New Management Arrangements

Gold Bullion Securities Limited

31 December 2010

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN OR TO THE GENERAL PUBLIC IN THE UNITED KINGDOM OR JERSEY

New Management Arrangements

Gold Bullion Securities Limited (the "Issuer") announces that it has agreed arrangements with ETF Securities Limited ("ETFSL") and ETFS Management Company (Jersey) Limited ("ManJer") whereby with effect from 31 December 2010 the obligations of ETFSL under the existing Service Agreement between ETFSL and the Issuer will be performed by ManJer and ETFSL will be released from its obligations thereunder.

ManJer is a newly established wholly-owned Jersey subsidiary of ETFSL established for the purposes of providing management and other services to the Issuer and other members of the ETF Securities Limited group including ETFS Commodity Securities Limited, ETFS Foreign Exchange Limited, ETFS Industrial Metal Securities Limited, ETFS Metal Securities Australia Limited, ETFS Oil Securities Limited and ETFS Metal Securities Limited. ManJer was incorporated on 16 November 2010 under the Companies (Jersey) Law 1991 (as amended) with number 106921. The Directors of ManJer are the same as those of ETFSL (Graham Tuckwell, Leanne Baker, Ben Cukier, Vince FitzGerald, Graeme Ross and Craig Stewart). Its registered office is at Ordnance House, 31 Pier Road, St. Helier, Jersey JE4 8PW, Channel Islands.

ManJer is registered under the Financial Services (Jersey) Law 1998, as amended (the "Financial Services Law") to enable it to undertake its functions in relation to the Commodity Securities of the Issuer. The Jersey Financial Services Commission is protected by the Financial Services Law against liability arising from the discharge of its functions thereunder.

For further information, please contact:

Christopher Osgood

R&H Fund Services (Jersey) Limited

Tel: +44 (0) 1534 825200

Fax: +44 (0) 1534 825250

E-mail address: [email protected]

ENDS