurance, the Custodian will give the Trustee and the Sponsor written notice of any such election within
    no more than 15 days after the date of any such election.

 

    	 	15	 

     

    

 

	 	10.4	Force
    Majeure: The Custodian shall not be liable for any delay in performance, or for the non-performance, of any of its obligations
    under this Agreement by reason of any cause beyond the Custodian’s reasonable control. This includes any act of God
    or war or terrorism, any breakdown, malfunction or failure of, or connected with, any communication, computer, transmission,
    clearing or settlement facilities, industrial action, or acts, rules and regulations of any governmental or supra national
    bodies or authorities or any relevant regulatory or self-regulatory organization.
	 	 	 
	 	10.5	Indemnity:
    The Trustee, solely from and to the extent of the assets of the Trust, shall indemnify and keep indemnified the Custodian
    (on an after tax basis) on demand against all costs and expenses, damages, liabilities and losses (other than VAT, which is
    addressed in clause 12.1) and the expenses assumed by the Sponsor under its agreement with the Custodian referenced
    in clause 9.2) which the Custodian may suffer or incur, directly or indirectly in connection with this Agreement, except
    to the extent that such sums are due directly to the negligence, willful default or fraud of the Custodian.
	 	 	 
	 	10.6	Custodian’s
    Interests and Affiliates’ Interests: The Custodian has the right, without notifying the Trustee, to act upon the
    Trustee’s instructions or to take any other action permitted by the terms of this Agreement where:
	 	 	 
	 	(a)	the
    Custodian, directly or indirectly, has an interest in the consequences of such instruction or action;
	 	 	 
	 	(b)	except
    as otherwise provided in this Agreement, the Custodian processes the Trustee’s instructions on an aggregated basis together
    with similar instructions from other clients; or
	 	 	 
	 	(c)	the
    Custodian, except as otherwise provided in this Agreement, has a relationship with another party which does or may create
    a conflict with its duty to the Trustee or the Trust including (without prejudice) circumstances where the Custodian or any
    of its associates may (i) act as financial adviser, banker or otherwise provide services to a contract counterparty of the
    Trustee or the Trust; (ii) act in the same arrangement as agent for more than one client; or (iii) earn profits from any of
    the activities listed herein.
	 	 	 
	 		The
    Custodian or any of its divisions, branches or Affiliates may be in possession of information tending to show that the action
    required by the Trustee’s instructions may not be in the Trust’s best interests, but shall not have any duty to
    disclose any such information.

 

    	 	16	 

     

    

 

	11.	TERMINATION

 

	 	11.1	Notice:
    Any termination notice given by the Trustee under clause 11.2 must specify:
	 	 	 
	 	(a)	the
    date on which the termination will take effect;
	 	 	 
	 	(b)	the
    person to whom the Platinum is to be transferred; and
	 	 	 
	 	(c)	all
    other necessary arrangements for the transfer of Platinum to the order of the Trustee.
	 	 	 
	 	11.2	Term:
    This Agreement shall have a fixed term up to and including five (5) years and will automatically renew for further successive
    terms of one (1) year thereafter unless terminated by the parties in accordance with this clause 11; provided that
    during such periods (i) either the Trustee or the Custodian may terminate this Agreement for any reason or for no reason by
    giving not less than 90 days’ written notice to the other party and (ii) this Agreement may be terminated immediately
    upon written notice as follows:
	 	 	 
	 	(a)	by
    the Trustee, if the Custodian ceases to offer the services contemplated by this Agreement to its clients or proposes to withdraw
    from the platinum business;
	 	 	 
	 	(b)	by
    the Trustee or the Custodian, if it becomes unlawful for the Custodian to be a party to this Agreement or to offer its services
    to the Trust on the terms contemplated by this Agreement or if it becomes unlawful for the Trustee or the Trust to receive
    such services or for the Trustee to be a party to this Agreement;
	 	 	 
	 	(c)	by
    the Custodian, if there is any event which, in the Custodian’s reasonable view, indicates the Trust’s or the Sponsor’s
    insolvency or impending insolvency;
	 	 	 
	 	(d)	by
    the Trustee, if there is any event which, in the Sponsor’s reasonable view, indicates the Custodian’s or the Sponsor’s
    insolvency or impending insolvency;
	 	 	 
	 	(e)	by
    the Trustee, if the Trust is to be terminated; or
	 	 	 
	 	(f)	by
    the Trustee or by the Custodian, if the Allocated Platinum Account Agreement ceases to be in full force and effect at any
    time.
	 	 	 
	 	11.3	Change
    in Trustee or the Sponsor: If there is any change in the identity of the Trustee or the Sponsor in accordance with the
    Trust Agreement, then the Custodian, the Trustee, the Sponsor and the Trust shall, subject to the last sentence of this clause
    11.3, execute such documents and shall take such actions as the new Trustee or Sponsor and the outgoing Trustee or Sponsor
    may reasonably require for the purpose of vesting in the new Trustee or Sponsor the rights and obligations of the outgoing
    Trustee or Sponsor, and releasing the outgoing Trustee or Sponsor from its future obligations under this Agreement. The Custodian’s
    obligations under this clause 11.3 shall be conditioned on the Custodian having conducted prompt, reasonable and proportionate
    due diligence to the Custodian’s reasonable satisfaction on any such new Trustee or Sponsor.

 

    	 	17	 

     

    

 

	 	11.4	Redelivery
    Arrangements: If the Trustee does not make arrangements acceptable to the Custodian for the delivery of the Platinum,
    the Custodian may continue to maintain the Trust Unallocated Account, in which case the Custodian will continue to charge
    the fees and expenses payable under clause 10 of the Allocated Platinum Account Agreement. If the Trustee has not made arrangements
    acceptable to the Custodian for the transfer of Platinum from the Trust Unallocated Account within 6 months of the date specified
    in the termination notice as the date on which the termination will take effect, the Custodian will be entitled to close the
    Trust Unallocated Account and sell the Platinum (at such time and on such markets as the Custodian considers appropriate)
    and account to the Trustee for the proceeds.
	 	 	 
	 	11.5	Existing
    rights: Termination shall not affect rights and obligations then outstanding under this Agreement which shall continue
    to be governed by this Agreement until all obligations have been fully performed.

 

	12.	VALUE
    ADDED TAX

 

	 	12.1	VAT
    Inclusive: All sums payable or other consideration provided to the Custodian by the Trustee or the Sponsor in connection
    with this Agreement and the Allocated Platinum Account Agreement (including pursuant to the separate agreement referred to
    in clause 10.1 of the Allocated Platinum Account Agreement) are inclusive of any VAT which is or becomes chargeable on any
    supplies made by the Custodian pursuant to this Agreement and the Allocated Platinum Account Agreement.

 

	13.	NOTICES

 

	 	13.1	Notices:
    Except as provided in clauses 2.3, 3.2, 4.6, 5.2 and 15.5, any notice or other communication shall be delivered
    personally or sent by first class post, pre-paid recorded delivery (or air mail if overseas), authenticated electronic transmission
    (including email and SWIFT) or such other electronic transmission as the parties may from time to time agree, to the party
    due to receive the notice or communication, at its address, number or destination set out in clause 13.3 or another
    address, number or destination specified by that party by written notice to the other.
	 	 	 
	 	13.2	Deemed
    Receipt of Notice: A notice or other communication under or in connection with clause 13.1 will be deemed received
    only if actually received or delivered.

 

    	 	18	 

     

    

 

	 	13.3	Contact
    Information: The addresses and numbers of the parties for the purposes of clauses 5.2 and 13.1 are:

 

The
Custodian:

 

ICBC
Standard Bank Plc

20
Gresham Street

London

EC2V
7JE

Attention:
Precious Metals Operations

E-mail:
London.PreciousMetalsOperations@icbcstandard.com and

Bullion.Physical@icbcstandard.com

 

The
Trustee:

 

The
Bank of New York Mellon

2
Hanson Place

Brooklyn,
New York 11217

Attention:
Chris Yedreyeski

Facsimile:
718-315-4927

E-Mail:
etfservicescom@bnymellon.com

 

The
address and numbers of the Sponsor for purposes of receiving notices under this Agreement are:

 

The
Sponsor:

 

GraniteShares
LLC

30
Vesey Street – 9th Floor

New
York NY 10007

Attention:
Benoit Autier

Telephone:
+1 917 338 0565

E-Mail:
benoit.autier@graniteshares.com

 

	 	13.4	Recording
    of Calls: The Custodian and the Trustee may each record telephone conversations without use of a warning tone. Such recordings
    will be the recording party’s sole property and accepted by the other party hereto as evidence of the orders or instructions
    given, provided that (i) in case of any dispute or disagreement regarding any conversation so recorded the recording party
    will promptly share the recordings with the other party and its representatives and (ii) the recording party will have no
    obligation to retain any such recordings prior to becoming aware of any such dispute or disagreement.

 

    	 	19	 

     

    

 

	14.	GENERAL

 

	 	14.1	Role
    of Trustee: The Trustee is a party to this Agreement solely in its capacity as Trustee for the Shareholders and accordingly
    (i) the Trustee shall only be liable to satisfy any obligations under this Agreement, including any obligations or liabilities
    arising in connection with any default by the Trustee under this Agreement, to the extent of the assets held from time to
    time by the Trustee as trustee of the Trust (the “Trust Assets”) to the extent authorized by the Trust
    Agreement and (ii) no recourse shall be had to (a) any assets other than the Trust Assets, including any of the assets held
    by the Trustee as trustee, co-trustee or nominee of a trust other than the Trust, as owner in its individual capacity or in
    any way other than as trustee of the Trust; or (b) the Trustee for any assets that have been distributed by the Trustee to
    the beneficiaries of the Trust.
	 	 	 
	 	14.2	No
    Advice: The Custodian’s duties and obligations under this Agreement do not include providing the other party with
    investment advice. In asking the Custodian to open and maintain the Trust Unallocated Account, the Trustee acknowledges that
    it is acting pursuant to the Trust Agreement, and the Custodian shall not owe to the Trustee or the Trust any duty to exercise
    any judgement on their behalf as to the merits or suitability of any deposits into, or withdrawals from, the Trust Unallocated
    Account.
	 	 	 
	 	14.3	Rights
    and Remedies: The Custodian hereby waives any right it has or may hereafter acquire to combine, consolidate or merge the
    Metal Accounts with any other account of the Trust or the Trustee or to set off any liabilities of the Trust or the Trustee
    to the Custodian and agrees that it may not set off, transfer or combine or withhold payment of any sum standing to the credit
    or to be credited to the Metal Accounts in or towards or conditionally upon satisfaction of any liabilities to it of the Trust
    or the Trustee. Subject thereto, the Custodian’s rights under this Agreement are in addition to, and independent of,
    any other rights which the Custodian may have at any time in relation to the Metal Accounts.
	 	 	 
	 	14.4	Business
    Day: If an obligation of a party would otherwise be due to be performed on a day which is not a New York Business Day
    or a London Business Day, as the case may be, in respect of the Trust Unallocated Account, such obligation shall be due to
    be performed on the next succeeding New York Business Day or London Business Day, as the case may be, in respect of the Trust
    Unallocated Account.
	 	 	 
	 	14.5	Assignment:
    This Agreement is for the benefit of and binding upon both the Custodian and the Trustee and their respective successors
    and assigns. Save as expressly provided in clause 11.3 and this clause 14.5, no party may assign, transfer or
    encumber, or purport to assign, transfer or encumber, any right or obligation under this Agreement unless the other party
    otherwise consents in writing, except that consent is not required where the Custodian assigns, transfers or encumbers any
    right or obligation under this Agreement to an Affiliate. This clause shall not restrict the Custodian’s power to merge
    or consolidate with any party, or to dispose of all or part of its custody business, and further provided that this clause
    shall not restrict the Trustee from assigning its rights hereunder to a Shareholder to the extent required for the Trust to
    fulfill its obligations under the Trust Agreement.

 

    	 	20	 

     

    

 

	 	14.6	Amendments:
    Any amendment to this Agreement must be agreed in writing and be signed by the Trustee and the Custodian. Unless otherwise
    agreed, an amendment will not affect any legal rights or obligations which may already have arisen.
	 	 	 
	 	14.7	Partial
    Invalidity: If any of the clauses (or part of a clause) of this Agreement becomes invalid or unenforceable in any way
    under the Rules or any law, the validity of the remaining clauses (or part of a clause) will not in any way be affected or
    impaired.
	 	 	 
	 	14.8	Liability:
    Nothing in this Agreement shall exclude or limit any liability which cannot lawfully be excluded or limited (e.g. liability
    for personal injury or death caused by negligence).
	 	 	 
	 	14.9	Entire
    Agreement: This Agreement and the Allocated Platinum Account Agreement represent the entire agreement between the parties
    in respect of their subject matter. This Agreement and the Allocated Platinum Account Agreement supersede and replace any
    prior existing agreement between the parties hereto relating to the same subject matter.
	 	 	 
	 	14.10	Counterparts:
    This Agreement may be executed in any number of counterparts, each of which when executed and delivered is an original,
    but all the counterparts together constitute the same agreement.

 

	15.	GOVERNING
    LAW AND JURISDICTION

 

	 	15.1	Governing
    Law: This Agreement is governed by, and will be construed in accordance with, English law.
	 	 	 
	 	15.2	Jurisdiction:
    The Trustee and the Custodian agree that the courts of the State of New York, in the United States of America, and the
    United States federal court located in the Borough of Manhattan in such state, are to have jurisdiction to settle any Disputes
    which may arise out of or in connection with this Agreement and, for these purposes the Trustee and the Custodian irrevocably
    submits to the non-exclusive jurisdiction of such courts, waive any claim of forum non conveniens and any objection to laying
    of venue, and further waive any personal service.
	 	 	 
	 	15.3	Waiver
    of Immunity: To the extent that the Trustee may in any jurisdiction claim as Trustee, the Trust or its assets any immunity
    from suit, judgment, enforcement or otherwise howsoever, the Trustee agrees not to claim, and irrevocably waives, any such
    immunity to which it would otherwise be entitled (whether on grounds of sovereignty or otherwise) to the full extent permitted
    by the laws of such jurisdiction.

 

    	 	21	 

     

    

 

	 	15.4	Third
    Party Rights: Except with respect to the Trust, which shall be considered a beneficiary of this entire Agreement, and
    the Sponsor, which shall be considered a beneficiary (as applicable) of clauses 2.6, 2.7, 3.3, 4.3, 6.2, 10.1, 10.3, 11.3,
    13.3 and 15.4, the Custodian does not owe any duty or obligation or have any liability towards any person who is
    not a party to this Agreement. Except as set forth in this clause 15.4, this Agreement does not confer a benefit on
    any person who is not a party to it. The parties to this Agreement do not intend that any term of this Agreement shall be
    enforceable by any person who is not a party to it and do intend that the Contracts (Rights of Third Parties) 1999 Act shall
    not apply to this Agreement, provided that the Sponsor may enforce its rights under clauses 2.6, 2.7, 3.3, 4.3, 6.2, 10.1,
    10.3, 11.3, 13.3 and 15.4. Nothing in this paragraph is intended to limit the obligations hereunder of any successor
    Trustee of the Trust or to limit the right of any successor Trustee of the Trust to enforce the Custodian’s obligations
    hereunder.
	 	 	 
	 	15.5	Service
    of Process: Process by which any proceedings are begun may be served on a party by being delivered to the party’s
    address specified below. This does not affect any right to serve process in another manner permitted by law.

 

Custodian’s
Address for service of process:

 

ICBC
Standard Bank Plc

20
Gresham Street

London

EC2V
7JE

Attention:
The Head of Legal

 

Trustee’s
Address for service of process:

 

The
Bank of New York Mellon

225
Liberty Street

New
York, New York 10286

Attention:
Legal Department – Asset Servicing

 

[Signature
Page Follows]

 

    	 	22	 

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date set out on the cover page of this Agreement.

 

Signed
on behalf of

ICBC
STANDARD BANK PLC

 

By
its authorized signatories

 

	Signature	/s/Dominique
    Spurr	 	Signature	/s/Paul
McKerrell
	Name	Dominique
    Spurr	 	Name	Paul
    McKerrell
	Title	Legal
    Department	 	Title	Authorised
    Signatory
	Date	January
    8, 2018	 	Date	January
    8, 2018

 

Signed
on behalf of

THE
BANK OF NEW YORK MELLON,

solely
in its capacity as trustee of the GraniteShares Platinum Trust and

not
individually

 

By
its authorized signatory

 

	Signature	 
    /s/.     Elizabeth Stubenrauch	 
	Name	Elizabeth
    Stubenrauch	 
	Title	Vice
    President 	 
	Date	January
    8, 2018	 

 

[Signature
Page to Unallocated Platinum Account Agreement]

 

    	 	23

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