Date: 5th April 2023

Bureau Veritas Reference: - 23002091

SPDR® Gold Trust
C/O World Gold Trust Services, LLC
685 Third Avenue, 27th Floor,
New York, NY 10017,
United States of America
Dear Sirs,
Re: COUNT OF GOLD BULLION
World Gold Trust Services, LLC has engaged Bureau Veritas Commodities Ltd to conduct twocounts each year of the gold bullion stock held on behalf of the SPDR® Gold Trust (the “Trust”)
at the vaults of HSBC Bank plc (the “Custodian”) in London. A complete bar count is conducted
once per year and coincides with the Trust’s financial year end at 30th September. The second
count is a random sample count and is conducted at a date which falls within the same financial
year.
It is with pleasure we submit our report to the Trust covering our random sample count for therecord date as of 24th March, 2023.
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 plc

Gold Inventory:

As per the records of the Custodian at close of business 24thMarch, 2023 this account held title to 63,531 London Good
Delivery, large Gold Bars of a purity between 99.50% and99.99% and a weight of 25,553,290.987 fine troy ounces of Gold.

Bureau Veritas
Veritas Commodities
Ltd
T: +44 (0) 1376 536800
BureauGroup | C2UK
- Internal
2 Perry Road
Witham
CM8 3TUUK

E: CTDMMOpsUK@bureauveritas.com
www.bureauveritas.com

Registered in England
04966988
VAT no. GB 725 4402 54

Bureau Veritas Registered Office
Suite 206, Fort Dunlop
Fort Parkway
Birmingham
B24 9FDAll services are rendered in accordance with Bureau Veritas Commodities Division General Conditions of Service, available on request or athttps://commodities.bureauveritas.com/general-conditions-service

Date: 5th April 2023

Bureau Veritas Reference: - 23002091

Description of Activity:

We performed a statistically random count of 1,600 bars of gold,
based upon the gold inventory as at 24th March, 2023. The audit
was completed on the 5th April, 2023 at the Custodian’s
premises and performed certain procedures including but notlimited to the following:•••••

Anomalies:

The gold inventory records of Bank of New York Mellon (the“Trustee”) were reconciled to the records of the Custodian.
Each individual gold bar in the gold count was agreed to therecords of the Custodian as being held in the name of theabove-mentioned account. The bar number, refiner codeand purity of each bar were checked against the records ofthe Custodian.
A minimum of 2.5 % of the statistically random chosen gold
bars held within the account, were Gross Check Weighedagainst the Bank of New York Mellon records (the“Trustee”) and the records of the custodian.
The 2.5 % of bars Gross check weighed were also tested forany potential foreign material inclusions using a Fischer
Sigmascope B.
The records of the Trustee at 24th March, 2023 werereconciled to the records of the Custodian at 5th April, 2023
being the last day of the gold count.

There were no non-conformities identified within the Bank of
New York Mellon – SPDR® Gold Trust holdings, as at 5th April,2023.

For and on behalf of
Bureau Veritas Commodities Ltd.

Eleanor Green
Client account coordinator

Bureau Veritas
Veritas Commodities
LtdT: +44 (0) 1376 536800
BureauGroup | C2UK- Internal
2 Perry Road
Witham
CM8 3TU
UKE: CTDMMOpsUK@bureauveritas.com
www.bureauveritas.com

Registered in England
04966988
VAT no. GB 725 4402 54

Bureau Veritas Registered Office
Suite 206, Fort Dunlop
Fort Parkway
Birmingham
B24 9FDAll services are rendered in accordance with Bureau Veritas Commodities Division General Conditions of Service, available on request or athttps://commodities.bureauveritas.com/general-conditions-service