Amendment to programme documents

Gold Bullion Securities Limited

LEI: 213800EE1LGIXW16QB30

10 June 2019

Gold Bullion Securities Limited

Amendment to programme documents

We refer to the Agreement for the Provision of Registry and Associated Services between Gold Bullion Securities Limited (the "Company"), The Law Debenture Trust Corporation p.l.c (the "Trustee") and Computershare Investor Services (Jersey) Limited ("Computershare") dated 31 December 2012 (as amended from time to time) (the "Registry Agreement").

We also refer to the agreement between the Company and ETFS Management Company (Jersey) Limited ("ManJer") dated 31 December 2012 as amended and stated from time to pursuant to which the Manager provides services to the Company (the "Services Agreement").

The Company, the Trustee and Computershare have agreed to amend the Registry Agreement to reflect the following changes (the "Registry Agreement Amendments"):

1. Extending the notice required for termination by either party from 3 to 6 months;

2. Updating the Fees;

3. Setting out that Computershare can take instruction from R&H Fund Services (Jersey) Limited; and

4. adding a Data Protection Schedule in line with the General Data Protection Regulation ((EU) 2016/679).

The Company and ManJer have agreed to amend the Services Agreement to add data protection provisions in line with the General Data Protection Regulation ((EU) 2016/679) (the "Services Agreement Amendments").

The Registry Agreement Amendments and the Services Agreement Amendments will become effective on 18 June 2019.

For further information, please contact

Ciaran Hocking

R&H Fund Services (Jersey) Limited

Tel: +44 (0) 1534 825200

Fax: +44 (0) 1534 825335

E-mail address: [email protected]