Document:

GraniteShares Platinum Trust S-1

Exhibit 4.2 

 

AUTHORIZED PARTICIPANT AGREEMENT

 

This AUTHORIZED PARTICIPANT
AGREEMENT (this “Agreement”) dated as of _____________, 2017, by and among (i) [Name of Authorized Participant],
a [AP Entity Type] organized under the laws of [Jurisdiction of AP] (the “Authorized Participant”),
(ii) The Bank of New York Mellon, a New York banking corporation acting in its capacity as trustee (in such capacity, the “Trustee”)
of the Trust(s) listed on the attached Schedule A, which is a part of this Agreement, (each, a “Trust”
and, collectively, the “Trusts”), with each Trust created under New York law pursuant to its respective Depositary
Trust Agreement identified on the attached Schedule A (each a “Trust Agreement” and, collectively, the
“Trust Agreements”), and (iii) GraniteShares LLC, in its capacity as sponsor of each Trust (in such capacity,
the “Sponsor”).

 

RECITALS

 

Section
A.         Pursuant to the provisions of the applicable Trust Agreement, each Trust may from time to time issue or redeem equity
securities representing an interest in the assets of such Trust (“Shares”), in each case only in aggregate amounts
of Shares as set out on Schedule A (each such aggregate amount, a “Basket”), and integral multiples thereof,
and only in transactions with a party who, at the time of the transaction, shall have signed and entered into an effective Authorized
Participant Agreement with the Sponsor and the Trustee.

 

Section
B.         [Name of AP] has requested to become an “Authorized Participant” with respect to each Trust (as
such term is defined in the applicable Trust Agreement), and the Sponsor and the Trustee have agreed to such request.

 

NOW, THEREFORE, in
consideration of the foregoing premises, and for other good and valuable consideration, the receipt of which is hereby acknowledged,
the parties hereto, intending to be legally bound, agree as follows:

 

Section
1.          Procedures. The Authorized Participant will purchase or redeem Baskets of the relevant Trust in compliance
with procedures provided in the relevant Trust Agreement as supplemented by the Creation and Redemption Procedures attached to
this Agreement as Schedule 1 (such procedures, as the same may be amended or modified from time to time in compliance with
the provisions hereof and thereof, the “Procedures”), using either (i) the form attached thereto as Annex
I (a “Purchase Order”, in the case of an order to purchase one or more Baskets issued by a specified Trust
and a “Redemption Order”, in case of an order to redeem one or more Baskets issued by a specified Trust) or
(ii) through the Trustee’s electronic order entry system, as such may he made available and constituted from time to time, the
use of which shall be subject to the terms and conditions attached thereto as Annex  II. All Purchase Orders and Redemption
Orders (collectively, “Orders”) shall be placed and executed in accordance with the relevant Trust Agreement
as supplemented by the Procedures. Capitalized terms used in this Agreement and not otherwise defined herein have the meaning ascribed
to them in the Procedures.

 

     

     

    

 

Section
2.          Incorporation of Standard Terms. The Standard Terms for Authorized Participant Agreements (the “Standard
Terms”) attached hereto as Schedule 2 are hereby incorporated by reference into, and made a part of, this Agreement.

 

Section
3.          Conflicts Rules. In case of any inconsistency between the provisions of this Agreement and an applicable Trust
Agreement, the provisions of such Trust Agreement shall control. In case of inconsistency between the provisions incorporated by
reference into this Agreement pursuant to Section 2 above and any other provision of this Agreement, the latter will control.

 

Section
4.          Authorized Representatives. Pursuant to Section 2.01 of the Standard Terms, attached hereto as Schedule
2-A is a certificate listing the Authorized Representatives of the Authorized Participant.

 

Section
5.          
Additional Covenants. The Authorized Participant covenants and agrees:

 

(a)          to ensure that any Delivery of Bullion to the Custodian, or any withdrawal of applicable Bullion from the applicable
Trust, made in connection with a Purchase Order or Redemption Order placed by the Authorized Participant will take place only through
one or more custodian members of the London Bullion Market Association or the London Platinum and Palladium Market, as appropriate,
under the terms of the applicable Trust Agreement;

 

(b)          promptly upon written demand therefore (accompanied by such reasonable evidence as the Authorized Participant may
request), to reimburse the relevant Trust, the Sponsor, the Trustee or the Custodian the amount of any taxes (including, without
limitation, value added taxes) or governmental charges, and any applicable penalties, assessments to tax or interest thereon, that
may be imposed on the relevant Trust, the Sponsor, the Trustee or the Custodian in connection with (i) any Delivery of Bullion
by or on behalf of the Authorized Participant to the Custodian (in the case of a Purchase Order placed by the Authorized Participant),
or (ii) any Delivery of Bullion to or for the account of the Authorized Participant (in the case of a Redemption Order placed by
the Authorized Participant).

 

Section
6.           Notices. Except
as otherwise specifically provided in the Procedures, all notices required or permitted to be given pursuant hereto shall be given
in writing and delivered by personal delivery, by nationally recognized overnight courier (delivery confirmation received), by
postage prepaid registered or certified United States first class mail, return receipt requested, or, if available, by facsimile
(transmission confirmation received, with a confirming copy given by regular mail) addressed as follows:

 

(i)        If
to the Trustee:

 

The Bank of New York Mellon 

2 Hanson Place 

9th Floor 

Brooklyn, New York 11217 

Attn: ETF Services, Brooklyn 

Telephone: (718) 315-5013 

Facsimile: (718) 315-4850

E-Mail: etfservicescom@bnymellon.com 

 

     

     

    

 

(ii)       If
to the Sponsor: 

 

GraniteShares LLC 

30 Vesey Street 

9th Floor 

New York, New York 10007 

Attn: President 

Telephone: (917) 338-0565 

E-Mail: benoit.autier@graniteshares.com

 

(iii)       if
to the Authorized Participant:

 

[Name of Authorized Participant] 

[Address]  

		 	Telephone:	 	 

		 	Facsimile:	 	 

		 	E-Mail:	 	 

 

or such other address as any of the parties
hereto shall have communicated in writing to the remaining parties in compliance with the provisions hereof. Notice shall be deemed
received as indicated by the delivery confirmation (if delivery is by overnight courier or facsimile) or on the third Business
Day following mailing (if delivery is by registered or certified United States first class mail).

 

Section
7.          
Effectiveness, Termination and Amendment. This Agreement shall become effective upon execution and delivery
by each of the parties hereto. This Agreement may be terminated at any time by any party upon sixty (60) days prior written notice
to the other parties and may be terminated earlier by the Trustee or the Sponsor at any time on the event of a breach by the Authorized
Participant of any provision of this Agreement (including, without limitation, the Standard Terms incorporated by Section 2
hereof) or the Procedures. This Agreement, along with any other agreement or instrument delivered pursuant to this Agreement, supersedes
any prior agreement between or among the parties concerning the matters governed hereby. This Agreement may be amended by the Trustee
and the Sponsor from time to time without the consent of the Authorized Participant or any Registered Owner or Beneficial Owner
by the following procedure: the Trustee or the Sponsor will deliver a copy of the amendment to the Authorized Participant in compliance
with the notice provisions of this Agreement; if the Authorized Participant does not object in writing to the amendment within
fifteen (15) Business Days after receipt of the proposed amendment, the amendment will become part of this Agreement in accordance
with its terms. Titles and section headings in this Agreement (and in the Standard Terms incorporated by Section 2 hereof
and the Procedures) are included solely for convenient reference and are not a part of this Agreement. Notwithstanding anything
in this Agreement to the contrary, Schedule A to this Agreement may be updated from time to time by the Sponsor’s
delivery of an updated Schedule A to the Authorized Participant and the Trustee using the facsimile or electronic mail contact
information provided for in Section 6 hereof or such other facsimile or electronic mail contact information as has been
communicated to the Sponsor pursuant to Section 6 hereof. Any updated Schedule A to this Agreement shall be effective upon
its receipt by the Authorized Participant and the Trustee.

 

     

     

    

 

Section
8.          
Governing Law. This Agreement and all the transactions hereunder shall be governed by and interpreted in accordance
with the laws of the State of New York (regardless of the laws that might otherwise govern under applicable New York conflict law
principles) as to all matters, including, without limitation, matters of validity, construction, effect, performance and remedies.
The parties irrevocably submit to the non-exclusive jurisdiction of any New York State or United States Federal court sitting in
New York City over any suit, action or proceeding arising out of, or relating to, this Agreement.

 

Section
9.          
Assignment. No party to this Agreement shall assign any rights, or delegate the performance of any obligations,
arising hereunder without the prior written consent of the other parties hereto, which shall not be unreasonably withheld; provided
that any entity into which a party hereto may be merged or converted, or with which it may be consolidated, or any entity resulting
from any merger, consolidation or conversion to which a party hereunder shall be a party, shall be the successor of such party
hereunder without further action. The party resulting from any such merger, conversion, consolidation or succession shall promptly
notify the other parties hereto of the change. Any purported assignment or delegation in violation of this Section 9 shall
be null and void. Notwithstanding the foregoing, any successor Trustee appointed in compliance with the applicable Trust Agreement
shall automatically become a party hereto and shall assume all the obligations of, and be entitled to all the rights and remedies
of, the Trustee hereunder with respect to the applicable Trust.

 

Section
10.         No Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the
parties to express their mutual intent, and no rule of strict construction will be applied against any party.

 

Section
11.         Counterparts. This Agreement may be executed in several counterparts, each of which shall be an original and
all of which shall constitute but one and the same instrument.

 

[Signatures Follow on Next Page]

 

     

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Authorized Participant Agreement as of the date set forth above.

 

THE BANK OF NEW YORK MELLON, 

in its capacity as Trustee of the Trusts listed on Schedule
A hereto

 

	By:	 	 
	Name:	 
	Title:	 

 

GRANITESHARES LLC, 

in its capacity as Sponsor of the Trusts listed on Schedule
A hereto

 

	By:	 	 
	Name:	 
	Title:	 

  

[Name of Authorized Participant], 

in its capacity as an Authorized Participant of the Trusts listed
on Schedule A hereto

 

	By:	 	 
	Name:	 
	Title:	 

 

     

     

    

 

 

SCHEDULE A – APPLICABLE TRUSTS

 

		●	GraniteShares Gold Trust, a trust created under New York law pursuant to that certain Depositary
Trust Agreement dated as of _____________, 2017, between the Trustee and the Sponsor, as may be amended from time to time.

		●	GraniteShares Silver Trust, a trust created under New York law pursuant to that certain Depositary
Trust Agreement dated as of _____________, 2017, between the Trustee and the Sponsor, as may be amended from time to time.

		●	GraniteShares Platinum Trust, a trust created under New York law pursuant to that certain Depositary
Trust Agreement dated as of _____________, 2017, between the Trustee and the Sponsor, as may be amended from time to time.

		●	GraniteShares Palladium Trust, a trust created under New York law pursuant to that certain Depositary
Trust Agreement dated as of _____________, 2017, between the Trustee and the Sponsor, as may be amended from time to time.

 

DELIVERY LOCATIONS, BASKET SIZES 

AND BULLION OUNCES PER SHARE

 

Description of Delivery and Basket Sizes:

 

	 	 	Delivery of Bullion	 	Shares Per Basket	 	Oz. per Share at Inception
	GraniteShares Gold Shares	 	Loco London	 	10,000	 	0.1
	 	 	 	 	 	 	 
	GraniteShares Silver Shares	 	Loco London	 	50,000	 	1.0
	 	 	 	 	 	 	 
	GraniteShares Platinum Shares	 	Loco London	 	15,000	 	0.1
	 	 	 	 	 	 	 
	GraniteShares Palladium Shares	 	Loco London	 	25,000	 	0.1

 

     

     

    

 

SCHEDULE 1- CREATION AND REDEMPTION PROCEDURES

 

TABLE OF CONTENTS - SCHEDULE 1

 

ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 

Section 1.01 Definitions 

Section 1.02 Interpretation

Section 1.03 Two Day Settlement

 

ARTICLE II CREATION PROCEDURES 

Section 2.01 Initial Creation of Shares 

Section 2.02 Subsequent Creation of Shares

 

ARTICLE III REDEMPTION PROCEDURES 

Section 3.01 Redemption of Shares

 

ANNEX I TO CREATION AND REDEMPTION PROCEDURES 

Creation/Redemption Order Form

 

ANNEX II TO CREATION AND REDEMPTION PROCEDURES 

Order Entry System Terms and Conditions

 

     

     

    

 

CREATION AND REDEMPTION PROCEDURES

 

Adopted by the Sponsor and Trustee (each
as defined below) as of ___________, 2017

 

ARTICLE I

 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL
APPLICATION

 

Section 1.01. Definitions.
For purposes of these Procedures, and the Standard Terms incorporated by reference into the Authorized Participant Agreement to
which these Procedures are attached, unless the context otherwise requires, the following terms will have the following meanings:

 

“Affiliate” shall have
the meaning given to it by Rule 501(b) under the Securities Act.

 

“AP Indemnified Party”
shall have the meaning ascribed to such term in Section 6.01(a) of the Standard Terms.

 

“Authorized Participant”
shall have the meaning ascribed to the term in the introductory paragraph of the Authorized Participant Agreement.

 

“Authorized Participant Agreement”
shall mean each Authorized Participant Agreement among the Authorized Participant, the Trustee and the Sponsor authorizing the
Authorized Participant to submit Purchase Orders and Redemption Orders and into which these Procedures, attached as Schedule I
thereto, and the Standard Terms, attached as Schedule 2 thereto, shall have been incorporated by reference.

 

“Authorized Participant Client”
means any party on whose behalf the Authorized Participant acts in connection with an Order (whether a customer or otherwise).

 

“Authorized Representative”
shall mean, with respect to an Authorized Participant, each individual who, pursuant to the provisions of the Authorized Participant
Agreement between such Authorized Participant, the Sponsor and the Trustee, has the power and authority to act on behalf of the
Authorized Participant in connection with the placement of Purchase Orders or Redemption Orders and is in possession of the personal
identification number (PIN) assigned by the Trustee for use in any communications regarding Purchase Orders or Redemption Orders
on behalf of such Authorized Participant.

 

“Basket” shall have
the meaning ascribed to the term in Section 1.1 of the relevant Trust Agreement.

 

“Basket Amount” meaning
the specific amount of Bullion defined in Section 1.1 of the relevant Trust Agreement.

 

“Benchmark Price” shall
have the meaning ascribed to the term in Section 1.1 of the relevant Trust Agreement.

 

     

     

    

 

“Beneficial Owner” shall
have the meaning ascribed to the term in Section 1.1 of the relevant Trust Agreement.

 

“Bullion” means Gold,
Silver, Platinum or Palladium, as appropriate.

 

“Business Day” shall
have the meaning ascribed to the term in Section 1.1 of the relevant Trust Agreement.

 

“Creation” means the
process that begins when an Authorized Participant first indicates to the Trustee its intention to purchase one or more Baskets
of a specified Trust pursuant to these Procedures and concludes with the issuance by the Trustee and Delivery to such Authorized
Participant of the corresponding number of Shares of such Trust.

 

“Creation and Redemption Line”
shall mean a telephone number designated as such by the Trustee and specified in Annex I of the Procedures or otherwise
communicated to each Authorized Participant in compliance with the notice provisions of the respective Authorized Participant Agreement.

 

“Custodian” shall have
the meaning ascribed to the term in Section 1.1 of the relevant Trust Agreement.

 

“Custody Agreement”
shall have the meaning ascribed to the term in Section 1.1 of the relevant Trust Agreement.

 

“Delivery” shall mean
a delivery of Bullion or Shares, as applicable, in each case effected according to the definition of “Delivery”
in Section 1.1 of the relevant Trust Agreement.

 

“Depositor” shall mean
any Authorized Participant that deposits Bullion into the relevant Trust, either for its own account or on behalf of another Person
that is the owner or beneficial owner of that Bullion.

 

“Deposit Property” means
property which, in compliance with the provisions of the relevant Trust Agreement, must be transferred by the Authorized Participant
to the relevant Trust in exchange for such Trust’s Shares.

 

“DTC” shall mean The
Depository Trust Company, its nominees and their respective successors.

 

“DTC Participant” shall
have the meaning ascribed to the term in Section 1.1 of the relevant Trust Agreement.

 

“FINRA” means the Financial
Industry Regulatory Authority.

 

“Gold” or “gold”
shall have the meaning ascribed to the term in Section 1.1 of the Trust Agreement for the GraniteShares Gold Trust relating to
gold.

 

     

     

    

 

“Initial Creation” shall
mean the initial creation of Shares pursuant to the provisions of Section 2.01 hereof.

 

“LBMA” shall mean the
London Bullion Market Association or its successor.

 

“LBMA London Good Delivery Standards”
shall mean the specifications for “good delivery” gold and silver bars, including the specifications for weight, dimensions,
fineness (or purity), identifying marks and appearance of gold and silver bars, set forth in “The Good Delivery Rules for
Gold and Silver Bars” published by the LBMA.

 

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

 

“LPPM” shall mean the
London Platinum and Palladium Market or its successor.

 

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

 

“Order” shall have the
meaning ascribed to it in Section 1 of the Authorized Participant Agreement.

 

“Order Cutoff Time”
shall have the meaning ascribed to the term in Section 1.1 of the relevant Trust Agreement.

 

“Order Date” shall have,
(i) with respect to a Purchase Order, the meaning ascribed to the term in Section 2.3(a) of the relevant Trust Agreement; and (ii)
with respect to a Redemption Order, the meaning ascribed to the term in Section 2.6(a) of the relevant Trust Agreement.

 

“Ounce” shall have the
meaning ascribed to the term in Section 1.1 of the relevant Trust Agreement.

 

“Palladium” shall have
the meaning ascribed to the term in Section 1.1 of the Trust Agreement of the GraniteShares Palladium Trust relating to palladium.

 

“Person” shall mean
any natural person or any limited liability company, corporation, partnership, joint venture, association, joint stock company,
trust, unincorporated organization or other entity or government or any agency or political subdivision thereof.

 

“Platinum” shall have
the meaning ascribed to the term in Section 1.1 of the Trust Agreement of the GraniteShares Platinum Trust relating to platinum.

 

“Procedures” shall have
the meaning ascribed to it in Section 1 of the Authorized Participant Agreement.

 

     

     

    

 

“Prospectus” or “Prospectuses”
means the current prospectus of the relevant Trust included in its effective registration statement, as supplemented or amended
from time to time.

 

“Purchase Order” shall
have the meaning ascribed to it in Section 1 of the Authorized Participant Agreement.

 

“Redemption Order” shall
have the meaning ascribed to it in Section 1 of the Authorized Participant Agreement.

 

“Securities Act” means
the Securities Act of 1933, as amended.

 

“Shares” means shares
issued by the relevant Trust pursuant to the provisions of the relevant Trust Agreement.

 

“Sponsor” shall mean
GraniteShares LLC, a Delaware limited liability company, in its capacity as the sponsor of each Trust under the corresponding Trust
Agreement, and any successor thereto in compliance with the provisions thereof.

 

“Sponsor Indemnified Party”
shall have the meaning ascribed to such term in Section 6.01(b) of the Standard Terms.

 

“Standard Terms” shall
have the meaning ascribed to such term in Section 2 of the Authorized Participant Agreement.

 

“Transaction Fee” means
a fee of $500 to be paid by the Authorized Participant to the Trustee for each Purchase Order or Redemption Order. The fee may
be changed by the Trustee with the prior written consent of the Sponsor.

 

“Trustee” shall mean
The Bank of New York Mellon, a New York banking corporation, in its capacity as Trustee under each Trust Agreement, and any successor
thereto in compliance with the provisions thereof.

 

“Trust” or “Trusts”
shall have the meanings ascribed to them in the introductory paragraph of the Authorized Participant Agreement.

 

“Trust Agreement” or
“Trust Agreements” shall have the meanings ascribed to them in the introductory paragraph of the Authorized
Participant Agreement.

 

“Trust Allocated Account”
shall have the meaning ascribed to it in Section 1.1 of the relevant Trust Agreement.

 

“Trust Unallocated Account”
shall have the meaning ascribed to it in Section 1.1 of the relevant Trust Agreement.

 

“Unallocated Basis”
shall have the meaning ascribed to the term in Section 1.1 of the relevant Trust Agreement.

 

     

     

    

 

“VAT” shall mean (a)
any tax imposed pursuant to or in compliance with the Sixth Directive of the Council of the European Economic Communities (77/388/EEC)
including, without limitation, in relation to the United Kingdom, value added tax imposed by-the Value Added Tax Act 1994 and legislation
and regulations supplemental thereto; and (b) any other tax of a similar nature, whether imposed in a member state of the European
Union or elsewhere, in substitution for, or levied in addition to, such tax referred to in “(a)”.

 

Section 1.02. Interpretation.
In these Procedures:

 

Unless otherwise indicated,
all references to Sections, clauses, paragraphs, schedules or exhibits, are to Sections, clauses, paragraphs, schedules or exhibits
in or to these Procedures.

 

To the extent that
term(s) defined in Section 1.01 apply to a Trust that has not commenced operations as of any relevant date and such Trust
is listed or to be listed on Schedule A of the Authorized Participant Agreement, such term(s) shall not be operative and any provisions
relating to such Trust and its Shares contained in the Authorized Participant Agreement shall have no effect until such Trust commences
operations and its applicable Trust Agreement and applicable Custody Agreements have been executed and delivered whereupon such
terms and provisions shall become automatically operative and effective without any further action by the parties to the Authorized
Participant Agreement.

 

The words “hereof”,
“herein”, “hereunder” and words of similar import shall refer to these Procedures as a whole, and not to
any individual provision in which such words may appear.

 

A reference to any
statute, law, decree, rule, regulation or other applicable norm shall be construed as a reference to such statute, law, decree,
rule, regulation or other applicable norm as re-enacted, re-designated or amended from time to time.

 

A reference to any agreement, instrument
or document shall be construed as a reference to such agreement, instrument or document as the same may have been amended from
time to time in compliance with the provisions thereof.

 

Section 1.03. Two
Day Settlement. For all Orders which are placed and accepted on or after such day (the “Effective Date”)
as the settlement cycle for most broker-dealer securities transactions is changed from a three business day settlement cycle to
a two business day settlement cycle (such change is currently scheduled to occur on September 5, 2017), all actions to be performed
by, and all actions to be performed on, the third Business Day after the applicable Order Date in these Procedures shall, on and
after the Effective Date, be performed by, or performed on, the second Business Day after the applicable Order Date. All Orders
which are placed and accepted prior to the Effective Date are not subject to this provision.

 

     

     

    

 

ARTICLE II

CREATION PROCEDURES

 

Section 2.01. Initial
Creation of Shares. The initial creation of Shares of a Trust will take place in compliance with such procedures as the Trustee,
the Sponsor and the initial Depositor may agree.

 

Section 2.02. Subsequent
Creation of Shares. After the Initial Creation, the issuance and Delivery of Shares of a specified Trust shall take place only
in integral numbers of Baskets in compliance with the following rules:

 

a.           Authorized
Participants wishing to acquire from the Trustee one or more Baskets shall place a Purchase Order with the Trustee no later than
3:59:59 p.m. (New York time) on any Business Day on which the Benchmark price is announced. Purchase Orders received by the Trustee
on or after the Order Cutoff Time on a Business Day, or on a Business Day on which the Benchmark Price is not announced, will not
be accepted.

 

b.           For
purposes of Section 2.02a. above, a Purchase Order shall be deemed “received” by the Trustee only when either
of the following has occurred no later than 3:59:59 p.m. (New York time):

 

(i)        Telephone/fax
Order — An Authorized Representative shall have placed a telephone call to the Trustee’s Creation and Redemption Line
and has received an Order Number from the Trustee for insertion in the Purchase Order, or

 

(ii)       Web-based
Order — An Authorized Representative shall have accessed the Trustee’s online services (https://inform.bnymellon.com),
the use of which is subject to the terms and conditions of the Order Entry System Terms and Conditions set forth on Annex II
to these Procedures,

 

in either case informing the Trustee that
the Authorized Participant wishes to place a Purchase Order for a specified number of Baskets and, in the case of a telephone order,
within 15 minutes following such telephone call, the Trustee shall have received a properly completed, irrevocable Purchase Order
in the form set out in Annex I to these Procedures executed by an Authorized Representative of such Authorized Participant,
via facsimile at the number specified in such Annex I.

 

c.            The
Trustee shall provide a written summary to the Sponsor and the Custodian of all accepted Purchase Orders for such Order Date no
later than 5:30 p.m. (New York time).

 

d.           As
soon as reasonably practicable following receipt of a properly completed Purchase Order but not later than 5:30 p.m. (New
York time) on the Order Date for such Purchase Order, the Trustee shall send to the Authorized Participant (with copy to the
Custodian), via facsimile or electronic mail message, a copy of the corresponding Purchase Order endorsed
“Accepted” by the Trustee and indicating the Basket Amount that the Authorized Participant shall Deliver to the
Custodian in respect of each Basket. Prior to the transmission of the Trustee’s acceptance as specified above, a
Purchase Order will only represent the Authorized Participant’s unilateral offer to deposit Bullion in exchange for Baskets
and will have no binding effect upon the relevant Trust or any other party. Following the transmission of the Trustee’s
acceptance as specified above, a Purchase Order will be a binding agreement among the relevant Trust and the Authorized
Participant for the creation and purchase of Baskets and the deposit of Bullion pursuant to the terms of the Purchase Order
and these Procedures. If a Purchase Order is rejected, the Trustee shall send to the Authorized Participant (with copy to the
Custodian), via facsimile or electronic mail message, as soon as reasonably practicable, but not later than 5:30 p.m. (New
York time) on the Order Date for such Purchase Order, a copy of the corresponding Purchase Order
endorsed “Declined” by the Trustee and indicating the reason. The preceding sentence notwithstanding, Purchase
Orders not accepted by 5:30 p.m. (New York time) on the Order Date shall be deemed cancelled. A Purchase Order which is not
properly completed will be deemed invalid and rejected by the Trustee; the Authorized Participant may submit a corrected
Purchase Order within the time period specified in Section 1.09 of the Standard Terms, currently within fifteen (15) minutes
of such contact with the Authorized Participant, provided that the corrected Purchase Order is received by the Trustee prior
to the Order Cutoff Time.

 

     

     

    

 

e.            Each
Purchase Order shall settle on the third Business Day following the Order Date. The Basket Amount corresponding to each Basket
must be deposited in the Trust Unallocated Account in unallocated Bullion loco London no later than 10:00 a.m. (London time) on
the third Business Day following the Order Date. The Authorized Participant shall bear all risk of any loss until the Bullion is
credited to the relevant Trust Unallocated Account.

 

f.            The
Custodian shall advise the Trustee in writing of the deposits made to the relevant Trust Allocated Account in connection with each
Purchase Order. Upon receipt of such advice, the Trustee shall determine whether a deposit of Bullion required to be made pursuant
to Section 2.02e. above has not been noted as deposited in the relevant Trust Unallocated Account. In such event, the Trustee
shall, by the Trustee’s close of business on the third Business Day following the Order Date, (i) send to the Custodian, via electronic
mail message, a request that the Custodian confirm that the Custodian did not receive the anticipated deposit of Bullion, and (ii)
send to the Authorized Participant whose deposit was not received, via facsimile at the facsimile number specified by the Authorized
Participant in the Purchase Order, a concurrent copy of such request.

 

g.           On
the third Business Day following the Order Date corresponding to a Purchase Order, or on such earlier date and time as the Trustee
in its absolute discretion may agree with the Authorized Participant, the Trustee shall issue the aggregate number of Shares corresponding
to the Baskets ordered by the Authorized Participant and Deliver them, by credit to the account at DTC which the Authorized Participant
shall have identified for such purpose in its Purchase Order, provided that, by 1:00 p.m. (New York time) on the date such issuance
and Delivery is to take place:

 

(i)        the
Custodian shall have reported in writing to the Trustee that the corresponding required amount of Bullion has been deposited in
the Trust Unallocated Account in compliance with the provisions of Section 2.02e, above;

 

(ii)       the
Custodian shall have reported in writing to the Trustee that the corresponding required amount of Bullion has been allocated to
the Trust Allocated Account (other than up to 430 Ounces of Gold, 1,100 Ounces of Silver and 192 Ounces of Platinum and Palladium
held on an Unallocated Basis) and the Custodian is holding that Bullion for the account of the Trust;

 

     

     

    

 

(iii)      the
Trustee shall have received from the Authorized Participant the applicable Transaction Fee;

 

(iv)      the
Authorized Participant shall have paid or agreed to pay, or reimbursed or agreed to reimburse the Custodian, the Trustee or the
relevant Trust for, the amount of any applicable taxes (including, without limitation, any VAT), governmental charges and fees
which are or become due in connection with the Delivery of Bullion to the Custodian and the issuance and Delivery of Shares to
the Authorized Participant; and

 

(v)       any
other conditions to the issuance of Shares under the Trust Agreement shall have been satisfied.

 

h.           In
all other cases, the Trustee shall issue the aggregate number of Shares corresponding to the Baskets ordered by the Authorized
Participant and Deliver them by credit to the account at DTC which the Authorized Participant shall have identified for such purpose
in its Purchase Order on the Business Day following the date on which all of the conditions set forth in clauses (1), (ii), (iii),
(iv) and (v) of Section 2.02g. above shall have been met. In the event that, by 10:00 a.m. (New York time) on the third
Business Day following the Order Date of a Purchase Order, the relevant Trust Unallocated Account shall not have been credited
with the required amount of Bullion in compliance with the provisions of Section 2.02e. above, the Trustee shall send to
the Authorized Participant and the Custodian via fax or electronic mail message notice of such fact and the Authorized Participant
shall have two (2) Business Days following receipt of such notice to correct such failure. If such failure is not cured within
such two (2) Business Day period, the Trustee shall, unless the Sponsor shall otherwise direct, cancel such Purchase Order and
will send via fax or electronic mail message notice of such cancellation to the Authorized Participant and the Custodian, and the
Authorized Participant will be solely responsible for all damages, losses, costs and expenses incurred by the relevant Trust, the
Sponsor, the Trustee or the Custodian related to the cancelled Order.

 

i              The
foregoing provisions notwithstanding, neither the Trustee nor the Custodian shall be liable for any failure or delay in making
Delivery of Shares in respect of a Purchase Order arising from nuclear fission or fusion, radioactivity, war, terrorist event,
invasion, insurrection, civil commotion, riot, strike, act of government, public authority, public service or utility problems,
power outages resulting in telephone, telecopy and computer failures, act of God such as fires, floods or extreme weather conditions,
market conditions or activities causing trading halts, systems failures involving computer or other information systems affecting
the relevant Trust, the Trustee, the Custodian or sub-custodian and similar extraordinary events beyond the Custodian’s or
the Trustee’s reasonable control. In the event of any such delay, the time to complete Delivery in respect of a Purchase
Order will be extended for a period equal to that during which the inability to perform continues as determined by the Trustee
in its sole discretion.

 

     

     

    

 

j.             Except
as provided in Sections 2.02d., 2.02f., 2.02h. and the Standard Terms, none of the Trustee, the Sponsor or
the Custodian is under any duty to give notification of any defects or irregularities in any Purchase Order or the delivery of
the Basket Amount, and shall not incur any liability for the failure to give any such notification.

 

k.            The
Creation of Shares may he suspended or rejected under the circumstances specified in the relevant Trust Agreement, these Procedures
or the Standard Terms.

 

ARTICLE III

REDEMPTION PROCEDURES

 

Section 3.01. Redemption
of Shares. Redemption of Shares of a specified Trust shall take place only in integral numbers of Baskets in compliance with
the following rules:

 

a.           Authorized
Participants wishing to redeem one or more Baskets shall place a Redemption Order with the Trustee no later than 3:59:59 p.m. (New
York time) on any Business Day on which the Benchmark Price is announced. Redemption Orders received by the Trustee on or after
the Order Cutoff Time on any Business Day, or on a Business Day on which the Benchmark Price is not announced, will not be accepted.

 

b.           For
purposes of Section 3.01a. above, a Redemption Order shall be deemed “received” by the Trustee only when either
of the following has occurred no later than 3:59:59 p.m. (New York time):

 

(i)        Telephone/fax
Order — An Authorized Representative shall have placed a telephone call to the Trustee’s Creation and Redemption Line
and has received an Order Number from the Trustee for insertion in the Redemption Order, or

 

(ii)       Web-based
Order — An Authorized Representative shall have accessed the Trustee’s online services (https://inform.bnymellon.corn), the
use of which is subject to the terms and conditions of the Order Entry System Terms and Conditions set forth on Annex II
to these Procedures,

 

in either case informing the Trustee that
the Authorized Participant wishes to place a Redemption Order for a specified number of Baskets and, in the case of a telephone
order, within 15 minutes following such telephone call, the Trustee shall have received a duly completed, irrevocable Redemption
Order in the form set out in Annex I to these Procedures executed by an Authorized Representative of such Authorized Participant,
via facsimile at the number specified in such Annex I.

 

c.           The
Trustee shall provide a written summary to the Sponsor and the Custodian of all accepted Redemption Orders for such Order Date
no later than 5:30 p.m. (New York time).

 

     

     

    

 

d.           Upon
receipt of a properly completed Redemption Order, the Trustee shall send to the Authorized Participant (with copy to the Custodian),
via facsimile or electronic mail message, as soon as reasonably practicable, but not later than 5:30 p.m. (New York time) on the
Order Date for such Redemption Order a copy of the corresponding Redemption Order endorsed “Accepted” by the Trustee
and indicating the Basket Amount that the Custodian shall Deliver to the Authorized Participant in respect of each Basket being
redeemed. Prior to the transmission of the Trustee’s acceptance as specified above, a Redemption Order will only represent
the Authorized Participant’s unilateral offer to deposit Baskets in exchange for a Delivery of Bullion and will have no binding
effect upon the relevant Trust or any other party. Following the transmission of the Trustee’s acceptance as specified above,
a Redemption Order will be a binding agreement among the relevant Trust and the Authorized Participant for the redemption of Baskets
and the Delivery of Bullion pursuant to the terms of the Redemption Order and these Procedures. If a Redemption Order is rejected,
the Trustee shalt send to the Authorized Participant (with copy to the Custodian), via facsimile or electronic mail message, as
soon as reasonably practicable, but not later than 5:30 p.m. (New York time) on the Order Date for such Redemption Order, a copy
of the corresponding Redemption Order endorsed “Declined” by the Trustee and indicating the reason. The preceding sentence
notwithstanding, Redemption Orders not accepted by 5:30 p.m. (New York time) on the Order Date shall be deemed cancelled. A Redemption
Order which is not properly completed will be deemed invalid and rejected by the Trustee; the Authorized Participant may submit
a corrected Redemption Order within the time period specified in Section 1.09 of the Standard Terms, currently within fifteen (15)
minutes of such contact with the Authorized Participant, provided that the corrected Redemption Order is received by the Trustee
prior to the Order Cutoff Time.

 

e.            The
Trustee shall, by 10:00 a.m. (New York Time) on the third Business Day following the Order Date of a Redemption Order, confirm
in writing to the Custodian whether each of the following has occurred:

 

(i)        the
Authorized Participant has Delivered by 10:00 a.m. on the third Business Day following the Order Date to the Trustee’s account
at DTC the total number of Shares to be redeemed by such Authorized Participant pursuant to such Redemption Order;

 

(ii)       the
Trustee shall have received from the Authorized Participant the applicable Transaction Fee;

 

(iii)      the
Authorized Participant shall have paid or agreed to pay, or reimbursed or agreed to reimburse the Custodian, the Trustee or the
relevant Trust for, the amount of any applicable taxes (including, without limitation, any VAT), governmental charges and fees
which are or become due in connection with the Delivery of Shares to the Trustee and the Delivery of Bullion to the Authorized
Participant, as well as any expense associated with the Delivery of Bullion to the Authorized Participant other than by a credit
to an account of the Authorized Participant maintained by the Custodian on an Unallocated Basis; and

 

(iv)      any
other conditions to the redemption of Shares under the Trust Agreement shall have been satisfied.

 

     

     

    

 

Provided that the Custodian has received
written confirmation from the Trustee that the conditions set forth in clauses (i), (ii), (iii) and (iv) of Section 3.01e.
above have been satisfied, the Custodian shall, on such day, Deliver, as applicable to the specific Redemption Order:

 

		-	unallocated Gold loco London;

		-	unallocated Silver loco London;

		-	unallocated Platinum loco London; or

		-	unallocated Palladium loco London

 

in the amounts specified in the communication
sent in compliance with Section 3.01d. above to the account indicated by the redeeming Authorized Participant in its Redemption
Order (which shall be an appropriate Bullion account in London with the Custodian or another LPMCL clearing bank. Having made such
Delivery, the Custodian shall send written confirmation thereof to the Trustee who shall then cancel the Shares so redeemed. The
Authorized Participant shall bear all risk of any loss from the time the Bullion is transferred from the relevant Trust Unallocated
Account to the account of the Authorized Participant maintained on an Unallocated Basis.

 

f.            In
all other cases, Delivery must be completed by the Custodian as soon as, in the reasonable judgment of the Custodian, it is practicable
following receipt of written confirmation from the Trustee that the conditions set forth in clauses (i), (ii), (iii) and (iv) of
Section 3.01e. above have been satisfied.

 

g.           The
foregoing provisions notwithstanding, neither the Trustee nor the Custodian shall be liable for any failure or delay in making
Delivery of Bullion in respect of a Redemption Order arising from nuclear fission or fusion, radioactivity, war, terrorist event,
invasion, insurrection, civil commotion, riot, strike, act of government, public authority, public service or utility problems,
power outages resulting in telephone, telecopy and computer failures, act of God such as fires, floods or extreme weather conditions,
market conditions or activities causing trading halts, systems failures involving computer or other information systems affecting
a Trust, the Trustee, the Custodian or sub-custodian and similar extraordinary events beyond the Custodian’s and the Trustee’s
reasonable control. In the event of any such delay, the time to complete Delivery in respect of a Redemption Order will be extended
for a period equal to that during which the inability to perform continues as determined by the Trustee in its sole discretion.

 

     

     

    

 

h.           In
the event that, by 10:00 a.m. (New York time) on the third Business Day following the Order Date of a Redemption Order, the Trustee’s
account at DTC shall not have been credited with the total number of Shares corresponding to the total number of Baskets to be
redeemed pursuant to such Redemption Order, the Trustee shall send to the Authorized Participant and the Custodian via fax or electronic
mail message notice of such fact and the Authorized Participant shall have one (1) Business Day following receipt of such notice
to correct such failure. If such failure is not cured within such one (1) Business Day period, the Trustee (in consultation with
the Sponsor) will cancel such Redemption Order and will send via electronic mail message notice of such cancellation to the Authorized
Participant and the Custodian. The Authorized Participant will be solely responsible for all damages, losses, costs and expenses
incurred by the relevant Trust, the Sponsor, the Trustee or the Custodian related to the cancelled Redemption Order.

 

i.             The
redemption of Shares may be suspended or rejected under the circumstances specified in the relevant Trust Agreement, these Procedures
or the Standard Terms.

 

j.             Except
as provided in Sections 3.02d., 3.02h. and the Standard Terms, none of the Trustee, the Sponsor or the Custodian
are under any duty to give notification of any defects or irregularities in any Redemption Order or the Delivery of the Shares,
and shall not incur any liability for the failure to give any such notification.

 

[Signatures Follow on Next Page]

 

     

     

    

 

IN WITNESS WHEREOF,
the Sponsor and the Trustee have executed these Creation and Redemption Procedures as of the date set forth above.

 

THE BANK OF NEW YORK MELLON, 

in its capacity as Trustee of the Trust(s) listed on Schedule
A attached to the Authorized Participant Agreement

 

	By:	 	 
	Name:	 
	Title:	 

 

GRANITESHARES LLC, 

in its capacity as Sponsor of the Trust(s) listed on Schedule
A attached to the Authorized Participant Agreement

 

	By:	 	 
	Name:	 
	Title:	 

 

     

     

    

 

ANNEX I TO CREATION AND REDEMPTION PROCEDURES

 

THE BANK OF NEW YORK MELLON, TRUSTEE 

CREATION/REDEMPTION ORDER FORM 

UNALLOCATED ORDERS ONLY

 

CONTACT INFORMATION FOR ORDER EXECUTION: 

Telephone order number:       (       )         - 

Fax order number:          (      )             -

 

Authorized Participant must complete all
items in Part I. The Trustee shall reject any order not submitted in proper form.

 

I. TO BE COMPLETED BY AUTHORIZED PARTICIPANT: 

 

 

	Name of Trust:	 	 

   

 

	Date:	 	 	Time:	 	 

 

 

	Authorized Participant Firm Name:  	 

   

	DTC Participant Number: 	 	 	Fax Number:	 

	Telephone Number:	 	 	Symbol: 	 

 

Type of order (Check Creation or Redemption please) 

   

 

	Creation:	 	 	 	Redemption:	 	 	 

 

	# of Baskets:	 	 	  Number of Baskets written out:
	 

 

	Order #	 	 

 

Please indicate Bullion clearing agent:

 

_________ Check if ICBC Standard Bank Plc

 

	_________ Other (please specify clearing agent): 	 	 	 

 

	Account number for loco London Bullion delivery: 	 	 

  

This Purchase or Redemption Order is subject
to the terms and conditions of the Trust Agreement of the Shares of the Trust as currently in effect and the Authorized Participant
Agreement between the Authorized Participant, the Trustee and the Sponsor named therein. All representations and warranties of
the Authorized Participant set forth in the Trust Agreement (including, if this is a Purchase Order, the representations in Section
3.2 of the Trust Agreement) and in the Authorized Participant Agreement are incorporated herein by reference and are true and accurate
as of the date hereof.

 

     

     

    

  

The undersigned does hereby certify as
of the date set forth below that he/she is an Authorized Representative under the Authorized Participant Agreement and that he/she
is authorized to deliver this Purchase or Redemption Order to the Trustee on behalf of the Authorized Participant. The Authorized
Participant acknowledges and agrees that (l) once accepted by the Trustee, this Purchase or Redemption Order will become a legally
binding contract for the delivery of the Basket Amount per Basket, or the number of Baskets, indicated above, and that the final
Basket Amount will be announced at the conclusion of the trading day and, (2) any taxes (including Value Added Taxes) incurred
in connection with this transaction will be the responsibility of, and will be reimbursed upon demand from the Custodian, the
Trustee or the Trust by, the Authorized Participant. 

	 	 	 
	Authorized Representative’s Signature 	 	Date

 

 

II. TO BE COMPLETED BY TRUSTEE:

 

This certifies that the above order has been:

 

____________________Accepted by the Trustee

 

	____________________Declined-Reason:  	 
	 	 

  

  

	Final # of Ounces:	 	 	Final # of Shares:	 

 

	Final Cash Due to BNYM 	 	 		 

 

	 	 	 	 	 
	Date	 	Time 		Authorized Signature of Trustee

 

 

     

     

    

 

ANNEX II TO CREATION AND REDEMPTION PROCEDURES

 

ORDER ENTRY SYSTEM TERMS AND CONDITIONS

 

This Annex II shall
govern use by Authorized Participant of the electronic order entry system for placing Purchase Orders and Redemption Orders for
Shares (the “System”). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed
to such terms in Schedule I of the Authorized Participant Agreement. In the event of any conflict between the terms of this Annex
II and Section 1 of the Authorized Participant Agreement with respect to the placing of Purchase Orders and Redemption Orders,
the terms of this Annex II shall control.

 

1.          (a)
Authorized Participant shall provide to The Bank of New York Mellon a duly executed authorization letter, in a form satisfactory
to The Bank of New York Mellon, identifying those authorized persons who will access the System (the “Authorized Persons”).
Authorized Participant shall notify The Bank of New York Mellon in writing in the event that any person’s status as an Authorized
Person is revoked or terminated as soon as possible, in order to give The Bank of New York Mellon a reasonable opportunity to terminate
such Authorized Person’s access to the System.

 

              (b) It is understood
and agreed that each Authorized Person shall be designated as an authorized user of Authorized Participant for the purpose of the
Authorized Participant Agreement. Upon termination of the Authorized Participant Agreement, the Authorized Participant’s and each
Authorized Person’s access rights with respect to System shall be immediately revoked.

 

2.          The
Bank of New York Mellon grants to Authorized Participant a personal, nontransferable and nonexclusive license to use the System
solely for the purpose of transmitting Purchase Orders and Redemption Orders and otherwise communicating with The Bank of New York
Mellon in connection with the same. Authorized Participant shall use the System solely for its own internal and proper business
purposes. Except as set forth herein, no license or right of any kind is granted to Authorized Participant with respect to the
System. Authorized Participant acknowledges that The Bank of New York Mellon and its suppliers retain and have title and exclusive
proprietary rights to the System. Authorized Participant further acknowledges that all or a part of the System may be copyrighted
or trademarked (or a registration or claim made therefor) by The Bank of New York Mellon or its suppliers. Authorized Participant
shall not take any action with respect to the System inconsistent with the foregoing acknowledgments. Authorized Participant may,
not copy, distribute, sell, lease or provide, directly or indirectly, the System or any portion thereof to any other person or
entity without The Bank of New York Mellon’s prior written consent. Authorized Participant may not remove any statutory copyright
notice or other notice included in the System. Authorized Participant shall reproduce any such notice on any reproduction of any
portion of the System and shall add any statutory copyright notice or other notice upon The Bank of New York Mellon’s request.

 

     

     

    

 

3.          (a)
Authorized Participant acknowledges that any user manuals or other documentation (whether in hard copy or electronic form) (collectively,
the “Material”), which is delivered or made available to Authorized Participant regarding the System is the
exclusive and confidential property of The Bank of New York Mellon. Authorized Participant shall keep the Material confidential
by using the same care and discretion that Authorized Participant uses with respect to its own confidential property and trade
secrets, but in no event less than reasonable care. Authorized Participant may make such copies of the Material as is reasonably
necessary for Authorized Participant to use the System and shall reproduce The Bank of New York Mellon’s proprietary markings on
any. such copy. The foregoing shall not in any way be deemed to affect the copyright status of any of the Material which may be
copyrighted and shall apply to all Material whether or not copyrighted. THE BANK OF NEW YORK MELLON AND ITS SUPPLIERS MAKE NO WARRANTIES,
EXPRESS OR IMPLIED, CONCERNING THE MATERIAL OR ANY PRODUCT OR SERVICE, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY
OR FITNESS FOR A PARTICULAR PURPOSE.

 

             (b) Upon termination
of the Authorized Participant Agreement for any reason, Authorized Participant shall return to The Bank of New York Mellon all
copies of the Material which is in Authorized Participant’s possession or under its control.

 

4.          Authorized
Participant agrees that it shall have sole responsibility for maintaining adequate security and control of the user IDs, passwords
and codes for access to the System, which shall not be disclosed to any third party without the prior written consent of The Bank
of New York Mellon. The Bank of New York Mellon shall be entitled to rely on the information received by it from the Authorized
Participant and The Bank of New York Mellon may assume that all such information was transmitted by or on behalf of an Authorized
Person regardless of by whom it was actually transmitted.

 

5.          The
Bank of New York Mellon shall have no liability in connection with the use of the System, the access granted to the Authorized
Participant and its Authorized Persons hereunder, or any transaction effected or attempted to be effected by the Authorized Participant
hereunder, except for damages incurred by the Authorized Participant as a direct result of The Bank of New York Mellon’s
gross negligence or willful misconduct. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, IT IS HEREBY AGREED THAT IN NO EVENT
SHALL THE BANK OF NEW YORK MELLON OR ANY MANUFACTURER OR SUPPLIER OF EQUIPMENT, SOFTWARE OR SERVICES BE RESPONSIBLE OR LIABLE FOR
ANY SPECIAL, INDIRECT, OR CONSEQUENTIAL DAMAGES WHICH THE AUTHORIZED PARTICIPANT MAY INCUR OR EXPERIENCE BY REASON OF ITS HAVING
ENTERED INTO OR RELIED ON THIS AGREEMENT, OR IN CONNECTION WITH THE ACCESS GRANTED TO AUTHORIZED PARTICIPANT HEREUNDER, OR ANY
TRANSACTION EFFECTED OR ATTEMPTED TO BE EFFECTED BY AUTHORIZED PARTICIPANT HEREUNDER, EVEN IF THE BANK OF NEW YORK MELLON OR SUCH
MANUFACTURER OR SUPPLIER HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, NOR SHALL THE BANK OF NEW YORK MELLON OR ANY SUCH
MANUFACTURER OR SUPPLIER BE LIABLE FOR ACTS OF GOD, MACHINE OR COMPUTER BREAKDOWN OR MALFUNCTION, INTERRUPTION OR MALFUNCTION OF
COMMUNICATION FACILITIES, LABOR DIFFICULTIES OR ANY OTHER SIMILAR OR DISSIMILAR CAUSE BEYOND SUCH PERSON’S REASONABLE CONTROL.

 

     

     

    

 

6.          The
Bank of New York Mellon reserves the right to revoke Authorized Participant’s access to the System immediately and without
notice upon any breach by the Authorized Participant of the terms and conditions of this Annex II.

 

7.          The
Bank of New York Mellon shall acknowledge through the System its receipt of each Purchase Order or Redemption Order communicated
through the System, and in the absence of such acknowledgment The Bank of New York Mellon shall not be liable for any failure to
act in accordance with such orders and Authorized Participant may not claim that such Purchase Order or Redemption Order was received
by The Bank of New York Mellon. The Bank of New York Mellon may in its discretion decline to act upon any instructions or communications
that are insufficient or incomplete or are not received by The Bank of New York Mellon in sufficient time for The Bank of New York
Mellon to act upon, or in accordance with, such instructions or communications.

 

8.          Authorized
Participant agrees to use reasonable efforts to prevent the transmission through the System of any software or file which contains
any viruses, worms, harmful component or corrupted data and agrees not to use any device, software, or routine to interfere or
attempt to interfere with the proper working of the System.

 

9.          Authorized
Participant acknowledges and agrees that encryption may not be available for every communication through the System, or for
all data. Authorized Participant agrees that The Bank of New York Mellon may deactivate any encryption features at any time,
without notice or liability to Authorized Participant, for the purpose of maintaining, repairing or troubleshooting its
systems.

 

     

     

    

 

SCHEDULE 2

 

STANDARD TERMS FOR AUTHORIZED PARTICIPANT
AGREEMENTS

 

ARTICLE I ORDERS FOR PURCHASE AND REDEMPTION

 

Section 1.01 Authorization to Purchase and Redeem
Baskets 

Section 1.02 Procedures for Orders 

Section 1.03 Consent to Recording 

Section 1.04 Irrevocability 

Section 1.05 Costs and Expenses 

Section 1.06 Delivery of Property to the Trust 

Section 1.07 Title to Deposit Property and Shares
Surrendered for Redemption 

Section 1.08 Certain Payments or Distributions 

Section 1.09 Ambiguous Instructions

 

ARTICLE II AUTHORIZED REPRESENTATIVES 

Section 2.01 Certification 

Section 2.02 PIN Numbers 

Section 2.03 Termination of Authority 

Section 2.04 Verification

 

ARTICLE III STATUS OF THE AUTHORIZED PARTICIPANT 

Section 3.01 Clearing Status 

Section 3.02 Broker-Dealer Status 

Section 3.03 Foreign Status 

Section 3.04 Compliance with Certain Laws 

Section 3.05 Authorized Participant Status

 

ARTICLE IV ROLE OF AUTHORIZED PARTICIPANT 

Section 4.01 No Agency 

Section 4.02 Rights and Obligations of DTC Participant 

Section 4.03 Beneficial Owner Communications 

Section 4.04 Authorized Participant Customer Information

 

ARTICLE V MARKETING MATERIALS AND REPRESENTATIONS AND WARRANTIES 

Section 501 Authorized Participant’s Representation 

Section 5.02 Prospectus

 

ARTICLE VI INDEMNIFICATION; LIMITATION OF LIABILITY 

Section 6.01 Indemnification

 

ARTICLE VII MISCELLANEOUS 

Section 7.01 Commencement of Trading

Section 7.02 Defined Terms

Section 7.03 Third Party Beneficiaries

 

     

     

    

 

These STANDARD TERMS
FOR AUTHORIZED PARTICIPANT AGREEMENTS (the “Standard Terms”) are agreed to as of ____________, 2017, by and
between The Bank of New York Mellon, a New York banking corporation, as trustee for the Trust(s) listed on Schedule A attached
to the Authorized Participant Agreement (the “Trustee”), and GraniteShares LLC, a Delaware limited liability,
company, as sponsor for the Trust(s) listed on Schedule A attached to the Authorized Participant Agreement (the “Sponsor”).

 

ARTICLE I

ORDERS FOR PURCHASE AND REDEMPTION

 

Section 1.01.    Authorization
to Purchase and Redeem Baskets. Subject to the provisions of the Authorized Participant Agreement, during the term of the Authorized
Participant Agreement the Authorized Participant will be authorized to purchase and redeem Baskets in compliance with the provisions
of the applicable Trust Agreement, the Procedures and these Standard Terms.

 

Section 1.02.     Procedures
for Orders. Each party hereto agrees to comply with the provisions of the applicable Trust Agreement, the Procedures and these
Standard Terms to the extent applicable to it.

 

Section 1.03.   Consent
to Recording. The phone lines used by the Trustee, the Custodian, the Sponsor and/or their affiliated persons may be recorded,
and the Authorized Participant hereby consents to the recording of all calls with any of those parties. In the event that the Trustee,
the Custodian, the Sponsor or any of their affiliated persons becomes legally compelled to disclose to any third party any recording
involving communications with the Authorized Participant, the Sponsor agrees to provide the Authorized Participant with reasonable
advance written notice identifying the recordings to be so disclosed unless prohibited by applicable rule, law or order, together
with copies of such recordings, so that the Authorized Participant may seek a protective order or other appropriate remedy with
respect to the recordings or waive its right to do so. In the event that such protective order or other remedy is not obtained
or the Authorized Participant waives its right to seek such protective order or remedy, the Sponsor will use commercially reasonable
efforts to obtain reliable assurance that confidential treatment will be accorded the recorded conversation. The Trustee, the Sponsor
or any of their affiliated persons shall not otherwise disclose to any third party any recording involving communications with
the Authorized Participant without the Authorized Participant’s express written consent, except that the Trustee and the
Sponsor may disclose to any regulatory or self-regulatory organization, to the extent required by applicable rule or law, any recording
involving communications with the Authorized Participant.

 

Section 1.04.    Irrevocability.
The Authorized Participant agrees that delivery to the Trustee of an Order shall be irrevocable; provided that the Trustee will
reject any Order that is not properly completed. In the event that the purchase or redemption of Baskets is suspended by the Trustee
or the Sponsor and such suspension affects any Order submitted by the Authorized Participant, the Trustee or Sponsor, as applicable,
will promptly notify the Authorized Participant of such suspension. In such case, the Sponsor agrees to undertake commercially
reasonable efforts to accommodate any request by the Authorized Participant to cancel a previously placed Order, but the Sponsor
shall have no liability for the Trust’s inability to accommodate such a request.

 

     

     

    

 

Section 1.05.    Costs
and Expenses. The Authorized Participant shall be responsible for the expenses and costs incurred by the Trust that can be
directly attributable to Orders submitted by the Authorized Participant other than ordinary course expenses and costs which are
reimbursed through payment of the fee contemplated in Section 2.02(g) of the Procedures. The Trustee or the Sponsor shall provide
the Authorized Participant with reasonably detailed information relating to such expenses and costs upon request by the Authorized
Participant.

 

Section 1.06.    Delivery
of Property to the Trust and Shares Surrendered for Redemption. The Authorized Participant understands and agrees that in the
event Deposit Property is not transferred to the Trust by the time specified for the Purchase Order, or Shares are not delivered
to the Trustee by the time specified for the Redemption Order and, in each such case, in compliance with the relevant Trust Agreement,
the Procedures and these Standard Terms, the Purchase Order or Redemption Order may be cancelled by the Trustee and the Authorized
Participant will be solely responsible for all damages, losses, costs and expenses incurred by the Trust, the Sponsor, the Trustee
or the Custodian related to the cancelled Order. The Authorized Participant will not, however, be responsible for damages, losses,
costs and expenses incurred by the Trust, the Sponsor, the Trustee or the Custodian related to cancelled Orders to the extent the
failure to transfer Deposit Property to the Trust is due to the gross negligence, bad faith or willful misconduct of the Trustee,
the Sponsor or the Custodian. The foregoing provisions notwithstanding, the Authorized Participant shall not be liable for any
failure or delay in making Delivery of Bullion in respect of a Purchase Order or for any failure or delay in surrendering Shares
for redemption arising from nuclear fission or fusion, radioactivity, war, terrorist event, invasion, insurrection, civil commotion,
riot, strike, act of government, public authority, public service or utility problems, power outages resulting in telephone, telecopy
and computer failures, acts of God, such as fires, floods, extreme weather conditions, market conditions or activities causing
trading halts, systems failures involving computer or other information systems affecting the Authorized Participant, or similar
extraordinary events beyond the Authorized Participant’s reasonable control. In the event of any such delay, the time to
complete Delivery in respect of a Purchase Order or Redemption Order will be extended for a period equal to that during which the
inability to perform continues as determined by the Trustee in its sole discretion. Upon the deposit of any Bullion, the Authorized
Participant as Depositor represents and warrants that (i) the Bullion represents the right to receive Bullion that meets the LBMA
London Good Delivery Standards or the LPPM Good Delivery Standards and otherwise meets the relevant requirements to be Bullion
and contains the required number of Ounces for the applicable Purchase Order, (ii) the Authorized Participant is duly authorized
to make such deposit of Bullion and (iii) at the time of Delivery, the Bullion is free and clear of any lien, pledge, encumbrance,
right, charge or claim.

 

Section 1.07.     Title
to Deposit Property and Shares Surrendered for Redemption. The Authorized Participant represents and warrants to the Trustee
and the Sponsor that

 

a.          in
connection with each Purchase Order, the Authorized Participant will have the right and authority to transfer to the Trust the
corresponding Deposit Property, and that upon delivery of such Deposit Property to the Custodian and/or the relevant sub-custodian
in accordance with the Procedures, the Trust will acquire good and unencumbered title to such Deposit Property, free and clear
of all liens, charges, duties imposed on the transfer of assets and encumbrances and not subject to any adverse claims or transferability
restrictions, whether arising by operation of law or otherwise; and

 

     

     

    

 

b.          in
connection with a Redemption Order, the Authorized Participant will have the right and authority to surrender to the Trustee for
redemption the corresponding Shares, and upon such surrender the Trust will acquire good and unencumbered title to such Shares,
free and clear of all liens, charges, duties imposed on the transfer of assets and encumbrances and not subject to any adverse
claims, transferability restrictions (whether arising by operation of law or otherwise), loan, pledge, repurchase or securities
lending agreements or other arrangements which, under such circumstances, would preclude the delivery of such Shares to the Trustee
in accordance with the Procedures.

 

Section 1.08.     Certain
Payments or Distributions.

 

a.       With
respect to any Purchase Order, the Trustee acknowledges and agrees to return to the Authorized Participant, for its own benefit
or for the benefit of any Authorized Participant Client for which it is acting, any payment, distribution or other amount paid
to the Trust in respect of any Deposit Property transferred to the Trust that, based on the valuation of such Deposit Property
at the time of transfer, should have been paid to the Authorized Participant or any Authorized Participant Client. Likewise, the
Authorized Participant acknowledges and agrees to return to the Trust any payment, distribution or other amount paid to the Authorized
Participant or any Authorized Participant Client in respect of any Deposit Property transferred to the Trust that, based on the
valuation of such Deposit Property at the time of transfer, should have been paid to the Trust.

 

b.         With
respect to any Redemption Order, the Authorized Participant on behalf of itself and any Authorized Participant Client acknowledges
and agrees to return to the Trust any payment, distribution or other amount paid to it or an Authorized Participant Client in respect
of any property transferred to the Authorized Participant or any Authorized Participant Client that, based on the valuation of
such property at the time of transfer, should have been paid to the Trust. The Trustee is entitled to reduce the amount of any
property due to the Authorized Participant or any Authorized Participant Client by an amount equal to any payment, distribution
or other amount to be paid to the Authorized Participant or to the Authorized Participant Client in respect of any property transferred
to the Authorized Participant or any Authorized Participant Client that, based on the valuation of such property at the time of
transfer, should be paid to the relevant Trust. If, however, the Trustee so reduces an amount of any property appropriately due
to the Authorized Participant, the Authorized Participant shall not be required to return to the relevant Trust payments, distributions
or other amounts equal to such reduction that has been paid to the Authorized Participant or the Authorized Participant Client
as is contemplated in the first sentence of this Section 1.08(b). Likewise, the Trustee acknowledges and agrees to return
to the Authorized Participant, for its benefit or for the benefit of any Authorized Participant Client for which it is acting,
any payment, distribution or other amount paid to it in respect of any Shares transferred to the relevant Trust that, based on
the valuation of such Shares at the time of transfer, should have been paid to the Authorized Participant or such Authorized Participant
Client.

 

     

     

    

 

Section 1.09.    Ambiguous
Instructions. In the event that a Purchase Order or Redemption Order contains terms that differ from the information provided
in the related telephone call or email transmission, the Trustee will attempt to contact the Authorized Participant to request
confirmation of the terms of the Order at the telephone number indicated in the Purchase Order or Redemption Order. If an Authorized
Representative (as defined below) confirms the terms as they appear in the Purchase Order or Redemption Order, then the Order
will be accepted and processed. If an Authorized Representative contradicts the terms of the Purchase Order or Redemption Order,
the Order will be deemed invalid, and a corrected Purchase Order or Redemption Order must be received by the Trustee not later
than the earlier of (i) within fifteen (15) minutes of such contact with the Authorized Representative or (ii) thirty (30) minutes
after the Order Cutoff Time. For the avoidance of doubt, notwithstanding the invalidation of the initial Purchase Order or Redemption
Order pursuant to this paragraph, a Purchase Order or Redemption Order that is otherwise in proper form shall be deemed submitted
at the time of its initial submission for purposes of determining when Orders are deemed “received.” If the Trustee
is not able to contact an Authorized Representative, then the Purchase Order or Redemption Order shall be accepted and processed
in accordance with its terms notwithstanding any inconsistency from the terms of the telephone information. In the event that
a Purchase Order or Redemption Order contains terms that are illegible, the submission will be deemed invalid and the Trustee
will attempt to contact the Authorized Participant to request retransmission. A corrected Purchase Order or Redemption Order must
be received by the Trustee within fifteen (15) minutes of such contact with the Authorized Participant, provided that the corrected
Purchase Order or Redemption Order is received by the Trustee prior to the Order Cutoff Time.

 

ARTICLE II

AUTHORIZED REPRESENTATIVES

 

Section 2.01.    Certification.
Concurrently with the execution of the Authorized Participant Agreement, the Authorized Participant shall deliver to the Trustee
a certificate in a form as attached at Schedule 2-A to the Authorized Participant Agreement (an “Authorized Representative
Certificate”) signed by the Authorized Participant’s Secretary or other duly authorized person setting forth the
names, signatures, e-mail addresses and telephone and facsimile numbers of all persons authorized to give instructions relating
to any activity contemplated hereby or any other notice, request or instruction on behalf of the Authorized Participant (each an
“Authorized Representative”). Such certificate may be accepted and relied upon by the Trustee as conclusive
evidence of the facts set forth therein and shall be considered to be in full force and effect until (i) receipt by the Trustee
of a superseding Authorized Representative Certificate, or (ii) termination of the Authorized Participant Agreement. After such
Authorized Representative Certificate is accepted by the Trustee, the Authorized Participant may authorize additional Authorized
Representatives to give instructions relating to any activity contemplated hereby or any other notice, request or instruction on
behalf of the Authorized Participant by delivering to the Trustee an addendum to the certificate described above in a form as attached
at Schedule 2-B to the Authorized Participant Agreement.

 

     

     

    

 

Section 2.02.    PIN
Numbers. The Trustee shall issue to each Authorized Representative a unique personal identification number (“PIN Number”)
by which such Authorized Representative shall be identified and instructions issued by the Authorized Participant shall be authenticated.
The PIN Number shall be kept confidential and only provided to Authorized Representatives. The Authorized Participant may revoke
any PIN Number at any time upon written notice to the Trustee pursuant to Section 2.03 hereof, and the Authorized Participant
shall be responsible for doing so in the event that it becomes aware that an unauthorized person has received access to its PIN
Number or has or intends to use the PIN Number in an unauthorized manner. Except as otherwise provided in these Standard Terms,
the Authorized Participant agrees that neither the Sponsor, each Trust or the Trustee shall be liable for losses incurred by the
Authorized Participant as a result of unauthorized use of the Authorized Participant’s PIN Number prior to the time when the Authorized
Participant provides notice to the Trustee of the termination or revocation of authority pursuant to Section 2.03 and the
Trustee has de-activated the PIN Number as provided for in Section 2.03 hereof.

 

Section 2.03.    Termination
of Authority. Upon the termination or revocation of authority of an Authorized Representative by the Authorized Participant
or the revocation of a PIN Number by the Authorized Participant, the Authorized Participant shall (i) give, as promptly as practicable
under the circumstances, written notice of such fact to the Trustee and such notice shall be effective upon receipt by the Trustee;
and (ii) request a new PIN Number. The Trustee shall, as promptly as practicable, de-activate the PIN Number upon receipt of such
written notice. If an Authorized Participant’s PIN Number is changed, the new PIN Number will become effective on a date mutually
agreed upon by the Authorized Participant and the Trustee.

 

Section 2.04.   Verification.
The Trustee may assume that all instructions issued to it using the Authorized Participant’s PIN Number have been properly
placed by Authorized Representatives, unless the Trustee has actual knowledge to the contrary or the Authorized Participant has
properly revoked such PIN Number in accordance with Section 2.03 hereof prior to the placement of such instructions. The
Trustee shall have no duty to verify that an Order is being placed by an Authorized Representative that uses a valid PIN Number.
The Authorized Participant agrees that the Trustee shall not be responsible for any losses incurred by the Authorized Participant
as a result of an Authorized Representative identifying himself or herself as a different Authorized Representative or an unauthorized
person identifying himself or herself as an Authorized Representative, unless such person uses a PIN Number which the Authorized
Participant had previously revoked in accordance with Section 2.03 hereof.

 

ARTICLE III

STATUS OF THE AUTHORIZED PARTICIPANT

 

Section 3.01. Clearing
Status. The Authorized Participant represents, covenants and warrants that, as of the date of execution of the Authorized Participant
Agreement, and at all times during the term of the Authorized Participant Agreement, the Authorized Participant is and will be
entitled to use the clearing and settlement services of each of the national or international clearing and settlement organizations
through which, in compliance with the Procedures, the transactions contemplated hereby will clear and settle. The Authorized Participant
shall give prompt written notice to the Trustee of a change in the foregoing status of the Authorized Participant, and any such
change shall terminate the Authorized Participant Agreement.

 

     

     

    

 

Section 3.02.    Broker-Dealer
Status. The Authorized Participant represents and warrants that it is (i) registered as a broker-dealer under the Securities
Exchange Act of 1934, as amended, or other securities market participant, such as a bank or other financial institution, which,
but for an exclusion from registration, would be required to register as a broker-dealer to engage in securities transactions (ii)
qualified to act as a broker or dealer in the states or other jurisdictions where it transacts business to the extent so required
by applicable law, and (iii) a member in good standing with FINRA, to the extent so required. The Authorized Participant agrees
that it will maintain such registrations, qualifications, and membership in good standing and in full force and effect throughout
the term of the Authorized Participant Agreement. The Authorized Participant further agrees to comply with all applicable U.S.
federal laws, the laws of the states or other jurisdictions concerned, and the rules and regulations promulgated thereunder, to
the extent such laws and regulations are applicable to the Authorized Participant’s transactions in, and activities with respect
to, Shares, and with the applicable rules of any self-regulatory organization of which the Authorized Participant is a member to
the extent the foregoing relates to the Authorized Participant’s transactions in, and activities with respect to, Shares, and that
it will not offer or sell Shares in any state or jurisdiction where they may not lawfully be offered and/or sold. The Authorized
Participant shall be solely responsible for determining the application of any such laws. rules or regulations in all cases at
its own expense.

 

Section 3.03.    Foreign
Status. If the Authorized Participant is offering and selling Shares in jurisdictions outside the several states, territories
and possessions of the United States, the Authorized Participant agrees to observe the applicable laws of the jurisdiction in which
such offer and/or sale is made and to conduct its business in accordance with applicable rules of any self-regulatory organization
of which the Authorized Participant is a member, to the extent the foregoing relates to the Authorized Participant’s transactions
in, and activities with respect to, Shares.

 

Section 3.04.   Compliance
with Certain Laws. If the Authorized Participant is subject to the requirements of the Uniting and Strengthening America by
Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, as amended (the “U.S.A. PATRIOT
Act”), the Authorized Participant has policies and procedures reasonably designed to comply with the anti-money laundering
and related provisions of the U.S.A. PATRIOT Act, and the operations of the Authorized Participant are conducted in compliance
with the U.S.A. PATRIOT Act.

 

Section 3.05.    Authorized
Participant Status. The Authorized Participant understands and acknowledges that the method by which Baskets will be created
and traded may raise certain issues under applicable securities laws. For example, because new Baskets may be issued and sold by
each Trust on an ongoing basis, at any point a “distribution”, as such term is used in the Securities Act, may occur.
The Authorized Participant understands and acknowledges that some activities on its part, depending on the facts, may result in
its being deemed a participant in a distribution in a manner which could render it a statutory underwriter and subject it to the
prospectus delivery and liability provisions of the Securities Act.

 

     

     

    

 

ARTICLE IV

ROLE OF AUTHORIZED PARTICIPANT

 

Section 4.01.    No
Agency. The Authorized Participant acknowledges and agrees that for all purposes of the Authorized Participant Agreement, the
Authorized Participant will have no authority to act as agent for each Trust or the Trustee in any matter or in any respect. The
Authorized Participant agrees to make itself and its employees available, upon reasonable request, during normal business hours
to consult with the Trustee, the Sponsor or their designees concerning the performance of the Authorized Participant’s responsibilities
under the Authorized Participant Agreement; provided, however, that the Authorized Participant shall be under no obligation to
divulge or otherwise disclose any information that the Authorized Participant reasonably believes (i) the disclosure of which to
third parties is in violation of any applicable law or regulation or is otherwise prohibited, or (ii) is confidential or proprietary
in nature.

 

Section 4.02.   Rights
and Obligations of DTC Participant. The Authorized Participant, as a DTC Participant, agrees that it shall be bound by all
of the obligations of a DTC Participant in addition to any obligations that it undertakes hereunder or in accordance with the Procedures.

 

Section 4.03.    Beneficial
Owner Communications. The Authorized Participant agrees (i) subject to any limitations arising under federal or state securities
laws relating to privacy, or other obligations it may have to its customers, to assist the Trustee or the Sponsor in determining
certain information regarding sales of Shares made by or through the Authorized Participant (including, without limitation, the
ownership level of each beneficial owner relating to positions in Shares that the Authorized Participant may hold as record holder)
upon the request of the Trustee or the Sponsor that is necessary for the Trustee or Sponsor to comply with their obligations to
distribute information to beneficial owners of Shares under applicable state or federal securities laws and (ii) to forward to
such beneficial owners written materials and communications received, directly or indirectly, from the Sponsor or the Trustee in
sufficient quantities to allow mailing thereof to such beneficial owners, including, without limitation, notices, annual reports,
disclosure or other informational materials and any amendments or supplements thereto that may be required to be sent by the Sponsor
or the Trustee to such beneficial owners pursuant to applicable law or regulation or otherwise, or that the Sponsor or the Trustee
reasonably wishes to distribute to such beneficial owners, in each case at the expense of the Sponsor and/or the applicable Trust.

 

Section 4.04.    Authorized
Participant Customer Information. The Sponsor and the Trustee agree that the names and addresses and other information concerning
the Authorized Participant’s customers arc and shall remain the sole property of the Authorized Participant, and none of the Sponsor,
the Trust, or the Trustee, or any of their respective affiliates, shall use such names, addresses or other information for any
purpose except in connection with the performance of their duties and responsibilities under the Authorized Participant Agreement,
the Procedures, the Standard Terms, the relevant Trust Agreement and the applicable Prospectus and except for servicing and informational
mailings related to the Trust(s) referred to in Section 4.03 above.

 

     

     

    

 

ARTICLE V

 

MARKETING MATERIALS AND REPRESENTATIONS
AND WARRANTIES

 

Section 5.01.    Authorized
Participant’s Representation. The Authorized Participant represents, warrants and agrees that in connection with any
sale or solicitation of a sale of Shares it will not make, or permit any of its representatives to make on its behalf, any representations
concerning Shares, each Trust or the Sponsor other than those not inconsistent with each Trust’s then current Prospectus
or any promotional materials or sales literature furnished to the Authorized Participant by the Sponsor. The Authorized Participant
agrees not to furnish or cause to be furnished to any person or display or publish any information or materials relating to Shares,
the Trust or the Sponsor (excluding, without limitation, promotional materials and sales literature, advertisements, press releases,
announcements, statements, posters, signs or other similar materials not inconsistent with each Trust’s then-current Prospectus
and in accordance with applicable laws and regulations, and any materials prepared and used for the Authorized Participant’s internal
use only or brokerage communications prepared by the Authorized Participant in the normal course of its business), except such
information and materials as may be furnished to the Authorized Participant by the Sponsor and such other information and materials
as may be approved in writing by the Sponsor. The Authorized Participant understands that the Trust(s) will not be advertised as
offering redeemable securities, and that any advertising materials will prominently disclose that the Shares are not redeemable
units of beneficial interest in the Trust(s). Notwithstanding the foregoing, the Authorized Participant and its Affiliates and
representatives may, without the approval of the Sponsor, prepare and circulate in the regular course of their respective businesses
research, reports, marketing materials, sales literature or similar materials that include information, opinions or recommendations
relating to Shares (i) for public dissemination, provided that such reports, research, marketing materials, sales literature or
other similar materials comply with applicable FINRA rules and (ii) for internal use by the Authorized Participant and its Affiliates
and representatives.

 

Section 5.02.    Prospectus.
The Sponsor will provide, or cause to be provided, to the Authorized Participant copies of the then-current Prospectus and any
printed supplemental information in reasonable quantities upon request. The Sponsor will, as promptly as practicable under the
circumstances, notify the Authorized Participant when a revised, supplemented or amended Prospectus for the Shares is available,
and deliver or otherwise make available to the Authorized Participant copies of such revised, supplemented or amended Prospectus
at such time and in such quantities as may be reasonable to permit the Authorized Participant to comply with any obligation the
Authorized Participant may have to deliver such Prospectus to its customers. The Sponsor will make such revised, supplemented or
amended Prospectus available to the Authorized Participant no later than its effective date. The Sponsor shall be deemed to have
complied with this Section 5.02 when the Authorized Participant has received such revised, supplemented or amended Prospectus
by e-mail, in printable form, with such number of hard copies as may be agreed from time to time by the parties promptly thereafter.

 

     

     

    

 

ARTICLE VI

 

INDEMNIFICATION; LIMITATION OF LIABILITY

 

Section 6.01.     Indemnification.
The provisions of this Section 6.01 shall survive termination of the Authorized Participant Agreement.

 

a.          The
Authorized Participant shall indemnify and hold harmless the Sponsor, in its capacity as sponsor of each Trust, the Trustee, each
Trust and their respective Affiliates, subsidiaries, directors, officers, employees and agents, and each person, if any, who controls
such persons within the meaning of Section 15 of the Securities Act (each an “AP Indemnified Party”) from and
against any loss, liability, cost and expense (including, without limitation, reasonable attorneys’ fees) incurred by such
AP Indemnified Party as a result of (i) any breach by the Authorized Participant of any provision of the relevant Trust Agreement,
the Authorized Participant Agreement, the Procedures, these Standard Terms and the relevant Prospectus (together, the “Trust
Documents”) that relates to the Authorized Participant; (ii) any failure on the part of the Authorized Participant to
perform any of its obligations set forth in the Trust Documents applicable to it; (iii) any failure by the Authorized Participant
to comply in all material respects with applicable laws, including, without limitation, rules and regulations of self-regulatory
organizations, to the extent such laws, rules and regulations are applicable to the transactions being undertaken pursuant to the
Trust Documents; or (iv) actions of such AP Indemnified Party pursuant to any instructions issued in accordance with the relevant
Trust Documents, reasonably believed by the AP Indemnified Party to be genuine and to have been given by the Authorized Participant
except to the extent that the Authorized Participant had previously revoked a PIN Number used in giving such instructions or representations
(where applicable) and such revocation was given by the Authorized Participant and received by the Trustee in accordance with the
terms of Section 2.03 hereto. The Authorized Participant shall not be liable under its indemnity agreement contained in
this paragraph with respect to any claim made against any AP Indemnified Party unless the AP Indemnified Party shall have notified
the Authorized Participant in writing of the claim within a reasonable time after the summons or other first written notification
giving information of the nature of the claim was served upon the AP Indemnified Party (or after the AP Indemnified Party shall
have received notice of service on any designated agent). However, failure to notify the Authorized Participant of any claim shall
not relieve the Authorized Participant from any liability which it may have to any AP Indemnified Party against whom such action
is brought otherwise than on account of its indemnity agreement contained in this paragraph and shall only release it from such
liability under this paragraph to the extent it has been materially prejudiced by such failure to give notice. The Authorized Participant
shall be entitled to participate at its own expense in the defense, or, if it so elects, to assume the defense of any suit brought
to enforce any claims, but if the Authorized Participant elects to assume the defense, the defense shall be conducted by counsel
chosen by it and satisfactory to the AP Indemnified Parties in the suit and who shall not, except with consent of the AP Indemnified
Parties, be counsel to the Authorized Participant. If the Authorized Participant does not elect to assume the defense of any suit,
it will reimburse the AP Indemnified Parties in the suit for the reasonable fees and expenses of any counsel retained by them.

 

     

     

    

 

b.          The
Sponsor hereby agrees to indemnify and hold harmless the Authorized Participant, its Affiliates, subsidiaries, directors, officers,
employees and agents, and each person, if any, who controls such persons within the meaning of Section 15 of the Securities Act
(each a “Sponsor Indemnified Party”) from and against any loss, liability, cost and expense (including, without
limitation, reasonable attorneys’ fees) incurred by such Sponsor Indemnified Party as a result of (i) any breach by the Sponsor
of any provision of the Authorized Participant Agreement that relates to the Sponsor; (ii) any failure on the part of the Sponsor
to perform any of its obligations set forth in the Authorized Participant Agreement applicable to it; (iii) any failure on the
part of the Sponsor to comply in all material respects with applicable laws, including, without limitation, rules and regulations
of self-regulatory organizations, to the extent such laws, rules and regulations are applicable to the transactions being undertaken
pursuant to the Authorized Participant Agreement; (iv) actions of such Sponsor Indemnified Party pursuant to any instructions issued
or representations made in accordance with the relevant Prospectus, Authorized Participant Agreement, the Procedures, the relevant
Trust Agreement or these Standard Terms reasonably believed by the Sponsor Indemnified Party to be genuine and to have been given
by the Sponsor; or (v) any untrue statements or omissions made in any promotional material or sales literature furnished to the
Authorized Participant by the Sponsor or otherwise approved in writing by the Sponsor. The Sponsor shall not be liable under its
indemnity agreement contained in this paragraph with respect to any claim made against any Sponsor Indemnified Party unless the
Sponsor Indemnified Party shall have notified the Sponsor in writing of the claim within a reasonable time after the summons or
other first written notification giving information of the nature of the claim shall have been served upon the Sponsor Indemnified
Party (or after the Sponsor Indemnified Party shall have received notice of service on any designated agent). However, failure
to notify the Sponsor of any claim shall not relieve the Sponsor from any liability which it may have to any Sponsor Indemnified
Party against whom such action is brought otherwise than on account of its indemnity agreement contained in this paragraph and
shall only release it from such liability under this paragraph to the extent it has been materially prejudiced by such failure
to give notice. The Sponsor shall be entitled to participate at its own expense in the defense, or, if it so elects, to assume
the defense of any suit brought to enforce any claims, but if the Sponsor elects to assume the defense, the defense shall be conducted
by counsel chosen by it and satisfactory to the Sponsor Indemnified Parties in the suit and who shall not, except with the consent
of the Sponsor Indemnified Parties, be counsel to the Sponsor. If the Sponsor does not elect to assume the defense of any suit,
it will reimburse the Sponsor Indemnified Parties in the suit for the reasonable fees and expenses of any counsel retained by them.

 

c.          No
indemnifying party, as described in paragraphs (a) and (b) above, shall, without the written consent of the AP Indemnified Party
or the Sponsor Indemnified Party, as the case may be, effect the settlement or compromise of or consent to the entry of any judgment
with respect to, any pending or threatened action or claim in respect of which indemnification may be sought hereunder (whether
or not the indemnified party is an actual or potential party to such action or claim) unless such settlement, compromise or judgment
(i) includes an unconditional release of the AP Indemnified Party or Sponsor Indemnified Party, as the case may be, from all liability
arising out of such action or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure
to act, by or on behalf of any AP Indemnified Party or Sponsor Indemnified Party, as the case may be.

 

     

     

    

 

d.          The
Authorized Participant shall not be liable to any AP Indemnified Party for any damages arising out of (i) mistakes or errors in
data provided in connection with purchase or redemption transactions except for data provided by the Authorized Participant, or
(ii) mistakes or errors by, or arising out of interruptions or delays of communications with, the Trustee or any AP Indemnified
Party.

 

e.          The
indemnification provided for in Section 6.01(a) shall not apply to an AP Indemnified Party to the extent any such losses,
liabilities, damages, costs and expenses are incurred as a result of any fraud, gross negligence, bad faith or willful misconduct
on the part of such AP Indemnified Party. The indemnification provided for in Section 6.01(b) shall not apply to a Sponsor
Indemnified Party to the extent any such losses, liabilities, damages, costs and expenses arc incurred as a result of any fraud,
gross negligence, bad faith or willful misconduct on the part of such Sponsor Indemnified Party.

 

f.           The
indemnity agreements contained in this Section 6.01 shall remain in full force and effect and shall survive any termination
of this Authorized Participant Agreement. The Sponsor and the Authorized Participant agree promptly to notify each other of the
commencement of any proceeding against it and against any of their officers or directors in connection with the issuance and sale
of the Shares or in connection with each Trust’s registration statement or the relevant Prospectus.

 

ARTICLE VII

 

MISCELLANEOUS

 

Section 7.01. Commencement
of Trading. The Authorized Participant may not submit an Order prior to the effectiveness of the relevant Trust’s registration
statement, or amendment to the relevant Trust’s registration statement, filed with the Securities and Exchange Commission
and pursuant to which the Authorized Participant is identified as such in the relevant Prospectus.

 

Section 7.02. Defined
Terms. All capitalized terms used in these Standard Terms and not otherwise defined herein shall have the meanings ascribed
to such terms in the Authorized Participant Agreement and the Procedures.

 

Section 7.03. Third
Party Beneficiaries. The parties acknowledge and agree that each Trust shall be a third party beneficiary of the Authorized
Participant Agreement, including, without limitation, as to Section 6.01(a) of these Standard Terms.

 

[Signatures Follow on Next Page]

 

     

     

    

 

IN WITNESS WHEREOF,
the Sponsor and the Trustee have executed these Standard Terms as of the date set forth above.

 

THE BANK OF NEW YORK MELLON, 

in its capacity as Trustee of the Trust(s) listed on Schedule
A attached to the Authorized Participant Agreement

 

	By:	 	 	 
	Name:	 	 
	Title:	 	 

 

 

GRANITESHARES LLC, 

in its capacity as Sponsor of the Trust(s) listed on Schedule
A attached to the Authorized Participant Agreement

 

	By:	 	 	 
	Name:	 	 
	Title:	 	 

 

     

     

    

 

SCHEDULE 2-A

 

AUTHORIZED REPRESENTATIVES OF THE AUTHORIZED
PARTICIPANT

 

Certificate of Authorized Representatives
of the Authorized Participant

 

The following are the
names, titles, signatures, phone numbers, and email addresses of all persons (each, an “Authorized Representative”)
authorized to give instructions relating to any activity contemplated by the Authorized Participant Agreement between [Name
of Authorized Participant], The Bank of New York Mellon, as trustee of the Trust(s) listed on Schedule A attached to the Authorized
Participant Agreement, and GraniteShares LLC, as sponsor of the Trust(s) listed on Schedule A attached to the Authorized Participant
Agreement, dated ______________, 2017 (the “Agreement”) or any other notice, request or instruction on behalf
of the Authorized Participant pursuant to the Agreement.

  

	Name:	 	 	Name: 	 

	Title:	 	 	Title:	 

 

	Signature: 	 	 	Signature: 	 

	Phone:	 	 	Phone:	 

	Email:	 	 	Email:	 

  

    

	Name:	 	 	Name: 	 

	Title:	 	 	Title:	 

 

	Signature:	 	 	Signature:	 

	Phone:	 	 	Phone:	 

	Email:	 	 	Email:	 

    

   

The undersigned, [AP
Authorized Signatory], does hereby certify that the persons listed above have been duly authorized to act as Authorized Representatives
pursuant to the Agreement.

 

	By:	 	 	 
	Name:	 	 
	Title:	 	 
	Date:	 	 

 

     

     

    

 

SCHEDULE 2-B

 

ADDENDUM TO CERTIFICATE OF 

AUTHORIZED REPRESENTATIVES OF THE AUTHORIZED
PARTICIPANT

 

[On AP’s Firm Letterhead]

 

[DATE]

 

Attn:________________ 

The Bank of New York Mellon, 

as Trustee of the relevant Trusts sponsored by GraniteShares
LLC 

2 Hanson Place - Floor 9th 

Brooklyn, New York 11217

 

Re:          Addendum to the Certificate of Authorized
Representatives for [Name of Authorized Participant] under the Authorized Participant Agreement dated [Date,] for
the relevant Trusts sponsored by GraniteShares LLC (the “Agreement”)

 

Ladies and Gentlemen:

 

Pursuant to the Agreement,
the following are the names, titles, signatures, phone numbers, and email addresses of additional Authorized Representatives of
[Name of Authorized Participant] (the “AP”) authorized to give instructions relating to any activity
contemplated by the Agreement or any other notice, request or instruction on behalf of the AP pursuant to the Agreement. This list
of Authorized Representatives is an addendum and adds further Authorized Representatives to the AP’s most recently executed
certificate (entitled “Certificate of Authorized Representatives of the Authorized Participant”).

  

	Name:	 	 	Name: 	 

	Title:	 	 	Title:	 

 

	Signature: 	 	 	Signature: 	 

	Phone:	 	 	Phone:	 

	Email:	 	 	Email:	 

  

    

	Name:	 	 	Name: 	 

	Title:	 	 	Title:	 

 

	Signature:	 	 	Signature:	 

	Phone:	 	 	Phone:	 

	Email:	 	 	Email:	 

    

  

     

     

    

 

Please provide PIN
numbers for those listed above.

 

The undersigned, [AP’S
Authorized Signatory], does hereby certify that the persons listed above have been duly authorized to act as Authorized Representatives
pursuant to the Agreement.

 

	By:	 	 	 
	Name:	 	 
	Title:	 	 
	Date:GraniteShares Platinum Trust S-1

Exhibit 10.1 

 

Dated: ________________, 2017

 

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

 

 

     

     

    

 

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.

 

    2 

     

    

 

“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 ______________,
2017, 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 ______________, 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 ______________, 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 ______________, 2017 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.

 

    6 

     

    

 

		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.

 

    7 

     

    

 

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:

 

		(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.

 

    8 

     

    

 

		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.

 

		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.

 

    9 

     

    

 

		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.

 

		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.

 

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		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 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.

 

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		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.

 

		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.

 

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		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.

 

		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.

 

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		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.

 

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		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:

 

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		(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 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.

 

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		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.

 

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

 

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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.

 

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		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.

 

		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.

 

    20 

     

    

 

		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.

 

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.

 

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		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]

 

    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	 	 	Signature	 
	Name	 	 	Name	 
	Title	 	 	Title	 
	Date	 	 	Date	 

 

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	 	 
	Name	 	 
	Title	 	 
	Date	 	 

 

[Signature Page to Allocated Platinum Account
Agreement]

 

    23

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