Royal Gold is committed to minimizing our impact on the environment, promoting the health and safety of its employees, respecting local cultures and values, and being an exemplary international corporate citizen. Although Royal Gold does not control or operate any of the properties where we hold royalty interests, we do expect and encourage the operators of such properties to conduct their activities in a responsible manner. As demonstrated by our membership in the World Gold Council, an associate member of the International Council on Mining and Metals (“ICMM”), Royal Gold supports the ten ICMM principles that seek continual improvement in sustainable development performance. In fiscal 2010, 60% of our precious metals royalty revenue was derived from World Gold Council member companies that also support the ICMM principles.