<SEC-DOCUMENT>0001571049-16-018778.txt : 20161013
<SEC-HEADER>0001571049-16-018778.hdr.sgml : 20161013
<ACCEPTANCE-DATETIME>20161013161615
ACCESSION NUMBER:		0001571049-16-018778
CONFORMED SUBMISSION TYPE:	DEFN14A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20161014
FILED AS OF DATE:		20161013
DATE AS OF CHANGE:		20161013
EFFECTIVENESS DATE:		20161013

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:		161935128

	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>t1600642_defn14a.htm
<DESCRIPTION>SCHEDULE 14A
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<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"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"></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: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></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: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Christine A. Hathaway</B><BR>
<B>Exall &amp; Wood, PLLC</B><BR>
<B>3838 Oak Lawn Avenue, Suite 1750</B><BR>
<B>Dallas, Texas 75219</B><BR>
<B>(469) 619-6137</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Payment of Filing Fee (Check the
appropriate box):</P>

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

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

<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: 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: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%"><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">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: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%"><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: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; width: 100%"><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: 0">&nbsp;</P>

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

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

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

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

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>SPECIAL MEETING OF UNITHOLDERS OF SAN JUAN
BASIN ROYALTY TRUST</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>PROXY STATEMENT OF<BR>
SOUTHWEST BANK AND ROBERT LANSFORD</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Please sign, date and mail the enclosed <U>WHITE</U>
proxy card today.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">This Proxy Statement (the &ldquo;<B><I>Proxy Statement</I></B>&rdquo;)
and the enclosed <B><U>WHITE</U></B> proxy card are being furnished to unitholders of San Juan Basin Royalty Trust (the &ldquo;<B><I>Trust</I></B>&rdquo;)
in connection with the solicitation of proxies by Southwest Bank (&ldquo;<B><I>Southwest Bank</I></B>&rdquo;) and Robert Lansford
(collectively with Southwest Bank, unless the context requires otherwise, &ldquo;<B><I>we</I></B>,&rdquo; &ldquo;<B><I>our</I></B>,&rdquo;
&ldquo;<B><I>us</I></B>&rdquo; or the &ldquo;<B><I>Southwest Bank Participants</I></B>&rdquo;). Those proxies will be used to
vote units of beneficial ownership interest in the Trust (the &ldquo;<B><I>Units</I></B>&rdquo;) at a special meeting of unitholders
of the Trust (the &ldquo;<B><I>Special Meeting</I></B>&rdquo;) in the manner described in this Proxy Statement. The Trust has
not yet announced the date, time and location of the Special Meeting. Once the Trust announces such information, we will supplement
this Proxy Statement to include such information. This Proxy Statement and the enclosed <B><U>WHITE</U></B> proxy card are first
being sent to unitholders on or about October 14 , 2016.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We are soliciting your proxy to vote &ldquo;<B>FOR</B>&rdquo;
the following proposals at the Special Meeting (collectively, the &ldquo;<B><I>Proposals</I></B>&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>To remove Compass Bank as the trustee of the Trust (the &ldquo;<B><I>Compass Bank Removal Proposal</I></B>&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>To nominate Southwest Bank as the successor trustee of the Trust (the &ldquo;<B><I>Southwest Bank Nomination Proposal</I></B>&rdquo;)
(conditioned upon unitholder approval of the Compass Bank Removal Proposal); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>To appoint Southwest Bank as the successor trustee of the Trust (the &ldquo;<B><I>Southwest Bank Appointment Proposal</I></B>&rdquo;)
(conditioned upon unitholder approval of both the Compass Bank Removal Proposal and the Southwest Bank Nomination Proposal).</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Special Meeting has been called at the request
of Mr. Lansford and other unitholders of the Trust who represent the holders of over 22% of the Trust&rsquo;s aggregate outstanding
Units in accordance with the procedures of the San Juan Basin Amended and Restated Royalty Trust Indenture (the &ldquo;<B><I>Trust
Indenture</I></B>&rdquo;). As of the date of this Proxy Statement, Mr. Lansford owns, and the Southwest Bank Participants may be
deemed to beneficially own, an aggregate of 2,000 Units, representing approximately 0.0004% of the Trust&rsquo;s outstanding Units
(based on 46,608,796 Units outstanding as of September 22, 2016, as disclosed in the Trust&rsquo;s preliminary proxy statement
for the Special Meeting, filed with the Securities and Exchange Commission (the &ldquo;<B><I>SEC</I></B>&rdquo;) on September 26,
2016).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Trust has set the record date for determining
unitholders entitled to notice of and to vote at the Special Meeting as October 24, 2016 (the &ldquo;<B><I>Record Date</I></B>&rdquo;).
Unitholders of record of the Trust at the close of business on the Record Date will be entitled to vote at the Special Meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>We urge you NOT to sign the blue proxy card
or return any voting instructions that may be sent to you by the Trust or Compass Bank. </B>If you have already done so, you may
revoke any proxy that you previously signed and returned to Compass Bank or the Trust by signing, dating and mailing a later-dated
<B><U>WHITE</U></B> proxy card in the enclosed postage-paid envelope, by voting by proxy over the Internet using the Internet address
on the <B><U>WHITE</U></B> proxy card or by voting by proxy by telephone using the toll-free number on the <B><U>WHITE</U></B>
proxy card.</P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Your vote is important, no matter how few
Units you own. Whether or not you plan to attend the Special Meeting, we urge you to vote &ldquo;FOR&rdquo; the Proposals at the
Special Meeting.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>If your Units are registered in your own name, please sign and date the enclosed <B><U>WHITE</U></B> proxy card and return
it in the postage-paid envelope provided or you may submit your proxy by telephone or via the Internet by following the instructions
on the <B><U>WHITE</U></B> proxy card.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>If your Units are held through a broker, bank or other nominee, you are considered the beneficial owner of the Units, and these
proxy materials are being forwarded to you by your broker, bank or other nominee. As a beneficial owner, only your broker, bank
or other nominee can execute a WHITE proxy card for your Units and will do so only upon receipt of specific instructions from you.
You should receive voting instructions from your broker, bank or other nominee which you must return in order to have your Units
voted. If you have not received voting instructions from your broker, bank or other nominee, please contact it directly to provide
it with instructions on how you wish to vote.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If you have any questions or need assistance
in voting your <B><U>WHITE</U></B> proxy card, please contact:</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>IMPORTANT NOTICE REGARDING THE AVAILABILITY
OF PROXY MATERIALS FOR<BR>
THE SPECIAL MEETING OF UNITHOLDERS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">This Proxy Statement is available at http://www.okapivote.com/sanjuanbasin.</P>

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


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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Continuity of Administration and Actual Royalty Trust Management
Experience Valuable</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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 coupled with that of the tenured staff of Southwest Bank&rsquo;s royalty trust management group 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: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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&rsquo;s underlying properties, regarding alleged underpayments and overcharges made by Burlington, we think Compass
Bank&rsquo;s ability to pursue the strongest case on behalf of the Trust appears weakened with the loss of Ms. Anderson as a long-standing
trust officer with extensive knowledge of the Trust&rsquo;s historical operations, the issues underlying the pending litigation
(as well as the prior legal disputes with Burlington) and the natural gas industry generally and in the San Juan Basin as well
as personal experience managing the Trust&rsquo;s relationship with Burlington.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Royalty Trusts are a Core Business for Southwest Bank</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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. With a dedicated royalty trust group of nine employees with over 160 combined years of experience in administration
of royalty trusts, Southwest Bank currently serves as the trustee for the following 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. Southwest Bank also currently serves as the
disbursing agent for the Westbrook-Thompson Royalty Trust.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In contrast, the Trust is the <B>only</B> royalty trust for which
Compass Bank serves as trustee. We contend that the administration of a single royalty trust is not a core component of the business
of Compass Bank or the global business of its parent entity, the multinational banking group Banco Bilbao Vizcaya Argentaria, N.A.
(&ldquo;<B><I>BBVA</I></B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Reduced Potential for Conflicts of Interest</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Southwest Bank has been an independent community
bank for 50 years. 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. We contend that 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: 0; text-indent: 0.5in">&nbsp;</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, while we are <U>not</U> aware of
any actual current conflicts that exist with respect to Southwest Bank or any of its directors or executive officers through Southwest
Bank&rsquo;s role as successor trustee for the Trust, we <U>are</U> aware that Charles McMahen, one of the members of the board
of directors of Compass Bank&rsquo;s direct parent, BBVA Compass, is also a member of the board of directors of the general partner
of Enterprise Products Partners LP. According to the Trust&rsquo;s most recent Form 10-K filed with the SEC, Burlington as the
operator of the Trust&rsquo;s underlying properties has entered into contracts with Enterprise Field Services, LLC, a subsidiary
of Enterprise Products, and one other mid-stream company for the gathering and processing of virtually all of the gas produced
by the Trust&rsquo;s underlying properties. In addition, Enterprise Products reports in its own SEC filings that it owns 100% of
the Chaco gas processing facility in New Mexico where the gas is processed. We believe that Mr. McMahen&rsquo;s position with Enterprise
Products creates an increased potential for a conflict of interest for BBVA and Compass Bank as the revenues received from Enterprise
Products and its subsidiaries under the agreement impact the amounts received by the Trust&rsquo;s unitholders.</P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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 the
filing of this Proxy Statement:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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&rsquo;s royalty trust management group. 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: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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 (the &ldquo;<B><I>Information Request</I></B>&rdquo;) 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: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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 12, 2016, Compass Bank informed Mr. Lansford that it was unable to determine whether the Information Request was
made for an improper purpose and noted that it would respond to the request upon receipt of advice from its counsel.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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 SEC for our solicitation of proxies to call
the Special Meeting.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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 18, 2016, after receiving no follow up communications from Compass Bank regarding the Information Request, Southwest
Bank submitted another request to Compass Bank in which it requested that Compass Bank deliver a registered unitholder list and
the other items in the Information Request that Compass Bank either had on hand or which could be readily obtained.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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 29, 2016 we filed our definitive proxy solicitation materials with the SEC for our solicitation of proxies to call
the Special Meeting.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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 29, 2016 the Trust filed a preliminary revocation solicitation statement with the SEC.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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 31, 2016, we received a registered unitholder list from Compass Bank. Compass Bank also advised us that it would
forward the invoice for the requested &ldquo;non-objecting beneficial owner&rdquo; list upon receipt and would then provide us
with the requested list once payment was received.</TD></TR></TABLE>

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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 September 9, 2016, the Trust filed a revised preliminary revocation solicitation statement with the SEC, and subsequently
filed a definitive revocation solicitation statement on the same date.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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 September 21, 2016, we sent by registered mail to Compass Bank the request of unitholders holding in excess of 22% of the
outstanding Units to call the Special Meeting.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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 September 26, 2016, Compass Bank filed its preliminary proxy solicitation materials for the Special Meeting with the SEC.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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 September
                                         30, 2016, we filed our preliminary proxy solicitation materials for the Special Meeting
                                         with the SEC , and subsequently filed our revised preliminary proxy solicitation materials
                                         on October 13, 2016. </TD></TR></TABLE>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PROPOSAL 1<BR>
COMPASS BANK REMOVAL PROPOSAL</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As discussed in further detail in this Proxy
Statement under &ldquo;Reasons for the Solicitation,&rdquo; we are asking unitholders to vote at the Special Meeting to remove
Compass Bank as the trustee of the Trust. The following is the text of the Compass Bank Removal Proposal:</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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 outstanding Units. Approval of the Compass Bank Removal Proposal at the
Special Meeting will require the affirmative vote of the holders of a majority of the outstanding Units. Abstentions, failures
to vote and broker non-votes with respect to the Compass Bank Removal Proposal will have the same effect as a vote against this
Proposal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>WE STRONGLY URGE YOU TO VOTE &ldquo;<U>FOR</U>&rdquo;
PROPOSAL 1 (THE COMPASS BANK REMOVAL PROPOSAL) ON THE ENCLOSED <U>WHITE</U> PROXY CARD.</B></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>PROPOSAL 2<BR>
SOUTHWEST BANK NOMINATION PROPOSAL</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As discussed in further detail in this Proxy
Statement under &ldquo;Reasons for the Solicitation,&rdquo; we are asking unitholders to vote at the Special Meeting to nominate
Southwest Bank as the successor trustee of the Trust. The following is the text of the Southwest Bank Nomination Proposal, which
is conditioned upon unitholder approval of the Compass Bank Removal Proposal:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>RESOLVED</B> that Southwest Bank is hereby
nominated as successor trustee of the Trust.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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 agrees to accept the nomination to serve as successor trustee of the Trust
if the Southwest Bank Nomination Proposal is presented and approved at the Special Meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Approval of the Southwest Bank Nomination Proposal
will require the affirmative vote of the holders of at least 15% of the outstanding Units. Abstentions, failures to vote and broker
non-votes with respect to the Southwest Bank Nomination Proposal will have the same effect as a vote against this Proposal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>WE STRONGLY URGE YOU TO VOTE &ldquo;<U>FOR</U>&rdquo;
PROPOSAL 2 (THE SOUTHWEST BANK NOMINATION PROPOSAL) ON THE ENCLOSED <U>WHITE</U> PROXY CARD.</B></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>PROPOSAL 3<BR>
SOUTHWEST BANK APPOINTMENT PROPOSAL</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As discussed in further detail in this Proxy
Statement under &ldquo;Reasons for the Solicitation,&rdquo; we are asking unitholders to vote at the Special Meeting to appoint
Southwest Bank as the successor trustee of the Trust. The following is the text of the Southwest Bank Appointment Proposal, which
is conditioned upon unitholder approval of both the Compass Bank Removal Proposal and the Southwest Bank Nomination Proposal:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>RESOLVED</B> that Southwest Bank is hereby
appointed as successor trustee of the Trust.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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. As described in the Southwest Bank Nomination Proposal above, Southwest Bank meets the criteria established
for a successor trustee under the Trust Indenture and agrees to serve as successor trustee of the Trust if the Southwest Bank Appointment
Proposal is approved at the Special Meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Approval of the Southwest Bank Appointment Proposal
will require the affirmative vote of the holders of a majority of the Units present or represented by proxy and constituting a
quorum at the Special Meeting. The presence in person or by proxy of unitholders holding a majority of the outstanding Units will
constitute a quorum for purposes of acting at the Special Meeting. Accordingly, once a quorum is established for the Special Meeting,
the Southwest Bank Appointment Proposal may be approved by the holders of a majority of the Units present or represented by proxy
at the Special Meeting, even though they hold less than a majority of all of the Units at the time outstanding. Abstentions with
respect to the Southwest Bank Appointment Proposal will have the same effect as a vote against this Proposal. Failures to vote
and broker non-votes will have no effect on this Proposal, assuming a quorum is present at the Special Meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>WE STRONGLY URGE YOU TO VOTE &ldquo;<U>FOR</U>&rdquo;
PROPOSAL 3 (THE SOUTHWEST BANK APPOINTMENT PROPOSAL) ON THE ENCLOSED <U>WHITE</U> PROXY CARD.</B></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>EFFECT IF PROPOSALS ARE NOT APPROVED AT THE
SPECIAL MEETING</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If the Compass Bank Removal Proposal is approved
at the Special Meeting, but the Southwest Bank Nomination Proposal and the Southwest Bank Appointment Proposal 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: 0; text-align: center"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We do not expect any matters other than the
Proposals to be considered and voted upon at the Special Meeting. However, the proxy holders named in the <B><U>WHITE</U></B> proxy
card are authorized to vote on any matters that may properly come before the Special Meeting and at any continuation, postponement,
rescheduling or adjournment of the Special Meeting, subject to compliance with Rule 14a-4(c) of the Securities Exchange Act of
1934, as amended. Under the Trust Indenture, only those matters stated in the Trust&rsquo;s notice to unitholders of the Special
Meeting may be acted upon at the Special Meeting.</P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>When and where will the Special Meeting be held?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Trust has not yet announced the date, time
and location of the Special Meeting. Once the Trust announces such information, we will supplement this Proxy Statement to include
such information. The Trust has set the record date for the Special Meeting (the &ldquo;<B><I>Record Date</I></B>&rdquo;) as October
24, 2016.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Who can attend and vote at the Special Meeting?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">All holders of record of the Units as of the
close of business on the Record Date for the Special Meeting are authorized to attend and vote at the Special Meeting. If your
Units are held of record by a broker, bank or other nominee and you plan to attend the Special Meeting, the Trust&rsquo;s procedures
will require you to bring a brokerage statement, the proxy card mailed to you by your bank or broker or other proof of ownership
as of the close of business on the Record Date, as well as a valid government-issued picture identification, in order to be admitted
to the Special Meeting. As of September 22, 2016, the Trust reports that there were 46,608,796 Units outstanding. Each Unit is
entitled to one vote.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>How can I exercise my voting rights?</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 49.7pt; text-indent: -13.7pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Voting by proxy for holders of Units registered directly in the name of the unitholder</I>. If you hold your Units registered
in your own name as a holder of record, you may vote your Units by marking, signing, dating and mailing the enclosed <B><U>WHITE</U></B>
proxy card in the postage-paid envelope provided as soon as possible but, in any event, prior to the Special Meeting. Alternatively,
you may submit your proxy to vote your Units by telephone or via the Internet by following the instructions on the accompanying
<B><U>WHITE</U></B> proxy card. If you submit a proxy by telephone or via the Internet, you do not need to return the <B><U>WHITE</U></B>
proxy card.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 49.7pt; text-indent: -13.7pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Voting by proxy for holders of Units registered in the name of a broker, bank or other nominee</I>. If your Units are held
in the name of a broker, bank or other nominee, only the broker, bank or other nominee can execute a <B><U>WHITE</U></B> proxy
card for your Units and will do so only upon receipt of specific instructions from you. You should receive voting instructions
from your broker, bank or other nominee which you must return in order to have your Units voted. If you have not received voting
instructions from your broker, bank or other nominee, please contact it directly to provide it with instructions on how you wish
to vote. If you need assistance in dealing with your broker, bank or other nominee, please contact Okapi Partners at (877) 279-2311.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 49.7pt; text-indent: -13.7pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Vote in person</I>. If you are a registered unitholder and attend the Special Meeting, you may vote in person by completing
a ballot provided for this purpose at the Special Meeting. If your Units are held in the name of a broker, bank or other nominee
and you plan to attend the Special Meeting in person and wish to vote your Units, you will need to obtain a &ldquo;legal proxy&rdquo;
form from the broker, bank or other nominee that holds your Units of record and you must bring that document to the Special Meeting.
If you need assistance, please contact Okapi Partners at (877) 279-2311.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>What happens if I do not give specific voting instructions?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If you are a holder of record of Units and you
sign and return the accompanying <B><U>WHITE</U></B> proxy card, your Units will be voted as you direct. If you are a holder of
record of Units and you sign and return the accompanying <B><U>WHITE</U></B> proxy card without giving specific voting instructions,
then the proxy holders will vote your Units &ldquo;<B>FOR</B>&rdquo; each of the Proposals.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If your Units are held in the name of a broker, bank or other nominee
as the record owner of the Units, and you do not provide voting instructions to your broker, bank or other nominee, your Units
will not be voted with respect to any proposal for which the bank, broker or other nominee holding of record does not have discretionary
authority to vote. Rules of the New York Stock Exchange (&ldquo;<B><I>NYSE</I></B>&rdquo;) determine whether proposals presented
at unitholder meetings are &ldquo;discretionary&rdquo; or &ldquo;non-discretionary.&rdquo; If a proposal is determined to be discretionary,
your bank, broker or other nominee is permitted under NYSE rules to vote on the proposal without receiving voting instructions
from you. If a proposal is determined to be non-discretionary, your bank, broker or other nominee is not permitted under NYSE rules
to vote on the proposal without receiving voting instructions from you. A &ldquo;<B><I>broker non-vote</I></B>&rdquo; occurs when
a bank, broker or other nominee holding Units for a beneficial owner returns a valid proxy, but does not vote on a particular proposal
because it does not have discretionary authority to vote on the matter and has not received voting instructions from the unitholder
for whom it is holding Units. The NYSE rules do not permit discretionary voting by brokers, banks or other nominees on any matters
in a contested solicitation and, therefore, discretionary voting is not permitted by banks, brokers or other nominees for any of
the matters presented at the Special Meeting. As a result, we encourage you to provide voting instructions with respect to each
Proposal to the bank, broker or other nominee that holds your Units by carefully following the instructions provided in their notice
to you.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We do not expect any matters other than the
Proposals to be considered and voted upon at the Special Meeting. However, the proxy holders named in the <B><U>WHITE</U></B> proxy
card are authorized to vote on any matters that may properly come before the Special Meeting and at any continuation, postponement,
rescheduling or adjournment of the Special Meeting, subject to compliance with Rule 14a-4(c) of the Securities Exchange Act of
1934, as amended. Under the Trust Indenture, only those matters stated in the Trust&rsquo;s notice to unitholders of the Special
Meeting may be acted upon at the Special Meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>What constitutes a quorum and why is a quorum required?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Trust Indenture requires the Trust to have
a quorum of unitholders present to conduct business at the Special Meeting. The holders of record of a majority of the Units outstanding
and entitled to vote, present in person or represented by proxy, will constitute a quorum for the transaction of business at the
Special Meeting or any adjournment thereof. Abstentions and broker non-votes, if any, will be counted as present at the Special
Meeting for quorum purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>What is the required vote for approval of each of the Proposals?</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Proposal</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 53%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Vote Required for Approval</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Proposal 1: Compass Bank Removal Proposal</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Majority of Units outstanding</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Proposal 2: Southwest Bank Nomination Proposal</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">At least 15% of Units outstanding</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Proposal 3: Southwest Bank Appointment Proposal</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Majority of Units present in person or by proxy and constituting a quorum at the Special Meeting</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Proposal 1: Compass Bank Removal Proposal</I></B>.
The affirmative vote of the holders of a majority of the outstanding Units is required to approve this Proposal. Abstentions, failures
to vote and broker non-votes with respect to the Compass Bank Removal Proposal will have the same effect as a vote against this
Proposal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Proposal 2: Southwest Bank Nomination
Proposal</I></B>. This Proposal will require the affirmative vote of the holders of at least 15% of the outstanding Units. Abstentions,
failures to vote and broker non-votes with respect to the Southwest Bank Nomination Proposal will have the same effect as a vote
against this Proposal. This Proposal is conditioned upon approval of the Compass Bank Removal Proposal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Proposal 3: Southwest Bank Appointment
Proposal</I></B>. This Proposal will require the affirmative vote of the holders 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 for the Special Meeting, the
Southwest Bank Appointment Proposal may be approved by the holders of a majority of the Units present or represented by proxy at
the Special Meeting, even though they hold less than a majority of all of the Units at the time outstanding. Abstentions with respect
to this Proposal will have the same effect as a vote against this Proposal. Failures to vote and broker non-votes will have no
effect on this Proposal, assuming a quorum is present at the Special Meeting. This Proposal is conditioned upon the approval of
both the Compass Bank Removal Proposal and the Southwest Bank Nomination Proposal.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Can I revoke my proxy instructions?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Yes. You may revoke your proxy at any time before
it has been voted at the Special Meeting. You can do this in one of three ways:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>submitting a written revocation to us or Okapi Partners at or before the Special Meeting;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>submitting a later-dated proxy by telephone or via the Internet or by timely delivery of a later-dated <B><U>WHITE</U></B>
proxy card; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>attending and voting in person at the Special Meeting as described above under &ldquo;How can I exercise my voting rights?&mdash;Vote
in person.&rdquo;</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Attendance at the Special Meeting will not,
without further action, constitute revocation of a previously given proxy. If you hold your Units through a broker, bank or other
nominee, you may change your voting instructions by submitting new voting instructions to your broker, bank or other nominee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Any written notice of revocation or delivery of a subsequent proxy
by a unitholder of record may be sent to the Southwest Bank Participants c/o Okapi Partners at the address set forth on the last
page of this Proxy Statement, or hand delivered to us at or before the voting of the Special Meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>What should I do if I receive a blue proxy card solicited by
Compass Bank or the Trust?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If you submit a proxy to us by signing and returning
the enclosed <B><U>WHITE</U></B> proxy card, we urge you <B>NOT</B> to sign or return any blue proxy card or follow any voting
instructions that you receive from Compass Bank or the Trust unless you intend to change your vote, because only your latest-dated
proxy will be counted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>If I plan to attend the Special Meeting, should I still submit
a proxy?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Whether you plan to attend the Special Meeting
or not, we urge you to submit a proxy to vote &ldquo;<B>FOR&rdquo;</B> the Proposals. Returning the <B><U>WHITE</U></B> proxy card
or voting by telephone or via the Internet will not affect your right to attend the Special Meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Whom should I call with any questions?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Unitholders should call Okapi Partners, our
solicitation agent, toll-free at (877) 279-2311 with any questions about this proxy solicitation, the Special Meeting or how to
vote their Units.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INFORMATION CONCERNING THE PARTICIPANTS IN
THIS SOLICITATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Mr. Lansford and Southwest Bank are referred
to as the &ldquo;Southwest Bank Participants&rdquo; in this proxy solicitation. The principal business address of each Southwest
Bank 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: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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, it is the largest, locally owned, independent 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, 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: 0; text-indent: 0.5in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As of the date of this filing, the Southwest
Bank 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 Southwest Bank Participants in the last two years.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Except as set forth in this Proxy Statement
(including the Annexes hereto), (i) during the past ten years, no Southwest Bank Participant has been convicted in a criminal proceeding
(excluding traffic violations or similar misdemeanors); (ii) no Southwest Bank Participant directly or indirectly beneficially
owns any securities of the Trust; (iii) no Southwest Bank Participant owns any securities of the Trust which are owned of record
but not beneficially; (iv) no Southwest Bank 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 Southwest Bank Participant
is represented by funds borrowed or otherwise obtained for the purpose of acquiring or holding such securities; (vi) no Southwest
Bank 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 Southwest Bank Participant owns beneficially, directly or indirectly, any securities of the Trust; (viii) no
Southwest Bank Participant owns beneficially, directly or indirectly, any securities of any parent or subsidiary of the Trust;
(ix) no Southwest Bank 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 Southwest Bank 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 Southwest Bank 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 Proxy Statement. There are no material proceedings
to which any Southwest Bank 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: 0">&nbsp;</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If each of the Compass Bank Removal Proposal,
the Southwest Bank Nomination Proposal and the Southwest Bank Appointment Proposal is approved at the Special Meeting, 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. The terms of the trustee compensation under the Trust
Indenture may not be modified without the affirmative vote of a majority of the Units present or represented by proxy and constituting
a quorum at a special meeting of the unitholders called in accordance with the terms of the Trust Indenture.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Southwest Bank will bear all expenses incurred
in connection with this solicitation of proxies to vote at the Special Meeting. Southwest Bank has retained Okapi Partners LLC
to act as our proxy solicitor for an initial fee of $50,000 plus reimbursement of out-of-pocket expenses to assist in the solicitation
of proxies and otherwise in connection with the Special Meeting. 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. Solicitation of proxies by mail may be supplemented
by telephone, email and other electronic means, advertisements and personal solicitation. Such proxy solicitations may also be
made by officers and employees of Southwest Bank; however, no such person will receive additional compensation for such solicitation
efforts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We and our proxy solicitor will also request
banks, brokers, trustees and other nominees holding Units beneficially owned by others to forward these proxy materials to the
beneficial owners and upon request Southwest Bank will reimburse such nominees for the customary costs of forwarding the proxy
materials.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The expenses related directly to this
proxy solicitation are expected to be approximately $200,000 in the aggregate and will be borne entirely 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 $40,000 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: 0; text-align: center"><B>&nbsp;</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Except as otherwise noted in this Proxy Statement,
the information in this Proxy 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 Southwest
Bank Participants, or for any failure of the Trust to disclose in its public documents and records any events with respect to the
Trust 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: 0">&nbsp;</P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Unitholders do not have appraisal rights under
the Trust Indenture or Texas law in connection with this proxy solicitation.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>No matter how many or how few Units you own,
your vote is important</B>. Please vote &ldquo;<B>FOR&rdquo;</B> each of the Proposals following the instructions on the enclosed
<B><U>WHITE</U></B> proxy card today.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We urge you <B>not</B> to sign any blue proxy
card or voting instructions sent to you by Compass Bank or the Trust.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If you have any questions or require any assistance,
please contact Okapi Partners at the following address and phone number:</P>

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">Vernon Bryant</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><I>Chairman and Chief Executive Officer,</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><I>Southwest Bank</I></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">October 13 , 2016</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ADDITIONAL INFORMATION REGARDING PARTICIPANTS
IN THE SOLICITATION</B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid; text-align: center">Name</TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 24%; border-bottom: Black 1pt solid; text-align: center">Trade Date</TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; text-align: center">Buy/Sell</TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; text-align: center">No. of Units</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Robert Lansford</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">April 5, 2015</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Buy</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">50</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Robert Lansford</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">November 6, 2015</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Buy</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">450</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Robert Lansford</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">March 18, 2016</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Buy</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">500</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>


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    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
OWNERS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following information is copied from and
based solely on the Trust&rsquo;s preliminary proxy statement filed with the SEC on September 22, 2016.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt; background-color: white">The table below sets
forth as of September 22, 2016 information with respect to the Unit Holders who were known to the trustee to be the beneficial
owners of more than five percent (5%) of the outstanding units.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt; background-color: white">As of September 22,
2016, 46,608,796 units of beneficial interest of the Trust were outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&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 STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number&nbsp;of&nbsp;Units<BR> Beneficially&nbsp;Owned</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percent</TD><TD 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"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 12pt; text-indent: -12pt">First Eagle Investment Management, LLC</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-indent: -12pt">1345 Avenue of the Americas</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-indent: -12pt">New York, NY 10105<SUP>(1)</SUP></P></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: White">
    <TD>&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"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 12pt; text-indent: -12pt">Seymour Schulich</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-indent: -12pt">20 Eglinton Avenue West, Suite 1900</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-indent: -12pt">Toronto ON, Canada M4R 1K8<SUP>(2)</SUP></P></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: White">
    <TD>&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"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 12pt; text-indent: -12pt">Beck, Mack &amp; Oliver LLC</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-indent: -12pt">360 Madison Avenue</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-indent: -12pt">New York, NY 10017<SUP>(3)</SUP></P></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>

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><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: 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify"><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: 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify"><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: 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 52.8pt 0 45pt; text-align: center; color: #231F20"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 52.8pt 0 45pt; text-align: center; color: #231F20"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 51%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: #231F20"><B>VOTE
    BY INTERNET</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: #231F20"><I>Before
    The Special Meeting </I>- Go to </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><U>www.okapivote.com/sjt</U><FONT STYLE="color: #231F20">.
    Use the Internet to transmit your voting instructions and for electronic delivery of information up until 11:59 P.M. Eastern
    Time the day before the Special Meeting date. Have your proxy card in hand when you access the web site and follow the instructions
    to obtain your records and to create an electronic voting instruction form.</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: #231F20"><B>VOTE
    BY PHONE - 1-877-219-9655</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: #231F20">Use
    any touch-tone telephone to transmit your voting instructions up until 11:59 P.M. Eastern Time the day before the Special
    Meeting date. Have your proxy card in hand when you call and then follow the instructions.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: #231F20"><B>VOTE
    BY MAIL</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: #231F20">Mark,
    sign and date your proxy card and return it in the postage-paid envelope we have provided or return it to Okapi Partners c/o
    Lydia Mulyk, 1212 Avenue of the Americas, 24<SUP>th</SUP> Floor, New York, NY 10036.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: black 1pt dashed; text-align: right"><FONT STYLE="font-size: 8pt; color: rgb(35,31,32)">KEEP
    THIS PORTION FOR YOUR RECORDS</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: rgb(35,31,32)">DETACH AND RETURN THIS PORTION ONLY</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0; color: #231F20"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0; color: #231F20"><FONT STYLE="font-size: 8pt"><B>THIS
PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 6pt"><FONT STYLE="font-size: 8pt; color: #231F20">TO VOTE, MARK
BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS: </FONT><FONT STYLE="font-family: Wingdings; font-size: 8pt">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>The Southwest Bank Participants recommend a vote <U>FOR</U> Proposal
1.</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 68%">&nbsp;</TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-size: 10pt"><B>For</B></FONT></TD>
    <TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Against</B></FONT></TD>
    <TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Abstain</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Remove Compass Bank as the trustee of the San Juan Basin Royalty Trust.</FONT></TD>
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>The Southwest Bank Participants recommend a vote <U>FOR</U>
Proposal 2.</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 68%">&nbsp;</TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-size: 10pt"><B>For</B></FONT></TD>
    <TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Against</B></FONT></TD>
    <TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Abstain</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Nominate Southwest Bank to be elected the successor trustee of the San</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Juan Basin Royalty Trust, if Proposal 1 prevails.</FONT></TD>
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>The Southwest Bank Participants recommend a vote <U>FOR</U> Proposal
3.</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 68%">&nbsp;</TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-size: 10pt"><B>For</B></FONT></TD>
    <TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Against</B></FONT></TD>
    <TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Abstain</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">3.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Appoint Southwest Bank as the successor trustee of the San Juan Basin Royalty</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Trust, if Proposals 1 and 2 prevail.</FONT></TD>
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">For address/contact information changes, please check this box and
write them on the back<BR>
where indicated. <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Please sign exactly as your name(s) appear(s) hereon. When signing
as attorney, executor, administrator,<BR>
or other fiduciary, please give full title as such. Joint owners should each sign personally. All holders must<BR>
sign. If a corporation or partnership, please sign in full corporate or partnership name by authorized officer.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 8%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 7%; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 32%; border-top: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 13%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Signature (PLEASE SIGN WITHIN BOX)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Date</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Signature (Joint Owners)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Date</FONT></TD></TR>
</TABLE>


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

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


<!-- Field: Page; Sequence: 20 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Gainsboro 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; color: #231F20"><B>Important Notice Regarding
the Availability of Proxy Materials for the Special Meeting of Unitholders:</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="color: #231F20">The Proxy Statement
and Proxy Card for the Special Meeting are available at </FONT><U>http://www.okapivote.com/sanjuanbasin</U><FONT STYLE="color: #231F20">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">If you vote by telephone or via the Internet,
you need not return this proxy card.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
<P STYLE="margin: 0pt 0px 0pt 6pt; font: 10pt Times New Roman, Times, Serif"></P><!-- Field: Rule-Page -->
<DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt">
<DIV STYLE="width: 100%; font-size: 1pt; border-top: black 1pt dashed"></DIV></DIV><!-- Field: /Rule-Page -->
<P STYLE="margin: 0pt 0px 0pt 6pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; color: #231F20"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; color: #231F20"><B>WHITE PROXY CARD</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; color: #231F20"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; color: #231F20"><B>PROXY SOLICITED
BY THE SOUTHWEST BANK PARTICIPANTS<BR>
<BR>
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; color: #231F20"><B>San Juan Basin
Royalty Trust<BR>
Special Meeting of Unitholders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 52.95pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 25pt; text-align: justify; color: #231F20">The undersigned
hereby appoints Robert Lansford, Tod Miller and Lee Ann Anderson, and each of them, as proxies, each with full power of substitution,
and hereby authorizes them, or either of them, to represent and vote, as designated on the reverse side of this proxy card, all
of the undersigned&rsquo;s units of beneficial interest in the San Juan Basin Royalty Trust (the &ldquo;Trust&rdquo;) that the
undersigned is entitled to vote at the Special Meeting of Unitholders of the Trust and any adjournment, postponement, continuation
or rescheduling thereof, upon all matters that may properly come before the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 53.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 25pt; text-align: justify; color: #231F20">This proxy, when <FONT STYLE="color: #231F20">properly</FONT>
executed, will be voted in accordance with the directions on this card. Where no direction is given the units represented by this
card will be voted <B>FOR </B>Proposal 1, <B>FOR </B>Proposal 2 and <B>FOR </B>Proposal 3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 53.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 25pt; text-align: justify; color: #231F20">At their discretion, the proxy holders
are authorized to vote upon all matters incident to the conduct of the Special Meeting and upon other matters that properly come
before the Special Meeting, subject to compliance with Rule 14a-4(c) of the Securities Exchange Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 53.3pt; text-align: justify">&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: top">
    <TD STYLE="width: 100%; border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt; color: #231F20">Address/Contact Information Changes: _____________________________________________________</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt; color: #231F20">__________________</FONT><FONT STYLE="font-size: 10pt">_________________________________________________________________</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 127.3pt; text-align: center; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; color: #231F20"><FONT STYLE="font-size: 8pt">(If
you noted any Address/Contact Information Changes above, please mark corresponding box<BR>
on the reverse side.)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; color: #231F20"><B>Continued and
to be signed on reverse side</B></P>

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


<!-- Field: Page; Sequence: 21; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Gainsboro 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 126.7pt; text-align: center"></P>

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