Issue of Gold Bullion Securities Limited

PRICING SUPPLEMENT

GOLD BULLION SECURITIES LIMITED

ISSUANCE OF 230,000 GOLD BULLION SECURITIES

UNDER THE PROGRAMME FOR THE ISSUANCE OF UP TO

1,000,000,000 GOLD BULLION SECURITIES

This document constitutes the Pricing Supplement in relation to the issuance of Notes as described herein. Terms used herein shall have the meanings given to them in the Prospectus (the "Prospectus") dated 01 September 2011 issued in relation to the programme for the issuance of up to 1,000,000,000 Gold Bullion Securities established by Gold Bullion Securities Limited (the "Programme"). This Pricing Supplement must be read in conjunction with the Prospectus.

ISIN Number GB00B00FHZ82

Issue Date 18 May 2012

Number of Notes to be issued: 230,000

Issue Price: 96.798498%

Total Number of Notes including this issue quoted on London Stock Exchange: 38,864,503

The Pricing Supplement comprises the details required to list the issuance of the Notes described herein pursuant to the listing of the Programme.

Application has been made for the Notes to be admitted to the Official List of the UKLA and to trading on the Domestic Market of the London Stock Exchange plc.

Gold Bullion Securities Limited accepts responsibility for information contained in this Pricing Supplement.

SIGNED on behalf of Gold Bullion Securities Limited

By: …………………………………………………...

Dated: 17 May 2012