Gold Bullion Securities Limited

21 Apr 2004

Law Debenture was appointed as Note Trustee for a further issue of gold bullion securities by Gold Bullion Securities, which is backed by the World Gold Council.

The Notes (which form part of the gold bullion securities) are listed on the London Stock Exchange. Each investor in a gold bullion security will hold an Undated Zero Coupon Note and an undivided beneficial interest in the allocated gold bullion. When an investor transfers his Note the investor's interest in the allocated gold referrable to that Note passes to the new investor.

Law Debenture acts as Note Trustee and holds gold bullion in an account as mortgagee for the Noteholders.

Corporate Trust

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