ROYAL GOLD INC

Ticker: RGLD CUSIP: 780287108 Class: COM

Pembroke Management, LTD's Holding History (CIK: 0001063497)

Note: Option positions (PUT/CALL) are excluded.

Q2 2015

Shares 265,505 Value ($000) $16,352 Avg Close $64.12 Range $61.00 - $67.99

Q1 2015

Shares 323,005 Value ($000) $20,384 Avg Close $68.70 Range $57.55 - $77.20

Q4 2014

Shares 340,455 Value ($000) $21,346 Avg Close $65.59 Range $55.55 - $72.81

Q3 2014

Shares 332,655 Value ($000) $21,603 Avg Close $74.64 Range $63.86 - $82.84

Q2 2014

Shares 329,900 Value ($000) $25,115 Avg Close $66.09 Range $58.86 - $76.85

Q1 2014

Shares 319,000 Value ($000) $19,976 Avg Close $61.49 Range $47.02 - $72.90

Q4 2013

Shares 301,300 Value ($000) $13,881 Avg Close $47.17 Range $42.56 - $53.76

Q3 2013

Shares 274,600 Value ($000) $13,362 Avg Close $51.85 Range $40.45 - $67.25

Q2 2013

Shares 166,200 Value ($000) $6,994 Avg Close $54.12 Range $38.63 - $71.33

Period	Shares	Value ($000)	Average Close	Price Range
Q2 2015	265,505	$16,352	$64.12	$61.00 - $67.99
Q1 2015	323,005	$20,384	$68.70	$57.55 - $77.20
Q4 2014	340,455	$21,346	$65.59	$55.55 - $72.81
Q3 2014	332,655	$21,603	$74.64	$63.86 - $82.84
Q2 2014	329,900	$25,115	$66.09	$58.86 - $76.85
Q1 2014	319,000	$19,976	$61.49	$47.02 - $72.90
Q4 2013	301,300	$13,881	$47.17	$42.56 - $53.76
Q3 2013	274,600	$13,362	$51.85	$40.45 - $67.25
Q2 2013	166,200	$6,994	$54.12	$38.63 - $71.33