Date: 11th March 2019

Inspectorate Reference: - 19000478

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 twocounts 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 30th 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 therecord date of 15th February, 2019.
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 15thFebruary, 2019 this account held title to 63,735 London Good
Delivery, large Gold Bars of a purity between 99.50% and99.99% and a weight of 25,620,002.029 fine troy ounces ofGold.

Inspectorate International Limited
2 Perry Road, Witham
Essex CM8 3TU, UK

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

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

HSBC Bank PLC, Berkshire, UK
IBAN: GB68MIDL40051559932051 (€)
IBAN: GB34MIDL40051559931790 ($)
IBAN: GB38MIDL40025031378341 (£)
BIC: MIDLGB22All services are rendered in accordance with Bureau Veritas Commodities Division General Conditions of Service, available on request or atwww.bureauveritas.com/terms_and_conditions

Date: 11th March 2019

Inspectorate Reference: - 19000478

Description of Activity:

We performed a statistically random count of 17,931 bars ofgold, based upon the gold inventory as at 15th February, 2019.
The audit was completed on the 11th March, 2019 at theCustodian’s premises and performed certain procedures
including but not limited to the following:

Anomalies:

The gold inventory records of Bank of New York Mellon(the “Trustee”) were reconciled to the records of theCustodian.
Each individual gold bar in the gold count was agreed tothe records of the 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 therecords of the Custodian.
A minimum of 2.5 % of the statistically random chosengold bars held within the account, were Gross Check
Weighed against the Bank of New York Mellon records(the “Trustee”) and the records of the custodian.
The 2.5 % of bars Gross check weighed were also testedfor any potential foreign material inclusions using a Fischer
Sigmascope B.
The records of the Trustee at 11th March, 2019 werereconciled to the records of the Custodian at 11th March,2019 being the last day of the gold count.

There were no non-conformities identified within the Bank of
New York Mellon – SPDR® Gold Trust holdings, as at 15thFebruary, 2019.

For and on behalf ofINSPECTORATE INTERNATIONAL LIMITEDPaul Alston

Inspectorate International Limited
2 Perry Road, Witham
Essex CM8 3TU, UK

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

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

HSBC Bank PLC, Berkshire, UK
IBAN: GB68MIDL40051559932051 (€)
IBAN: GB34MIDL40051559931790 ($)
IBAN: GB38MIDL40025031378341 (£)
BIC: MIDLGB22

All services are rendered in accordance with Bureau Veritas Commodities Division General Conditions of Service, available on request or atwww.bureauveritas.com/terms_and_conditions

Date: 11th March 2019

Inspectorate Reference: - 19000478

Inspectorate International Limited
2 Perry Road, Witham
Essex CM8 3TU, UK

T: +44 (0) 1376 536800
E: MMOpsUK@inspectorate.com
www.bureauveritas.comRegistered:
In England No. 638315
VAT no. GB725 4402 54

HSBC Bank PLC, Berkshire, UK
IBAN: GB68MIDL40051559932051 (€)
IBAN: GB34MIDL40051559931790 ($)
IBAN: GB38MIDL40025031378341 (£)
BIC: MIDLGB22

All services are rendered in accordance with Bureau Veritas Commodities Division General Conditions of Service, available on request or atwww.bureauveritas.com/terms_and_conditions