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

20th March 2015

Dear Sirs,
Re: COUNT OF GOLD BULLION

World Gold Trust Services, LLC have 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 plc (the “Custodian”) in London. A
complete bar count is conducted once per year and coincides with the Trust’s financialyear 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 random sample countfor the record date of 20th March, 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 plc

Gold Inventory:

As per the records of the Custodian at close of business20th February 2015 this account held title to 61,566
London Good Delivery, large Gold Bars of a purity
between 99.50% and 99.99% and a weight of
24,700,796.731 fine troy ounces of Gold.

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

Cont/2…
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 statistically random count of 16,753
bars of gold, based upon the gold inventory as at 20thFebruary, 2015, between 9th March, 2015 and 20thMarch, 2015 at the Custodian’s premises and performed
certain procedures including but not limited to thefollowing:Anomalies

The gold inventory records of Bank of New York
Mellon (the “Trustee”) were reconciled to therecords of the Custodian.
Each individual gold bar in the gold count wasagreed to the records of the Custodian as being heldin the name of the above mentioned account. The
bar number, refiner code and purity of each bar werechecked against the records of the Custodian.
A statistically random sample of the gold bars
counted were weighed and the weight checkedagainst the Custodian’s records.
The records of the Trustee at 20th February, 2015
were reconciled to the records of the Custodian at
20th March 2015 being the last day of the goldcount.
No anomalies were identified during the audit.

For and on behalf of
INSPECTORATE INTERNATIONAL LIMITEDPaul Alston
Inspectorate International Limited
2 Perry Road, Witham
Essex CM8 3TUT: +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