Business: North European Oil Royalty Trust was organized in 1975 as the successor entity to North European Oil Corporation and North European Oil Company. The Trust is administered by five Trustees, one of whom is designated the Managing Trustee, and the Managing Director. The purpose of the Trust is to collect, hold and verify royalties paid into the Trust by the operating companies, ExxonMobil Corporation and the Royal Dutch/Shell Group of Companies. The royalties are paid out in whole cents on a quarterly basis to the Trust’s unit owners after making allowances for anticipated administrative expenses. The royalties are derived from the sale of natural gas, sulfur and oil extracted by the operating companies from the Trust’s overriding royalty areas in northwestern Germany. Additionally the Trustees and Managing Director are responsible for complying with all the legal and financial requirements imposed upon a publicly traded business.