Date: 14th March 2016

Inspectorate Reference: 16001134
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 have engaged Inspectorate International Ltd to conduct two counts eachyear 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 andcoincides 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 the record
date of 11th March, 2016.
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 19th February
2016 this account held title to 56,913 London Good Delivery, large
Gold Bars of a purity between 99.50% and 99.99% and a weight of22,858,140.296 fine troy ounces of Gold.

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

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 and Conditions of Business,available on request or at
www.inspectorate.com/terms_and_conditions/index.asp

Page 1 of 3
Certified toISO 9001:2008

Date: 14th March 2016

Inspectorate Reference: 16001134

Description of Activity:

We performed a statistically random count of 16,493 bars of gold,based upon the gold inventory as at 19th February, 2016, between 29thFebruary, 2016 and 11th March, 2016 at the Custodian’s premises andperformed certain procedures including but not limited 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 the records of the Custodian as being held in the name of the above mentioned account. The bar number, refiner code and purity of each bar
were checked against the records of the Custodian.
A statistically random sample of the gold bars counted wereweighed and the weight checked against the Custodian’s records.
The records of the Trustee at 19th February, 2016 were reconciled
to the records of the Custodian at 19th February 2016 being the last
day of the gold count.
One bar from batch 25186 was identified as having the incorrect
bar number recorded. Bar AA17176 has been amended by HSBC toAA17166.

For and on behalf of
INSPECTORATE INTERNATIONAL LIMITEDPaul Alston

Inspectorate International Limited
2 Perry Road, WithamEssex CM8 3TU
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 and Conditions of Business,available on request or at
www.inspectorate.com/terms_and_conditions/index.asp

Page 2 of 3
Certified toISO 9001:2008

Date: 14th March 2016

Inspectorate Reference: 16001134

Inspectorate International Limited
2 Perry Road, WithamEssex CM8 3TU
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 and Conditions of Business,available on request or at
www.inspectorate.com/terms_and_conditions/index.asp

Page 3 of 3
Certified toISO 9001:2008