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, 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 30 th September. The second
count is a random sample count and is conducted at a date which falls within the same financialyear.
It is with pleasure we submit our report to the Trust covering our count for the record date as
at 30th September 2021.
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 30 thSeptember 2021 this account held title to 79,137 London GoodDelivery, large Gold Bars of a purity between 99.50% and99.99% and a weight of 31,830,686.762 fine troy ounces of Gold.

Inspectorate International
Limited2 Perry Road, WithamEssex CM8 3TU, UK

T: +44 (0) 1376 536800
E:
CTDMMOpsUK@bureauveritas.comwww.bureauveritas.com

Registered:
In England No. 638315
VAT no. GB725 4402 54

National Westminster Bank,
Chelmsford, UK
IBAN: GB94NWBK60720520596960(€)
IBAN: GB22NWBK60730120596979($)
IBAN: GB79NWBK60051312413550(£)

All services are rendered in accordance with Bureau Veritas Commodities Division General Conditions of Service, available on request or athttps://commodities.bureauveritas.com/general-conditions-service

Description of Activity:

We performed a full count of 83,585 bars of gold, based upon
the gold inventory as at 30th June 2021. The audit wascompleted on the 5th October 2021 at the Custodian’s premises
and performed certain procedures including but not limited tothe following:Non-Conformities:

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 selected wasagreed to the records of the Custodian as being held in thename 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 of approximately 2.5% of the total
holdings was weighed and the weight checked against thecustodian’s holdings.
A random sample, approximately equal to 2.5 % of the gold
bars counted was tested using a Fischer Gold B Sigmascope.
The records of the Trustee at 30th June 2021, werereconciled to the records of the Custodian at 30thSeptember 2021, being the last day of the gold count.

Any physical non-conformities or administrative nonconformities found are reported to the client during the courseof the audit.

For and on behalf of
INSPECTORATE INTERNATIONAL LIMITED

Benjamin Klinck

Inspectorate International
Limited2 Perry Road, WithamEssex CM8 3TU, UK

T: +44 (0) 1376 536800
E:
CTDMMOpsUK@bureauveritas.com
www.bureauveritas.com

Registered:
In England No. 638315
VAT no. GB725 4402 54

National Westminster Bank,
Chelmsford, UK
IBAN: GB94NWBK60720520596960(€)
IBAN: GB22NWBK60730120596979($)
IBAN: GB79NWBK60051312413550(£)

All services are rendered in accordance with Bureau Veritas Commodities Division General Conditions of Service, available on request or athttps://commodities.bureauveritas.com/general-conditions-service