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Total Gold in Trust:
Ounces: 11,136,457
Value US$

Letter from the World Gold Council

10 February 2003

The Directors
Gold Bullion Limited
Level 3, 15 Queen Street
Melbourne VIC 3000

Dear Sirs

The World Gold Council was established in 1987 and has recently undergone a significant restructuring, with the objective of increasing its focus as the commercially driven international marketing organisation for the gold industry. The key objective of the WGC is to stimulate the demand for and retention of gold in all its forms.

The World Gold Council has lent its full support to, and also acknowledges the significant input from Gold Bullion Limited, led by Graham Tuckwell, in developing the proposed listing on the Australian Stock Exchange of Gold Bullion Securities.

The merits of holding gold as a strategic asset allocation tool, owing to gold's non-correlated attributes relative to conventional investment assets, have been clearly demonstrated in recent times. The current environment, where uncertainty prevails in financial markets and returns from conventional assets continue to disappoint, bodes well for the relative performance of gold. We would strongly argue the case that it is prudent for the investor to include gold as a part of a balanced portfolio.

In the past, many investors have found investing in gold to be a cumbersome and costly process. Retail and institutional investors have encountered barriers to entry in the form of difficulties with purchase, storage and insurance. In our view, the securitisation of gold through Gold Bullion Securities addresses these issues; it allows investors to buy, hold and sell gold in a simple and cost effective manner, dealing through established broking channels.

We believe this initiative is the beginning of a new journey in the repositioning and acceptance of gold as a unique asset class.

Yours faithfully

James E Burton
Chief Executive Officer

last sale: $ 68.15
data source :
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Current Indicative Intraday Value of GLD
  $ 68.86

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US$ Gold/oz
bid: $ 692.45
offer: $ 692.95
mid: $ 692.70
data source :
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