NYSE: PPLT

The
Trust is not registered as an investment company under the Investment Company Act of 1940 and is not required to register under
such act. The Trust does not and will not hold or trade in commodities futures contracts, “commodity interests” or
any other instruments regulated by the Commodity Exchange Act (the “CEA”), as administered by the Commodity Futures
Trading Commission (the “CFTC”) and the National Futures Association (“NFA”). The Trust is not a commodity
pool for purposes of the CEA and the Shares are not “commodity interests,” and neither the Sponsor nor the Trustee
is subject to regulation as a commodity pool operator or a commodity trading advisor in connection with the Shares. The Trust
has no fixed termination date.

The
Sponsor of the registrant maintains an Internet website at www.abrdn.com/us/etf through
which the registrant’s annual reports on Form 10-K, quarterly reports on Form 10-Q, and amendments to those reports filed
or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, are made
available free of charge as soon as reasonably practicable after they have been filed or furnished to the Securities and Exchange
Commission (the “SEC”). The SEC maintains an internet site that contains reports, proxy and information statements,
and other information regarding issuers that file electronically at www.sec.gov.

Trust
Objective

The
investment objective of the Trust is for the Shares to reflect the performance of the price of physical platinum, less the
Trust’s expenses. The Shares are intended to constitute a simple and cost-effective means of making an investment
similar to an investment in physical platinum. An investment in physical platinum requires expensive and sometimes
complicated arrangements in connection with the assay, transportation, warehousing and insurance of the metal. Traditionally,
such expense and complications have resulted in investments in physical platinum being efficient only in amounts beyond the
reach of many investors.

The
Shares are intended to provide institutional and retail investors with a simple and cost-efficient means, with minimal credit
risk, of gaining investment benefits similar to those of holding platinum bullion. The Shares offer an investment that:

● Easily
Accessible and Relatively Cost Effective. Investors can access the platinum bullion market through a traditional brokerage
account. The Sponsor believes that investors will be able to more effectively implement strategic and tactical asset allocation
strategies that use platinum bullion by using the Shares instead of using the traditional means of purchasing, trading and holding
platinum bullion and for many investors, transaction costs related to the Shares will be lower than those associated with the
purchase, storage and insurance of physical platinum bullion.

2

● Exchange
Traded and Transparent. The Shares trade on the NYSE Arca, providing investors with an efficient means to implement various
investment strategies. The Shares are eligible for margin accounts and are backed by the assets of the Trust and the Trust does
not hold or employ any derivative securities. Furthermore, the value of the Trust’s holdings are reported on the Trust’s
website daily.

● Minimal
Credit Risk. The Shares represent an interest in physical platinum owned by the Trust (other than an amount held in unallocated
form which is not sufficient to make up a whole plate of which is held temporarily to effect a creation or redemption of Shares).
Physical platinum of the Trust in the Custodian’s possession is not subject to borrowing arrangements with third parties.
Other than the platinum temporarily being held in an unallocated platinum account with the Custodian, the physical platinum of
the Trust is not subject to counterparty or credit risks. See “Risk Factors—Platinum held in the Trust’s
unallocated platinum account and any Authorized Participant’s unallocated platinum account is not segregated from the Custodian’s
assets...” This contrasts with most other financial products that gain exposure to platinum through the use of derivatives
that are subject to counterparty and credit risks.

Investing
in the Shares does not insulate the investor from certain risks, including price volatility. See “Risk Factors.”

Overview
of the Platinum Industry

This
section provides a brief introduction to the platinum industry by looking at some of the key participants, detailing the primary
sources of demand and supply.

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

Platinum
Group Metals

Platinum
and palladium are the two best known metals of the six platinum group metals (“PGMs”). Platinum and palladium have
the greatest economic importance and are found in the largest quantities. The other four --iridium, rhodium, ruthenium and osmium
--are produced only as co-products of platinum and palladium. PGMs are known for their purity, high melting points and unique
catalytic properties. In addition to their oxidation and reduction properties, they are also extremely resistant to corrosion.
PGMs are utilized in a number of industrial processes, technologies and commercial applications. Their unique chemical and physical
properties make PGMs an excellent raw material, catalyst and ingredient for manufacturing processes. Consumer and industrial products
made with platinum and other PGMs include flat panel monitors, glass fiber, medical tools, computer hard drives, nylon and razors,
among others. PGMs play a critical role in autocatalysis and pollution control in the automotive sector.

PGM
mining is heavily concentrated in southern Africa (South Africa and Zimbabwe), with smaller percentages coming from the United
States, Russia and other locations. South Africa is the world’s leading platinum producer and one of the largest palladium producers.
Russia is the second largest producer of platinum. All of South Africa’s production is sourced from the Bushveld Igneous Complex,
which hosts the world’s largest resource of PGMs. Together, South Africa and Russia accounted for over 83% of platinum supply
in 2024.

World
Platinum Supply and Demand 2015-2024

The
following table sets forth a summary of the world platinum supply and demand over the past 10 years (from 2015 to 2024) and is
based on information reported by Johnson Matthey, PGM Market Reports (2015 – 2025). Information for the year ended 2025 is not available as of the date of this report.

(thousands of ounces)
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024

Supply

South Africa
4,572
4,392
4,450
4,467
4,344
3,243
4,609
3,966
4,003
4,112

Russia
670
714
720
687
721
699
638
350
850
650

North America
339
370
368
370
367
334
279
280
288
267

Zimbabwe
400
489
466
474
451
482
465
488
515
507

Others
158
162
157
152
154
205
222
157
154
187

Total primary supply
6,139
6,127
6,161
6,150
6,037
4,963
6,213
5,241
5,810
5,723

Recycling

Autocatalyst
1,136
1,132
1,249
1,332
1,389
1,154
1,230
1,201
1,074
1,084

Electrical
30
32
35
38
40
41
49
48
48
56

Jewellery
574
738
746
699
663
506
366
273
226
232

Total secondary supply
1,740
1,902
2,030
2,069
2,092
1,701
1,645
1,522
1,348
1,372

Total combined supply
7,879
8,029
8,191
8,219
8,129
6,664
7,858
6,763
7,158
7,095

Demand by Application

Auto
3,273
3,339
3,061
2,815
2,589
2,024
2,410
2,743
3,353
3,410

Chemical
502
477
453
654
662
614
675
701
649
631

Dental & Biomedical
215
218
238
241
254
214
220
249
266
273

Electrical & Electronics
228
232
224
228
216
226
262
241
206
245

Glass
227
247
314
501
490
518
786
875
782
446

Investment
451
620
361
67
1,131
1,049
(1 )
(475 )
179
525

Jewellery
2,746
2,413
2,385
2,258
2,073
1,657
1,468
1,401
1,372
1,375

Petroleum
140
186
228
380
262
286
222
241
160
144

Pollution Control
-
-
184
193
190
165
187
221
274
269

Other
494
535
530
531
542
417
444
483
550
551

Total demand
8,276
8,267
7,978
7,868
8,409
7,170
6,673
6,680
7,791
7,869

Movements in Stocks
(397 )
(238 )
213
351
(280 )
(506 )
1,185
83
(633 )
(774 )

Source:
Johnson Matthey PGM Market Reports (2015 - 2025).

1 Primary
supply: Supply figures represent sales of primary PGM by producers and are allocated to the region where mining took place, rather
than the region of subsequent processing.

2 Secondary
supply: Secondary supply is the quantity of metal recovered from open-loop recycling (i.e. where the original purchaser does not
retain ownership of the PGM). Outside the automotive, jewelry and electronics markets, open-loop recycling is negligible.

3 Automotive
recycling represents the weight of metal recovered from end-of-life vehicles and aftermarket scrap. It does not include warranty
or production scrap.

4 Demand:
Demand figures for any given application represent the sum of industry demand for new metal in that application, net of any closed-loop
recycling (i.e. where industry participants retain ownership of the metal: an example would be recycling of spent chemical catalysts
where the metal is retained to be used on fresh catalyst that replaces the spent charge).

3

5 Automotive
demand is allocated to the region where the vehicle is manufactured and is accounted for at the time of vehicle production. It
includes emissions catalysts on vehicles, motorcycles and three-wheelers, as well as fuel cell vehicles. Non-road mobile machinery
is counted as industrial demand, in the pollution control category.

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

7 Movements
in stocks: This figure gives the overall market balance in any one year and reflects the extent of stocks that must be mobilized
to balance the market in that year. It is thus a proxy for changes in stocks held by fabricators, dealers, banks and depositories,
but excludes stocks held by primary and secondary refiners and final consumers. A positive figure (market surplus) thus reflects
an increase in global market stocks. A negative value (market deficit) indicates a decrease in global market stocks.

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

The
main supplier of platinum is South Africa, providing approximately 72% of total mine supply over the past 10 years (2015-2024).
Russia is the second largest supplier of platinum. Its share of world mine production has averaged around 11.4% of total mine
supply over the past ten years ended 2024. Scrap supply from recycling of autocatalyst and other sources have accounted for about
22.9% of total supply over the last 10 years.

Over
the ten years ended December 2024, jewelry demand for platinum peaked at approximately 33% of total demand in 2015. Jewelry demand
has since declined to 17% of total demand in 2024, following a consistent downward trend. Automotive demand for platinum, which
accounted for around 40% of total demand at the end of 2015, has increased to roughly 43% of total demand as of the end of 2024.
Following two consecutive years of growth, investment demand fell from a high of 15% in 2020 into negative territory in 2022 at
(7%) but improved to 7% in 2024. Pollution control demand, which captures the production demand of non-road vehicles such as agricultural
equipment and industrial machinery as well as small engines and stationary source emissions controls in factories that use technology
that is similar to autocatalysts, decreased to 3% in 2024 after increasing to 4% of total demand in 2023.

Historical
Chart of the Price of Platinum

The
price of platinum is volatile and fluctuations are expected to have a direct impact on the value of the Shares. However, movements
in the price of platinum in the past are not a reliable indicator of future movements. The following chart illustrates the movements
in the price of an ounce of platinum in U.S. Dollars from December 31, 2015 to December 31, 2025 and is based on information provided
by Bloomberg:

Source:
Bloomberg, Aberdeen. Chart data from 12/31/2015 to 12/31/2025. Spot Platinum Price = PLTMLNPM Index.

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

In
2012, platinum prices rose on the back of supply disruptions in South Africa, which accounts for more than 72% of the
world’s supply of platinum. A strike at one of South Africa’s biggest platinum mines caused the price of platinum
to rise from $1,387 to $1,709 per ounce in August 2012. At the beginning of 2013, Anglo American Platinum, the world’s
biggest producer of the metal, announced its intention to close four mine shafts and its consideration of selling another
mine complex as part of a radical overhaul of its South African operations. This statement prompted a strong reaction on
platinum prices, which rose from $1,656 to $1,736 per ounce in the days following the announcement, on fears of a further
tightening in platinum supply. However, platinum’s correlation to gold weighed on platinum prices in 2013 overall.
Prolonged strikes at South African mines in 2014 led to the deepest supply deficit in platinum since 1975 (the earliest date
we have supply and demand data). However, that failed to arrest the price slide which saw prices fall 11% in 2014,
highlighting the extent of negative sentiment towards industrially-exposed precious metals. Despite autocatalyst demand for
platinum increasing in 2015, tightening nitrogen oxide emission standards have led to pessimism about the future demand for
platinum-heavy diesel autocatalysts relative to palladium-heavy gasoline autocatalysts. Further pessimistic outlook for South
Africa’s economy and its currency the South African Rand weighed on platinum prices throughout 2017, and platinum
continued to fall in 2018 driven by lackluster investor sentiment, a stronger US dollar, weaker diesel demand and rising mine
supply. Platinum prices bounced back, rising 19.9% to $952 per ounce at the end of 2019. After seeing the price fall as
low as $593 per ounce on March 19, 2020, platinum rebounded from pandemic lows and finished the year at $1,068 per ounce. The
steep climb in palladium price has led some investors to conclude that platinum appears under-valued, in view of its
potential to substitute for palladium in automotive applications in the future. Additionally, the outlook for mining in South
Africa is increasingly uncertain, with producers facing steep increases in electricity prices, periodic disruption to power
supplies and a risk of industrial action during anticipated wage negotiations. In 2021, platinum took a back seat to risky
assets, similarly to other precious metals, as it returned -10% (as of December 31, 2021). Follow through from auto
production disruptions during the pandemic were a major contributor to the price performance in 2021. The price of platinum
reached as high as $1,151 per ounce on March 8, 2022, as Russia’s invasion of Ukraine and the threat of sanctions on
Russian exports, including platinum, pushed prices higher. However, while other precious metals (gold, silver, palladium) saw
prices fluctuate throughout the year, platinum’s volatility was much more pronounced within the first quarter of 2022,
as the price fell roughly 15% by March 31, 2022, to close the first quarter at $983 per ounce. Aggressive interest rate hikes
by the U.S. Federal Reserve, a strong U.S. Dollar and risks of diminishing global economic growth exerted additional pressure
on prices, as the price of platinum fell as low as $831 per ounce on July 14, 2022. Through the end of 2022, increasing
autocatalyst demand and a growing substitution of platinum for palladium contributed to ongoing physical market tightness,
despite a global surplus, which saw the price of platinum increase roughly 24% from July 14, 2022 through December 31, 2022
to $1,031 per ounce.

4

In
2023, a decrease in platinum production in South Africa, the world’s leading producer, has continued to impact global supply
(see “World Platinum Supply and Demand in 2023” above for additional discussion). While industry analysis groups see
potential for a nearly 1-million-ounce deficit in platinum in 2023, the price performance has not reflected this sentiment over
the course of the year as the market remains well supplied pulling from existing above ground stockpiles. Despite a positive outlook
at the beginning of the year, fueled by China’s loosening of Covid-related restrictions, that drove the price as high as
$1,128 per ounce on April 21, 2023, the Chinese economic rebound disappointed investors and led the price of platinum to fall
as low as $850 per ounce on November 13, 2023. While an end-of-year rally saw the price of platinum increase roughly 18% off the
yearly low to $1,000 per ounce, platinum ended the year approximately 3% below its 2022 closing price.

In
2024, mining production in South Africa has continued to impact global supply, as the country experiences some remaining power
supply disruptions, although at a far lower pace than in 2023. Political instability, inflation and volatile market prices have
compressed profit margins and subsequently led to a decrease in expected supply from the world’s leading producer. As a result,
platinum markets remained volatile throughout the year while prices have not responded to the existing supply side deficit as
above ground stocks are being worked through. An increase in expected automotive demand provided some tailwinds during the first
half of the year sent the spot price of platinum as high as $1,065 per ounce on May 17, 2024. However, the lackluster Chinese
economic rebound and disappointing level of stimulus turned to headwinds as the price retreated to $910 per ounce. The risk of
additional sanctions on Russian metal exports in October provided some temporary price support, however market fears over supply
restrictions quickly dissipated, and prices retreated once more. Headwinds grew as the US election resulted in an increased potential
of tariffs that are large enough to slow global economic growth and the spot price of platinum ended the year down -8.6%, at $914
per ounce.

In
2025, platinum experienced its strongest rally in years as persistent supply deficits, elevated trading activity and geopolitical
tensions drove prices sharply higher. While tightening emission standards in China and India supported Industrial Demand from
the automotive industry, the larger trend this year has been from Chinese jewelry demand. The Chinese and Indian public are significant
gold buyers; however, they are price sensitive and given capital restrictions, jewelry in China is also an investment - and not
just jewelry. During London Platinum Week, in mid-May, compelling evidence emerged that the Chinese consumer had begun to revert
to platinum jewelry from gold and the spot price of Platinum subsequently rallied from $986 per ounce on May 16, 2025, to $1474
per ounce on July 18, 2025. Platinum traded in a tighter range between July and mid-September, before U.S. tariff uncertainty
and heavy buying from China and the U.S. amplified market tightness, driving the price into a range of $1,500 - $1,600 per ounce,
where it would remain towards the end of November. However, on November 27th, 2025, the Guangzhou Futures Exchange launched a
new futures contract on Platinum, further boosting optimism about Chinese demand. Speculative positioning intensified through
the end of the year, sending prices to a 17 year high and lifting platinum to $2,226 per ounce before ending the year at $2,027
on December 31, 2025 (+121.8%).

Operation
of the Platinum Market

The
global trade in platinum consists of Over-the-Counter (“OTC”) transactions in spot, forwards, and options and other
derivatives, together with exchange-traded futures and options.

Global
Over-The-Counter Market

The
OTC market trades on a 24-hour per day continuous basis and accounts for most global platinum trading. Market makers, as well
as others in the OTC market, trade with each other and with their clients on a principal-to-principal basis. All risks and issues
of credit are between the parties directly involved in the transaction. Market makers include the market making members of the
London Platinum and Palladium Market (“LPPM”), the trade association that acts as the coordinator for activities conducted
on behalf of its members and other participants in the LPPM. Five member participants of the LPPM are currently participating
in the electronic LBMA Platinum Price PM (as described below) process administered by the London Metal Exchange (“LME”).
The OTC market provides a relatively flexible market in terms of quotes, price, size, destinations for delivery and other factors.
Bullion dealers customize transactions to meet clients’ requirements. The OTC market has no formal structure and no open
outcry meeting place.

The
main centers of the OTC market for platinum are London, New York, Hong Kong and Zurich. Mining companies, manufacturers of jewelry
and industrial products, together with investors and speculators, tend to transact their business through one of these market
centers. Centers such as Dubai and several cities in the Far East also transact substantial OTC market business, typically involving
jewelry and small plates or ingots of platinum (1 kilogram or less) and will hedge their exposure by selling into one of these
main OTC centers. Precious metals dealers have offices around the world and most of the world’s major bullion dealers are
either members or associate members of the London Bullion Market Association (“LBMA”) and/or the LPPM. In the OTC
market for platinum, the standard size of trades between market makers is 1,000 ounces.

5

Liquidity
in the OTC market can vary from time to time during the course of the 24-hour trading day. Fluctuations in liquidity are reflected
in adjustments to dealing spreads—the differential between a dealer’s “buy” and “sell” prices.
The period of greatest liquidity in the platinum market generally occurs at the time of day when trading in the European time
zones overlaps with trading in the United States, which is when OTC market trading in London, New York, and other centers coincides
with futures and options trading on the Commodity Exchange, Inc. (“COMEX”), a designated contract market within the
CME Group. This period lasts for approximately four hours each New York business day morning.

The
Platinum Market

The
Zurich and London Platinum Bullion Markets

Although
the market for physical platinum is distributed globally, most platinum is stored and most OTC market trades are cleared through
London and Zurich. In addition to coordinating market activities, the LPPM acts as the principal point of contact between the
market and its regulators. A primary function of the LPPM is its involvement in the promotion of refining standards by maintenance
of the “London/Zurich Good Delivery Lists,” which are the lists of LPPM accredited refiners of platinum. The LPPM
also coordinates market clearing and vaulting, promotes good trading practices and develops standard documentation.

Platinum
is traded generally on a “loco London” or “loco Zurich” basis, meaning the precious metal is physically
held in vaults in London or Zurich or is transferred into accounts established in London or Zurich. Delivery of the platinum can
either be by physical delivery or through the clearing systems to an unallocated account.

The
unit of trade in London and Zurich is the troy ounce, whose conversion between grams is: 1,000 grams equals to 32.1507465 troy
ounces, and one troy ounce is equivalent to 31.1034768 grams. A good delivery platinum plate or ingot on the LPPM approved list
is acceptable for delivery in settlement of a transaction on the OTC market (a “Good Delivery Platinum Plate or Ingot”).
A Good Delivery Platinum Plate or Ingot must contain between 32 and 192 troy ounces of platinum with a minimum fineness (or purity)
of 999.5 parts per 1,000 (99.95%), be of good appearance, and be easy to handle and stack. The platinum content of a platinum
Good Delivery Platinum Plate or Ingot is calculated by multiplying the gross weight by the fineness of the plate or ingot. A Good
Delivery Platinum Plate or Ingot must also bear the stamp of one of the refiners who are on the LPPM approved list. Unless otherwise
specified, the platinum spot price always refers to the “Good Delivery Standards” set by the LPPM. Business is generally
conducted over the phone and through electronic dealing systems.

Since
December 1, 2014, the LME has been administering the operation of an electronic platinum bullion price fixing system
(“LMEbullion”) that replicates electronically the manual London platinum fix processes previously employed by the London
Platinum and Palladium Fixing Company Ltd (“LPPFCL”), as well as providing electronic market clearing processes for
platinum bullion transactions at the fixed prices established by the LME pricing mechanism. The LME’s electronic price fixing
processes, like the previous London platinum fix processes, establishes and publishes fixed prices for troy ounces of platinum twice
each London trading day during fixing sessions beginning at 9:45 a.m. London time (the “LBMA Platinum Price AM”) and
2:00 p.m. London time (the “LBMA Platinum Price PM”). In addition to utilizing the same London platinum fix standards
and methods, the LME also supervises the platinum electronic price fixing processes through its market operations, compliance,
internal audit and third-party complaint handling capabilities in order to support the integrity of the LBMA Platinum Price PM. The
LME, in administering LMEbullion, uses a pricing methodology that meets the administrative and regulatory needs of platinum market
participants, including the International Organization of Securities Commission’s (IOSCO) Principles for Financial Benchmarks,
(the “IOSCO Principles”). In January 2026, the LBMA announced that it intends to appoint ICE Benchmark Administration (“IBA”) to replace the LME as the third-party
administrator of the LBMA Platinum and Palladium prices in mid-2026.

Daily
during London trading hours the LBMA Platinum Price AM and the LBMA Platinum Price PM each provide reference platinum prices for
that day’s trading. Many long-term contracts will be priced on the basis of either the LBMA Platinum Price AM or the LBMA
Platinum Price PM, and market participants will usually refer to one or the other of these prices when looking for a basis for
valuations. The Trust values its platinum on the basis of the LBMA Platinum Price PM. If on a day when the Trust’s NAV is
being calculated, the LBMA Platinum Price PM is not available or has not been announced by 4:00 p.m. New York time, the Trustee
is authorized to use the LBMA Platinum Price AM announced on that day. If neither price is available for that day, the Trustee
will value the Trust’s platinum based on the most recently announced LBMA Platinum Price PM or LBMA Platinum Price AM.

Formal
participation in the LBMA Platinum Price PM is limited to participating LPPM members. Six LPPM members are currently participating
in establishing the LBMA Platinum Price PM (Goldman Sachs International, HSBC Bank USA NA, ICBC Standard Bank plc, Johnson Matthey
plc, StoneX Financial Ltd and BASF Metals Ltd.). Any other market participant wishing to participate in the trading on the LBMA Platinum Price PM is
required to do so through one of the participating LPPM members.

6

Orders
are placed either with one of the participating LPPM member participants or with another precious metals dealer who will then
be in contact with a participating LPPM member during the fixing. The fix begins with the chair reflecting the market price and
other data, prevailing at the opening of the fix. This is relayed by the LPPM member participants to their dealing rooms which
have direct communication with all interested parties. Any member participant may enter the fixing process at any time, or adjust
or withdraw his order. The platinum price is adjusted up or down until all the buy and sell orders are electronically matched,
at which time the price is declared fixed. All orders are transacted on the basis of this fixed price, which is instantly relayed
to the market through various media.

The
LBMA and the LME have asserted that the LME’s electronic price fixing processes are similar to the non-electronic processes
previously used to establish the applicable London platinum fix where the London platinum fix process adjusted the platinum price
up or down until all the buy and sell orders entered by the participating LPPM members are matched, at which time the price was
declared fixed. Nevertheless, the LBMA Platinum Price PM has several advantages over the previous London platinum fix. The LME’s
electronic price fixing processes are intended to be transparent. The LME asserts that its electronic price fixing processes are
fully auditable by third parties since an audit trail exists from the beginning of each fixing session. The LME also asserts that
the market operation, compliance, internal audit and third-party complaint handling capabilities of the LME supports the integrity
of the LBMA Platinum Price PM.

Since
December 1, 2014, the Sponsor determined that the London platinum fix, which has been revised based on the new LME method and
is now known as the LBMA Platinum Price (PM), which we refer to herein as the LBMA Platinum Price PM, is an appropriate basis
for valuing platinum bullion received upon purchase of the Trust’s Shares, delivered upon redemption of the Trust’s
Shares and for determining the value of the Trust’s platinum bullion each trading day. The Sponsor also determined that
the LME PM Fix fairly represents the commercial value of platinum bullion held by the Trust and the “Benchmark Price”
(as defined in Trust Agreement) as of any day is such day’s LBMA Platinum Price PM or such day’s LBMA Platinum Price
AM if such day’s LBMA Platinum Price PM is not available.

As
of December 1, 2014, the LPPFCL transferred ownership of the historic and future intellectual property of the twice daily “fix”
for platinum and palladium bullion to a subsidiary company of the LBMA.

Futures
Exchanges

The
most significant platinum futures exchanges are the COMEX, a designated contract market within the CME Group, and the Tokyo
Commodity Exchange, Inc. (“TOCOM”). The COMEX is the largest exchange in the world for trading precious metals
futures and options and launched platinum futures in 1956, followed with options in 1990. The TOCOM has been trading platinum
since 1984. Trading on these exchanges is based on fixed delivery dates and transaction sizes for the futures and options
contracts traded. Trading costs are negotiable. As a matter of practice, only a small percentage of the futures market
turnover ever comes to physical delivery of the platinum represented by the contracts traded. Both exchanges permit trading
on margin. Margin trading can add to the speculative risk involved given the potential for margin calls if the price moves
against the contract holder. The COMEX trades platinum futures almost continuously (with one short break in the evening)
through its CME Globex electronic trading system and clears through its central clearing system. On June 6, 2003, the TOCOM
adopted a similar clearing system. In each case, the exchange acts as a counterparty for each member for clearing
purposes.

Market
Regulation

The
global platinum markets are overseen and regulated by both governmental and self-regulatory organizations. In addition, certain
trade associations have established rules and protocols for market practices and participants. In the United Kingdom, responsibility
for the regulation of the financial market participants, including the major participating members of the LPPM falls under the
authority of the Financial Conduct Authority (“FCA”) as provided by the Financial Services and Markets Act 2000 (“FSM
Act”). Under this act, all U.K.-based banks, together with other investment firms, are subject to a range of requirements,
including fitness and properness, capital adequacy, liquidity, and systems and controls.

The
FCA is responsible for regulating investment products, including derivatives, and those who deal in investment products. Regulation
of spot, commercial forwards, and deposits of platinum not covered by the FSM Act is provided for by The London Code of Conduct
for Non-Investment Products, which was established by market participants in conjunction with the Bank of England.

The
TOCOM has authority to perform financial and operational surveillance on its members’ trading activities, scrutinize positions
held by members and large-scale customers, and monitor the price movements of futures markets by comparing them with cash and
other derivative markets’ prices. To act as a Futures Commission Merchant Broker on the TOCOM, a broker must obtain a license
from Japan’s Ministry of Economy, Trade and Industry, the regulatory authority that oversees the operations of the TOCOM.

The
CFTC regulates trading in commodity contracts, such as futures, options and swaps. In addition, under the CEA, the CFTC has jurisdiction
to prosecute manipulation and fraud in any commodity (including precious metals) traded in interstate commerce as spot as well
as deliverable forwards. The CFTC is the exclusive regulator of U.S. commodity exchanges and clearing houses.

7

Secondary
Market Trading

While
the Trust’s investment objective is for the Shares to reflect the performance of the price of physical platinum, less the
Trust’s expenses, the Shares may trade in the secondary market on the NYSE Arca at prices that are lower or higher relative
to their net asset value (the value of the Trust’s assets less its liabilities (“NAV”)) per Share. The amount
of the discount or premium in the trading price relative to the NAV per Share may be influenced by non-concurrent trading hours
between the NYSE Arca, COMEX and the London and Zurich platinum markets. While the Shares trade on the NYSE Arca until 4:00 PM
New York time, liquidity in the global platinum market is reduced after the close of the COMEX at 1:30 PM New York time. As a
result, during this time, trading spreads, and the resulting premium or discount, on the Shares may widen.

Valuation
of Platinum and Computation of Net Asset Value

On
each day that the NYSE Arca is open for regular trading, as promptly as practicable after 4:00 PM New York time, on such day (“Evaluation
Time”), the Trustee evaluates the platinum held by the Trust and determines both the average net asset value (“ANAV”)
and the NAV of the Trust.

At
the Evaluation Time, the Trustee values the Trust’s platinum on the basis of that day’s LBMA Platinum Price PM or,
if no LBMA Platinum Price PM is made on such day or has not been announced by the Evaluation Time, the LBMA Platinum Price AM
announced on that day will be used. If neither price is available for that day, the Trust will value its palladium based on the
most recently announced LBMA Platinum Price PM or LBMA Platinum Price AM, unless the Sponsor determines that such price is inappropriate
as a basis for evaluation. In the event the Sponsor determines that the applicable LBMA Platinum Price PM or such other publicly
available price as the Sponsor may deem fairly represents the commercial value of the Trust’s platinum is not an appropriate
basis for evaluation of the Trust’s platinum, it shall identify an alternative basis for such evaluation to be employed
by the Trustee. Neither the Trustee nor the Sponsor shall be liable to any person for the determination that the LME PM Fix or
such other publicly available price is not appropriate as a basis for evaluation of the Trust’s platinum or for any determination
as to the alternative basis for such evaluation provided that such determination is made in good faith. See “Operation of
the Platinum Market—the Platinum Market”for a description of the LBMA Platinum Price PM.

Once
the value of the platinum has been determined, the Trustee subtracts all estimated accrued fees (other than the fees accruing
for such day on which the valuation takes place which are computed by reference to the value of the Trust or its assets), expenses
and other liabilities of the Trust from the total value of the platinum and any other assets of the Trust. The resulting figure
is the ANAV of the Trust. The ANAV of the Trust is used to compute the Sponsor’s Fee.

All
fees accruing for the day on which the valuation takes place which are computed by reference to the value of the Trust or its
assets are calculated using the ANAV calculated for such day. The Trustee subtracts from the ANAV the amount of accrued fees so
computed for such day and the resulting figure is the NAV of the Trust. The Trustee also determines the NAV per Share by dividing
the NAV of the Trust by the number of the Shares outstanding as of the close of trading on the NYSE Arca (which includes the net
number of any Shares created or redeemed on such evaluation day).

Any
estimate of the accrued but unpaid fees, expenses and liabilities of the Trust for purposes of computing the NAV of the Trust
and ANAV made by the Trustee in good faith shall be conclusive upon all persons interested in the Trust and no revision or correction
in any computation made under the Trust Agreement will be required by reason of any difference in amounts estimated from those
actually paid.

The
Sponsor and the Shareholders may rely on any evaluation furnished by the Trustee, and the Sponsor has no responsibility for the
evaluation’s accuracy. The determinations the Trustee makes will be made in good faith upon the basis of, and the Trustee
will not be liable for any errors contained in, information reasonably available to it. The Trustee will not be liable to the
Sponsor, The Depository Trust Company (“DTC”). Authorized Participants, the Shareholders or any other person for errors
in judgment. However, the preceding liability exclusion will not protect the Trustee against any liability resulting from bad
faith or gross negligence in the performance of its duties.

On
May 23, 2024, the Sponsor entered into an Amendment (the “Trust Amendment”) to the Depositary Trust Agreement (the
“Trust Agreement”) with the Trustee. The Trust Amendment reflects the following changes, effective as of June 18,
2024, as approved and directed by the Sponsor on behalf of the Trust: (1) the amendment of the definition of “Benchmark
Price” to mean, “as of any day, (i) such day’s LBMA Platinum Price PM or such day’s LBMA Platinum Price
AM if such day’s LBMA Platinum Price PM is not available; or (ii) such other publicly available price which is reasonably
available to the Trustee at no cost to the Trustee and which the Sponsor may determine fairly represents the commercial value
of platinum held by the Trust and instructs the Trustee to use as the Benchmark Price”; (2) the deletion and replacement
of the defined term for “London PM Fix” with the defined term “LBMA Platinum Price PM”, which means “the
price of a troy ounce of platinum as determined by the LME, the third party administrator of the London platinum price selected
by the LBMA, or any successor administrator of the London platinum price, at or about 2:00 p.m. London, England time”;
and (3) the addition of the new definition for “LBMA Platinum Price AM” which means “the price of a troy ounce
of platinum as determined by the LME, the third party administrator of the London platinum price selected by the LBMA, or any
successor administrator of the London platinum price, at or about 9:45 a.m. London, England time.

8

Trust
Expenses

The
Trust’s only ordinary recurring expense is the Sponsor’s Fee. In exchange for the Sponsor’s Fee, the Sponsor
has agreed to assume the following administrative and marketing expenses incurred by the Trust: the Trustee’s monthly fee
and out-of-pocket expenses, the Custodian’s fee and reimbursement of the Custodian’s expenses under the Custody Agreements,
Exchange listing fees, SEC registration fees, printing and mailing costs, audit fees and up to $100,000 per annum in legal expenses.

The
Sponsor’s Fee accrues daily at an annualized rate equal to 0.60% of the ANAV of the Trust and is payable monthly in arrears.
The Sponsor, from time to time, may temporarily waive all or a portion of the Sponsor’s Fee at its discretion for a stated
period of time. Presently, the Sponsor does not intend to waive any of its fee.

Furthermore,
the Sponsor may, in its sole discretion, agree to rebate all or a portion of the Sponsor’s Fee attributable to Shares held
by certain institutional investors subject to minimum shareholding and lock up requirements as determined by the Sponsor to foster
stability in the Trust’s asset levels. Any such rebate will be subject to negotiation and written agreement between the
Sponsor and the investor on a case by case basis. The Sponsor is under no obligation to provide any rebates of the Sponsor’s
Fee. Neither the Trust nor the Trustee will be a party to any Sponsor’s Fee rebate arrangements negotiated by the Sponsor.
Any Sponsor’s Fee rebate shall be paid from the funds of the Sponsor and not from the assets of the Trust.

The
Sponsor’s Fee is paid by delivery of platinum to an account maintained by the Custodian for the Sponsor on an unallocated
basis, monthly on the first business day of the month in respect of fees payable for the prior month. The delivery is of that
number of ounces of platinum which equals the daily accrual of the Sponsor’s Fee for such prior month calculated at the
LBMA Platinum Price PM.

The
Trustee will, when directed by the Sponsor, and, in the absence of such direction, may, in its discretion, sell platinum in such
quantity and at such times as may be necessary to permit payment in cash of Trust expenses not assumed by the Sponsor. The Trustee
is authorized to sell platinum at such times and in the smallest amounts required to permit such payments as they become due,
it being the intention to avoid or minimize the Trust’s holdings of assets other than platinum. Accordingly, the amount
of platinum to be sold will vary from time to time depending on the level of the Trust’s expenses and the market price of
platinum. The Custodian is authorized to purchase from the Trust, at the request of the Trustee, platinum needed to cover Trust
expenses not assumed by the Sponsor at the price used by the Trustee to determine the value of the platinum held by the Trust
on the date of the sale.

The
Sponsor’s Fee for the year ended December 31, 2025 was $9,189,166 (December 31, 2024: $5,968,067; December 31, 2023: $5,772,056).

Cash
held by the Trustee pending payment of the Trust’s expenses will not bear any interest. Each delivery or sale of platinum
by the Trust to pay the Sponsor’s Fee or other Trust expenses will be a taxable event to Shareholders.

Creation
and Redemption of Shares

The
Trust creates and redeems Shares from time to time, but only in one or more Baskets of 50,000 Shares. The creation and redemption
of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of physical platinum
represented by the Baskets being created or redeemed, the amount of which is based on the combined NAV of the number of Shares
included in the Baskets being created or redeemed determined on the day the order to create or redeem Baskets is properly received.

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

Authorized
Participants are cautioned that some of their activities will result in their being deemed participants in a distribution in a
manner which would render them statutory underwriters and subject them to the prospectus-delivery and liability provisions of
the Securities Act, as described in “Plan of Distribution”.

9

Prior
to initiating any creation or redemption order, an Authorized Participant must have entered into an agreement with the Custodian
or a platinum clearing bank to establish an Authorized Participant Unallocated Account in London (Authorized Participant Unallocated
Bullion Account Agreement). Authorized Participant Unallocated Accounts may only be used for transactions with the Trust. Platinum
held in Authorized Participant Unallocated Accounts is typically not segregated from the Custodian’s or other platinum clearing
bank’s assets, as a consequence of which an Authorized Participant will have no proprietary interest in any specific plates
or ingots of platinum held by the Custodian or the platinum clearing bank. Credits to its Authorized Participant Unallocated Account
are therefore at risk of the Custodian’s or other platinum clearing bank’s insolvency. No fees will be charged by
the Custodian for the use of the Authorized Participant Unallocated Account as long as the Authorized Participant Unallocated
Account is used solely for platinum transfers to and from the Trust Unallocated Account and the Custodian (or one of its affiliates)
receives compensation for maintaining the Trust Allocated Account. Authorized Participants should be aware that the Custodian’s
liability threshold under the Authorized Participant Unallocated Bullion Account Agreement is generally gross negligence, not
negligence, which is the Custodian’s liability threshold under the Trust’s Custody Agreements.

As
the terms of the Authorized Participant Unallocated Bullion Account Agreement differ in certain respects from the terms of the
Trust Unallocated Account Agreement, potential Authorized Participants should review the terms of the Authorized Participant Unallocated
Bullion Account Agreement carefully. A copy of the Authorized Participant Agreement may be obtained by potential Authorized Participants
from the Trustee.

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

Authorized
Participants may act for their own accounts or as agents for broker-dealers, custodians and other securities market participants
that wish to create or redeem Baskets. An order for one or more Baskets may be placed by an Authorized Participant on behalf of
multiple clients. As of the date of this report, Goldman Sachs & Co., HSBC Securities (USA) LLC, J.P. Morgan Securities LLC,
Merrill Lynch Professional Clearing Corp., Mizuho Securities USA LLC, Morgan Stanley & Co. Inc., Scotia Capital (USA) Inc.,
UBS Securities LLC and Virtu Americas, LLC have each signed an Authorized Participant Agreement with the Trust and, upon the effectiveness
of such agreement, may create and redeem Baskets as described above. Persons interested in purchasing Baskets should contact the
Sponsor or the Trustee to obtain the contact information for the Authorized Participants. Shareholders who are not Authorized
Participants will only be able to redeem their Shares through an Authorized Participant.

All
platinum is delivered to the Trust and distributed by the Trust in unallocated form through credits and debits between Authorized
Participant Unallocated Accounts and the Trust Unallocated Account. Platinum transferred from an Authorized Participant Unallocated
Account to the Trust in unallocated form will first be credited to the Trust Unallocated Account. Thereafter, the Custodian will
allocate, specific plates or ingots of platinum, in each case representing the amount of platinum credited to the Trust Unallocated
Account (to the extent such amount is representable by whole platinum plates or ingots) to the Trust Allocated Account. The movement
of platinum is reversed for the distribution of platinum to an Authorized Participant in connection with the redemption of Baskets.

All
physical platinum represented by a credit to any Authorized Participant Unallocated Account and to the Trust Unallocated
Account and all physical platinum held in the Trust Allocated Account with the Custodian must be of at least a minimum
fineness (or purity) of 999.5 parts per 1,000 (99.95%) and otherwise conform to the rules, regulations practices and customs
of the LPPM, including the specifications for a Good Delivery Platinum Plate or Ingot.

Under
the Authorized Participant Agreement, the Sponsor has agreed to indemnify the Authorized Participants against certain liabilities,
including liabilities under the Securities Act.

The
following description of the procedures for the creation and redemption of Baskets is only a summary and an investor should refer
to the relevant provisions of the Trust Agreement and the form of Authorized Participant Agreement for more detail.

10

Creation
Procedures

On
any business day, an Authorized Participant may place an order with the Trustee to create one or more Baskets. Creation and redemption
orders are accepted on “business days” the NYSE Arca is open for regular trading. Settlements of such orders requiring
receipt or delivery, or confirmation of receipt or delivery, of platinum in the United Kingdom, or another jurisdiction will occur
on “business days” when (1) banks in the United Kingdom or other jurisdiction and (2) the London platinum markets
are regularly open for business. If such banks or the London platinum markets are not open for regular business for a full day,
such a day will only be a “business day” for settlement purposes if the settlement procedures can be completed by
the end of such day. Redemption settlements including platinum deliveries loco London may be delayed longer than two, but no more
than five, business days following the redemption order date. Settlement of orders requiring receipt or delivery, or confirmation
of receipt or delivery, of Shares will occur, after confirmation of the applicable platinum delivery, on “business days”
when the NYSE Arca is open for regular trading. In the event of a level 3 market-wide circuit breaker resulting in a trading halt
for the remainder of the trading day, the time of the market-wide trading halt is considered the close of regular trading and
no creation orders for the current trade date will be accepted after that time (the “cutoff”). Orders placed after
the cutoff will be deemed to be rejected and will not be processed. Orders should be placed in proper form on the following business
day. Purchase orders must be placed no later than 3:59:59 p.m. on each business day the NYSE Arca is open for regular trading.

By
placing a purchase order, an Authorized Participant agrees to deposit platinum with the Trust. Prior to the delivery of Baskets
for a purchase order, the Authorized Participant must also have wired to the Trustee the non-refundable transaction fee due for
the purchase order.

Determination
of required deposits

The
amount of the required platinum deposit is determined by dividing the number of ounces of platinum held by the Trust by the number
of Baskets outstanding, as adjusted for the amount of platinum constituting estimated accrued but unpaid fees and expenses of
the Trust.

Fractions
of a fine ounce of platinum smaller than 0.001 of a fine ounce which are included in the platinum deposit amount are disregarded
in the foregoing calculation. All questions as to the composition of a Creation Basket Deposit will be finally determined by the
Trustee. The Trustee’s determination of the Creation Basket Deposit shall be final and binding on all persons interested
in the Trust.

Delivery
of required deposits

An
Authorized Participant who places a purchase order is responsible for crediting its Authorized Participant Unallocated Account
with the required platinum deposit amount by the prescribed settlement date in London. Upon receipt of the platinum deposit amount,
the Custodian, after receiving appropriate instructions from the Authorized Participant and the Trustee, will transfer on the
prescribed settlement date the platinum deposit amount from the Authorized Participant Unallocated Account to the Trust Unallocated
Account and the Trustee will direct DTC to credit the number of Baskets ordered to the Authorized Participant’s DTC account.
The expense and risk of delivery, ownership and safekeeping of platinum until such platinum has been received by the Trust shall
be borne solely by the Authorized Participant. The Trustee may accept delivery of platinum by such other means as the Sponsor,
from time to time, may determine with the Trustee to be acceptable for the Trust, provided that the same is disclosed in a prospectus
relating to the Trust filed with the SEC pursuant to Rule 424 under the Securities Act. If platinum is to be delivered other than
as described above, the Sponsor is authorized to establish such procedures and to appoint such custodians and establish such custody
accounts in addition to those described in this report, as the Sponsor determines to be desirable.

Acting
on standing instructions given by the Trustee, the Custodian will transfer the platinum deposit amount from the Trust Unallocated
Account to the Trust Allocated Account by transferring platinum plates and ingots from its inventory to the Trust Allocated Account.
The Custodian uses commercially reasonable efforts to complete the transfer of platinum to the Trust Allocated Account prior to
the time by which the Trustee is to credit the Basket to the Authorized Participant’s DTC account; if, however, such transfers
have not been completed by such time, the number of Baskets ordered will be delivered against receipt of the platinum deposit
amount in the Trust Unallocated Account, and all Shareholders will be exposed to the risks of unallocated platinum to the extent
of that platinum deposit amount until the Custodian completes the allocation process. See “Risk Factors—Platinum held
in the Trust’s unallocated platinum account and any Authorized Participant’s unallocated platinum account is not segregated
from the Custodian’s assets....”

Because
platinum is only allocated in multiples of whole plates or ingots, the amount of platinum allocated from the Trust Unallocated
Account to the Trust Allocated Account may be less than the total fine ounces of platinum credited to the Trust Unallocated Account.
Any balance will be held in the Trust Unallocated Account. The Custodian uses commercially reasonable efforts to minimize the
amount of platinum held in the Trust Unallocated Account; no more than 192 ounces of platinum (maximum weight to make one Good
Delivery Platinum Plate or Ingot) is expected to be held in the Trust Unallocated Account at the close of each business day.

Rejection
of purchase orders

The
Trustee may reject a purchase order or a Creation Basket Deposit if such order or Creation Basket Deposit is not presented in
proper form as described in the Authorized Participant Agreement or if the fulfillment of the order, in the opinion of counsel,
might be unlawful. None of the Trustee, the Sponsor or the Custodian will be liable for the rejection of any purchase order or
Creation Basket Deposit.

11

Redemption
Procedures

The
procedures by which an Authorized Participant can redeem one or more Baskets mirror the procedures for the creation of Baskets.
On any business day, an Authorized Participant may place an order with the Trustee to redeem one or more Baskets. Redemption orders
must be placed no later than 3:59:59 p.m. on each business day the NYSE Arca is open for regular trading. In the event of a level
3 market-wide circuit breaker resulting in a trading halt for the remainder of the trading day, the time of the market-wide trading
halt is considered the close of regular trading and no redemption orders for the current trade date will be accepted after that
time (the “cutoff”). Orders placed after the cutoff will be deemed to be rejected and will not be processed. Orders
should be placed in proper form on the following business day. A redemption order so received is effective on the date it is received
in satisfactory form by the Trustee. The redemption procedures allow Authorized Participants to redeem Baskets and do not entitle
an individual Shareholder to redeem any Shares in an amount less than a Basket, or to redeem Baskets other than through an Authorized
Participant.

By
placing a redemption order, an Authorized Participant agrees to deliver the Baskets to be redeemed through DTC’s book-entry
system to the Trust by the prescribed settlement date. Prior to the delivery of the redemption distribution for a redemption order,
the Authorized Participant must also have wired to the Trustee the non-refundable transaction fee due for the redemption order.

Determination
of redemption distribution

The
redemption distribution from the Trust consists of a credit to the redeeming Authorized Participant’s Authorized Participant
Unallocated Account representing the amount of the platinum held by the Trust evidenced by the Shares being redeemed. Fractions
of a fine ounce of platinum included in the redemption distribution smaller than 0.001 of a fine ounce are disregarded. Redemption
distributions will be subject to the deduction of any applicable tax or other governmental charges which may be due.

Delivery
of redemption distribution

The
redemption distribution due from the Trust will be delivered to the Authorized Participant on the prescribed settlement date following
a loco London redemption order date if, by 10:00 a.m. New York time on the settlement date, the Trustee’s DTC account has
been credited with the Baskets to be redeemed. If a loco swap or physical transfer is necessary to effect a loco London redemption,
the redemption distribution due from the Trust will be delivered to the Authorized Participant on or before the prescribed settlement
date if, by 10:00 a.m. New York time on the first business day after the loco London redemption order date, the Trustee’s
DTC account has been credited with the Baskets to be redeemed. In the event that, by 10:00 a.m. New York time on the prescribed
settlement date, the Trustee’s DTC account has not been credited with the total number of Shares corresponding to the total
number of Baskets to be redeemed pursuant to such redemption order, the Trustee shall send to the Authorized Participant and the
Custodian via fax or electronic mail message notice of such fact and the Authorized Participant shall have one business day following
receipt of such notice to correct such failure. If such failure is not cured within such one business day period, the Trustee
(in consultation with the Sponsor) will cancel such redemption order and will send via fax or electronic mail message notice of
such cancellation to the Authorized Participant and the Custodian, and the Authorized Participant will be solely responsible for
all costs incurred by the Trust, the Trustee or the Custodian related to the cancelled order. The Trustee is also authorized to
deliver the redemption distribution notwithstanding that the Baskets to be redeemed are not credited to the Trustee’s DTC
account by 10:00 a.m. New York time on the prescribed settlement date if the Authorized Participant has collateralized its obligation
to deliver the Baskets through DTC’s book entry system on such terms as the Sponsor and the Trustee may from time to time
agree upon.

The
Custodian transfers the redemption platinum amount from the Trust Allocated Account to the Trust Unallocated Account and, thereafter,
to the redeeming Authorized Participant’s Authorized Participant Unallocated Account. The Authorized Participant and the
Trust are each at risk in respect of platinum credited to their respective unallocated accounts in the event of the Custodian’s
insolvency. See “Risk Factors—Platinum held in the Trust’s unallocated platinum account and any Authorized Participant’s
unallocated platinum account is not segregated from the Custodian’s assets....”

As
with the allocation of platinum to the Trust Allocated Account which occurs upon a purchase order, if in transferring platinum
from the Trust Allocated Account to the Trust Unallocated Account in connection with a redemption order there is an excess amount
of platinum transferred to the Trust Unallocated Account, the excess over the platinum redemption amount will be held in the Trust
Unallocated Account. The Custodian uses commercially reasonable efforts to minimize the amount of platinum held in the Trust Unallocated
Account; no more than 192 ounces of platinum (maximum weight to make one Good Delivery Platinum Plate or Ingot) is expected to
be held in the Trust Unallocated Account at the close of each business day.

Suspension
or rejection of redemption orders

The
Trustee may, in its discretion, and will, when directed by the Sponsor, suspend the right of redemption, or postpone the redemption
settlement date, (1) for any period during which the NYSE Arca is closed other than customary weekend or holiday closings, or
trading on the NYSE Arca is suspended or restricted or (2) for any period during which an emergency exists as a result of which
delivery, disposal or evaluation of platinum is not reasonably practicable. None of the Sponsor, the Trustee or the Custodian
are liable to any person or in any way for any loss or damages that may result from any such suspension or postponement.

12

The
Trustee will reject a redemption order if the order is not in proper form as described in the Authorized Participant Agreement
or if the fulfillment of the order, in the opinion of its counsel, might be unlawful.

Creation
and Redemption Transaction Fee

To
compensate the Trustee for services in processing the creation and redemption of Baskets, an Authorized Participant is required
to pay a transaction fee to the Trustee of $500 per order to create or redeem Baskets. An order may include multiple Baskets.
The transaction fee may be reduced, increased or otherwise changed by the Trustee with the consent of the Sponsor. From time to
time, the Trustee, with the consent of the Sponsor, may waive all or a portion of the applicable transaction fee. The Trustee
shall notify DTC of any agreement to change the transaction fee and will not implement any increase in the fee for the redemption
of Baskets until 30 days after the date of the notice.

The
Sponsor

The
Trust’s Sponsor is abrdn ETFs Sponsor LLC, a Delaware limited liability company formed on June 17, 2009.

The
Sponsor’s office is located at c/o abrdn ETFs Sponsor LLC, 1900 Market Street, Suite 200, Philadelphia, PA 19103. Prior to
April 27, 2018, the Sponsor was wholly-owned by ETF Securities Limited, a Jersey, Channel Islands based company. Effective April 27,
2018, ETF Securities Limited sold its membership interest in the Sponsor to abrdn Inc. (known as Aberdeen Standard Investments Inc.
prior to January 1, 2022) a Delaware corporation. As a result of the sale, abrdn Inc. became the sole member of the Sponsor. abrdn
Inc. is a wholly-owned indirect subsidiary of Aberdeen Group plc. (“Aberdeen”). Aberdeen has retained “abrdn” as an operational
abbreviation across its subsidiary legal entities (including the Sponsor, fund names and descriptors).” Under the Delaware
Limited Liability Company Act and the governing documents of the Sponsor, the sole member of the Sponsor, abrdn Inc., is not
responsible for the debts, obligations and liabilities of the Sponsor solely by reason of being the sole member of the
Sponsor.

The
Sponsor’s Role

The
Sponsor arranged for the creation of the Trust, and is generally responsible for the ongoing registration of the Shares for their
public offering in the United States and the listing of the Shares on the NYSE Arca. The Sponsor has agreed to assume the organizational
expenses of the Trust and the following administrative and marketing expenses incurred by the Trust: the Trustee’s monthly
fee and out-of-pocket expenses, the Custodian’s fee and the reimbursement of the Custodian’s expenses under the Custody
Agreements, exchange listing fees, SEC registration fees, printing and mailing costs, audit fees and up to $100,000 per annum
in legal expenses. The Sponsor also paid the costs of the Trust’s organization and the initial sale of the Shares, including
the applicable SEC registration fees.

The
Sponsor does not exercise day-to-day oversight over the Trustee or the Custodian. The Sponsor may remove the Trustee and appoint
a successor Trustee (i) if the Trustee ceases to meet certain objective requirements (including the requirement that it have capital,
surplus and undivided profits of at least $150 million), (ii) if, having received written notice of a material breach of its obligations
under the Trust Agreement, the Trustee has not cured the breach within 30 days, or (iii) if the Trustee refuses to consent to
the implementation of an amendment to the Trust’s initial Internal Control Over Financial Reporting. The Sponsor also has
the right to replace the Trustee during the 90 days following any merger, consolidation or conversion in which the Trustee is
not the surviving entity or, in its discretion, on the fifth anniversary of the creation of the Trust or on any subsequent third
anniversary thereafter. The Sponsor also has the right to approve any new or additional custodian that the Trustee may wish to
appoint and any new or additional sub-custodian that the Custodian may wish to appoint.

The
Sponsor or one of its affiliates or agents (1) develops a marketing plan for the Trust on an ongoing basis, (2) prepares marketing
materials regarding the Shares, including the content of the Trust’s website and (3) executes the marketing plan for the
Trust.

The
Trustee

The
Bank of New York Mellon, a banking corporation organized under the laws of the State of New York with trust powers
(“BNYM”), serves as the Trustee. BNYM has a Trust office at 240 Greenwich Street, New York, NY 10286. BNYM is
subject to supervision by the New York State Financial Services Department and the Board of Governors of the Federal Reserve
System. Information regarding creation and redemption Basket composition, NAV of the Trust, transaction fees and the names of
the parties that have each executed an Authorized Participant Agreement may be obtained from BNYM. A copy of the Trust
Agreement is available for inspection at BNYM’s trust office identified above. Under the Trust Agreement, the Trustee
is required to have capital, surplus and undivided profits of at least $150 million.

13

The
Trustee’s Role

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

The
Trustee intends to regularly communicate with the Sponsor to monitor the overall performance of the Trust. The Trustee does not
monitor the performance of the Custodian, or any sub-custodian other than to review the reports provided by the Custodian pursuant
to the Custody Agreements. The Trustee, along with the Sponsor, will liaise with the Trust’s legal, accounting and other
professional service providers as needed. The Trustee will assist and support the Sponsor with the preparation of all periodic
reports required to be filed with the SEC on behalf of the Trust.

The
Trustee’s monthly fees and out-of-pocket expenses are paid by the Sponsor.

Affiliates
of the Trustee may from time to time act as Authorized Participants or purchase or sell platinum or Shares for their own account,
as agent for their customers and for accounts over which they exercise investment discretion. Affiliates of the Trustee are subject
to the same transaction fee as other Authorized Participants.

The
Custodian

Effective
May 23, 2024, the Trustee, at the direction of the Sponsor, entered into an Allocated Account Agreement and Unallocated
Account Agreement with ICBC providing for the custody of the Trust’s platinum. Effective August 8, 2024, JPMorgan Chase
Bank N.A. no longer serves as a custodian of the Trust’s platinum.

ICBC
is a public limited company incorporated under the laws of England and Wales, serves as a Custodian of the Trust’s platinum.
ICBC’s office is located at 20 Gresham Street, London, EC2V 7JE, United Kingdom.

The
Custodian’s Role

The
Custodian is responsible for the safekeeping of the Trust’s platinum deposited with it by Authorized Participants in connection
with the creation of Baskets. The Custodian facilitates the transfer of platinum in and out of the Trust through the unallocated
platinum accounts it will maintain for each Authorized Participant and the unallocated and allocated platinum accounts it maintains
for the Trust. The Custodian holds at its London, England vault premises that portion of the Trust’s allocated platinum
to be held in London. The Custodian is responsible for allocating specific plates or ingots of physical platinum to the Trust’s
allocated platinum account. The Custodian provides the Trustee with regular reports detailing the platinum transfers in and out
of the Trust’s unallocated and allocated platinum accounts and identifying the platinum plates or ingots held in the Trust’s
allocated platinum account.

The
Custodian’s fees and expenses under the Custody Agreements are paid by the Sponsor.

The
Custodian and its affiliates may from time to time act as Authorized Participants or purchase or sell platinum or Shares for their
own account, as agent for their customers and for accounts over which they exercise investment discretion. The Custodian and its
affiliates are subject to the same transaction fee as other Authorized Participants.

Inspection
of Platinum

Under
the Custody Agreements, the Trustee, the Sponsor and the Trust’s auditors and inspectors may, only up to twice a year, visit
the premises of the Custodian for the purpose of examining the Trust’s platinum and certain related records maintained by
the Custodian. The Trustee and the Sponsor have no right to visit the premises of any sub-custodian for the purposes of examining
the Trust’s platinum or any records maintained by the sub-custodian, and no sub-custodian is obligated to cooperate in any
review the Trustee or the Sponsor may wish to conduct of the facilities, procedures, records or creditworthiness of such sub-custodian.

The
Sponsor has exercised its right to visit the Custodian in order to examine the platinum and the records maintained by the Custodian.
Inspections were conducted by Bureau Veritas Commodities UK, Ltd, a leading commodity inspection and testing company retained
by the Sponsor, as of August 4, 2025 and January 5, 2026. The results can be found on www.abrdn.com/usa/etf.

14

There
can be no guarantee that the Sponsor or the Trust’s auditors and inspectors will be able to perform physical inspections
of the Trust’s platinum as planned. Local policies, regulations, or ordinances, as well as polices or restrictions adopted
by the Custodian or a sub-custodian, may temporarily prevent, or otherwise impair the ability of, the Sponsor or the Trust’s
auditors and inspectors, from performing a physical inspection of the Trust’s platinum on a desired date. In those situations,
the Sponsor or the Trust’s auditors and inspectors may seek to verify the platinum held by the Trust by alternate means,
including through virtual inspections of the Trust’s platinum and/or a review of pertinent records.

Description
of the Shares

General

The
Trustee is authorized under the Trust Agreement to create and issue an unlimited number of Shares. The Trustee creates Shares
only in Baskets (a Basket equals a block of 50,000 Shares) and only upon the order of an Authorized Participant. The Shares represent
units of fractional undivided beneficial interest in and ownership of the Trust and have no par value. Any creation and issuance
of Shares above the amount registered on the Trust’s then-current and effective registration statement with the SEC will
require the registration of such additional Shares.

Description
of Limited Rights

The
Shares do not represent a traditional investment and Shareholders should not view them as similar to shares of a corporation operating
a business enterprise with management and a board of directors. Shareholders do not have the statutory rights normally associated
with the ownership of shares of a corporation, including, for example, the right to bring “oppression” or “derivative”
actions. All Shares are of the same class with equal rights and privileges. Each Share is transferable, is fully paid and non-assessable
and entitles the holder to vote on the limited matters upon which Shareholders may vote under the Trust Agreement. The Shares
do not entitle their holders to any conversion or pre-emptive rights, or, except as provided below, any redemption rights or rights
to distributions.

Distributions

If
the Trust is terminated and liquidated, the Trustee will distribute to the Shareholders any amounts remaining after the satisfaction
of all outstanding liabilities of the Trust and the establishment of such reserves for applicable taxes, other governmental charges
and contingent or future liabilities as the Trustee shall determine. Shareholders of record on the record date fixed by the Trustee
for a distribution will be entitled to receive their pro rata portion of any distribution.

Voting
and Approvals

Under
the Trust Agreement, Shareholders have no voting rights, except in limited circumstances. The Trustee may terminate the Trust
upon the agreement of Shareholders owning at least 75% of the outstanding Shares. In addition, certain amendments to the Trust
Agreement require advance notice to the Shareholders before the effectiveness of such amendments, but no Shareholder vote or approval
is required for any amendment to the Trust Agreement.

Redemption
of the Shares

The
Shares may only be redeemed by or through an Authorized Participant and only in Baskets.

Book-Entry
Form

Individual
certificates will not be issued for the Shares. Instead, one or more global certificates is deposited by the Trustee with DTC
and registered in the name of Cede & Co., as nominee for DTC. The global certificates evidence all of the Shares outstanding
at any time. Under the Trust Agreement, Shareholders are limited to (1) participants in DTC such as banks, brokers, dealers and
trust companies (DTC Participants), (2) those who maintain, either directly or indirectly, a custodial relationship with a DTC
Participant (Indirect Participants), and (3) those banks, brokers, dealers, trust companies and others who hold interests in the
Shares through DTC Participants or Indirect Participants. The Shares are only transferable through the book-entry system of DTC.
Shareholders who are not DTC Participants may transfer their Shares through DTC by instructing the DTC Participant holding their
Shares (or by instructing the Indirect Participant or other entity through which their Shares are held) to transfer the Shares.
Transfers will be made in accordance with standard securities industry practice.

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Custody
of the Trust’s Platinum

Custody
of the physical platinum deposited with and held by the Trust is provided by the Custodian at its London, England vault and by
other sub-custodians on a temporary basis. The Custodian is a market maker, clearer and approved weigher under the rules of the
LPPM.

The
Custodian is the custodian of the physical platinum credited to Trust Allocated Account in accordance with the Custody Agreements.
The Custodian segregates the physical platinum credited to the Trust Allocated Account from any other precious metal it holds
or holds for others by entering appropriate entries in its books and records. Under the Custody Agreements, the Trustee, the Sponsor
and the Trust’s auditors and inspectors may inspect the vaults of the Custodian. See “Inspection of Platinum”.

The
Custodian, as instructed by the Trustee on behalf of the Trust, is authorized to accept, on behalf of the Trust, deposits of platinum
in unallocated form. Acting on standing instructions specified in the Custody Agreements, the Custodian allocates platinum deposited
in unallocated form with the Trust by selecting plates or ingots of platinum for deposit to the Trust Allocated Account. All physical
platinum allocated to the Trust must conform to the rules, regulations, practices and customs of the LPPM, and the Custodian must
replace any non-conforming platinum with conforming platinum as soon as practical upon a determination by the Custodian any platinum
is non-conforming.

The
process of withdrawing platinum from the Trust for a redemption of a Basket follows the same general procedure as for
depositing platinum with the Trust for a creation of a Basket, only in reverse. Each transfer of platinum between the Trust
Allocated Account and the Trust Unallocated Account connected with a creation or redemption of a Basket may result in a small
amount of platinum being held in the Trust Unallocated Account after the completion of the transfer. In making deposits and
withdrawals between the Trust Allocated Account and the Trust Unallocated Account, the Custodian will use commercially
reasonable efforts to minimize the amount of platinum held in the Trust Unallocated Account as of the close of each business
day. See “Creation and Redemption of Shares.”

United
States Federal Income Tax Consequences

The
following discussion of the material US federal income tax consequences generally applies to the purchase, ownership and
disposition of Shares by a US Shareholder (as defined below), and certain US federal income tax consequences that may apply
to an investment in Shares by a Non-US Shareholder (as defined below). The discussion is based on the United States Internal
Revenue Code of 1986 as amended (the “Code”). The discussion below is based on the Code, United States Treasury
Regulations (“Treasury Regulations”) promulgated under the Code and judicial and administrative interpretations
of the Code, all as in effect on the date of this annual report and all of which are subject to change either prospectively
or retroactively. The tax treatment of Shareholders may vary depending upon their own particular circumstances. Certain
Shareholders (including broker-dealers, traders, banks and other financial institutions, insurance companies, real estate
investment trusts, tax-exempt entities, Shareholders whose functional currency is not the U.S. Dollar or other investors with
special circumstances) may be subject to special rules not discussed below. In addition, the following discussion applies
only to investors who hold Shares as “capital assets” within the meaning of Code section 1221 and not as part of
a straddle, hedging transaction or a conversion or constructive sale transaction. Moreover, the discussion below does not
address the effect of any state, local or foreign tax law or any transfer tax on an owner of Shares. Purchasers of Shares are
urged to consult their own tax advisors with respect to all federal, state, local and foreign tax law or any transfer tax
considerations potentially applicable to their investment in Shares.

For
purposes of this discussion, a “US Shareholder” is a Shareholder that is:

● An
individual who is a citizen or resident of the United States;

● A
corporation (or other entity treated as a corporation for US federal tax purposes) created or organized in or under the laws of
the United States or any political subdivision thereof;

● An
estate, the income of which is includible in gross income for US federal income tax purposes regardless of its source; or

● A
trust, if a court within the United States is able to exercise primary supervision over the administration of the trust and one
or more US persons have the authority to control all substantial decisions of the trust.

Taxation
of the Trust

The
Trust is classified as a “grantor trust” for US federal income tax purposes. As a result, the Trust itself is not
subject to US federal income tax. Instead, the Trust’s income and expenses “flow through” to the Shareholders,
and the Trustee reports the Trust’s income, gains, losses and deductions to the Internal Revenue Service (“IRS”)
on that basis.

16

A
Shareholder that is not a US Shareholder as defined above (other than a partnership, or an entity treated as a partnership for
US federal tax purposes) generally is considered a “Non-US Shareholder” for purposes of this discussion. For US federal
income tax purposes, the treatment of any beneficial owner of an interest in a partnership, including any entity treated as a
partnership for US federal income tax purposes, generally depends upon the status of the partner and upon the activities of the
partnership. Partnerships and partners in partnerships should consult their tax advisors about the US federal income tax consequences
of purchasing, owning and disposing of Shares.

Taxation
of US Shareholders

Shareholders
generally are treated, for US federal income tax purposes, as if they directly owned a pro rata share of the underlying assets
held by the Trust. Shareholders are also treated as if they directly received their respective pro rata share of the Trust’s
income, if any, and as if they directly incurred their respective pro rata share of the Trust’s expenses. In the case of
a Shareholder that purchases Shares for cash, its initial tax basis in its pro rata share of the assets held in the Trust at the
time it acquires its Shares is equal to its cost of acquiring the Shares. In the case of a Shareholder that acquires its Shares
as part of a creation of a Basket, the delivery of platinum to the Trust in exchange for the Shares is not a taxable event to
the Shareholder, and the Shareholder’s tax basis and holding period for the Shares are the same as its tax basis and holding
period for the platinum delivered in exchange therefore (except to the extent of any cash contributed for such Shares). For purposes
of this discussion, it is assumed that all of a Shareholder’s Shares are acquired on the same date and at the same price
per Share. Shareholders that hold multiple lots of Shares, or that are contemplating acquiring multiple lots of Shares, should
consult their tax advisors.

When
the Trust sells or transfers platinum, for example to pay expenses, a Shareholder generally will recognize gain or loss in an
amount equal to the difference between (1) the Shareholder’s pro rata share of the amount realized by the Trust upon the
sale or transfer and (2) the Shareholder’s tax basis for its pro rata share of the platinum that was sold or transferred.
Such gain or loss will generally be long-term or short-term capital gain or loss, depending upon whether the Shareholder has a
holding period in its Shares of longer than one year. A Shareholder’s tax basis for its share of any platinum sold by the
Trust generally will be determined by multiplying the Shareholder’s total basis for its Shares immediately prior to the
sale, by a fraction the numerator of which is the amount of platinum sold, and the denominator of which is the total amount of
the platinum held by the Trust immediately prior to the sale. After any such sale, a Shareholder’s tax basis for its pro
rata share of the platinum remaining in the Trust will be equal to its tax basis for its Shares immediately prior to the sale,
less the portion of such basis allocable to its share of the platinum that was sold.

Upon
a Shareholder’s sale of some or all of its Shares, the Shareholder will be treated as having sold a pro rata share of the
platinum held in the Trust at the time of the sale. Accordingly, the Shareholder generally will recognize a gain or loss on the
sale in an amount equal to the difference between (1) the amount realized pursuant to the sale of the Shares, and (2) the Shareholder’s
tax basis for the Shares sold, as determined in the manner described in the preceding paragraph.

A
redemption of some or all of a Shareholder’s Shares in exchange for the underlying platinum represented by the Shares redeemed
generally will not be a taxable event to the Shareholder. The Shareholder’s tax basis for the platinum received in the redemption
generally will be the same as the Shareholder’s tax basis for the Shares redeemed. The Shareholder’s holding period
with respect to the platinum received should include the period during which the Shareholder held the Shares redeemed. A subsequent
sale of the platinum received by the Shareholder will be a taxable event.

An
Authorized Participant and other investors may be able to re-invest, on a tax-deferred basis, in-kind redemption proceeds received
from exchange-traded products that are substantially similar to the Trust in the Trust’s Shares. Authorized Participants
and other investors should consult their tax advisors as to whether and under what circumstances the reinvestment in the Shares
of proceeds from substantially similar exchange-traded products can be accomplished on a tax-deferred basis.

Under
current law, gains recognized by individuals, estates or trusts from the sale of “collectibles,” including physical
platinum, held for more than one year are taxed at a maximum federal income tax rate of 28%, rather than the 20% rate applicable
to most other long-term capital gains. For these purposes, gains recognized by an individual upon the sale of Shares held for
more than one year, or attributable to the Trust’s sale of any physical platinum which the Shareholder is treated (through
its ownership of Shares) as having held for more than one year, generally will be taxed at a maximum rate of 28%. The tax rates
for capital gains recognized upon the sale of assets held by an individual US Shareholder for one year or less or by a corporate
taxpayer are generally the same as those at which ordinary income is taxed.

In
addition, high-income individuals and certain trusts and estates are subject to a 3.8% Medicare contribution tax that is imposed
on net investment income and gain. Shareholders should consult their tax advisor regarding this tax.

Brokerage
Fees and Trust Expenses

Any
brokerage or other transaction fees incurred by a Shareholder in purchasing Shares is treated as part of the Shareholder’s
tax basis in the Shares. Similarly, any brokerage fee incurred by a Shareholder in selling Shares reduces the amount realized
by the Shareholder with respect to the sale.

17

Shareholders
will be required to recognize gain or loss upon a sale of platinum by the Trust (as discussed above), even though some or all
of the proceeds of such sale are used by the Trustee to pay Trust expenses. Shareholders may deduct their respective pro rata
share of each expense incurred by the Trust to the same extent as if they directly incurred the expense. Shareholders who are
individuals, estates or trusts, however, may be required to treat some or all of the expenses of the Trust, to the extent that
such expenses may be deducted, as miscellaneous itemized deductions. Miscellaneous itemized deductions, including expenses for
the production of income, will not be deductible for either regular federal income tax or alternative minimum tax purposes for
taxable years beginning after December 31, 2017 and before January 1, 2026 and thereafter generally are (i) deductible only to
the extent that the aggregate of a Shareholder’s miscellaneous itemized deductions exceeds 2% of such Shareholder’s
adjusted gross income for federal income tax purposes, (ii) not deductible for the purposes of the alternative minimum tax and
(iii) are subject to the overall limitation on itemized deductions under the Code.

Investment
by Regulated Investment Companies

Mutual
funds and other investment vehicles which are “regulated investment companies” within the meaning of Code section
851 should consult with their tax advisors concerning (1) the likelihood that an investment in Shares, although they are a “security”
within the meaning of the Investment Company Act of 1940, may be considered an investment in the underlying platinum for purposes
of Code section 851(b), and (2) the extent to which an investment in Shares might nevertheless be consistent with preservation
of their qualification under Code section 851. In administrative guidance, the IRS stated that it will no longer issue rulings
under Code section 851(b) relating to the determination of whether or not an instrument or position is a “security”,
but, instead, intends to defer to guidance from the SEC for such determination.

United
States Information Reporting and Backup Withholding Tax for US and Non-US Shareholders

The
Trustee or the appropriate broker will file certain information returns with the IRS, and provides certain tax-related information
to Shareholders, in accordance with applicable Treasury Regulations. Each Shareholder will be provided with information regarding
its allocable portion of the Trust’s annual income (if any) and expenses.

A
US Shareholder may be subject to US backup withholding tax in certain circumstances unless it provides its taxpayer identification
number and complies with certain certification procedures. Non-US Shareholders may have to comply with certification procedures
to establish that they are not a US person in order to avoid the backup withholding tax.

The
amount of any backup withholding tax will be allowed as a credit against a Shareholder’s US federal income tax liability
and may entitle such a Shareholder to a refund, provided that the required information is furnished to the IRS.

Income
Taxation of Non-US Shareholders

The
Trust does not expect to generate taxable income except for gains (if any) upon the sale of platinum. A Non-US Shareholder generally
is not subject to US federal income tax with respect to gains recognized upon the sale or other disposition of Shares, or upon
the sale of platinum by the Trust, unless (1) the Non-US Shareholder is an individual and is present in the United States for
183 days or more during the taxable year of the sale or other disposition, and the gain is treated as being from United States
sources; or (2) the gain is effectively connected with the conduct by the Non-US Shareholder of a trade or business in the United
States.

Taxation
in Jurisdictions other than the United States

Prospective
purchasers of Shares that are based in or acting out of a jurisdiction other than the United States are advised to consult their
own tax advisers as to the tax consequences, under the laws of such jurisdiction (or any other jurisdiction not being the United
States to which they are subject), of their purchase, holding, sale and redemption of or any other dealing in Shares and, in particular,
as to whether any value added tax, other consumption tax or transfer tax is payable in relation to such purchase, holding, sale,
redemption or other dealing.

ERISA
and Related Considerations

The
Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or Code section 4975 impose certain
requirements on certain employee benefit plans and certain other plans and arrangements, including individual retirement
accounts and annuities, Keogh plans, and certain commingled investment vehicles or insurance company general or separate
accounts in which such plans or arrangements are invested (collectively, “Plans”), and on persons who are
fiduciaries with respect to the investment of “plan assets” of a Plan. Government plans and some church plans are
not subject to the fiduciary responsibility provisions of ERISA or the provisions of section 4975 of the Code, but may be
subject to substantially similar rules under other federal law, or under state or local law (“Other
Law”).

18

In
contemplating an investment of a portion of Plan assets in Shares, the Plan fiduciary responsible for making such investment
should carefully consider, taking into account the facts and circumstances of the Plan and the “Risk Factors”
discussed above and whether such investment is consistent with its fiduciary responsibilities under ERISA or Other Law,
including, but not limited to: (1) whether the investment is permitted under the Plan’s governing documents, (2)
whether the fiduciary has the authority to make the investment, (3) whether the investment is consistent with the
Plan’s funding objectives, (4) the tax effects of the investment on the Plan, and (5) whether the investment is prudent
considering the factors discussed in this report. In addition, ERISA and Code section 4975 prohibit a broad range of
transactions involving assets of a plan and persons who are “parties in interest” under ERISA or
“disqualified persons” under section 4975 of the Code. A violation of these rules may result in the imposition of
significant excise taxes and other liabilities. Plans subject to Other Law may be subject to similar restrictions.

It
is anticipated that the Shares will constitute “publicly offered securities” as defined in the Department of
Labor “Plan Asset Regulations,” §2510.3-101 (b)(2) as modified by section 3(42) of ERISA. Accordingly,
pursuant to the Plan Asset Regulations, only Shares purchased by a Plan, and not an interest in the underlying assets held in
the Trust, should be treated as assets of the Plan, for purposes of applying the “fiduciary responsibility” rules
of ERISA and the “prohibited transaction” rules of ERISA and the Code. Fiduciaries of plans subject to Other Law
should consult legal counsel to determine whether there would be a similar result under the Other Law.

Investment
by Certain Retirement Plans

Code
section 408(m) provides that the acquisition of a “collectible” by an individual retirement account
(“IRA”) or a participant-directed account maintained under any plan that is tax-qualified under Code section
401(a) (“Tax Qualified Account”) is treated as a taxable distribution from the account to the owner of the IRA,
or to the participant for whom the Tax Qualified Account is maintained, of an amount equal to the cost to the account of
acquiring the collectible. The term “collectible” is defined to include, with certain exceptions, “any
metal or gem”. The IRS has issued several private letter rulings to the effect that a purchase by an IRA, or by a
participant-directed account under a Code section 401(a) plan, of publicly-traded shares in a trust holding precious metals
will not be treated as resulting in a taxable distribution to the IRA owner or Tax Qualified Account participant under Code
section 408(m). However the private letter rulings provide that, if any of the Shares so purchased are distributed from the
IRA or Tax Qualified Account to the IRA owner or Tax Qualified Account participant, or if any precious metal is received by
such IRA or Tax Qualified Account upon the redemption of any of the Shares purchased by it, the Shares or precious metal so
distributed will be subject to federal income tax in the year of distribution, to the extent provided under the applicable
provisions of Code sections 408(d), 408(m) or 402. Accordingly, potential IRA or Tax Qualified Account investors are urged to
consult with their own professional advisors concerning the treatment of an investment in Shares under Code section
408(m).