SPDR Gold Trust
C/O World Gold Trust Services, LLC
510 Madison Avenue,
New York, NY 10022,
United States of America

14th March 2014

Dear Sirs,
Re: COUNT OF GOLD BULLION

World Gold Trust Services have 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 USA National Association (the “Custodian”) inLondon. A complete bar count is conducted once per year and coincides with theTrust’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 random sample countfor the record date of 14th March, 2014
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 USA National
Association

Gold Inventory:

As per the records of the Custodian at close of business21st February 2014 this account held title to 64,184
London Good Delivery, large Gold Bars of a purity
between 99.50% and 99.99% and a weight of25,753,452.266 fine troy ounces of Gold.

Inspectorate International Limited
2 Perry Road, WithamEssex CM8 3TU

Page 1 of 2 (1400978)

v

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 Inspectorate’s General Terms andConditions of Business, available on request or at
www.inspectorate.com/terms_and_conditions/index.asp

Certified toISO 9001:2008

Description of Activity:

We performed a statistically random count of 15,004
bars of gold, based upon the gold inventory as at 21stFebruary, 2014, between 3rd March, 2014 and 14thMarch, 2014 at the Custodian’s premises and performed
certain procedures including but not limited to thefollowing:Anomalies

The gold inventory records of Bank of New York
Mellon (the “Trustee”) were reconciled to therecords of the Custodian.
Each individual gold bar in the gold count wasagreed to the records of the Custodian as being heldin the name of the above mentioned account. Thebar number, refiner code and purity of each bar werechecked against the records of the Custodian.
A statistically random sample of the gold bars
counted was weighed and the weight checkedagainst the Custodian’s records.
The records of the Trustee at 21st February, 2014
were reconciled to the records of the Custodian at
14th March 2014 being the last day of the goldcount.
No anomalies were identified during the audit .

For and on behalf ofINSPECTORATE INTERNATIONAL LIMITEDPaul Alston

Inspectorate International Limited
2 Perry Road, WithamEssex CM8 3TU

Page 2 of 2 (1400978)

v

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 Inspectorate’s General Terms andConditions of Business, available on request or at
www.inspectorate.com/terms_and_conditions/index.asp

Certified toISO 9001:2008