Amended Conditions

Gold Bullion Securities Limited

15 August 2014

Gold Bullion Securities Limited

Gold Bullion Securities

Gold Bullion Securities Limited (the "Company") hereby announces that, pursuant to a Supplemental Trust Instrument dated 14 August 2014 between the Company and The Law Debenture Trust Corporation p.l.c., the terms of the Trust Instrument and of the Conditions of the Gold Bullion Securities are being amended with effect from 18 August 2014 (i) to make provision for a reduction in the settlement period for redemptions by Gold Delivery from three business days to two business days with effect from a date to be specified by RIS announcement and (ii) to amend the definition of "London AM Fix" to make the provision for the possible termination of the telephonic gold price fixing process following the announcement made by the LBMA on 29 July 2014 that it would start soliciting proposals and open a market consultation with a view to appointing a third party administrator to assume responsibility for gold reference price fixing. The amended Conditions, and a summary of the main change from the existing Conditions, are included in a new base prospectus that has been published by the Issuer today and made available on the Issuer's website at http://www.etfsecurities.com/retail/uk/en-gb/documents.aspx. Terms used herein and not otherwise defined bear the same meanings as where used in the base prospectus.

For further information, please contact:

Richard Parker,

R&H Fund Services (Jersey) Limited

Tel: +44 (0) 1534 825200

Fax: +44 (0) 1534 825335

E-mail address: [email protected]