Supplemental Trust Instrument changes

Gold Bullion Securities Limited

22 August 2013

Gold Bullion Securities Limited (the "Issuer") makes the following announcement in relation to its Gold Bullion Securities.

The Issuer announces that by a Supplemental Trust Instrument dated 22 August 2013 (the "Supplemental Trust Instrument") between the Issuer and The Law Debenture Trust Corporation p.l.c. (as trustee on behalf of the holders of Gold Bullion Securities), certain changes have been made to the conditions of the Gold Bullion Securities in order to reflect:

· the correct division of responsibilities for providing services to the Issuer in connection with the programme for the issue of Gold Bullion Securities between the Issuer and the Registrar (Computershare Investor Services (Jersey) Limited);

· changes to the provisions relating to the Gold Sale Method to allow introduction of an ability for the Issuer to designate the Approved Counterparty to which gold may be sold where there is more than one Approved Counterparty and the provide the relevant Approved Counterparty is required to purchase the relevant gold in the London AM fix;

The changes to the conditions of the Gold Bullion Securities will be effective 30 days from the date of this notice on 23 September 2013 (the "Effective Date") and will not otherwise affect existing holders of the securities.

Effective from the date hereof, certain changes are also being made to the Custodian Agreements of the Company to introduce a fixed term for those agreements with the consequence that, other than in certain circumstances, none of the parties may terminate the Custodian Agreements before 30 September 2015.

The new conditions will be set out in full in the prospectus for the issue of Gold Bullion Securities expected to be published shortly and copies of the Supplemental Trust Instrument and amended Custodian Agreements will be available for inspection during normal business hours on any weekday (Saturdays, Sundays and public holidays excepted) at the registered office of the Issuer.

ENDS