Revised Services and Registrar Agreements

Gold Bullion Securities Limited

16 January 2013

Revised Services and Registrar Agreements

Gold Bullion Securities Limited (the "Company") announces that it has amended the existing Administration Agreement and Registrar Agreement by entering into the following agreements:

1) an amended and restated services agreement dated 31 December 2012 between the Company and ETFS Management Company (Jersey) Limited (the "Amended and Restated Services Agreement"); and

2) an agreement for the provision of registry and associated services dated 31 December 2012 between Computershare Investor Services (Jersey) Limited, the Company and The Law Debenture Trust Corporation p.l.c. (the "Amended and Restated Registrar Agreement").

The effect of these amendments is to reflect inter alia the requirements of the Codes of Practice for Certified Funds published by the Jersey Financial Services Commission. The Amended and Restated Services Agreement and the Amended and Restated Registrar Agreement both became effective on 31 December 2012.

Copies of the Amended and Restated Services Agreement and the Amended and Restated Registrar Agreement are available upon request from the registered office of the Company.

Terms used but not defined in this announcement have the same meaning as those given in the prospectus (the "Prospectus") of the Company dated 28 August 2012.

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]