<SEC-DOCUMENT>0001571049-16-019866.txt : 20161114
<SEC-HEADER>0001571049-16-019866.hdr.sgml : 20161111
<ACCEPTANCE-DATETIME>20161114164736
ACCESSION NUMBER:		0001571049-16-019866
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20161114
DATE AS OF CHANGE:		20161114
EFFECTIVENESS DATE:		20161114

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SAN JUAN BASIN ROYALTY TRUST
		CENTRAL INDEX KEY:			0000319655
		STANDARD INDUSTRIAL CLASSIFICATION:	OIL ROYALTY TRADERS [6792]
		IRS NUMBER:				756279898
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08032
		FILM NUMBER:		161995617

	BUSINESS ADDRESS:	
		STREET 1:		COMPASS BANK, TRUST DEPARTMENT
		STREET 2:		300 W. 7TH STREET SUITE B
		CITY:			FORT WORTH
		STATE:			TX
		ZIP:			76102
		BUSINESS PHONE:		8668094553

	MAIL ADDRESS:	
		STREET 1:		COMPASS BANK, TRUST DEPARTMENT
		STREET 2:		300 W. 7TH STREET SUITE B
		CITY:			FORT WORTH
		STATE:			TX
		ZIP:			76102

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Southwest Bank
		CENTRAL INDEX KEY:			0001682358
		IRS NUMBER:				751105980
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		2200 WEST 7TH STREET, SUITE 210
		CITY:			FORT WORTH
		STATE:			TX
		ZIP:			76107
		BUSINESS PHONE:		817.298.5587

	MAIL ADDRESS:	
		STREET 1:		2200 WEST 7TH STREET, SUITE 210
		CITY:			FORT WORTH
		STATE:			TX
		ZIP:			76107
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>t1600745_dfan14a.htm
<DESCRIPTION>SCHEDULE 14A
<TEXT>
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<HEAD>
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<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNITED STATES</B><BR>
<B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>SCHEDULE
14A</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>(Rule 14a-101)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN PROXY STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 14A INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Proxy Statement pursuant to Section 14(a)
of the<BR>
Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed by the Registrant <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed by a Party other than the Registrant <FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box:</P>

<P STYLE="font: 10pt Wingdings; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD><TD STYLE="text-align: justify">Preliminary Proxy Statement</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD><TD STYLE="text-align: justify">Confidential, for Use of the Commission Only (as Permitted
by Rule 14a-6(e)(2))</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD><TD STYLE="text-align: justify">Definitive Proxy Statement</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></TD><TD STYLE="text-align: justify">Definitive Additional Materials</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD><TD STYLE="text-align: justify">Soliciting Material Pursuant to &sect;240.14a-12</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 12pt"><B>SAN JUAN
BASIN ROYALTY TRUST</B></FONT><BR>
<B>(Name of Registrant as Specified In Its Charter)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 12pt"><B>Southwest
Bank</B></FONT><BR>
<FONT STYLE="font-size: 12pt"><B>Robert Lansford</B></FONT><BR>
<B>(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.65pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Payment of Filing Fee (Check the appropriate box):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Wingdings">x</FONT></TD><TD STYLE="text-align: justify">No fee required.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Fee computed on table below per Exchange Act Rules 14a-6(i)(4)
and 0-11.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Title of each class of securities to which transaction applies:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(2)</TD><TD STYLE="text-align: justify">Aggregate number of securities to which transaction applies:</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (Set forth the amount on
which the filing fee is calculated and state how it was determined):</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(4)</TD><TD STYLE="text-align: justify">Proposed maximum aggregate value of transaction:</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(5)</TD><TD STYLE="text-align: justify">Total fee paid:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Fee paid previously with preliminary materials.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: left">Check box if any part of the fee is offset as provided
by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous
filing by registration statement number, or the Form or Schedule and the date of its filing.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(1)</TD><TD STYLE="text-align: justify">Amount Previously Paid:</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(2)</TD><TD STYLE="text-align: justify">Form, Schedule or Registration Statement No.:</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(3)</TD><TD STYLE="text-align: justify">Filing Party:</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(4)</TD><TD STYLE="text-align: justify">Date Filed:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Southwest Bank and Robert Lansford (collectively, the &ldquo;Southwest
Bank Participants&rdquo;) have made a definitive filing with the Securities and Exchange Commission of a proxy statement and an
accompanying WHITE proxy card in connection with the solicitation of proxies for a special meeting of the unitholders of San Juan
Basin Royalty Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On November 14, 2016, the Southwest Bank Participants issued
the following press release and delivered the following letter to certain unitholders of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">*******************************</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Industry Expert Supports Southwest Bank<BR>
for Successor Trustee of San Juan Basin Royalty Trust (SJT)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Urges Unitholders to Vote the WHITE
Proxy Card Today</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">FORT WORTH, TEXAS, November 14, 2016&mdash;Southwest Bank and
Robert Lansford (collectively, the &ldquo;<B><I>Southwest Bank Participants</I></B>&rdquo;) today announced that they have received
a statement of support from Jon Brumley, veteran of the oil and gas industry and creator of several royalty trusts including the
San Juan Basin Royalty Trust (the &ldquo;<B><I>Trust</I></B>&rdquo; or &ldquo;<B><I>SJT</I></B>&rdquo;). Mr. Brumley provided the
following statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;As a unitholder familiar
with the San Juan Basin Royalty Trust, I support Southwest Bank as trustee for the Trust.&nbsp; I believe Southwest Bank is doing
a good job on the royalty trusts they currently administer.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Southwest Bank Participants appreciate the support of Mr.
Brumley and continue to encourage unitholders of the Trust to vote for the removal of Compass Bank as trustee of the Trust and
the appointment of Southwest Bank as successor trustee at the November 21, 2016 special meeting of the Trust&rsquo;s unitholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unitholders are urged to sign, date and return the WHITE proxy
card today, or they may vote online or by telephone by following the instructions on the voting materials they have received.
The Southwest Bank Participants also encourage unitholders to contact their proxy solicitor, Okapi Partners, at (212) 297-0720
or toll-free at (877) 279-2311 or by email at <U>info@okapipartners.com</U> with any questions, or if they need assistance with
their vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>About Southwest Bank</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Proudly serving North Texas for 50 years, Southwest Bank is
the largest locally owned, independent bank in Tarrant County. In addition to full-service banking centers in Fort Worth, Dallas,
Arlington, Burleson, Grapevine, Mansfield and Saginaw, Southwest Bank maintains mortgage offices in Fort Worth, Dallas and Austin
and a royalty trust management office in Dallas. Southwest Bank values its customers and believes in building loyal, lasting relationships
through personalized service, honesty and integrity. For more information, visit <U>www.SouthwestBank.com</U>. Member FDIC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; text-decoration: underline"><FONT STYLE="font-size: 10pt"><B><U>Contacts</U></B>:</FONT></TD>
    <TD STYLE="width: 48%"><FONT STYLE="font-size: 10pt">Lee Ann Anderson</FONT></TD>
    <TD STYLE="width: 42%"><FONT STYLE="font-size: 10pt">Okapi Partners</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Senior Vice President and Senior Trust Administrator</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Patrick McHugh/Charles Garske/Lydia Mulyk</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Southwest Bank</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">(212) 297-0720</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(817) 298-5587</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">(877) 279-2311 (Toll-Free)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">*******************************</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">November 14, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear San Juan Basin Royalty Trust Unitholder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are concerned that
a few of the proxy advisory firms may not understand or fully appreciate the differences between a publicly-traded company with
a management board and a publicly-traded royalty trust which has no board of directors, officers or employees. A publicly traded
royalty trust must depend on a trustee for administration and decision-making. In the case of the San Juan Basin Royalty Trust
(the &ldquo;<B><I>Trust</I></B>&rdquo;), the Southwest Bank Royalty Trust Management Group together with Lee Ann Anderson is the
equivalent of a 30-year plus experienced board. Compass Bank, on the other hand, has an officer with just over a year of experience
and virtually no other management involvement prior to Ms. Anderson&rsquo;s departure last fall. Compass Bank raises a number of
other issues in an attempt to retain the trustee role, but the irrefutable truth is that Southwest Bank offers a deep bench of
experienced royalty trust administrators, plus Lee Ann Anderson with long experience with the Trust in particular as well as the
San Juan Basin, at a lower cost than Compass Bank. In addition, Compass Bank misleads the unitholders (the beneficial owners that
they as trustee are supposed to protect) in the following ways:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Compass Bank Misleads on Experience
and Trust Expenses</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Compass Bank leaves
out of their disclosures that they have hired consultants to help with usual and customary trustee duties and have had increased
legal costs other than those relating to the litigation. Compass Bank hopes to hide those increased expenses in the increased litigation
costs. Compass Bank must have assistance from outside consultants because they do not have an experienced administrator even though
they mislead unitholders by saying they have ten years of experience with the Trust. Nine of the ten years for which they claim
credit were due solely to Ms. Anderson&rsquo;s tenure at Compass Bank. By contrast, Southwest Bank can create efficiencies and
lower overall administrative costs&mdash;delivering hard dollar value for the unitholders. Southwest Bank commits to reduction
of administrative expenses by creating efficiencies in the SOX compliance maintenance program including management review and audit
thereof; spreading audit costs relating to entity-level controls, IT and shared vendor reviews; trimming legal costs due to tax
advice and disclosures that are shared by more than one royalty trust; being able to request the most competitive bids on printing
expenses due to the volume of print materials required for multiple royalty trusts rather than a single entity; sharing a portion
of compliance audit costs for trusts where the operator is the same; and decreasing investor relations expenses with coverage for
more than one trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Compass Bank is Missing the Point on
Conflicts</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trust is prohibited
because of its tax structure from engaging in a trade or business and therefore, ConocoPhillips as operator must enter into contracts,
such as its contract with Enterprise, for gathering and processing of gas produced from the properties burdened by the Trust. Compass
Bank attempts to downplay the potential for conflicts arising out of the fact that one of its directors also sits on the Enterprise
board by stating that the Enterprise contract does not affect the royalty paid to the Trust. However, Compass Bank is either intentionally
misstating the facts or does not understand how the Trust works because the amounts paid to Enterprise under its contract with
ConocoPhillips directly affect the proceeds paid to the Trust and the amounts ultimately distributed to the unitholders. Again,
a large, international institution with numerous subsidiaries has much more potential for conflicts of interest than a regional
bank like Southwest Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Compass Bank Misleads on Analyst Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Compass Bank suggests
that the opinion of McDep, an independent industry analyst, has been prejudiced by the fact that Southwest Bank has paid that analyst.
Southwest Bank subscribes at a small cost to McDep&rsquo;s research as a critical and valuable part of the bank&rsquo;s due diligence
relating to its core business as a trustee of numerous royalty trusts. Compass Bank, as trustee of only one royalty trust, may
have little interest in market research relating to royalty trusts. But very tellingly, the analyst Compass Bank attempts to denigrate
has been an independent research originator focused on oil and gas stocks exclusively for over forty years and is the leading analyst
of royalty trusts since their inception.<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Compass Bank Lacks Experience</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Compass Bank downplays
its lack of experience by observing that the most important element of the administration of the Trust is the simple process of
receiving distributions from the operator and sending royalty checks to the unitholders. Compass Bank&rsquo;s naive comments indicate
further that they intend to merely accept the net proceeds whatever they are without doing the necessary investigation and monitoring
of factors that impact the Trust revenues. This is a completely different philosophy from Southwest Bank&rsquo;s proactive trustee
approach in the administration of royalty trusts. Feedback from the unitholders of other royalty trusts administered by Southwest
Bank indicates that the Southwest Bank philosophy is what they value in a trustee. Southwest Bank&rsquo;s staff of nine permits
each royalty trust we administer to get personal treatment, but each member of the staff is knowledgeable of royalty trusts generally
and is available to consult with, cover for and cross-train their peers and new officers recruited to the team.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1
</SUP></FONT>Kurt Wulff was named to the Institutional Investor All-America Research Team more than 25 times in oil, exploration
and natural gas. Also featured in Barron's and Oil and Gas Investor, he has been a guest on Bloomberg, CNBC, CNN and Wall Street
Week with Louis Rukeyser. He is a past president of the National Association of Petroleum Investment Analysts. A Chartered Financial
Analyst, Mr. Wulff belongs to the CFA Institute, the Petroleum Analysts of Boston, the Oil Analyst Group of New York, and the
Boston Security Analysts Society. He earned degrees of Bachelor of Science in Chemical Engineering from the University of Wisconsin
and Master in Business Administration from Harvard University.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We absolutely believe
that the combination of Lee Ann Anderson and the Southwest Bank team is the best option for the Trust unitholders. There are many
unitholders with very material investments in the Trust who support this initiative, including 5% holders, institutional holders,
large and small retail holders and Jon Brumley, veteran of the oil and gas industry and creator of several royalty trusts, including
the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Every vote and every
unit is important. A<B>ny failure to vote at all is a vote against the proposals to put the administration of the Trust back into
the leadership of those who know the history of the Trust with the experience and resources to run it. </B>For those of you have
already returned your <U>WHITE</U> proxy card for the special meeting, we thank you. If you have not done so, please do so promptly.
We urge you <U>NOT</U> to sign the blue proxy card or return any voting instructions that may be sent to you by the Trust or Compass
Bank. If you have any questions, or need assistance with your vote, please contact our proxy solicitor, Okapi Partners, at (212)
297-0720 or toll-free at (877) 279-2311 or by email at <U>info@okapipartners.com</U>. Thank you in advance for your support.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">Vernon Bryant</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">Robert Lansford</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><I>Chairman and Chief Executive Officer</I></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><I>San Juan Basin Royalty Trust Unitholder</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><I>Southwest Bank</I></FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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