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

1st October 2015

Dear Sirs,
Re: COUNT OF GOLD BULLION

World Gold Trust Services, LLC has engaged Inspectorate International 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 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 of30th September 2015.
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 2015 this account held title to 54,807 London
Good Delivery, large Gold Bars of a purity between 99.50%
and 99.99% and a weight of 21,996,070.983 fine troy ouncesof gold.
Cont/2…

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 andConditions of Business, available on request or at
www.inspectorate.com/terms_and_conditions/index.aspCertified toISO 9001:2008

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Description of Activity:

We performed a full count of gold bars allocated to theaccount after the cut of date of the 24th August 2015 (thecomplete bar count audit), based upon the gold inventory asat 30th September 2015 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 2015 werereconciled against the custodians records as at 30thSeptember 2015.
The total number of gold bars allocated to account“18984” after the completion of the full bar count audit(24th August 2015) were counted and reconciled withcustodians records.
The total number of gold bars and fine weight held at thecustodian’s premises as at 1st October 2015 werereconciled against the Trustee’s website records as at 1stOctober 2015.

No anomalies were identified during the gold bar count as at
30th September 2015.

For and on behalf ofINSPECTORATE 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 andConditions of Business, available on request or at
www.inspectorate.com/terms_and_conditions/index.asp

Certified toISO 9001:2008