Gold in Trust: Tonnes: 346.38 Ounces: 11,136,457 Value US$
20 March 2003
TO WHOM IT MAY CONCERN
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.
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.