30th August 2013

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

Dear Sirs,
Re: COUNT OF GOLD BULLION

World Gold Trust Services, LLC has engaged Inspectorate International Ltd to conduct 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”) 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 whichfalls within the same financial year.
It is with pleasure we submit our report to the Trust covering our count for the record date as of28th June 2013.
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 28thJune 2013 this account held title to 77,709 London Good
Delivery, large Gold Bars of a purity between 99.50% and99.99% and a weight of 31,170,627.544 fine troy ounces ofgold.

Inspectorate International Limited
2 Perry Road, Witham
Essex CM8 3TU
T: +44(0) 1376 536800 F: +44(0) 1376 520819
E: witham.hq@inspectorate.com
www.inspectorate.com

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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.aspCertified toISO 9001:2008

Description of Activity:

We performed a full count of 77,709 bars of gold, based
upon the gold inventory as at 28th June 2013, between 8thJuly and 29th August 2013 at the Custodian’s premises andperformed certain procedures including but not limited to thefollowing:Anomalies:

The gold inventory records of Bank of New York Mellon(the “Trustee”) were reconciled to the records of theCustodian.
Each individual gold bar in the gold count was agreed to
the records of the Custodian as being held in the name of
the above mentioned account. The bar number, refinerbrand and purity of each bar were checked against therecords of the Custodian.
A statistically random sample of the gold bars counted
was weighed and the weight checked against theCustodian’s records.
The records of the Custodian at 28th June 2013 werereconciled to the records of the Custodian at 29th August
2013 being the last day of the gold count.

No anomalies were identified on the gold count for 28th June2013.

For and on behalf ofINSPECTORATE INTERNATIONAL LIMITEDPaul Alston

Inspectorate International Limited
2 Perry Road, Witham
Essex CM8 3TU
T: +44(0) 1376 536800 F: +44(0) 1376 520819
E: witham.hq@inspectorate.com
www.inspectorate.com

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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