<SEC-DOCUMENT>0001571049-16-017845.txt : 20160829
<SEC-HEADER>0001571049-16-017845.hdr.sgml : 20160829
<ACCEPTANCE-DATETIME>20160829131327
ACCESSION NUMBER:		0001571049-16-017845
CONFORMED SUBMISSION TYPE:	DEFN14A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160928
FILED AS OF DATE:		20160829
DATE AS OF CHANGE:		20160829
EFFECTIVENESS DATE:		20160829

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:		DEFN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08032
		FILM NUMBER:		161857082

	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:		DEFN14A

	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>DEFN14A
<SEQUENCE>1
<FILENAME>t1600555_defn14a.htm
<DESCRIPTION>SCHEDULE 14A
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><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">&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><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">&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><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">&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 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"><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"><FONT STYLE="font-size: 10pt">Preliminary Proxy Statement</FONT></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"><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"><FONT STYLE="font-size: 10pt">Confidential, for Use of
the Commission Only (as Permitted by Rule 14a-6(e)(2))</FONT></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"><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"><FONT STYLE="font-size: 10pt">Definitive Proxy Statement</FONT></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"><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"><FONT STYLE="font-size: 10pt">Definitive Additional Materials</FONT></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"><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"><FONT STYLE="font-size: 10pt">Soliciting Material Pursuant
to &sect;240.14a-11(c) or &sect;240.14a-12</FONT></TD>
</TR></TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>SAN
JUAN BASIN ROYALTY TRUST</B></FONT></P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Southwest
Bank<BR>
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"><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 CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; width: 100%; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0px"></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 CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; width: 100%; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0px"></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 CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px"><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 CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px"><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 CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px"><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 CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px"><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 CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px"><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 CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0px"></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 CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0px"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>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 CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px"><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 CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px"><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 CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px"><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 CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0px; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0px"><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">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: center"><B>SOLICITATION OF WRITTEN REQUEST<BR>
TO CALL A SPECIAL MEETING OF UNITHOLDERS<BR>
OF<BR>
SAN JUAN BASIN ROYALTY TRUST</B></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>

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<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"><B>SOLICITATION STATEMENT OF<BR>
SOUTHWEST BANK AND ROBERT LANSFORD</B></P>

<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; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">August 29, 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">To the Fellow 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; text-indent: 0.5in">This Solicitation Statement, the enclosed
Special Meeting Request Form attached as Exhibit A-1 and the accompanying WHITE Request Card attached as Exhibit A-2 are being
furnished to you as a unitholder of San Juan Basin Royalty Trust (which we refer to as the &ldquo;Trust&rdquo;) by and on behalf
of Robert Lansford and Southwest Bank (&ldquo;Southwest Bank&rdquo; and, collectively with Mr. Lansford unless the context requires
otherwise, &ldquo;we,&rdquo; &ldquo;our&rdquo; and &ldquo;us&rdquo;), for the purpose of soliciting your revocable proxy in the
form of the accompanying WHITE Request Card to authorize us to deliver to the trustee of the Trust the Special Meeting Request
Form on your behalf in order to call a Special Meeting of the Trust&rsquo;s unitholders for the purposes described below (the &ldquo;Special
Meeting&rdquo;). We are mailing a printed copy of this Solicitation Statement, the enclosed Special Meeting Request Form attached
as Exhibit A-1 and the accompanying WHITE Request Card attached as Exhibit A-2 beginning on or about August 30, 2016.</P>

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

<P STYLE="text-indent: 0.5in; margin: 0pt 0px; font: 10pt Times New Roman, Times, Serif">We
are seeking your support to call the Special Meeting to consider and vote upon the following proposals:</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"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; width: 100%; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px; text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1in; text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Proposal
    1</I>: to remove Compass Bank as the trustee of the Trust;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; width: 100%; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 1in; text-align: justify">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Proposal 2</I>: if Proposal 1 prevails, to nominate Southwest Bank as the successor trustee of the Trust; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; width: 100%; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px; text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1in">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Proposal 3</I>: if Proposals 1 and 2 prevail, to elect Southwest Bank as the successor trustee of the Trust.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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; text-indent: 0.5in">As discussed in more detail in this Solicitation
Statement, we believe that the replacement of Compass Bank with Southwest Bank as trustee of the Trust will be beneficial to the
unitholders as it will maintain the continuity of the Trust&rsquo;s administration by an institution with an experienced royalty
trust group, including a trust officer who, prior to joining Southwest Bank in October 2015, served as the trust officer for the
Trust for approximately 30 years.</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; text-indent: 0.5in"><B>At this time, we are only soliciting
your proxy in the form of the accompanying WHITE Request Card to empower us to deliver the valid, executed and completed Special
Meeting Request Form on your behalf to the trustee of the Trust to call the Special Meeting. We are not currently seeking your
proxy, consent, authorization or agent designation for approval of the Proposals or any other actions. If the Special Meeting is
called, we will send you proxy materials relating to the Proposals to be voted upon at the Special Meeting.</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; text-indent: 0.5in">Under Section 8.02 of the San Juan Basin
Amended and Restated Royalty Trust Indenture (the &ldquo;Trust Indenture&rdquo;), the calling of the Special Meeting requires
the written request of the holders of record of at least 15% of the outstanding units of beneficial interest in the Trust (the
&ldquo;Units&rdquo;). As of the close of business on August 15, 2016, we collectively beneficially owned an aggregate of 2,000
Units, representing approximately 0.004% of the outstanding Units of the Trust.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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-indent: 0.5in">We intend to submit the request for the
Special Meeting not later than September 28, 2016 assuming that we receive WHITE Request Cards authorizing us to request the Special
Meeting from unitholders holding at least 15% of the outstanding Units as of the date the Special Meeting Request Form is submitted
(the &ldquo;Requisite Percentage&rdquo;). By completing and returning a WHITE Request Card authorizing us to request the Special
Meeting, you will authorize us to execute the Special Meeting Request Form to request the Special Meeting on your behalf.</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; text-indent: 0.5in">By completing and returning the WHITE Request
Card, you will be agreeing to inform us if you dispose of any of the Units with respect to which you are furnishing the WHITE Request
Card prior to September 28, 2016. By completing and returning the WHITE Request Card, you will not be entering into any agreement
with us to hold or dispose of your Units, which you are free to do in your sole discretion. However, if you do dispose of your
Units prior to September 28, 2016, you will be deemed to have revoked your WHITE Request Card to the extent of the Units that you
dispose of. If you do not inform us that you have disposed of any Units with respect to which you have furnished the WHITE Request
Card, we will assume that you continue to own those Units at least through September 28, 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; text-indent: 0.5in">This proxy solicitation is being made by
Southwest Bank and Mr. Lansford, and not on behalf of the Trust or the trustee of the Trust. You may receive a revocation consent
statement from the Trust, together with an accompanying revocation card. We urge you not to return any revocation card you may
receive from the Trust, since only the last dated card that you execute will count.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>We encourage you to join us in calling
the Special Meeting by submitting your completed, signed and dated WHITE Request Card promptly.</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-top: 0pt; margin-bottom: 0pt; text-align: center"><B>IMPORTANT</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; text-indent: 0.5in">If your Units are registered in your own
name, please complete, sign, date and mail the enclosed WHITE Request Card to our solicitation agent, Okapi Partners, in the postage-paid
envelope provided as soon as possible.</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; text-indent: 0.5in">If your Units are held in the name of a
brokerage firm, bank, bank nominee or other institution, only the brokerage firm, bank, bank nominee or other institution can execute
a WHITE Request Card for your Units and will do so only upon receipt of specific instructions from you. Accordingly, please contact
the person responsible for your account and give instructions for a written request to be signed representing your Units or follow
the instructions on the voting instruction form that may have been sent to you by your brokerage firm, bank, nominee or other institution
together with this Solicitation Statement.</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; text-indent: 0.5in">IF YOU HAVE ANY QUESTIONS OR REQUIRE ASSISTANCE,
PLEASE CONTACT:</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">1212 Avenue of the Americas, 24<SUP>th</SUP>
Floor<BR>
New York, New York 10036<BR>
(212) 297-0720 (Main)<BR>
Unitholders Call Toll-Free: (877) 279-2311<BR>
Email: <U>info@okapipartners.com</U></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"><U></U><BR>
<BR>
</P>


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<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>WHY WE ARE SEEKING TO CALL THE SPECIAL
MEETING</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As the trustee or disbursing agent for eight
royalty trusts in the energy sector, Southwest Bank has a team of nine professionals with extensive experience in the administration
of royalty trusts including nearly thirty years of experience with the Trust. We strongly believe that combining the independence
and experience of Southwest Bank with the extensive historical knowledge of the Trust&rsquo;s operations possessed by Southwest
Bank&rsquo;s royalty trust group professionals would be beneficial for the unitholders of the Trust.</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>Continuity of Administration Valuable</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In November of 2015, Southwest Bank announced
that Lee Ann Anderson had joined its royalty trust group following her departure from Compass Bank. Prior to joining Southwest
Bank, Ms. Anderson served as the principal trust officer responsible for the Trust at the Trust&rsquo;s current and predecessor
bank trustees for approximately thirty years. We believe that Ms. Anderson&rsquo;s significant history and experience with the
Trust are compelling reasons for unitholders to now desire a change in trusteeship for the Trust.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Without Ms. Anderson, Compass Bank offers
little experience to reassure unitholders at a time when the stock market performance of the Trust is under pressure during a period
of low natural gas prices. Moreover, considering the ongoing litigation with Burlington Resources Oil &amp; Gas Company LP, the
operator of the Trust properties, regarding alleged underpayments and overcharges made by Burlington Resources, Compass Bank&rsquo;s
ability to pursue prudently the strongest case on behalf of the Trust appears weakened with the loss of Ms. Anderson as a long-standing
trust officer with extensive historical knowledge of the Trust, the underlying litigation and the natural gas industry.</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>Royalty Trusts not a Core Business for BBVA</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Trust is the only royalty trust for
which Compass Bank serves as trustee. In February of 2007, the multinational banking group Banco Bilbao Vizcaya Argentaria, N.A.
(&ldquo;BBVA&rdquo;), then the second largest bank in Spain, acquired Compass Bank&rsquo;s parent company and renamed it BBVA Compass.
We contend that the administration of a single royalty trust is not a core component of BBVA&rsquo;s global business. In contrast,
royalty trusts are a core business for Southwest Bank. With a dedicated royalty trust group of nine employees with over 160 combined
years of experience in administration of royalty trusts,<B> </B>Southwest Bank currently serves as the trustee for seven royalty
trusts in the energy sector: Permian Basin Royalty Trust, Sabine Royalty Trust, Hugoton Royalty Trust, Cross Timbers Royalty Trust,
Tidelands Royalty Trust &ldquo;B&rdquo;, Marine Petroleum Trust and Dominion Resources Black Warrior Trust. In addition, Southwest
Bank currently serves as the disbursing agent for the Westbrook-Thompson Royalty Trust. Southwest Bank has made the commitment
to the administration of royalty trusts as part of its core business and is providing the resources and management that are required
by that commitment.</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>Reduced Potential for Conflicts of Interest</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We believe that Southwest Bank, as a qualified
independent bank with a reduced potential for conflict of interest, would be a more suitable trustee for the Trust than a large
global bank. BBVA as a large global bank presents the potential for more conflicts of interest that could impact the ability of
Compass Bank to serve the best interests of the unitholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At times, the trustee of a royalty trust
may be required to pursue legal action on behalf of the royalty trust against the operator of the royalty trust&rsquo;s properties
to resolve a dispute. Conflicts may arise for the trustee if the operator or its affiliates are also significant banking customers
of the trustee or its affiliates. We believe that large producers are more likely to conduct their banking business with large
national or global banks than with an independent regional bank such as Southwest Bank. These banking relationships or opportunities
can create a conflict of interest for the trustee which may consider the royalty trust to be less important to its business and
profits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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-indent: 0.5in">We have already seen evidence of the abandonment
by larger global banks of royalty trust operations inherited through acquisition activity. After serving as trustee of the Trust
since 1994, the large global Bank One, N.A. resigned as trustee of the Trust in 2002 based on its determination that the administration
of royalty trusts was not core to its long-term strategy. Bank One nominated TexasBank, an independent community bank, as successor
trustee for the Trust. After 2006, the trustee for the Trust again evolved into a large global bank through a series of mergers
or acquisitions when TexasBank was acquired by the large regional Compass Bank in 2006 that in turn was acquired in 2007 by the
multinational BBVA based in Madrid, Spain. As another example, after U.S. Bank, another royalty trust trustee, was acquired by
Bank of America, N.A. in 2007, Bank of America determined that administration of royalty trusts was not part of its core business,
and in 2014 Bank of America resigned as the trustee of seven royalty trusts and nominated Southwest Bank as successor trustee.</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; text-indent: 0.5in">Southwest Bank has been an independent community
bank for 50 years and has strategically chosen to include royalty trust administration services as part of its core business. We
believe that Southwest Bank, as a qualified independent bank with a reduced potential for conflict of interest, would be a more
suitable trustee for the Trust than a large global bank.</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>THE PROPOSALS TO BE INTRODUCED AT THE
SPECIAL MEETING</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; text-indent: 0.5in">We are soliciting your support and consent
to request a Special Meeting, the purpose of which would be to give unitholders the opportunity to vote on the removal and replacement
of Compass Bank as the current trustee of the Trust. The three Proposals that we believe are required to accomplish this result,
and for which we are calling upon the trustee of the Trust to convene the Special Meeting, are as described below.</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>Proposal 1</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; text-indent: 0.5in">Under Proposal 1, the unitholders would
be asked to vote at the Special Meeting to remove Compass Bank as the trustee of the Trust. The following is the text of Proposal
1:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><B>RESOLVED</B><I> </I>that Compass Bank is hereby removed
from its position as trustee of the Trust.</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; text-indent: 0.5in">Section 6.04 of the Trust Indenture provides
that the trustee of the Trust may be removed, with or without cause, at a meeting held in accordance with the Trust Indenture by
the affirmative vote of the holders of a majority of the Units then outstanding. Approval of Proposal 1 at the Special Meeting
will require the affirmative vote of the holders of a majority of the Units then outstanding.</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>Proposal 2 (to be presented to the Special Meeting only if
Proposal 1 is approved)</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; text-indent: 0.5in">Under Proposal 2, which will be presented
to the Special Meeting only if Proposal 1 is approved, the unitholders would be asked to vote at the Special Meeting to nominate
Southwest Bank as the successor trustee of the Trust. The following is the text of Proposal 2:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><B>RESOLVED</B><I> </I>that Southwest Bank is hereby
nominated as successor trustee of the Trust.</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; text-indent: 0.5in">Section 6.05 of the Trust Indenture provides
that nominations for appointment of a successor trustee of the Trust may be made by unitholders owning at least 15% of the Units.
Section 6.05 of the Trust Indenture requires that any successor trustee of the Trust shall be a bank or trust company having a
capital, surplus and undivided profits (as of the end of its last fiscal year prior to its appointment) of at least $50,000,000.
With a capital, surplus and undivided profits of $236,590,000 as of December 31, 2015, Southwest Bank meets the criteria established
for a successor trustee under the Trust Indenture and is willing to accept the nomination and serve as successor trustee of the
Trust if Proposals 2 and 3 are presented and approved at the Special Meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Approval of Proposal 2, if presented at
the Special Meeting, will require the affirmative vote of the holders of at least 15% of the Units.</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>Proposal 3 (to be presented to the Special Meeting only if
Proposals 1 and 2 are approved)</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; text-indent: 0.5in">If both Proposal 1 and Proposal 2 are approved,
the unitholders would be asked to vote at the Special Meeting to appoint Southwest Bank as the successor trustee of the Trust.
The following is the text of Proposal 3:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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 0pt 1in"><B>RESOLVED</B><I> </I>that Southwest Bank is hereby
appointed as successor trustee of the Trust.</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; text-indent: 0.5in">Section 6.05 of the Trust Indenture provides
that in the event of a vacancy in the position of trustee of the Trust or if a trustee of the Trust has given notice of its intention
to resign, the unitholders present or represented at a meeting held in accordance with the Trust Indenture may appoint a successor
trustee of the Trust. The presence in person or by proxy of unitholders holding a simple majority of the outstanding Units shall
constitute a quorum for purposes of acting at the Special Meeting. Approval of Proposal 3, if presented at the Special Meeting,
will require the affirmative vote of a majority of the Units present or represented by proxy and constituting a quorum at the Special
Meeting. Accordingly, once a quorum is established, Proposal 3 may be approved by a majority of those present at the Special Meeting,
in person or represented by proxy, even though they hold less than a majority of all of the Units at the time outstanding.</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>Effect if Proposals are not Approved at the Special Meeting</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; text-indent: 0.5in">If Proposal 1 is not approved at the Special
Meeting, then Compass Bank will remain as the trustee of the Trust until its subsequent resignation or removal in accordance with
the Trust Indenture.</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; text-indent: 0.5in">If Proposal 1 is approved at the Special
Meeting, but Proposals 2 and 3 are not each approved at the Special Meeting, then Compass Bank will be removed as the trustee of
the Trust but no successor trustee will be appointed at such time, resulting in a vacancy in the trustee position. Section 6.05
of the Trust Indenture provides that in the event of any vacancy in the position of trustee of the Trust, the unitholders may appoint
a successor trustee at a meeting held in accordance with the Trust Indenture. If a vacancy in the position of trustee of the Trust
continues for sixty (60) days, then a successor trustee may be appointed by any State or Federal District Court holding terms in
Tarrant County, Texas, upon the application of any unitholder. If a unitholder files such application, the court may appoint a
temporary trustee at any time after such application is filed. Pending the final appointment of a successor trustee, a temporary
trustee will have such powers and duties as the court appointing the temporary trustee provides in its order of appointment, consistent
with the provisions of the Trust Indenture.</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; text-indent: 0.5in"><B>We strongly recommend that you complete
and return the enclosed WHITE Request Card authorizing us to execute the Special Meeting Request Form on your behalf to call the
Special Meeting.</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>BACKGROUND OF THE SOLICITATION</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; text-indent: 0.5in">The following is a description of the events
and circumstances, including contacts that we have had with representatives of the Trust and Compass Bank, that have preceded our
decision to request that unitholders join us in requesting the Special Meeting:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>In 1985, Lee Ann Anderson began working on administration of the Trust at Texas American Bank/Fort Worth, and in 1986 she was
assigned primary responsibility for its administration. In 2002, Bank One, successor to Texas American Bank/Fort Worth, resigned
as trustee of the Trust and TexasBank became the successor trustee. Ms. Anderson joined TexasBank at that time to continue her
role as principal trust officer for the Trust.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>From 1989 to March 2006, Vernon Bryant, the current Chairman and Chief Executive Officer of Southwest Bank, served as Chief
Executive Officer of TexasBank. In March 2006, Compass Bank acquired TexasBank.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>In late 2006, Mr. Bryant formed a holding company that acquired Southwest Bank in 2007 and Mr. Bryant became the Chairman and
Chief Executive Officer of Southwest Bank.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>In February of 2007, BBVA acquired the parent company of Compass Bank.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>In July of 2014, Southwest Bank expanded its royalty trust operations and succeeded Bank of America as trustee of seven royalty
trusts. In addition, the royalty trust team at Bank of America joined Southwest Bank.</TD></TR></TABLE>

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


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>In August of 2014, Southwest Bank approached BBVA Compass and expressed an interest in a transaction that would transfer the
trustee position for the Trust to Southwest Bank. Shortly thereafter, representatives of Southwest Bank and BBVA Compass met to
discuss whether BBVA Compass had any interest in a transaction, but no decisions were made at that meeting. Southwest Bank continued
over the following months to follow up with BBVA Compass regarding a transaction, but BBVA Compass declined to engage in further
discussions other than to advise Southwest Bank that BBVA Compass would contact them with any interest.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>In October of 2015, Ms. Anderson resigned from Compass Bank and subsequently joined the trust department and royalty trust
group of Southwest Bank.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>On August 5, 2016, Mr. Lansford submitted a letter to Compass Bank pursuant to Section 11.01 of the Trust Indenture requesting
access to certain books and records of the Trust, including a complete record or list of the unitholders of the Trust.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>On August 16, 2016, we filed our preliminary proxy solicitation materials with the Securities and Exchange Commission for this
solicitation of proxies to call the Special Meeting.</TD></TR></TABLE>

<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>THE SPECIAL MEETING</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; text-indent: 0.5in">For the Special Meeting to be properly requested
in accordance with the Trust Indenture, a written request in favor of calling the Special Meeting must be executed and delivered
to the trustee of the Trust by unitholders representing at least 15% of the outstanding Units.</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; text-indent: 0.5in">We are the beneficial holders of 2,000 Units,
constituting approximately 0.004% of the Units outstanding. This percentage is based on 46,608,796 Units reported outstanding at
August 9, 2016 according to the Trust&rsquo;s Quarterly Report on Form 10-Q filed on August 9, 2016. Accordingly, based on this
number of Units outstanding, WHITE Request Cards representing an aggregate of at least 6,991,320 Units will be required to demand
the call of the Special Meeting, or at least 6,989,320 Units in addition to the 2,000 Units we beneficially own.</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; text-indent: 0.5in">According to Section 8.02 of the Trust Indenture,
after a request for a meeting has been delivered to the trustee of the Trust by holders of the required percentage of the outstanding
Units, the trustee is required to cause written notice of the meeting to be given to the unitholders setting forth the time and
place of the meeting and the general terms of the matters proposed to be acted on at that meeting. The notice must be given not
more than 60 nor less than 20 days before such meeting to all unitholders of record not more than 60 days before the date of the
mailing of the notice. It is our intention to submit the Special Meeting Request Form not later than September 28, 2016, assuming
that we receive WHITE Request Cards from unitholders holding the Requisite Percentage of Units.</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; text-indent: 0.5in">While we are currently only soliciting WHITE
Request Cards in support of calling the Special Meeting, if the Special Meeting is called, our current intention is to solicit
votes in favor of the Proposals described above under &ldquo;The Proposals to be Introduced at the Special Meeting.&rdquo; We also
expect to request, in our proxy solicitation relating to the Special Meeting, authority to (i) initiate and vote for our own proposals
to recess or adjourn the Special Meeting for any reason, and (ii) oppose and vote against any other party&rsquo;s proposal to recess
or adjourn the Special Meeting.</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; text-indent: 0.5in">We do not currently anticipate presenting
additional proposals on any substantive matters. Nevertheless, we reserve the right to either modify the Proposals or cause additional
proposals to be identified in the notice of, and in, the proxy materials to be distributed to you for the Special Meeting. We are
not currently aware of any other proposals that might be brought before the Special Meeting.</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 CONCERNING THE PARTICIPANTS
IN THIS SOLICITATION</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; text-indent: 0.5in">Mr. Lansford and Southwest Bank are referred
to as &ldquo;Participants&rdquo; in this proxy solicitation. The principal business address of each Participant is 2200 West 7<SUP>th</SUP>
Street, Suite 210, Fort Worth, Texas 76107.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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-indent: 0.5in">Southwest Bank is a 50 year-old independent
state bank chartered under the laws of the State of Texas and headquartered in Fort Worth, Texas. With fifteen full-service banking
centers and a sixteenth bank office dedicated to trusts and royalty trusts,<B> </B>it is the largest, locally owned, independent
commercial bank headquartered in Tarrant County. Southwest Bank offers a wide range of treasury management, wealth group and mortgage
services, and currently manages $1.3 billion in trust assets. With a dedicated royalty trust group of nine employees with over
160 combined years of experience in the administration of royalty trusts,<B> </B>Southwest Bank currently serves as the trustee
for Permian Basin Royalty Trust, Sabine Royalty Trust, Hugoton Royalty Trust, Cross Timbers Royalty Trust, Tidelands Royalty Trust
&ldquo;B&rdquo;, Marine Petroleum Trust and Dominion Resources Black Warrior Trust. In addition, Southwest Bank currently serves
as the disbursing agent for Westbrook-Thompson Royalty Trust.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 6.05 of the Trust Indenture requires
that any successor trustee of the Trust shall be a bank or trust company having a capital, surplus and undivided profits (as of
the end of its last fiscal year prior to its appointment) of at least $50,000,000. With a capital, surplus and undivided profits
of $236,590,000 as of December 31, 2015, Southwest Bank meets the criteria established for a successor trustee under the Trust
Indenture and is willing to accept the nomination and serve as successor trustee of the Trust if such nomination and appointment
is approved at the Special Meeting.</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; text-indent: 0.5in">Mr. Lansford currently serves as senior
business development officer for Southwest Bank. Mr. Lansford was the manager of the Personal Trust Department at Texas American
Bank/Fort Worth in 1980 when the Trust was created and Texas American Bank/Fort Worth was appointed as the initial trustee. After
44 years in the trust business with Texas American Bank/Fort Worth and its successors, Mr. Lansford joined Southwest Bank in 2009.</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; text-indent: 0.5in">As of the date of this filing, the Participants
may be deemed to beneficially own, in the aggregate, 2,000 Units, constituting approximately 0.004% of the Units outstanding. All
of such Units are owned by Mr. Lansford either personally or through his IRA account. Southwest Bank, as a member of a &ldquo;group&rdquo;
with Mr. Lansford for the purposes of Section 13(d)(3) of the Securities Exchange Act of 1934 (the &ldquo;Exchange Act&rdquo;),
may be deemed to beneficially own the 2,000 Units owned by Mr. Lansford. Southwest Bank does not exercise voting or dispositive
power over the Units held by Mr. Lansford and specifically disclaims beneficial ownership of the Units held by Mr. Lansford. Please
see Annex I for all transactions in the Units effected by the Participants in the last two years.</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; text-indent: 0.5in">Except as set forth in this Solicitation
Statement (including the Annexes hereto), (i) during the past ten years, no Participant has been convicted in a criminal proceeding
(excluding traffic violations or similar misdemeanors); (ii) no Participant directly or indirectly beneficially owns any securities
of the Trust; (iii) no Participant owns any securities of the Trust which are owned of record but not beneficially; (iv) no Participant
has purchased or sold any securities of the Trust during the past two years; (v) no part of the purchase price or market value
of the securities of the Trust owned by any Participant is represented by funds borrowed or otherwise obtained for the purpose
of acquiring or holding such securities; (vi) no Participant is, or within the past year was, a party to any contracts, arrangements
or understandings with any person with respect to any securities of the Trust, including, but not limited to, joint ventures, loan
or option arrangements, puts or calls, guarantees against loss or guarantees of profit, division of losses or profits, or the giving
or withholding of proxies; (vii) no associate of any Participant owns beneficially, directly or indirectly, any securities of the
Trust; (viii) no Participant owns beneficially, directly or indirectly, any securities of any parent or subsidiary of the Trust;
(ix) no Participant or any of its associates was a party to any transaction, or series of similar transactions, since the beginning
of the Trust&rsquo;s last fiscal year, or is a party to any currently proposed transaction or series of similar transactions, to
which the Trust or any of its subsidiaries was or is to be party, in which the amount involved exceeds $120,000; (x) no Participant
or any of its associates has any arrangement or understanding with any person with respect to any future employment by the Trust
or its affiliates, or with respect to any future transactions to which the Trust or any of its affiliates will or may be a party
and (xi) no person, including any of the Participants, who is a party to any arrangement or understanding pursuant to which a trustee
may be elected at the Special Meeting, has special interests, direct or indirect, by securities holdings otherwise in any matter
to be acted upon as set forth this Solicitation Statement. There are no material proceedings to which any Participant or any of
its associates is a party adverse to the Trust or any of its subsidiaries or has a material interest adverse to the Trust or any
of its subsidiaries.</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; text-align: center"><B>INTERESTS OF CERTAIN PERSONS IN THE MATTERS
TO BE ACTED UPON</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; text-indent: 0.5in">If the Special Meeting is called and if
the Proposals are approved, Southwest Bank will be appointed as successor trustee of the Trust. If appointed as successor trustee,
Southwest Bank will receive compensation for its services as trustee of the Trust as provided in the Trust Indenture. Under the
Trust Indenture, the trustee is entitled to an administrative fee for its administrative services and the preparation of quarterly
and annual statements, computed as (i) 1/20 of 1% of the first $100 million of the annual gross revenue of the Trust, and 1/30
of 1% of the annual gross revenue of the Trust in excess of $100 million and (ii) the trustee&rsquo;s standard hourly rates for
time in excess of 300 hours annually. The minimum administrative fee due under items (i) and (ii) is $36,000. As reported in the
Trust&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2015, the administrative fees paid to the trustee were
approximately $254,395, $310,150 and $259,959 for the years ended December 31, 2015, 2014 and 2013, respectively.</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"></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-indent: 0.5in">As reported above under &ldquo;Information
Concerning the Participants in This Solicitation,&rdquo; Mr. Lansford is employed by Southwest Bank.</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 CONCERNING THE TRUST</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; text-indent: 0.5in">The Trust is required to file annual, quarterly
and current reports, proxy statements and other information with the SEC. You may read and copy any document the Trust files at
the SEC&rsquo;s public reference room located at 100 F Street, N.E., Room 1580, Washington, D.C. 20549. Please call the SEC at
1-800-SEC-0330 for further information on the public reference room. The Trust&rsquo;s SEC filings are also available to the public
at the SEC&rsquo;s website at <U>www.sec.gov.</U></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; text-indent: 0.5in">Except as otherwise noted in this Solicitation
Statement, the information in this Solicitation Statement concerning the Trust has been taken from or is based upon documents and
records on file with the SEC and other publicly available information. We do not take responsibility, except to the extent imposed
by law, for the accuracy or completeness of statements in public documents and records that were not prepared by or on behalf of
the Participants, or for any failure of the Trust to disclose in its public documents and records any events that may affect the
significance or accuracy of the information contained herein. For information regarding the security ownership of certain beneficial
owners of the Trust, see Annex II.</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 SUBMISSION PROCEDURES</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; text-indent: 0.5in">We are soliciting the unitholders to request
that the trustee of the Trust call the Special Meeting in accordance with the Trust Indenture and as described in this Solicitation
Statement. By executing a WHITE Request Card and authorizing us to request that the trustee of the Trust call the Special Meeting,
unitholders will be authorizing us to submit the Special Meeting Request Form on their behalf.</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; text-indent: 0.5in">If your Units are registered in your own
name, please complete, sign, date and return the enclosed WHITE Request Card to our solicitation agent, Okapi Partners, in the
postage-paid envelope provided as soon as possible.</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; text-indent: 0.5in">If any of your Units are held in the name
of a brokerage firm, bank, bank nominee or other institution, only the brokerage firm, bank, bank nominee or other institution
can execute a WHITE Request Card for your Units and will do so only upon receipt of specific instructions from you. Accordingly,
please contact the person responsible for your account and give instructions for a written request to be signed representing your
Units or follow the instructions on the voting instruction form that may have been sent to you by your brokerage firm, bank, bank
nominee or other institution together with this Solicitation Statement.</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; text-indent: 0.5in"><B>The WHITE Request Card to call the Special
Meeting will not grant us the power to vote your Units at the Special Meeting and will not commit you to cast any vote in favor
or against any proposal to be brought before the Special Meeting. To vote on the matters to be brought before the Special Meeting,
if called, you must vote by proxy or in person at the Special Meeting.</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; text-indent: 0.5in">Should you have any questions or require
any assistance, please contact Okapi Partners toll-free at (877) 279-2311.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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"><B>Revocation</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; text-indent: 0.5in">You may revoke your WHITE Request Card at
any time prior to the date on which we deliver the Special Meeting Request Form to the trustee of the Trust by delivering a written
revocation to us, care of Okapi Partners, at the address set forth on the last page of this Solicitation Statement. Such a revocation
must clearly state that your WHITE Request Card is no longer effective. Any revocation of a WHITE Request Card will not affect
any action taken by us pursuant to the WHITE Request Card prior to such revocation. Although a revocation is also effective if
delivered to the trustee of the Trust or to such other recipient as the trustee may designate as its agent, we request that either
the original or a copy of all revocations be mailed, faxed or e-mailed to us, care of Okapi Partners, at the address set forth
on the last page of this Solicitation Statement so that we will be aware of all revocations and can more accurately determine if
and when enough WHITE Request Cards have been received from unitholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">By completing and returning the WHITE Request
Card, you will be agreeing to inform us if you dispose of any of the Units with respect to which you are furnishing the WHITE Request
Card prior to September 28, 2016, which is the outside date by which we intend to submit the Special Meeting Request Form to the
Trust, assuming that we have received the WHITE Request Card from holders of the Requisite Percentage. By completing and returning
the WHITE Request Card, you will not be entering into any agreement with us to hold or dispose of your Units, which you are free
to do in your sole discretion. However, if you do dispose of your Units prior to September 28, 2016, you will be deemed to have
revoked your WHITE Request Card to the extent of the Units that you dispose of. If you do not inform us that you have disposed
of any Units with respect to which you have furnished the WHITE Request Card, we will assume that you continue to own those Units
at least through September 28, 2016.</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>No Intention to Form a Group</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; text-indent: 0.5in">We are soliciting your authorization to
submit a Special Meeting Request Form in accordance with Regulation 14A under the Exchange Act and your authorization will be revocable
until the Special Meeting Request Form is submitted to the trustee of the Trust in accordance with the Trust Indenture. The Securities
and Exchange Commission has expressed the belief that a unitholder who is a passive recipient of soliciting activities, without
more, would not be deemed a member of a group under Rule 13d-5(b)(1) of the Exchange Act with persons conducting the solicitation,
even where the soliciting activities result in the unitholder granting a revocable proxy. SEC Release No. 34-39538. We have not
sought the guidance of the SEC or its staff on the application of this position to our solicitation pursuant to this Solicitation
Statement. However, we believe that our solicitation is of the type contemplated in the SEC Release.</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>EXPENSES</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; text-indent: 0.5in">Southwest Bank has retained Okapi Partners
LLC to act as our solicitation agent in connection with this proxy solicitation. Okapi Partners has agreed in that capacity to
provide consulting and analytical services and solicitation services with respect to banks, brokers, institutional investors and
individual unitholders. Southwest Bank has agreed to pay Okapi Partners an initial fee for its services estimated to be not more
than $15,000 and to reimburse Okapi Partners for its reasonable out-of-pocket expenses. Southwest Bank has also agreed to indemnify
Okapi Partners against certain liabilities and expenses in connection with this proxy solicitation, including liabilities under
federal securities laws. Approximately 20 employees of Okapi Partners will engage in the solicitation. Consents may be solicited
by mail, advertisement, telephone, facsimile or in person. Solicitations may also be made by persons employed by or affiliated
with Southwest Bank. However, no such person will receive additional compensation for such solicitation.</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; text-indent: 0.5in">Banks, brokerage houses and other custodians,
nominees and fiduciaries will be requested to forward the solicitation materials to the beneficial owners of Units which they hold
of record, and Southwest Bank will reimburse them for their reasonable out-of-pocket expenses.</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; text-indent: 0.5in">The expenses related directly to this proxy
solicitation are expected to be approximately $85,000 in the aggregate and will be borne by Southwest Bank. These expenses include
fees and expenses for attorneys, proxy solicitors, printing, postage, filing expenses and other costs incidental to the solicitation.
Of this estimated amount, approximately $63,000 has been spent to date. The actual costs and expenses could be materially different
than the estimated amounts. Southwest Bank does not intend to seek reimbursement of such expenses from the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: center"><B>YOUR SUPPORT IS IMPORTANT</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; text-indent: 0.5in">No matter how many or how few Units you
own, we are seeking your support. If your Units are registered in your own name, please complete, sign, date and return the enclosed
WHITE Request Card to Okapi Partners in the postage-paid envelope provided as soon as possible.</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; text-indent: 0.5in">If any of your Units are held in the name
of a brokerage firm, bank, bank nominee or other institution, only the brokerage firm, bank, bank nominee or other institution
can execute a WHITE Request Card for your Units and will do so only upon receipt of specific instructions from you. Accordingly,
please contact the person responsible for your account and give instructions for a written request to be signed representing your
Units or follow the instructions on the voting instruction form that may have been sent to you by your brokerage firm, bank, bank
nominee or other institution together with this Solicitation Statement.</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>WHOM YOU CAN CALL IF YOU HAVE QUESTIONS</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; text-indent: 0.5in">If you have any questions or require any
assistance, please contact Okapi Partners, our solicitation agent for this proxy solicitation, at the following address and phone
number:</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"><IMG SRC="tlogo.jpg" ALT="">&nbsp;</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">1212 Avenue of the Americas, 24<SUP>th</SUP>
Floor<BR>
New York, New York 10036<BR>
(212) 297-0720 (Main)<BR>
Unitholders Call Toll-Free: (877) 279-2311<BR>
Email: <U>info@okapipartners.com</U></P>

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

<P STYLE="text-indent: 0.5in; margin: 0pt 0px; font: 10pt Times New Roman, Times, Serif">We thank you in advance for your support.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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: 65%">&nbsp;</TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 10pt">SOUTHWEST BANK</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">ROBERT LANSFORD</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">August 29, 2016</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>ANNEX I</U></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>ADDITIONAL INFORMATION REGARDING PARTICIPANTS
IN THE SOLICITATION</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>PURCHASES AND SALES IN THE TRUST&rsquo;S
UNITS DURING THE PAST TWO YEARS</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 75%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">Name</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">Trade Date</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">Buy/Sell</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">No. of Units</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Robert Lansford</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">April 5, 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Buy</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">50</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Robert Lansford</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">November 6, 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Buy</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">450</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Robert Lansford</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">March 18, 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Buy</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">500</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; width: 30%">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 24%">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 20%">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 20%">&nbsp;</TD><TD STYLE="text-align: right; width: 0">&nbsp;</TD></TR>
</TABLE>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></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: center"><B><U>ANNEX II</U></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>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
OWNERS</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; text-indent: 0.5in">The following information is copied from
and based solely on the Trust&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2015, as filed with the SEC on
February 29, 2016.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Security Ownership of Certain Beneficial
Owners</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">The following
table sets forth as of February 5, 2016 information with respect to the Unit Holders who were known to the Trustee to be the beneficial
owners of more than 5 percent of the outstanding Units.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 90%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">Name and Address of Beneficial Owner</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number&nbsp;of&nbsp;Units<BR> Beneficially&nbsp;Owned</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percent</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Azure">
    <TD STYLE="width: 74%; text-align: left; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 10pt">First Eagle Investment Management, LLC</FONT><BR> <FONT STYLE="font-size: 10pt">1345 Avenue of the Americas</FONT><BR> <FONT STYLE="font-size: 10pt">New York, NY 10105<SUP>(1)</SUP></FONT></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">5,444,968</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">11.68</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-indent: -12pt; padding-left: 12pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Azure">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 10pt">Seymour Schulich</FONT><BR> <FONT STYLE="font-size: 10pt">20 Eglinton Avenue West, Suite 1900</FONT><BR> <FONT STYLE="font-size: 10pt">Toronto ON, Canada M4R 1K8<SUP>(2)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,600,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.29</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="text-indent: -12pt; padding-left: 12pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Azure">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 10pt">Beck, Mack &amp; Oliver LLC</FONT><BR> <FONT STYLE="font-size: 10pt">360 Madison Avenue</FONT><BR> <FONT STYLE="font-size: 10pt">New York, NY 10017<SUP>(3)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,585,335</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.55</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: black 0.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="background-color: white; width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">This information was provided in a Schedule 13G/A filed with the SEC on February 5, 2016 by First Eagle Investment Management, LLC, and which stated First Eagle Investment Management, LLC beneficially holds such Units on behalf of its investment advisory clients and is deemed to have sole voting power with respect to 5,323,031 of the Units and sole power to dispose or to direct the disposition of 5,444,968 of the Units. The First Eagle Global Fund, a registered investment Company for which First Eagle Investment Management, LLC acts as investment adviser, may be deemed to beneficially own 3,908,035 of these 5,444,968 units, or 8.38% of the outstanding Units.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="background-color: white; width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">This information was provided to the SEC and to the Trustee in a Schedule 13G filed with the SEC on January&nbsp;7, 2015, on behalf of Seymour Schulich.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="background-color: white; width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">This information was provided in a Schedule 13G/A filed with the SEC on February 1, 2016 by Beck, Mack &amp; Oliver LLC, and which stated Beck, Mack &amp; Oliver LLC beneficially holds such units on behalf of its investment advisory clients and is deemed to have sole voting power with respect to 2,496,301 of the Units and shared power to dispose or to direct the disposition of 2,585,335 of the Units.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Security Ownership of Trustee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">Compass Bank serves
as agent and custodian for certain customer accounts.&nbsp;As of February 5, 2016, Compass Bank could be deemed to beneficially
own 27,012 Units related to these accounts, or less than one percent of the outstanding Units.&nbsp;Compass Bank has sole voting
power over 5,000 of these Units and no voting power over the remaining 22,012, and has sole power to dispose of 5,000 of such Units.&nbsp;Compass
Bank does not have a pecuniary interest in any of these Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: center">Exhibit A-1</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>SPECIAL MEETING REQUEST FORM</B></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">______________, 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"><U>Via Registered Mail</U></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">Compass Bank, Trust Department,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Trustee of San Juan Basin Royalty Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">300 W. 7<SUP>th</SUP> Street, Suite B</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fort Worth, TX 76102</P>

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

<P STYLE="text-align: center; margin: 0pt 0px; font: 10pt Times New Roman, Times, Serif">Re: Request for Special Meeting of Unitholders
of San Juan Basin Royalty Trust (the &ldquo;Trust&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">Ladies and Gentlemen:</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; text-indent: 0.5in">Pursuant to Section 8.02 of the San Juan
Basin Amended and Restated Royalty Trust Indenture (the &ldquo;Trust Indenture&rdquo;), this letter constitutes a request to call
a special meeting of the unitholders of the Trust (the &ldquo;Special Meeting&rdquo;) by the undersigned unitholder of the Trust,
on his own behalf as the owner of 2,000 units of beneficial interest of the Trust (the &ldquo;Units&rdquo;) and on behalf of all
other unitholders of the Trust submitting WHITE Request Cards authorizing the undersigned to submit this Special Meeting Request
Form on their behalf in respect of their Units, and who collectively are entitled to cast in the aggregate not less than 15% of
the votes at the Special Meeting.</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; text-indent: 0.5in">The proposals to be presented to the unitholders
at the Special Meeting and the reasons for presenting such proposals to the Special Meeting are as set forth in the Solicitation
Statement of Southwest Bank and the undersigned filed with the Securities and Exchange Commission on August 29, 2016, which is
incorporated herein by reference.</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; text-indent: 0.5in">Additional information concerning the persons
on whose behalf this Special Meeting Request Form is being submitted is contained in Annex A, which is incorporated in this Special
Meeting Request Form.</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; text-indent: 0.5in">All further correspondence on this matter,
including any contention that this Special Meeting Request Form is in any way defective or deficient, should be addressed to the
undersigned at 2200 West 7<SUP>th</SUP> Street, Suite 210, Fort Worth, Texas 76107.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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: 65%">&nbsp;</TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Robert Lansford</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: center">Annex A</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">ADDITIONAL INFORMATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>The names and addresses of the requesting unitholders, as they appear on the Trust&rsquo;s books, and of the beneficial owners
affiliated with the record holders who are participating in the request to hold the Special Meeting (&ldquo;beneficial holders&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>The number of Units that are, directly or indirectly, owned beneficially and of record by such unitholders and by such beneficial
holders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: center">Exhibit A-2</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"><B>SOLICITATION OF WRITTEN REQUEST<BR>
TO CALL A SPECIAL MEETING OF UNITHOLDERS<BR>
OF<BR>
SAN JUAN BASIN ROYALTY TRUST</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center"><B>THIS SOLICITATION IS MADE BY
SOUTHWEST BANK AND ROBERT LANSFORD AND NOT ON BEHALF OF SAN JUAN BASIN ROYALTY TRUST OR COMPASS BANK, TRUSTEE OF SAN JUAN BASIN
ROYALTY TRUST</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">Please sign and date this WHITE Request Card and return it in
the postage-paid envelope provided or return it to Okapi Partners LLC, 1212 Avenue of the Americas, 24<SUP>th</SUP> Floor, New
York, N.Y. 10036, Attn: Teresa Huang.</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">If so indicated below on this WHITE Request Card, the undersigned
unitholder hereby appoints Southwest Bank and Robert Lansford, and each of them individually, as its agent, with full power of
substitution in each (such agent, together with each substitute appointed, if any, collectively, the &ldquo;Designated Agents&rdquo;),
to complete, execute and submit the Special Meeting Request Form substantially in the form attached as Exhibit A-1 to the Solicitation
Statement filed with the Securities and Exchange Commission by Southwest Bank and Robert Lansford on August 29, 2016, and any modifications,
amendments or updates not inconsistent therewith (the &ldquo;Solicitation Statement&rdquo;), to the trustee of San Juan Basin Royalty
Trust (which we refer to as the &ldquo;Trust&rdquo;) under Section 8.02 of the San Juan Basin Amended and Restated Royalty Trust
Indenture.</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 Special Meeting Request Form requests that the trustee of
the Trust call a Special Meeting of unitholders to act on the proposals set forth in the Solicitation Statement. These include
Proposal 1 to remove Compass Bank as trustee of the Trust, Proposal 2 to nominate Southwest Bank as successor trustee if Proposal
1 is approved, and Proposal 3 to appoint Southwest Bank as successor trustee if Proposals 1 and 2 are approved.</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">THIS WHITE REQUEST CARD, WHEN PROPERLY COMPLETED TO AUTHORIZE
THE EXECUTION OF THE SPECIAL MEETING REQUEST FORM AND EXECUTED, WILL AUTHORIZE THE DESIGNATED AGENTS TO EXECUTE THE SPECIAL MEETING
REQUEST FORM ON BEHALF OF THE UNDERSIGNED, BUT WILL NOT GRANT ANY AUTHORITY TO VOTE ON ANY MATTER PRESENTED AT THE SPECIAL MEETING.
A PROPERLY EXECUTED WHITE REQUEST CARD FOR WHICH NO INSTRUCTION IS GIVEN WILL GRANT THE DESIGNATED AGENTS AUTHORITY TO EXECUTE
THE SPECIAL MEETING REQUEST FORM ON BEHALF OF THE UNDERSIGNED UNITHOLDER.</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; text-indent: 0.5in">Please mark ONE of the boxes below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD><TD>The undersigned unitholder <B>AUTHORIZES</B> execution of the Special Meeting Request Form on behalf of the undersigned unitholder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: center; text-indent: -0.5in">or</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD><TD>The undersigned unitholder <B>DOES NOT AUTHORIZE</B> execution of the Special Meeting Request Form on behalf of the undersigned
unitholder.</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: 0pt 0">Print Name: __________________________________</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">Signature: ____________________________________</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">Signature (if held jointly): ___________________________</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">Title (only if Units are held by an entity): ___________________________________</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">Dated: ______________________________</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"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
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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">Please sign exactly as your Units are registered. When Units
are held by joint tenants, both should sign. When signing as an attorney, executor, administrator, trustee or guardian, please
give full title as such. If a corporation, partnership or other entity, please sign in the full entity name buy a duly authorized
person. This demand will represent all Units held in all capacities.</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">PLEASE COMPLETE, SIGN, DATE AND MAIL<BR>
IN THE ENCLOSED POSTAGE-PAID ENVELOPE AS PROMPTLY AS POSSIBLE</P>

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



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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
