Inspectorate Reference: - 18001119

Date: 2nd March, 2018

SPDR® Gold Trust
C/O World Gold Trust Services, LLC
685 Third 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 plc (the “Custodian”) in London. A complete bar count isconducted once per year and coincides with the Trust’s financial year end at 30 th September.
The second count is a random sample count and is conducted at a date which falls within thesame financial year.
It is with pleasure we submit our report to the Trust covering our random sample count for
the record date of 9th February, 2018.
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 9thFebruary 2018 this account held title to 67,326 London Good
Delivery, large Gold Bars of a purity between 99.50% and99.99% and a weight of 27,041,459.864 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

Registered in England No. 638315
Registered Address 2 Perry Road, Witham, Essex CM8 3TU

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All services are rendered in accordance with ourGeneral Conditions of Service, available on request or at
www.inspectorate.com/general_conditions_of_service

Certified toISO 9001:2008

Date: 2nd March, 2018

Inspectorate Reference: - 18001119

Description of Activity:

We performed a statistically random count of 17,292 bars ofgold, based upon the gold inventory as at 9th February, 2018,
between 12th February, 2018 and 1st March, 2018 at theCustodian’s premises and performed certain procedures
including but not limited to the following:

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 code andpurity of each bar were checked against the records of theCustodian.
A statistically random sample of the gold bars counted wasweighed and the weight checked against the Custodian’srecords.
The records of the Trustee at 1st March, 2018 were reconciled
to the records of the Custodian at 1st March, 2018 being thelast day of the gold count.

Anomalies:

No anomalies were identified within the Bank of New York
Mellon – SPDR® Gold Trust holdings, as at 9th February 2018.

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

Page 2 of 2

All services are rendered in accordance with ourGeneral Conditions of Service, available on request or at
www.inspectorate.com/general_conditions_of_service

Certified toISO 9001:2008