Cautionary “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: With the exception of historical matters, the matters discussed in this report are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from projections or estimates contained herein. Such forward-looking statements include statements regarding investment in a lower risk business model, Royal Gold’s business strategy and its performance in the current market environment, that the Company’s portfolio will provide shareholders with price appreciation, production expansion and reserve increases through exploration, that the Company is beginning to build a new foundation through several significant revenue sources, the operators’ expectation of commercial production in fiscal 2011 at the Peñasquito, Andacollo, Wolverine, Las Cruces and Dolores mines, the closing of the Pascua-Lama and Mt. Milligan transactions, that Peñasquito, Andacollo, Pascua-Lama, Mt. Milligan and Voisey’s Bay will become cornerstone assets of the Company for the next two decades and will provide cash to fuel growth and pay dividends, that our capital structure will allow us to further expand our business, Royal Gold’s leverage over gold price appreciation, the expectation of a strong gold price due to economic and monetary factors, operator estimated proven and probable reserves, production, production or mine start-up and mill throughput. Factors that could cause actual results to differ materially from these forward-looking statements include, among others, changes in gold and other metals prices; the performance of our producing royalty properties; unanticipated grade, geological, metallurgical, processing or other problems at the royalty properties; as well as other factors described elsewhere in this report and our report on Form 10-K (See Part I, Item 1A, Risk Factors). The reader is urged to read the Risk Factors in connection with the risks inherent in our forward-looking statements. We disclaim any obligation to update any forward-looking statements made herein. Readers are cautioned not to put undue reliance on forward-looking statements.