CORPORATE RESPONSIBILITY Management of Royal Gold is committed to  preserve and protect the environment, promote the health and safety of its employees and be an exem- plary corporate citizen.The Company’s Environmental, Health and Safety Policy specifies that any mineral exploration program it may conduct be performed in compliance with all the health, safety and environ- mental laws and regulations in the communities in which the Company operates; that the Company will apply responsible standards and best practices; and that the Company will require its employees or  contractors to meet or exceed such performance standards. Likewise, we expect the operators of the prop- erties over which we hold royalties to strive for responsible mining. Placer Dome’s commitment to environmental stewardship provides that “any explo- ration, design, construction, operation and closure of mines is conducted” in such a manner “that respects and responds to the social, environmental and eco- nomic needs of present generations and anticipates those of future generations in the communities and countries” where it has operations.The staff at Cortez is well trained in all areas of environmental stewardship and community safety, and we congratu- late them on their safety record and community involvement in Nevada. Royal Gold commends Placer Dome’s vision of mining and sustainability. Yamana Resources, our royalty partner in Argentina, adheres to the health, safety and environ- mental laws and regulations of Argentina. Our partners in Europe, Silver & Baryte Ores Mining Co. and Phelps Dodge Mining Company, have similar policies reflecting their philosophy and prac- tices as responsible, socially aware corporate citizens with emphasis on environmental stewardship and the health and safety of their employees and of the com- munities near their mining, processing and exploration sites. Silver & Baryte has begun implementation of an environmental management system and is preparing to apply for the ISO 14001 certificate. 10