Inspectorate Reference: 18004717

Date: 01 October 2018

SPDR® Gold Trust
c/o World Gold Trust Services, LLC
685 Third Avenue,
New York, NY 10017
United States of America

1st October, 2018

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
which falls 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,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 30th September, 2018this account held title to 59,438 London Good Delivery, large Gold Bars of apurity between 99.50% and 99.99% and a weight of 23,863,556.199 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_service

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Inspectorate Reference: 18004717

Description of Activity:

We performed a full count of 65,777 bars of gold, based upon the gold
inventory as at 29th June, 2018. The audit was completed on the 30th
September, 2018 at the Custodian’s premises and performed certain
procedures including but not limited to the following:Anomalies:

Date: 01 October 2018

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 ofthe 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 random sample approx. 2.5% of the total holdings was weighed and theweight checked against the custodian’s holdings.
The records of the Trustee as at 29th June, 2018 were reconciled to therecords of the Custodian as at 30th September, 2018 being the last day of
the gold count.

No anomalies were found with the gold count.

For and on behalf ofINSPECTORATE INTERNATIONAL LIMITEDPaul AlstonInspectorate 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

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Certified toISO 9001:2008