SPDR Gold Trust
c/o World Gold Trust Services, LLC
510 Madison Avenue,
New York, NY 10022
United States of America

8th October 2014

Dear Sirs,
Re: COUNT OF GOLD BULLION
World Gold Trust Services, LLC (the “Sponsor”) has engaged Inspectorate International Ltd toconduct two counts each year of the gold bullion stock held on behalf of the SPDR Gold Trust(the “Trust”) at the vaults of HSBC Bank USA National Association (the “Custodian”) inLondon. A complete bar count is conducted once per year with a reconciliation through theTrust’s financial year end at 30th September. The second count is a random sample count and isconducted at a date which falls within the same financial year.
It is with pleasure we submit our report to the Trust covering our count for the record date 30thJune 2014, including the reconciliation through to the trust year end (30th September 2014).
In accordance with the agreed procedures, we hereby report the following:
Name of Account:

Bank of New York Mellon - SPDR Gold Trust

Bullion Account No:

18984

Material:

London Good Delivery Gold Bars

Location:

London Vaults of HSBC Bank USA National Association

Gold Inventory:

As per the records of the Custodian at close of business 30thSeptember 2014 this account held title to 61,889 London
Good Delivery, large allocated' Gold Bars of a purity between
99.50% and 99.99% and a weight of 24,828,713.191 fine troy
ounces of gold.

Inspectorate International Limited
2 Perry Road, WithamEssex CM8 3TU

Page 1 of 2v

T: +44(0) 1376 536800 F: +44(0) 1376 520819
E: witham.hq@inspectorate.com
www.inspectorate.com

Registered in England No. 638315
Registered Address 2 Perry Road, Witham, Essex CM8 3TU
All services are rendered in accordance with Inspectorate’s General Terms andConditions of Business, available on request or at
www.inspectorate.com/terms_and_conditions/index.asp

Certified toISO 9001:2008

Description of Activity:

We performed a full count of gold bars allocated to theaccount after the cut of date of the 30th June 2014 (thecomplete bar count audit), based upon the gold inventory as
at 30th September 2014 at the Custodian’s premises andperformed certain procedures including but not limited to thefollowing:Anomalies:

The total number of gold bars and fine weight held at thecustodian’s premises as at 30th September 2014 werereconciled against the custodian’s records as at 30thSeptember 2014.
The total number of gold bars allocated to account“18984” after the completion of the full bar count audit(28th August 2014) was reconciled to custodian’s records
through 30th September 2014.

No anomalies were identified during the gold bar count as at
30th September 2014.

For and on behalf of
INSPECTORATE INTERNATIONAL LIMITEDPaul Alston

Inspectorate International Limited
2 Perry Road, WithamEssex CM8 3TU

Page 2 of 2v

T: +44(0) 1376 536800 F: +44(0) 1376 520819
E: witham.hq@inspectorate.com
www.inspectorate.com

Registered in England No. 638315
Registered Address 2 Perry Road, Witham, Essex CM8 3TU
All services are rendered in accordance with Inspectorate’s General Terms andConditions of Business, available on request or at
www.inspectorate.com/terms_and_conditions/index.asp

Certified toISO 9001:2008

JOB REFERENCE:
1402602
REPORT OF:
AUDITClient:World Gold Trust Services LLC.
Client Reference.
:
18984 (SPDR)
Material:
Gold Bars
Works:
HSBC, London U.K. Vault==============================================
This is to certify that in connection with the above consignment, we have represented theClient, following the agreed procedures, and report the following:
Commencing Date
Completion Date
Reporting Date:::

04 July 2014
28 August 2014
29 August 2014

Description of Material
London Good Delivery, Large Gold Bars said to be purity 99.50% minimum, up to andincluding 99.99%.
Audit Procedure
The audit was carried out on Gold bars held in the account 18984 for the SPDR Gold Trust asat C.O.B 30 June 2014.
World Gold Trust Services, LLC (the “Sponsor”) supplied two schedules containing thefollowing:a bar list, showing all bars in the holding to be audited; anda randomly generated bar list for weighing (approximately 2.5% of the total
number of bars within account18984).

The audit was completed on all individual gold bars stated within the schedules. All bars
were identified on the supplied HSBC batch list paperwork and were reconciled with therelevant schedule. The bar numbers, brand and bar assay were all checked for each bar andwere found to reconcile with both the supplied schedules and HSBC paperwork. The bars forweighing were identified for each batch from the randomly generated list and were weighedin order to confirm the advised “Bar Gross weight”. All bars were weighed on the calibrated
vault balances.
Total Number of Gold Bars said to be held in account 18984 as at C.O.B
30/06/14.
Total Number of Gold Bars counted and audited in account 18984 as at
C.O.B 30/06/14
Total Fine weight (Oz T) of Gold Bars held in account 18984 as at
C.O.B 30/06/14
Inspectorate International Limited
2 Perry Road, WithamEssex CM8 3TU

62,90562,90525,239,256.923

Page 1 of 2v

T: +44(0) 1376 536800 F: +44(0) 1376 520819
E: witham.hq@inspectorate.com
www.inspectorate.com

Registered in England No. 638315
Registered Address 2 Perry Road, Witham, Essex CM8 3TU
All services are rendered in accordance with Inspectorate’s General Terms andConditions of Business, available on request or at
www.inspectorate.com/terms_and_conditions/index.asp

Certified toISO 9001:2008

Anomalies
No anomalies were identified with the count.
Remarks
1. Scales used were a Henry Finch Scale Capacity 1000 Oz T x 0.001 Oz T, externallycalibrated weekly throughout the audit period. Initial calibration 04 July 2014. Lastcalibration 22 August 2014 and a Sartorius GBB14202S Capacity 450 x 0.001 Oz T
externally calibrated 09 May 2014 and 05 August 2014. Both scales were calibrated
daily internally.
2. The allocations and de-allocations of Gold bars within the account 18984 werereconciled throughout the audit period 30 June 2014 to 28 August 2014. Any bars deallocated during the audit were checked prior to removal from the account. The total
number of bars and Fine weight were reconciled with HSBC records. These figures werethen reconciled to the Bar List on the Sponsor’s website (spdrgoldshares.com) as atC.O.B. 28 August 2014 and all agreed.
3. A second reconciliation was performed from 29 August 2014 through 30 September
2014. The total number of bars and Fine weight was reconciled with HSBC records.
4. These figures were then reconciled to the Bar List on the Sponsor’s website(spdrgoldshares.com) as at C.O.B. 30 September 2014.

For and on behalf ofINSPECTORATE INTERNATIONAL LIMITEDPaul Alston

Inspectorate International Limited
2 Perry Road, Witham
Essex CM8 3TU

Page 2 of 2v

T: +44(0) 1376 536800 F: +44(0) 1376 520819
E: witham.hq@inspectorate.com
www.inspectorate.com

Registered in England No. 638315
Registered Address 2 Perry Road, Witham, Essex CM8 3TU
All services are rendered in accordance with Inspectorate’s General Terms andConditions of Business, available on request or at
www.inspectorate.com/terms_and_conditions/index.asp

Certified toISO 9001:2008