Amendment to terms of Custody Agreement

Gold Bullion Securities Limited

29 March 2011

Gold Bullion Securities Limited

Amendment to terms of Custodian Agreements

Gold Bullion Securities Limited (GBS), a leading issuer of physically-backed, exchange-traded investment products, has revised its agreements (the Custodian Agreements) with its custodian HSBC Bank USA, National Association (HSBC) to remove references to the fixed term ending 31 March 2011. Going forward these agreements will be continuous, subject to a right for the parties to terminate the arrangements upon 90 days' notice. Such amendments will continue to ensure the safe custody of physical bullion, which is held in order to safeguard the returns provided by Gold Bullion Securities.

The amendments which take effect from 30 March 2011, will affect each of the following agreements:

Subscription Unallocated Account Agreement;

Secured Unallocated Account Agreement; and

Secured Allocated Account Agreement (each dated 24 March 2006).

ETF Securities views this amendment as purely administrative and does not propose or foresee any immediate change to the operation of the bullion agreements.

The Law Debenture Trust Corporation plc, as trustee of the Gold Bullion Securities issued by GBS, has given its consent to the amendments described in this announcement.

Gold Bullion Securities are backed by physical, allocated bullion held by HSBC and conforming to the London Bullion Market Association's (LBMA) rules for Good Delivery.

Copies of the amendment agreements are available at the offices of GBS and at

http://www.etfsecurities.com/en/updates/document_pdfs/Amendment_2_Subscription_Unallocated_Account_Agreement_28_Mar_11.pdf

http://www.etfsecurities.com/en/updates/document_pdfs/Amendment_2_Secured_Unallocated_Account_Agreement_28_Mar_11.pdf

http://www.etfsecurities.com/en/updates/document_pdfs/Amendment_3_Secured_Allocated_Account_Agreement_28_Mar_11.pdf

For further information, please contact:

Scott Thompson

ETF Securities Marketing LLP

Tel: +44 20 7448 4373

Email address: [email protected]

Important Information

This release does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any Gold Bullion Securities or any other securities issued or to be issued by GB nor shall it or any part of it nor the fact of its distribution form part of or be relied on in connection with any contract or investment decision relating thereto. Any offer, invitation or solicitation shall be made solely by means of the relevant prospectus and supplementary prospectus(es) and recipients of this release who are considering a purchase or subscription of securities are reminded that any such purchase or subscription should be made solely on the basis of the information contained in such prospectus and any supplementary prospectus(es). This release does not constitute any recommendation regarding the Gold Bullion Securities.

The communication of this release is not being made by, and this release has not been approved by, an authorised person for the purposes of section 21 of the Financial Services and Markets Act 2000 (the "FSMA"). Accordingly this release is not being distributed to, and must not be passed on to, the general public in the United Kingdom. The communication of this release or any other document issued in connection with the offer, subscription or sale of any Gold Bullion Securities is only being made to and directed at those persons in the United Kingdom falling within the definition of Investment Professionals (as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"), or high net worth entities, and other persons to whom it may otherwise lawfully be communicated, falling within Article 49(1) of the Order or any person to whom it may otherwise lawfully be made (all such persons together being referred to as "relevant persons"). The communication of this release (or any other document issued in connection with the offer, subscription or sale of the Gold Bullion Securities) must not be acted upon or relied upon by persons who are not relevant persons. Persons distributing this release must satisfy themselves that it is lawful to do so. All applicable provisions of the FSMA must be complied with in respect of anything done in relation to the Gold Bullion Securities in, from or otherwise involving the United Kingdom.

This is not an offer of securities for sale in the United States. Gold Bullion Securities have not been and will not be registered under the US Securities Act or any other applicable law of the United States. The Gold Bullion Securities are being offered and sold only outside the United States to non-US persons in reliance on the exemption from registration provided by Regulation S of the United States Securities Act of 1933 (as amended). GBS has not been and does not intend to become registered as an investment company under the United States Investment Company Act of 1940 (as amended) and related rules. The Gold Bullion Securities and any beneficial interest therein may not be reoffered, resold, pledged or otherwise transferred in the United States or to US persons.