Inspectorate Reference: 16003794

Date: 03 October 2016
3rd October 2016

SPDR Gold Trust
c/o World Gold Trust Services, LLC
685 Third Avenue,New York, NY 10017
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 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 of 30th September
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 30th September 2016
this account held title to 76,071 London Good Delivery, large Gold Bars of apurity between 99.50% and 99.99% and a weight of 30,516,097.102 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 ourGeneral Conditions of Service, available on request or at
www.inspectorate.com/general_conditions_of_servicePage 1 of 2
Certified toISO 9001:2008

Inspectorate Reference: 16003794

Description of Activity:

We performed a full count of gold bars allocated to the account after the cut
off date of the 13th September 2016 (the complete bar count audit), based upon the gold inventory as at 30th September 2016 at the Custodian’s premises
and performed certain procedures including but not limited to the following:Anomalies:

Date: 03 October 2016

The total number of gold bars and fine weight held at the custodian’spremises as at 30th September 2016 were reconciled against the custodian’s records as at 30th September 2016.
The total number of gold bars allocated to account “18984” after the completion of the full bar count audit (13th September 2016) were counted andreconciled with the custodian’s records.
The total number of gold bars and fine weight held at the custodian’s
premises as at 30th September 2016 were reconciled against the Trustee’s
website records as at 30th September 2016.

No anomalies were identified during the gold bar count as at 30th September
2016.

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

Registered in England No. 638315
Registered Address 2 Perry Road, Witham, Essex CM8 3TU
All services are rendered in accordance with ourGeneral Conditions of Service, available on request or at
www.inspectorate.com/general_conditions_of_service

Page 2 of 2
Certified toISO 9001:2008