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

20 March 2003


This letter is written for inclusion in a Prospectus to be issued by Gold Bullion Limited dated on or about 21 March 2003.

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 and Gold Bullion Limited have jointly worked on developing this initiative and refining the investment product to its final state, in readiness for the proposed listing on the Australian Stock Exchange of Gold Bullion Securities ("GOLD"). Going forward, the World Gold Council will work jointly with Gold Bullion Limited on this marketing initiative and the provision of information on the gold market. The World Gold Council will not be liable for any of the activities of Gold Bullion Limited.*

The merits of holding gold as a strategic asset allocation tool, owing to gold's low or negative correlation with mainstream investment assets, have been clearly demonstrated in recent times. The current environment, which is characterised by political, economic and financial uncertainty and where returns from mainstream assets continue to disappoint, highlights the advantages of gold as an investment.

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. The securitisation of gold, as proposed by Gold Bullion Limited, should help to address these issues.

We believe this joint 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

*Potential investors should be aware that while the World Gold Council has consented to the inclusion of this letter and the use of the gold logo in this prospectus it has not otherwise caused or Authorized the issue of this prospectus and takes no responsibility as to the contents of the remainder of this prospectus.

last sale: $ 68.15
data source :
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Current Indicative Intraday Value of GLD
  $ 68.76

data delayed 5-10 sec

US$ Gold/oz
bid: $ 691.45
offer: $ 691.95
mid: $ 691.70
data source :
data delayed 5-10 sec
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