Date: 14th March 2017

Inspectorate Reference: - 17001438

SPDR Gold Trust
C/O World Gold Trust Services, LLC
685 Third Avenue, 27th Floor,New York, NY 10017,
United States of America

Dear Sirs,
Re: COUNT OF GOLD BULLION

World Gold Trust Services have engaged Inspectorate International Ltd to conduct two counts eachyear of the gold bullion stock held on behalf of the SPDR Gold Trust (the “Trust”) at the vaults of HSBCBank 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 andis conducted 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 count for the record
date of 17th February, 2017.
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 17th February,2017 this account held title to 67,366 London Good Delivery, large
Gold Bars of a purity between 99.50% and 99.99% and a weight of27,035,109.280 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

Page 1 of 2
Certified toISO 9001:2008

Date: 14th March 2017

Inspectorate Reference: - 17001438

Description of Activity:

We performed a statistically random count of 17,423 bars of gold,based upon the gold inventory as at 17th February, 2017, between 27thFebruary, 2017 and 13th March, 2017 at the Custodian’s premises andperformed certain procedures including but not limited to thefollowing:Anomalies:

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 the above
mentioned account. The bar number, refiner code and purity ofeach bar were checked against the records of the Custodian.
A statistically random sample of the gold bars counted wasweighed and the weight checked against the Custodian’s records.
The records of the Trustee at 13th March, 2017 were reconciled tothe records of the Custodian at 13th March, 2017 being the last
day of the gold count.

No anomalies were identified within the Bank of New York Mellon SPDR Gold Trust holdings, as at 17th February 2017.

For and on behalf of
INSPECTORATE 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 ourGeneral Conditions of Service, available on request or at
www.inspectorate.com/general_conditions_of_service

Page 2 of 2Certified toISO 9001:2008