Date: 6th April 2023

Bureau Veritas Reference: - 23002091

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 Bureau Veritas Commodities UK Ltd to conduct two
counts each year of the gold bullion stock held on behalf of the SPDR® Gold Trust (the “Trust”)
at the vault of J.P. Morgan Chase - London Vault (the “Custodian”) in London. A complete bar
count is conducted once per year and coincides with the Trust’s financial year end on 30thSeptember. 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 random sample count for therecord date of 24th March 2023.
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:

5242679

Material:

London Good Delivery Gold Bars

Location:

London Vault of J.P. Morgan Chase - London Vault plc

Gold Inventory:

As per the records of the Custodian at close of business 24thMarch 2023 this account held title to 10,410 London Good
Delivery, large Gold Bars of a purity between 99.50% and99.99% and a weight of 4,125,930.081 fine troy ounces of Gold.

Bureau Veritas Commodities UK Ltd
2 Perry Road
Witham
CM8 3TU
UK

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

Registered in England
04966988
VAT no. GB 725 4402 54

Bureau Veritas Registered Office
Suite 206, Fort Dunlop
Fort Parkway
Birmingham
B24 9FDAll 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

Date: 6th April 2023

Bureau Veritas Reference: - 23002091

Description of Activity:

We performed a statistically random count of 271 bars of gold,
based upon the gold inventory as on 24th March 2023. The audit
lasted two days from 27th March 2023 to 28th March 2023 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 the Custodian.
Each individual gold bar in the gold count was agreed to therecords of the Custodian as being held in the name of theabove-mentioned account. The bar number, refiner codeand purity of each bar were checked against the records ofthe Custodian.
A minimum of 2.5 % of the statistically random chosen gold
bars held within the account, were Gross Check Weighedagainst the Bank of New York Mellon records (the“Trustee”) and the records of the custodian.
The records of the Trustee on 24th March, 2023 werereconciled to the records of the Custodian at 23rd March,2023 being the last day of the gold count.

There were no non-conformities identified the Bank of New
York Mellon – SPDR® Gold Trust holdings, as of 27th March 2023
and 28th March 2023.

For and on behalf of

Bureau Veritas Commodities UK Ltd

Bureau Veritas Commodities UK Ltd
2 Perry Road
Witham
CM8 3TU
UK

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

Registered in England
04966988
VAT no. GB 725 4402 54

Bureau Veritas Registered Office
Suite 206, Fort Dunlop
Fort Parkway
Birmingham
B24 9FDAll 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