<SEC-DOCUMENT>0001213900-25-019997.txt : 20250304
<SEC-HEADER>0001213900-25-019997.hdr.sgml : 20250304
<ACCEPTANCE-DATETIME>20250304132150
ACCESSION NUMBER:		0001213900-25-019997
CONFORMED SUBMISSION TYPE:	PREC14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250304
DATE AS OF CHANGE:		20250304

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BARNWELL INDUSTRIES INC
		CENTRAL INDEX KEY:			0000010048
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				720496921
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		PREC14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-05103
		FILM NUMBER:		25702784

	BUSINESS ADDRESS:	
		STREET 1:		1100 ALAKEA ST.
		STREET 2:		SUITE 500
		CITY:			HONOLULU
		STATE:			HI
		ZIP:			96813
		BUSINESS PHONE:		808-531-8400

	MAIL ADDRESS:	
		STREET 1:		1100 ALAKEA ST.
		STREET 2:		SUITE 500
		CITY:			HONOLULU
		STATE:			HI
		ZIP:			96813

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BMA CORP/TN
		DATE OF NAME CHANGE:	19770324

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BARNWELL OFFSHORE INC
		DATE OF NAME CHANGE:	19671101

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SHERWOOD NED L
		CENTRAL INDEX KEY:			0000902749
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			GA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PREC14A

	MAIL ADDRESS:	
		STREET 1:		151 TERRAPIN POINT
		CITY:			VERO BEACH
		STATE:			FL
		ZIP:			32963
</SEC-HEADER>
<DOCUMENT>
<TYPE>PREC14A
<SEQUENCE>1
<FILENAME>ea0232977-prec14a_barnwell.htm
<DESCRIPTION>PRELIMINARY CONSENT STATEMENT
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>UNITED STATES</B></P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Consent Statement Pursuant to Section 14(a) of the</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Securities Exchange Act of 1934 (Amendment No. __)</B></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Filed
by the Registrant </FONT><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Filed
by a party other than the Registrant </FONT><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9746;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Check the appropriate box:</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9746;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Preliminary
Consent Statement</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Confidential,
for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</FONT></TD>
</TR></TABLE>

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

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Definitive Consent Statement</P>
<FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Definitive
Additional Materials</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Soliciting
Material under &sect; 240.14a-12</FONT></TD>
</TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR>
    <TD STYLE="width: 25%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 12pt Times New Roman, Times, Serif; padding-bottom: 0.4pt; text-align: center; width: 50%"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>BARNWELL INDUSTRIES, Inc.</B></FONT></TD>
    <TD STYLE="width: 25%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">(Exact name of registrant as specified in charter)</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Ned L. Sherwood Revocable Trust</B></P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR>
    <TD STYLE="width: 25%">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1.5pt solid; padding-bottom: 0.4pt; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Gregory
    W. Sullivan</B></FONT></TD>
    <TD STYLE="width: 25%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><B>&nbsp;</B>(Name of Persons Filing Consent Statement if other than the
Registrant)</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 0 12pt"><B>Payment of Filing Fee (Check all boxes that apply): </B></P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9746;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">No
fee required</FONT></TD>
</TR></TABLE>

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

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Fee
paid previously with preliminary materials.</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Fee
computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a- 6(i)(1) and 0-11</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MRMP-Managers
LLC</B><BR>
151 Terrapin Point<BR>
Vero Beach, Florida 32963</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(772)
448-3877</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
4, 2025</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
Our Fellow Stockholders of Barnwell Industries Stockholders:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Consent Statement and the enclosed <B>BLUE</B> consent card are being furnished by Ned L. Sherwood, MRMP-Managers LLC and Ned L. Sherwood
Revocable Trust (collectively, the &ldquo;Sherwood Group&rdquo;). As of the date of this Notice, the Sherwood Group beneficially owns
together 3,006,033.138 shares of common stock (the &ldquo;Common Stock&rdquo;) of Barnwell Industries Inc., a Delaware corporation (&ldquo;Barnwell&rdquo;,
&ldquo;BRN&rdquo; or the &ldquo;Company&rdquo;).<SUP>1</SUP> Together, the Sherwood Group&rsquo;s holdings are 29.90% of the Company&rsquo;s
outstanding Common Stock.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
you may have seen from my open letters to shareholders issued on January 21, 2025, January 28, 2025, February 5, 2025 and February 19,
2025, owning stock in Barnwell has been a disappointment for many investors. Our sole objective is to put in place a Board that can execute
a strategy that will lead to a turnaround in financial performance and the realization of Barnwell&rsquo;s potential. Our Nominees are
committed to adopting and overseeing a business strategy designed to create value for stockholders and objectively consider all strategic
alternatives available to the Company in order to maximize stockholder value. See &ldquo;Reasons for Consent Solicitation&rdquo; in this
Consent Solicitation. The reason this consent solicitation is critical is because Barnwell continues to lose money and, yet, BRN and
current Directors Kinzler, Grossman and Horowitz (i.e., the &ldquo;Majority Board&rdquo;) of the Board of Directors of the Company (the
&ldquo;Board&rdquo;) have gone to great lengths and spent significant Company resources in order to protect BRN stockholders from the
&ldquo;damaging actions&rdquo; that would occur if the Board&rsquo;s decisions were governed by a majority slate selected by the Sherwood
Group (the &ldquo;Opposing Slate&rdquo;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BRN&rsquo;s
share price during the past several years has been abysmal. Since Kinzler was named President &amp; COO in 2002, the share price has
seen a decline of 53.5%! A similar investment in the S&amp;P 500 over this same period would have produced a positive return of 418.6%.
Therefore, I wonder what the Majority Board thinks I could do that would destroy value for BRN stockholders? The Majority Board has also
repeatedly claimed that I am attempting to &ldquo;take over the Company without paying a control premium.&rdquo; As disclosed in my filings
and in this Consent Solicitation, my shareholdings total 29.90% of the Company&rsquo;s outstanding shares. As <B><U>not</U></B> shown
in any filings but instead communicated in emails to me from a Special Committee of the BRN Board, Kinzler represents that he is part
of a &ldquo;group&rdquo; with the Magaro family that controls 25% of the shares outstanding. If Kinzler&rsquo;s representations are true,
his group holds almost as much as my shareholdings; and, therefore, let&rsquo;s see whether the remaining stockholders opt for the Opposing
Slate in this Consent Solicitation, or they opt for the status quo? In my opinion, the Majority Board should stop wasting money on lawyers
and let the stockholders decide.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Given
the Special Committee&rsquo;s recent communications and baseless threats against my Sherwood Group, it has become clear that the Company
is clearly averse to having Board candidates that currently own shares in BRN (I cannot fathom why they have taken this position). As
such, in connection with this Consent Solicitation, the Sherwood Group is proposing a <I>new</I> slate of candidates that, other than
the Sherwood Group, hold <B><I>zero</I></B> shares of Barnwell. I am tired of the endless excuses and obstacles the Company continues
to claim exist in moving forward with a new board that is extremely qualified (in the case of this new slate, the Nominees have over
172 years of collective experience) and should be given their fair chance to turn BRN around before it is too late. The actions of Messrs.
Kinzler, Grossman and Horowitz serve only to protect themselves and allow them to maintain &ldquo;control&rdquo; of BRN without a control
premium to stockholders.</FONT></P>

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

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



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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The breakdown of the holdings of the Sherwood Group, as of the Record Date,
is as follows: (i) MRMP-Managers LLC, of which I am the Chief Investment Officer, is the beneficial owner of 2,767,995.138 shares of Common
Stock; and (ii) the Ned L. Sherwood Revocable Trust, of which I am the sole trustee and beneficiary, is the beneficial owner of 238,038
shares of Common Stock, 100 shares of which are held of record.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are soliciting your consent for three proposals, the effect of which will be to remove the remaining members of the Board currently in
office (and any person who may be appointed by the incumbent directors to fill any vacancy or newly created directorship prior to the
effectiveness of these proposals); to elect five extremely qualified professionals, four of whom are independent of the Sherwood Group
(as well as independent of the Company under the NYSE Listing Rules), to fill the five vacancies resulting from the removal of the incumbent
directors; and to ensure the Majority Board does not try to game the system by retroactively amending the Company&rsquo;s bylaws. <U>Apart
from myself, our Nominees are independent of the Sherwood Group - none of them has any existing or prior ties, financial or otherwise,
to the Sherwood Group or any of their affiliated entities</U>. Please note that we do not expect to have any more influence with our
Nominees than any other stockholder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
our Consent Solicitation is successful, our nominees, (i) James Cornell (extensive operating experience and oil and gas experience),
(ii) Heather Isidoro (oil and gas experience), (iii) Stuart Oran (operating experience and extensive public company board service), (iv)
Ned L. Sherwood (over 40 years of private equity and general business expertise) and (v) Greg Sullivan (extensive public company finance,
having been the CFO or COO for three publicly-traded companies) (the &ldquo;Nominees&rdquo;), will constitute the Board of Directors
of the Company. The Consent Solicitation includes extensive bios for each proposed Nominee, but the slate was put together to address
the various disciplines and expertise that I believe are necessary for BRN to achieve success in the future. To sum up briefly &ndash;</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">James
                                            Cornell has over 37 years of experience in the nuclear fuel industry and in other natural
                                            resource areas, such as oil and gas. He has extensive experience building and growing companies,
                                            including as President of Nukem where he built the company into one of the largest international
                                            suppliers of nuclear fuel. James is more than capable in helping the Company to streamline
                                            operations and maximize capabilities.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Heather
                                            Isidoro is a seasoned oil and gas professional with over 25 years of experience, who, worked
                                            at Pine Cliff Energy (our partner in BRN&rsquo;s largest Canadian oil field - Twining) for
                                            seven years including five as the Vice President of Business Development. She is a licensed
                                            Professional Engineer and currently serves as an independent director for a public company
                                            board, Helium Evolution, also serving as the ESG and Reserves Committee Chair. Heather has
                                            been a Director of the Petroleum Acquisitions and Divestitures Association (PADA) for ten
                                            years, and Association President since 2020. Given Heather&rsquo;s extensive 25 years of
                                            experience in the industry, she is highly capable of providing current CEO Craig and his
                                            team with valuable advice to improve results.</FONT></TD></TR><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                                                                     </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stuart
                                            Oran has been an operating executive, investor and advisor in numerous industries for more
                                            than 40 years. He was a senior executive at United Airlines where he led a $6 billion international
                                            division and has spent 14 years as a partner and advisor with a middle market private equity
                                            firm. He has extensive public company board experience (Wendy&rsquo;s, Red Robin, Spirit
                                            Airlines, and several financial services businesses) and given his significant legal background
                                            as a corporate lawyer for more than 20 years at Paul Weiss and has significant corporate
                                            governance expertise.</FONT></TD></TR><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                                 </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ned
                                            L. Sherwood will attempt to utilize his over 40 years of experience in private equity and
                                            investing to make BRN another successful investment in his portfolio.</FONT></TD></TR><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
                                                                     </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Greg
                                            Sullivan has over 30 years as a highly experienced financier. He has a broad background in
                                            private and public companies, has served as an investment banker in mergers &amp; acquisitions
                                            and, among other roles, was the CFO or COO of three NYSE-traded companies.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe our Nominees will be objective, experienced and thoughtful directors who can help guide the Company to a business plan that will
lead to operational and financial success, for the benefit of all stockholders. Importantly, our Nominees have expertise in the Company&rsquo;s
industry, significant finance experience, mergers &amp; acquisitions expertise and substantial investment expertise. These Nominees would
bring decades of combined knowledge from their current and prior operational roles, including their vast public company experience, onto
the Board of the Company. The Nominees are committed to adopting and overseeing a business strategy designed to create value for stockholders,
optimizing the Company&rsquo;s oil and gas assets and operations and identifying add-on acquisitions to utilize Barnwell&rsquo;s $49.4
million tax loss carryforward. The Nominees are committed to cutting costs and expenses, objectively considering all strategic alternatives
available to the Company in order to maximize stockholder value and move Barnwell forward.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
urge you to carefully consider the information contained in the attached Consent Statement and then support our efforts by signing, dating
and returning the enclosed <B>BLUE</B> consent card today. The attached Consent Statement and the enclosed <B>BLUE</B> consent card are
first being furnished to stockholders on or about March [&#9679;], 2025. We urge you not to sign any revocation of consent card
that may be sent to you by Barnwell.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>If
you have any questions or require any assistance in executing your consent, please contact Sherwood Group, c/o/ Alliance Advisors, 200
Broadacres Drive, 3rd Floor, Bloomfield, NJ 07003 (Shareholders call toll-free: 1 (833) 215-7301, or Email: brn2025@allianceadvisors.com)</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thank you for your consideration,</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ned L. Sherwood</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></font></p>

<p style="text-align: center; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt">PRELIMINARY CONSENT STATEMENT &mdash; SUBJECT TO COMPLETION DATED MARCH
4, 2025&nbsp;</p>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ned
L. Sherwood</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MRMP-Managers
LLC</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ned
L. Sherwood Revocable Trust</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>151
Terrapin Point</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Vero
Beach, Florida 32963</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(772)
257-6658</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
[&#9679;], 2025</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WE
ARE NOT ASKING YOU FOR A PROXY AND YOU ARE REQUESTED NOT TO SEND US A PROXY.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PLEASE
SIGN, DATE AND MAIL THE ENCLOSED&nbsp;<U>BLUE</U>&nbsp;CONSENT CARD TODAY</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the Stockholders of Barnwell Industries, Inc.:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">Ned L. Sherwood, MRMP-Managers LLC, and Ned L. Sherwood Revocable Trust
(collectively, the &ldquo;Sherwood Group&rdquo;) is soliciting your written consent (the &ldquo;Consent Solicitation&rdquo;) to a stockholder
resolution (i) repealing any amendment to the Company&rsquo;s bylaws that is made by the Board which becomes effective on or after February
4, 2025 and prior to this Proposal becoming effective, (ii) removing all of the current members of the Board of Directors (the &ldquo;Board&rdquo;)
of Barnwell Industries, Inc. (&ldquo;Barnwell&rdquo; or the &ldquo;Company&rdquo;), and (iii) electing a new slate of Board members consisting
of James C. Cornell, Heather Isidoro, Stuart I. Oran, Ned L. Sherwood and Gregory W. Sullivan (collectively, the &ldquo;Nominees&rdquo;).
This Notice and Preliminary Consent Statement has been filed with the Securities and Exchange Commission and is being furnished, pursuant
to Section 14(a) of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), to the holders (the &ldquo;Stockholders&rdquo;)
of shares of common stock, $0.50 par value per share (the &ldquo;Common Stock&rdquo;), of the Company in connection with the approval
by written consent of the holders of a majority of the voting power of the issued and outstanding Common Stock on [&#9679;], 2025:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Proposal
1 - </B> To repeal any amendment to the Company&rsquo;s bylaws that is made by the Board and becomes effective on or after February
4, 2025 and prior to this Proposal becoming effective;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left"><B>Proposal 2</B> - The removal of the current
members of the Board of Directors consisting of Kenneth S. Grossman, Joshua S. Horowitz, Alexander C. Kinzler, and Douglas. N. Woodrum;
and</P>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><b>Proposal 3</b> - The election to the Board of Directors
of James C. Cornell, Heather Isidoro, Stuart I. Oran, Ned Sherwood and Gregory W. Sullivan, to serve on the Board of Directors until the
next annual meeting of the stockholders of the Company or his or her earlier resignation or removal.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">Proposal 1, Proposal 2 and Proposal 3 above are collectively referred
to herein as the &ldquo;Proposals.&rdquo; In order to eliminate the costs to the Company of a proxy contest and in order to effect the
Proposals disclosed herein as quickly as possible to accomplish the purposes of your Company, we chose to seek the written consent of
a majority of the Company&rsquo;s voting power to approve the actions described in this Consent Statement in accordance with Section 228
of the Delaware General Corporation Law (the &ldquo;DGCL&rdquo;) and the Company&rsquo;s bylaws and certificate of incorporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
solicitation of written consents is a process that allows a company&rsquo;s stockholders to act by submitting written consents to any proposed
stockholder actions in lieu of voting in person or by proxy at an annual or special meeting of stockholders. Whereas at an annual or
special meeting of the Company, the election of directors requires a majority of the votes cast by the stockholders present in person
or by proxy and entitled to elect directors and the approval of other matters requires a majority of the votes cast by the stockholders
present in person or by proxy (unless a greater vote is required by the company&rsquo;s certificate of incorporation, the bylaws or applicable
law), the approval of all matters by written consent of stockholders (including the Proposals) requires the affirmative consent of the
holders of record of at least a majority of the outstanding shares of Common Stock of the Company entitled to vote.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
successful in our Consent Solicitation, the Board will be composed of the Nominees. You should refer to the Company&rsquo;s consent revocation
when distributed by Barnwell in connection with this Consent Solicitation for the names, background, qualifications and other information
concerning the incumbent directors. If the Company does not distribute a consent revocation statement to its stockholders, the Sherwood
Group will distribute to the stockholders a supplement to this Consent Statement containing such disclosures prior to its final delivery
of consents to the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">Each Proposal will be effective without further action when we deliver
to the Company consents from the holders of a majority of the outstanding shares of the Common Stock in accordance with Section 228 of
the General Corporation Law of the State of Delaware (the &ldquo;DGCL&rdquo;). None of the Proposals will be effective unless the delivery
of the written consents complies with Section 228 of the DGCL. In order for the Proposals to be adopted, Barnwell must receive the unrevoked
written consents signed and dated by the holders of a majority of the outstanding shares of Common Stock as of the close of business on
the Record Date (as defined below), within 60 calendar days of the date of the earliest dated written consent. For purposes of this Consent
Solicitation, pursuant to Section 213 of the DGCL, the &ldquo;Record Date&rdquo; shall be deemed to be March [&#9679;], 2025 as a result
of the Sherwood Group&rsquo;s delivery of its signed and dated consent to the Company concurrently with the mailing of this Consent Statement
to Barnwell stockholders on or about such date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
members of the Sherwood Group and the Nominees are deemed participants in this Consent Solicitation. See the section titled &ldquo;INFORMATION
ON THE PARTICIPANTS&rdquo; for more information.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Consent Statement and <B>BLUE</B> consent card are first being sent or given to the stockholders of Barnwell on or about March [&#9679;], 2025.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WE
URGE YOU TO ACT TODAY TO ENSURE THAT YOUR CONSENT WILL COUNT. The Sherwood Group reserves the right to submit to Barnwell consents at
any time following the earliest dated written consent delivered to Barnwell. See the section titled &ldquo;CONSENT PROCEDURE&rdquo; for
additional information regarding such procedures.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this filing, the Sherwood Group was the beneficial owner of an aggregate of 3,006,033.138 shares of Common Stock, constituting
approximately 29.90% of the currently outstanding shares of Common Stock. No other Participant owns shares of Common Stock.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of February 10, 2025, there were 10,053,534 shares of Common Stock outstanding, as reported in the Company&rsquo;s Quarterly Report on Form
10-K, filed with the SEC on February 14, 2025, each entitled to one vote per share. The percentages of stock ownership reported herein
are based on such 10,053,534 shares of Common Stock outstanding. The mailing address of the principal executive offices of Barnwell is
1100 Alakea Street, Suite 500</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Honolulu,
Hawaii 96813.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
urge you to consent to the Proposals by signing, dating and returning the enclosed <B>BLUE</B> consent card. If you take no action, you
will in effect be rejecting the Proposals. The failure to execute and return a consent, &ldquo;abstentions&rdquo; and &ldquo;withheld
consents&rdquo; will have the same effect as a &ldquo;no&rdquo; vote. Please note that in addition to signing the enclosed <B>BLUE</B>
consent card, you must also date it to ensure its validity.</FONT></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: 0pt 0"><b>THIS CONSENT SOLICITATION IS BEING MADE BY THE SHERWOOD GROUP
AND NOT BY OR ON BEHALF OF THE COMPANY OR THE BOARD. THE SHERWOOD GROUP URGES YOU TO SIGN, DATE AND RETURN THE BLUE CONSENT CARD IN
FAVOR OF THE PROPOSALS DESCRIBED HEREIN.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>This consent statement and our BLUE consent
card are available at</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif">https://web.viewproxy.com/mrmp/2025</font>&nbsp;</p>



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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PLEASE
READ THIS CAREFULLY</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
your shares of Common Stock are registered in your own name, please submit your consent today by signing, dating and returning the enclosed
<B>BLUE</B> consent card in the postage-paid envelope provided.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0; text-indent: 0.5in">If you hold your shares in &ldquo;street&rdquo; name with a bank, broker
firm, dealer, trust company or other nominee, only that nominee can exercise the right to consent with respect to the shares of Common
Stock that you beneficially own through such nominee and only upon receipt of your specific instructions. Accordingly, it is critical
that you promptly give instructions to your bank, broker firm, dealer, trust company or other nominee to execute a consent in favor of
the Proposals. Please follow the instructions to consent provided on the enclosed <B>BLUE</B> consent card. If your bank, broker firm,
dealer, trust company or other nominee provides for consent instructions to be delivered to them by telephone or Internet, instructions
will be included on the enclosed <B>BLUE</B> consent card. We urge you to confirm in writing your instructions to the person responsible
for your account and provide a copy of those instructions to the Sherwood Group, c/o/ Alliance Advisors 200 Broadacres Drive, 3rd Floor,
Bloomfield, NJ 07003 (Stockholders call toll-free: 1 (833) 215-7301, or Email: brn2025@allianceadvisors.com), so that we will be aware
of all instructions given and can attempt to ensure that such instructions are followed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Execution
and delivery of a consent by a record holder of shares of Common Stock will be presumed to be a consent with respect to all shares held
by such record holder unless the consent specifies otherwise.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Only
holders of record of shares of Common Stock as of the close of business on the Record Date will be entitled to consent to the Proposals.
If you are a stockholder of record as of the close of business on the Record Date, you will retain your right to consent even if you
sell your shares of Common Stock after the Record Date.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
you take no action, you will in effect be rejecting the Proposals. Abstentions, withheld consents and failures to consent will have the
same effect as rejecting the Proposals.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0; text-indent: 0.5in">If you have any questions regarding your <B>BLUE</B> consent card or
need assistance in executing your consent, please contact Alliance Advisors (Stockholders call toll-free: 1 (833) 215-7301, Email: brn2025@allianceadvisors.com).</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>QUESTIONS
AND ANSWERS ABOUT THIS CONSENT SOLICITATION</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following are some of the questions you, as a stockholder, may have and answers to those questions. The following is not meant to be
a substitute for the information contained in the remainder of this Consent Statement, and the information contained below is qualified
by the more detailed descriptions and explanations contained elsewhere in this Consent Statement. We urge you to carefully read this
entire Consent Statement prior to making any decision on whether to grant any consent hereunder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHO
IS MAKING THE SOLICITATION?</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
solicitation is being made by the Sherwood Group. Mr. Sherwood currently is and has been for more than the past five years Chief Investment
Officer of MRMP Managers LLC.</FONT></P>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of the date of this Notice, Mr. Sherwood beneficially
owns together with the below named entities (collectively, the &ldquo;Sherwood Group&rdquo;) 3,006,033.138 shares of common stock of
the Company (the &ldquo;Common Stock&rdquo;). The breakdown of the holdings of the Sherwood Group, as of the Record Date, is as follows:
(i) MRMP-Managers LLC (&ldquo;MRMP&rdquo;), of which Mr. Sherwood is the Chief Investment Officer, is the beneficial owner of 2,767,995.138
shares of Common Stock; and (ii) the Ned L. Sherwood Revocable Trust, of which Mr. Sherwood is the sole trustee and beneficiary, is the
beneficial owner of 238,038 shares of Common Stock, 100 shares of which are held of record. Together, the Sherwood Group&rsquo;s holdings
are 29.90% of the Company&rsquo;s outstanding Common Stock. For additional information on the Participants, please see the section titled
&ldquo;INFORMATION ON THE PARTICIPANTS&rdquo; starting on page 6 of this Consent Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHAT
ARE WE ASKING THAT THE STOCKHOLDERS CONSENT TO?</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">We are asking you to consent to the following three Proposals. The
first Proposal seeks to repeal any amendment to the Company&rsquo;s bylaws that is made by the Board and becomes effective on or after
February 4, 2025 and prior to this proposal becoming effective. The second Proposal seeks to remove the four current members of the Board
and each member of the Board, if any, appointed to the Board (or any committee thereof) to fill any newly created directorship since the
election of directors at the Company&rsquo;s 2024 annual meeting and immediately prior to the effectiveness of these Proposals. The third
Proposal seeks to fill any vacancies on the Board, including those resulting from the second Proposal, with the Nominees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHO
ARE THE NOMINEES THAT WE ARE PROPOSING TO ELECT TO THE BOARD?</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are asking you to elect each of James C. Cornell, Heather Isidoro, Stuart I. Oran, Ned L. Sherwood and Gregory W. Sullivan, to serve
as a director of Barnwell. They are highly qualified, experienced and well-respected members of the business community who are committed
to act in the best interests of Barnwell and its stockholders. With the exception of Mr. Sherwood, none of these professionals currently
has or has ever had any business or financial ties to the Sherwood Group or any of its affiliates.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
information regarding the Nominees, please see the section titled &ldquo;PROPOSAL 3 - ELECTION OF DIRECTORS&rdquo; starting on page 11
of this Consent Statement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHY
ARE WE SOLICITING YOUR CONSENT?</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are soliciting your consent because we are disappointed with the Company and we believe the current Board has not taken actions to maximize
shareholder value. This solicitation is being undertaken in order to elect the five Nominees to the Board.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DO
THE ORGANIZATIONAL DOCUMENTS OF THE COMPANY PERMIT STOCKHOLDERS TO TAKE ACTION BY WRITTEN CONSENT?</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes.
Article EIGHTH of the Certificate of Incorporation of the Company (as amended, the &ldquo;Charter&rdquo;) specifically provides that
any director may be removed at any time, with or without cause, upon the affirmative vote of the holders of a majority of the stock of
the Company at that time having voting power for the election of directors. This is consistent with Section 228 of the DGCL, which expressly
provides that a corporation&rsquo;s stockholders are permitted to take action by written consent &ldquo;[u]nless otherwise provided in
the certificate of incorporation<B>.</B>&rdquo; In addition, ARTICLE II of the Company&rsquo;s bylaws permits stockholder action by consent
in lieu of a meeting.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHO
IS ELIGIBLE TO CONSENT TO THE PROPOSALS?</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
you are a holder of Common Stock as of the close of business on the Record Date (as defined herein), you have the right to consent to
the Proposals. Under Delaware law, the Record Date will be used to determine stockholders entitled to give their written consent to the
Proposals pursuant to this Consent Solicitation.</FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEN
IS THE DEADLINE FOR SUBMITTING CONSENTS?</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
urge you to submit your consent as soon as possible. In order for the Proposals to be adopted, Barnwell must receive unrevoked written
consents signed and dated by the holders of a majority of the outstanding shares of Common Stock as of the close of business on the Record
Date, within 60 calendar days of the date of the earliest dated written consent.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Effectively,
this means that you have until May [</B>&#9679;<B>], 2025 to consent to the Proposals. </B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>HOW
MANY CONSENTS MUST BE RECEIVED IN ORDER TO ADOPT THE PROPOSALS?</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Proposals will be adopted and become effective when properly completed, unrevoked consents are signed by the holders of a majority of
the outstanding shares of Common Stock as of the close of business on the Record Date and delivered to the Company in accordance with
applicable law. According to the Company&rsquo;s Quarterly Report on Form 10-Q filed with the SEC on February 14, 2025, as of February
10, 2025, there were 10,053,534 shares of the Company&rsquo;s Common Stock outstanding, each entitled to one consent per share. Cumulative
voting is not permitted. On that basis, the consent of the holders of at least 5,026,768 shares of Common Stock would be necessary to
effect these Proposals.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHAT
SHOULD YOU DO TO CONSENT TO OUR PROPOSALS?</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">If your shares of Common Stock are registered in your own name, please
submit your consent to us by signing, dating and returning the enclosed <B>BLUE</B> consent card in the postage-paid envelope provided.
If you hold your shares in &ldquo;street&rdquo; name with a bank, broker firm, dealer, trust company or other nominee, only that nominee
can exercise the right to provide consent with respect to the shares of Common Stock you beneficially own through such nominee and only
upon receipt of your specific instructions. Accordingly, it is critical that you promptly give instructions to your bank, broker firm,
dealer, trust company or other nominee to execute a consent in favor of the Proposals with respect to the shares you beneficially own
through such nominee. Please follow the instructions to consent provided on the enclosed <B>BLUE</B> consent card. If your bank, broker
firm, dealer, trust company or other nominee provides for consent instructions to be delivered to them by telephone or Internet, instructions
will be included on the enclosed <B>BLUE</B> consent card. We urge you to confirm in writing your instructions to the person responsible
for your account and provide a copy of those instructions to Alliance Advisors 200 Broadacres Drive, 3rd Floor, Bloomfield, NJ 07003 (Stockholders
call toll-free: 1 (833) 215-7301, or Email: brn2025@allianceadvisors.com, so that we will be aware of all instructions given and can attempt
to ensure that such instructions are followed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHOM
SHOULD YOU CALL IF YOU HAVE QUESTIONS ABOUT THE SOLICITATION?</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
call Alliance Advisors (Stockholders call toll-free: 1 (833) 215-7301, or Email: brn2025@allianceadvisors.com).</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INFORMATION
ON THE PARTICIPANTS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">This Consent Solicitation is being made by Ned L. Sherwood, MRMP-Managers
LLC (&ldquo;MRMP&rdquo;), and Ned L. Sherwood Revocable Trust; and each of the Nominees, James C. Cornell, Heather Isidoro, Stuart I.
Oran, Ned L. Sherwood and Gregory W. Sullivan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
principal business of MRMP is to invest in securities, and the principal business of Mr. Sherwood is to serve as Chief Investment Officer
of MRMP and to serve as trustee of the Ned L. Sherwood Revocable Trust. The principal business of each Nominee is disclosed in the section
titled &ldquo;PROPOSAL 3 - ELECTION OF DIRECTORS&rdquo; on page 11.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">The principal business address of Ned L. Sherwood, MRMP and Ned L.
Sherwood Revocable Trust is 151 Terrapin Point, Vero Beach, Florida 329639. The business address of each other Nominee is:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">James C. Cornell &ndash; 1150 Reef Road, Vero Beach, FL 32963</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Heather
Isidoro &ndash; 18 Panatella Hts NW, Calgary, Alberta T3K0N4 Canada</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stuart
I. Oran - 145 Central Park West, New York, NY 10023</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gregory
W. Sullivan &ndash; Box 8041, 6001 Highway A1A, Indian Shores, FL 32963</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
of the Nominees is a citizen of the United States, other than Ms. Isidoro, who is a citizen of Canada.</FONT></P>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of the Record Date: (i) MRMP, of which Mr.
Sherwood is the Chief Investment Officer, is the beneficial owner of 2,767,995.138 shares of Common Stock; and (ii) the Ned L. Sherwood
Revocable Trust, of which Mr. Sherwood is the sole trustee and beneficiary, is the beneficial owner of 238,038 shares of Common Stock,
100 shares of which are held of record. Together, the Sherwood Group&rsquo;s holdings are 29.90% of the Company&rsquo;s outstanding Common
Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
Nominee other than Mr. Sherwood owns any securities of the Company. Please see Annex I for all transactions in the Common Stock effectuated
by the Participants during the past two years.</FONT></P>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Sherwood Group is not part of a &ldquo;group&rdquo;
with the Nominees. None of the Nominees is a beneficial or record owner of any securities of the Company. Other than the nominee agreement
disclosed herein, there is no agreement, arrangement, understanding or otherwise between the Nominees and the Sherwood Group to act in
concert for the purpose of acquiring, holding or disposing of any Company securities, and the Sherwood Group and the Nominees are not
acting in concert to acquire, hold or dispose of any Company securities.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as set forth in this Consent Statement (including the Annex hereto), (i) during the past ten years, no Participant has been convicted
in a criminal proceeding (excluding traffic violations or similar misdemeanors); (ii) no Participant in this Consent Solicitation directly
or indirectly beneficially owns any securities of Barnwell; (iii) no Participant owns any securities of Barnwell which are owned of record
but not beneficially; (iv) no Participant has purchased or sold any securities of Barnwell during the past two years; (v) no part of
the purchase price or market value of the securities of Barnwell owned by any Participant is represented by funds borrowed or otherwise
obtained for the purpose of acquiring or holding such securities; (vi) no Participant is, or within the past year was, a party to any
contract, arrangements or understandings with any person with respect to any securities of Barnwell, including, but not limited to, joint
ventures, loan or option arrangements, puts or calls, guarantees against loss or guarantees of profit, division of losses or profits,
or the giving or withholding of proxies; (vii) no associate of any Participant owns beneficially, directly or indirectly, any securities
of Barnwell; (viii) no Participant owns beneficially, directly or indirectly, any securities of any parent or subsidiary of Barnwell;
(ix) no Participant or any of his, her or its associates was a party to any transaction, or series of similar transactions, since the
beginning of Barnwell&rsquo;s last fiscal year, or is a party to any currently proposed transaction, or series of similar transactions,
to which Barnwell or any of its subsidiaries was or is to be a party, in which the amount involved exceeds $120,000; (x) no Participant
or any of his, her or its associates has any arrangement or understanding with any person with respect to any future employment by Barnwell
or its affiliates, or with respect to any future transactions to which Barnwell or any of its affiliates will or may be a party; and
(xi) no person, including any of the Participants, who is a party to an arrangement or understanding pursuant to which the Nominees are
proposed to be elected has a substantial interest, direct or indirect, by security holdings or otherwise in any matter to be acted on
as set forth in this Consent Statement. There are no material proceedings to which any Participant or any of his, her or its associates
is a party adverse to Barnwell or any of its subsidiaries or has a material interest adverse to Barnwell or any of its subsidiaries.
With respect to each of the Participants, none of the events enumerated in Item 401(f)(1)-(8) of Regulation S-K of the Exchange Act occurred
during the past ten years.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REASONS
FOR OUR SOLICITATION</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Owning
stock in Barnwell has been a disappointment for many investors. Our sole objective is to put in place a Board that can execute a strategy
that will lead to a turnaround in financial performance and the realization of Barnwell&rsquo;s potential. Our Nominees are committed
to adopting and overseeing a business strategy designed to create value for stockholders and objectively consider all strategic alternatives
available to the Company in order to maximize stockholder value.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are confident that all Nominees will work diligently to build shareholder value &mdash; not build their personal net wealth via excessive
remuneration and perquisites. We have identified Nominees to address the various disciplines and expertise that we believe are necessary
for Barnwell to achieve success in the future. In our opinion, Barnwell has two main assets which need to be exploited: 1) oil and gas
assets and operations; and 2) tax loss carryforwards. Additionally, we believe it is imperative that we dramatically reduce overhead
and shut down extraneous money losing operations immediately. We believe our Nominees will be objective, experienced and thoughtful directors
who can help guide the Company to a business plan that will lead to operational and financial success, for the benefit of all shareholders.
Such a plan will be devised by the newly reconstituted Board. Other than Mr. Sherwood, our Nominees are independent of the Company, under
the NYSE Listing Rules, and independent of the Sherwood Group.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
reason this consent solicitation is critical is because Barnwell continues to lose money and, yet, under the supervision of current directors
Messrs. Kinzler, Grossman and Horowitz, scarce Barnwell dollars are being wasted to pay law firms and others to resist change, when all
we have done is propose extremely qualified candidates to replace them.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Instead,
the current Board has overseen declining financial and operational performance, in addition to a stock price that has continued to plummet.
All of this is in addition to their blatant attack on stockholders. We believe the Company&rsquo;s poor performance was not inevitable,
but rather a direct result of the Board&rsquo;s failure to execute on a strategy. We believe the Board made many missteps. For example:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of Friday, February
    28, 2025 (which was right before we announced our intentions to engage in this Consent Solicitation), Barnwell&rsquo;s share price
    was $1.46, giving the Company an approximate total market capitalization of $14.7 million (a decrease of over $9 million since the
    Sherwood Group purchased its first shares of Barnwell in 2012 at $2.95 per share. when Barnwell had an approximate total market capitalization
    of $24 million). This represents an over 50% drop in share price since our initial purchase 12 &frac12; years ago. &nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company has engaged in value destroying business transactions at the hands of Kinzler. In December of 2022, Barnwell made an investment
    of $5,354,000 in a Texas and oil gas partnership (&ldquo;Texas Investment&rdquo;) &ndash; utilizing an extremely high percentage
    of the Company&rsquo;s cash balances without, we understand, providing his Calgary oil and gas management team or the Board with
    any due diligence materials, until after Mr. Kinzler unilaterally signed and approved the transaction. Barnwell&rsquo;s impairments
    on the Texas Investment, as reported in the Company&rsquo;s February 14, 2025 earnings report, was $613,000. Coupled with the December
    2023 impairments of $721,000 as reported in the Company&rsquo;s 10-K for the fiscal year ended September 30, 2024, Barnwell&rsquo;s
    impairments are 24.9% of the original purchase price for the Texas Investment. </FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has underperformed
    its competitors. When comparing Barnwell to ten different competitors on an average of 15 different factors, competitors outperform
    Barnwell every time and beat Barnwell on approximately 70% of the factors (See https://www.marketbeat.com/stocks/NYSE/BRN/competitors-and-alternatives.)
    &nbsp;</FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The refusal to shut down
    the Hawaii office (where Kinzler is based) and take steps to streamline and consolidate operations in Canada; &nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The adoption of a poison
    pill without shareholder consent on January 27, 2025, that effectively precludes a shareholder or shareholder group from owning more
    than 20% of the Company&rsquo;s stock; and &nbsp;</FONT></TD></TR>
</TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    amendment of the Company&rsquo;s by-laws without shareholder consent, effective as of February 4, 2025, that effectively removes
    the ability of stockholders of record who hold at least 25% of the outstanding capital stock of the Company to call a special meeting.</FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
our Consent Solicitation is successful, our Nominees will constitute the Board of Directors of the Company. <U>Our Nominees are independent
of the Sherwood Group. Other than Mr. Sherwood, none of them has any existing or prior ties, financial or otherwise, to the Sherwood
Group or any of its affiliated funds</U>. Please note that we do not expect to have any more influence with our Nominees (other than
Mr. Sherwood) than any other stockholder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe our Nominees will be objective, experienced and thoughtful directors who can help guide the Company to a business plan that will
lead to operational and financial success, for the benefit of all shareholders. Such a plan will be devised by the newly reconstituted
Board. Importantly, our Nominees have expertise in the Company&rsquo;s industry, and vast public company board experience, with all of
them having served as directors or officers of publicly traded companies. These Nominees each will bring decades of knowledge from their
prior operational roles and director positions onto the Board of the Company. Together, the Nominees are well equipped to help the Company
realize its full potential.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
light of Barnwell&rsquo;s missteps for far too many years, and horrendous underperformance, we believe it is time for the Board to undergo
a significant overhaul and for stockholders to bring in new directors that possess significant experience in oil and gas, finance, mergers
&amp; acquisitions, and investments, and have extensive experience as officers and/or directors of public companies and significant background
and expertise in helping to build successful companies so that they can help all shareholders realize a return on their respective investment
in Barnwell.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sherwood Group initially invested in Barnwell because we believed the stock was undervalued and represented a potentially profitable
investment opportunity. We recognized that the Company has been underperforming and mismanaged for years. But we believed then, and believe
now, that significant value can be created for all stockholders through better management and oversight of the Company&rsquo;s strategy,
capital structure and operations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">As previously disclosed, the Sherwood Group entered into two prior
Cooperation &amp; Support Agreements with Barnwell, one in January of 2021 and one in January of 2023. The Sherwood Group has spent several
years giving Mr. Kinzler and the current Board an opportunity to right the ship and, again and again, they have breached their fiduciary
duties to stockholders; breached both prior Cooperation &amp; Support Agreements; and spent time, energy and Barnwell resources to fight
us rather than even try to improve Barnwell&rsquo;s performance and stock price. The Sherwood Group believes it is important to note that
current director Douglas Woodrum and prior director who recently resigned, Laurance Narbut, made great efforts to fight against the actions
of Messrs. Kinzler, Grossman and Horowitz and were repeatedly shut down for their efforts.<SUP>1</SUP> The Sherwood Group has compromised
and provided opportunity after opportunity, only for the current Board to ostracize the Sherwood Nominees under the prior Cooperation
&amp; Support Agreements. The time has come for a different approach. A little bit of history will quickly reveal the patterns and tactics
that the Sherwood Group is trying to put a stop to once and for all with this Consent Solicitation.</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>January
2021 Cooperation Agreement:</I></B> On January 27, 2021,&nbsp;the Sherwood Group entered into a cooperation and support agreement (the
&ldquo;2021 Cooperation Agreement&rdquo;) with the Company to settle the potential proxy contest pertaining to the election of directors
to the Board at the Company&rsquo;s 2021 annual meeting of stockholders. Pursuant to the 2021 Cooperation Agreement, the Company agreed
to several covenants including that Barnwell would not establish or maintain an executive committee or another committee with similar
powers of the Board during the standstill period without each of the Sherwood Group designees being appointed as a member of such committee.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>October
2022: Barnwell Breaches 2021 Cooperation Agreement:</I></B> On October 17, 2022, Barnwell announced the execution of a Tax Benefits Preservation
Plan, commonly known as a &ldquo;poison pill&rdquo; but with a low 4.95% ownership trigger (the &ldquo;2022 poison pill&rdquo;). The
2022 poison pill was just one example of an afront to the 2021 Cooperation Agreement. In addition, the Barnwell Board led by Mr. Kinzler
(CEO at the time) continued to maintain a special committee of the Board that excluded the Sherwood Group board designees and decided
on key corporate matters, in lieu of bringing matters to the full Board, in violation of the 2021 Cooperation Agreement. Mr. Kinzler
and his 2022 poison pill voting block also kept Sherwood Group designees off customary board committees in contravention of the 2021
Cooperation Agreement. The Board&rsquo;s misguided approach in 2022 to dealing with the Sherwood Group and other stockholders left the
Sherwood Group with no choice at the time but to run a proxy contest at Barnwell&rsquo;s 2023 annual meeting of stockholders. The Sherwood
Group estimated that in 2022 alone legal fees spent by Barnwell, at Mr. Kinzler&rsquo;s direction, to fight the Sherwood Group were approximately
$1.5 million. Not only did Kinzler and his voting block violate contracts with the Sherwood Group in 2022, they also had been making
questionable investment decisions as detailed in &ldquo;Reasons for this Solicitation.&rdquo; The Sherwood Group was concerned Barnwell
would spend millions more dollars fighting if a proxy contest was required and agreed to enter into the 2023 Cooperation Agreement (as
defined below).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>January
2023 Cooperation Agreement:</I></B> On January&nbsp;21, 2023, the Sherwood Group entered into yet another cooperation and support agreement
(the &ldquo;2023 Cooperation Agreement&rdquo;) with Alex Kinzler and Barnwell to settle the potential proxy contest pertaining to the
election of directors to the Board at the Company&rsquo;s 2023 annual meeting of stockholders and 2024 annual meeting of stockholders.
Pursuant to the 2023 Cooperation Agreement, the Company agreed to nominate Messrs.&nbsp;Woodrum, Grossman and Kinzler, along with two
new independent directors, Joshua Horowitz and Laurance Narbut, for election to the Board at the 2023 and 2024 annual meetings of stockholders.
Once again, the Company agreed not to establish or maintain an executive committee or another committee with similar powers of the Board
during the standstill period without each of the 2023 Sherwood designees being appointed as a member of such committee. The Sherwood
Group was also prohibited from purchasing shares that would cause its ownership position to exceed 30% of the outstanding common stock
of the Company. This prohibition on purchases expired on January 21, 2025.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>1</SUP></TD><TD STYLE="text-align: left">The Sherwood Group does not believe that Mr. Woodrum or Mr.
Narbut have violated any fiduciary duties to the shareholders. In fact, Mr. Woodrum is included as a proposed nominee in the Advance
Notice provided by the Sherwood Group to the Company in February of 2025 that is described later in this section and the Majority Board
took this opportunity to improperly and without evidence defame Mr. Woodrum and Mr. Narbut in a press release issued by the Company on
February 25, 2025.</TD>
</TR></TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>December
2024: Barnwell Breaches 2023 Cooperation Agreement: </I></B><FONT STYLE="background-color: white">As previously reported in Amendment
No. 33 to the Sherwood Group&rsquo;s Schedule 13D, the Sherwood Group proposed certain amendments to the 2023 Cooperation Agreement to
the Board of the Company to avoid a costly proxy fight, including proposals regarding directors to be nominated to the Board. In addition
to such proposed director nominations, the Sherwood Group offered to extend the existing 2023 Cooperation Agreement and offered to purchase
any additional shares directly from the Company rather than in open market purchases. Certain proposals were put forth by the Reporting
Persons on December 5, 2024 (&ldquo;December 5 Proposal&rdquo;) and December 16, 2024 (&ldquo;December 16 Proposal&rdquo;). On December
9, 2024 (&ldquo;December 9 Communication&rdquo;), the Sherwood Group received confirmation of receipt of its December 5 Proposal along
with questions, and such confirmation indicated a &ldquo;Special Committee of the Board&rdquo; had been appointed. The Sherwood Group
was informed that Mr. Grossman and Mr. Horowitz were the members of a &ldquo;Special Committee.&rdquo; The Sherwood Group&rsquo;s communication
back to the Board responded to the Board&rsquo;s questions in good faith and requested additional information regarding the purpose or
necessity of the &ldquo;Special Committee&rdquo; referenced in the December 9 Communication. After an additional follow-up on December
11, 2024, the &ldquo;Special Committee&rdquo; communicated that such a committee was permissible because it was ad hoc in nature and
had no executive authority (i.e., that it was essentially powerless). After receiving no feedback from the Board regarding the December
5 Proposal, the Sherwood Group submitted the December 16 Proposal. Despite prior questions and representations received regarding the
power of the &ldquo;Special Committee,&rdquo; the presence and &ldquo;authority&rdquo; of the &ldquo;Special Committee&rdquo; continued
to be asserted when the Sherwood Group received an outright rejection of the December 16 Proposal without including the full Board on
its communication. Moreover, the supposed &ldquo;rejection&rdquo; of the December 16 Proposal by the &ldquo;Special Committee&rdquo;
purported to be an exercise of power reserved to the Company&rsquo;s Board by a &ldquo;Special Committee&rdquo; that had previously represented
it lacked executive authority. The Sherwood Group sent a letter to the Board inquiring, among other things, as to the authority granted
to the Special Committee. On January 17, 2025, legal counsel (Mr. Grossman&rsquo;s brother from the law firm Skadden, Arps, Slate, Meagher
&amp; Flom LLP (&ldquo;Skadden&rdquo;)) contacted counsel to the Sherwood Group confirming that Skadden had been retained by the &ldquo;Special
Committee.&rdquo; As a result of the actions of the &ldquo;Special Committee&rdquo; and its clear material breach of the Agreement, counsel
for the Sherwood Group sent a letter to the Board on January 21, 2025 (&ldquo;January 21 Communication&rdquo;) informing the Board of
the material breach. Under the terms of the 2023 Cooperation Agreement, a material breach that is incapable of being cured terminates
the 2023 Cooperation Agreement. As a result of the termination, the Sherwood Group was no longer obligated to the terms of the 2023 Cooperation
Agreement. In addition to communicating the breach of the Agreement, the January 21 Communication made a books and records request under
Section 220 of the Delaware General Corporation Law.</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>January
2025: Barnwell implements Second Poison Pill &amp; Thwarts Stockholder Rights to Call a Special Meeting: </I></B>Given prohibitions against
the Sherwood Group&rsquo;s ability to purchase shares under the 2023 Cooperation Agreement expired on January 21, 2025, Messrs. Kinzler,
Grossman and Horowitz resorted to familiar 2022 tactics and, o<FONT STYLE="background-color: white">n January 27, 2025, Barnwell announced
a rights plan (the &ldquo;2025 poison pill&rdquo;). The adoption of the 2025 poison pill which was, according to Barnwell&rsquo;s own
press release, &ldquo;Designed to Prevent &ldquo;Creeping&rdquo; Control by 30% Shareholder&rdquo; clearly was aimed at materially adversely
affecting the Sherwood Group. In fact, the Sherwood Group is the only one impacted by the plan. Barnwell did all of this despite disclosure
by the Sherwood Group in Amendment No. 34 to the Sherwood Group Schedule 13D that the Sherwood Group has no current intent to engage
in a control transaction. The only intention of the Sherwood Group is to put a functioning board in place to grow stockholder value.
Then, in addition to adopting the 2025 poison pill, and in an effort to shut down all efforts of stockholders, the &ldquo;Special Committee&rdquo;
and its interested director, Kinzler, voted to adopt an amendment to the Company&rsquo;s bylaws that prohibits stockholders from calling
a special meeting. </FONT></FONT></P>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="background-color: white"><b><i>February
2025 Advance Notice: </i></b></font>With no acceptable resolution or settlement forthcoming, the Sherwood Group undertook the necessary
actions under the Company&rsquo;s bylaws, the submission of an Advance Notice, to ensure that Barnwell stockholders would have a choice
in the upcoming 2025 Annual Meeting: to stay the course with the existing Board or go with a new Board. The response from Barnwell was
to find fault with the form and content of the Advance Notice, and to ominously note that it &ldquo;is strongly inclined to declare the
[Advance Notice] invalid and disqualify the Sherwood Nominees.&rdquo; In essence, the response was that Barnwell stockholders should not
have a choice.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>March
4 Consent Solicitation:</I></B> As all stockholders can clearly see by the background that led up to this Consent Solicitation, the Sherwood
Group has tried to reason and compromise with the existing Board. The Sherwood Group did make such compromises in 2021 and 2023, and
in both cases, Barnwell breached such agreements, continued to extract increased compensation for Kinzler and Grossman and advocated
in both cases to implement poison pills, among other bylaw amendments, to disenfranchise stockholders. In addition, Barnwell has failed
to execute on a strategy, which has led to declining performance and declining stock price. For all of these reasons, the Sherwood Group
believed this Consent Solicitation was the best path forward to allow the stockholders of the Company to choose the next path for the
Company. The Sherwood Group has identified five nominees, four of which are completely independent from the Sherwood Group. The nominees
put forth in connection with this Consent Solicitation have over 172 years of combined experience and their experience will be critical
in moving Barnwell forward and improving its performance and return for all stockholders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PROPOSAL
1 &mdash; RESTORATION OF BYLAWS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are asking you to consent to the adoption of the following shareholder resolution to help ensure that the incumbent Board does not unfairly
interfere with your ability to approve the Proposals described in this consent statement through changes to the bylaws:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;RESOLVED,
that any amendment to the bylaws of Barnwell Industries, Inc. that is made by its board of directors and becomes effective on or after
February 4, 2025, and prior to this resolution becoming effective is hereby repealed.&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Board does not effect any changes to the Bylaws from the version currently in effect, which was approved by the Board on February
4, 2025, then this Proposal will have no effect. However, if the incumbent Board amends the bylaws, then this Proposal, if adopted, will
restore the Bylaws to the version that was approved by the Board on February 4, 2025, without considering the nature of any changes the
incumbent Board may have adopted. As a result, this Proposal could have the effect of repealing bylaw amendments that one or more shareholders
of the Company may consider to be beneficial to them or to the Company. However, this Proposal will not preclude the Board from reconsidering
any repealed bylaw changes following the consent solicitation. We are not currently aware of any specific bylaw provisions that would
be repealed by the adoption of this Proposal.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WE URGE YOU TO CONSENT TO PROPOSAL 1.</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PROPOSAL
2 &mdash; REMOVAL OF DIRECTORS</B></FONT></P>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Stockholders are being asked to approve this Proposal
to remove, without cause, all of the members of the Board (and any person or persons, other than those elected by this Consent Solicitation,
elected or appointed to the Board since the election of directors at the Company&rsquo;s 2024 Annual Meeting and immediately prior to
the effectiveness of Proposal 2); namely: Kenneth S. Grossman, Joshua S. Horowitz, Alexander C. Kinzler, and Douglas. N. Woodrum. This
is intended to remove all incumbent directors and address the possibility that the current directors might attempt to add directors to
the Board, including but not limited to filling the vacancy resulting from the recent resignation from the Board of Mr. Narbut.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
141(k) of the DGCL provides that any director or the entire board of directors of a corporation may be removed, with or without cause,
by holders of a majority of the outstanding shares entitled to vote at an election of directors (the same voting requirement as is necessary
for stockholders to effect such action by written consent), except in certain cases involving corporations with classified boards or
cumulative voting for directors. Because the Board is not classified and the Company does not have cumulative voting for directors, stockholders
may remove members of the Board, without cause, pursuant to this Consent Solicitation. A stockholder may consent to the removal of only
certain existing directors by designating the names of one or more directors who are not to be removed.</FONT></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WE
URGE YOU TO CONSENT TO PROPOSAL 2.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PROPOSAL
3 &mdash; ELECTION OF DIRECTORS</B></FONT></P>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">According to the Company&rsquo;s filings with the
SEC, the Board is currently composed of five directors and has one vacancy resulting from the resignation of Mr. Narbut. Assuming the
adoption of Proposal 2, four of the five current members of the Board, along with any directors appointed to the Board since the election
of directors at the 2024 Annual Meeting and immediately prior to the effectiveness of this Proposal 3, will be removed. For the reasons
stated above, we are seeking your consent to elect the five Nominees, James C. Cornell, Heather Isidoro, Stuart I. Oran, Ned L. Sherwood,
and Gregory W. Sullivan, and, to fill the one existing vacancy and all vacancies on the Board resulting from the approval of Proposal
2.</p>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Biographies
of our Nominees are included below:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>James
(Jim) C. Cornell</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jim
has over 37 years of experience in the global nuclear fuel industry, He currently serves as President of NuCore Energy LLC, a company
that he founded together with Cadent Energy Partners in 2009. NuCore is a strategic advisory and investment firm with specialized expertise
in nuclear fuel marketing and procurement, the evaluation of uranium mining and nuclear service sector investment opportunities, and
nuclear project and fuel financing. Jim also served as Vice President and President of Nukem Inc., from 1987 to 2008, during which time
he helped build the company into one of the largest international suppliers of nuclear fuel. Under his leadership the company established
exclusive supply arrangements with several former Soviet Republics, and organized the Western consortium that negotiated the historic
U.S.-Russian HEU Agreement, commonly referred to as the &ldquo;Megatons to Megawatts&rdquo; deal. During his Nukem tenure Jim also served
as the Chairman of the Board of publicly traded, American Nuclear Corporation. Jim received his Bachelor of Arts degree from Wesleyan
University and his Master of Business Administration from Cornell University.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">Mr. Cornell will bring to the Board his experience in energy and public
companies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Heather
Isidoro</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms.
Isidoro has 25 years of experience in the energy industry, the last 20 focused on business development. She brings a broad range of energy
industry experience, specializing in acquisitions and divestitures, reserves valuations, and financial modelling. Ms. Isidoro is an independent
director and Chair of the Reserves and ESG committee of Helium Evolution, President of&nbsp;the Petroleum Acquisitions and Divestitures
Association,&nbsp;and a Trustee of the University of Saskatchewan Engineering Advancement Trust. She has a B.Sc. in Geological Engineering
from the University of Saskatchewan and an MBA from Athabasca University. In addition, Ms. Isidoro has completed the Not-For-Profit Board
Governance Essentials program from The Institute of Corporate Directors and the Rotman School of Management. Ms. Isidoro currently owns
her own consulting company, Square 1 Advisory Inc.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">Ms. Isidoro will bring to the Board her oil and gas industry experience
and her experience in public companies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Stuart
I. Oran</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stuart
I. Oran has been an operating executive, investor and advisor in a variety of industries for more than 40 years. He began his career
in 1974 at the law firm of Paul, Weiss, Rifkind, Wharton &amp; Garrison where he rose to become a corporate partner. From 1994-2002,
he was a senior executive of United Airlines where he served on the Management Committee, led its $6 billion International Division,
and built its corporate aviation line of business as Chief Executive Officer of Avolar. In 2004, he founded a merchant banking firm,
Roxbury Capital Group, serving as an advisor to several private equity firms, aerospace businesses, and financial services businesses.
Starting in 2009, he was a co-founder of FCB Financial Holdings (and its national bank subsidiary, Florida Community Bank), which was
formed to acquire failed banks in FDIC-assisted transactions, raised over $900 million in capital, and was acquired by Synovus Financial
in 2019. In 2011, Mr. Oran joined Liberty Hall Capital Partners, a private equity firm focused on transactions in the aerospace and defense
sectors, where he is currently a Senior Advisor and Partner Emeritus.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif">Mr.
Oran has served on numerous private and public company boards. He currently serves on the board of directors of Dunlop Aircraft
Tyres and previously served on the boards of directors of Spirit Airlines, OHA Investment Corporation, FCB Financial Holdings,
Deerfield Capital, Red Robin Gourmet Burgers, Wendy&rsquo;s International, Accurus Aerospace Corporation, AIM Aerospace Corporation,
Aircraft Performance Group, Comply 365, and United Air Lines (operating subsidiary). Mr. Oran earned his B.S. from Cornell
University and J.D. from the University of Chicago Law School.</font></p>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">Mr. Oran will bring to the Board his M&amp;A, legal and finance experience,
as well as his extensive public company board experience.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ned
L. Sherwood</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Sherwood currently is and has been for more than the past five years Chief Investment Officer of MRMP-Managers LLC. Prior to that, Mr.
Sherwood co-founded ZS Fund, L.P. in 1985, of which he is the Chairman Emeritus. Mr. Sherwood joined W. R. Grace &amp; Co. in 1975 as
a vice president in the Office of Strategic Projects, a group specializing in the evaluation and divestiture of various W. R. Grace &amp;
Co. business units. In 1981, Mr. Sherwood joined AEA Investors, Inc., where he led a number of successful acquisitions until his departure
to co-found ZS Fund L.P. Mr. Sherwood has served as a director on a number of public company boards, including Consolidated Stores Corporation
(now Big Lots, Inc.) (1984), Market Facts, Inc. (1996), Kaye Group, Inc. (1996), Colorado Prime, Inc. (1988), Southern Electronics, Inc.
(1986), Mazel Company (1991), Niagara Frontier Services, Inc. (now Tops Markets) (1984), Sun Television and Electronics, Inc. (1987)
and ChinaCast Education Corporation, a post-secondary education and e-learning services provider in the People&rsquo;s Republic of China
(2009 to 2012). Mr. Sherwood graduated magna cum laude from the Wharton School at the University of Pennsylvania where he received the
Herbert T. Steuer Memorial Award for the Most Outstanding Wharton Student.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">Mr. Sherwood will bring to the Board extensive experience in both public
and private equity investing, and his public company experience.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Gregory
W. Sullivan</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gregory
W. Sullivan is a highly experienced financier with over 30 years of experience in corporate finance, real estate and private equity in
both private and public companies. In addition to serving as an investment banker in mergers &amp; acquisitions and running a large private
equity fund in his career, Mr. Sullivan was the CFO or COO for three publicly traded companies listed on the NYSE. Mr. Sullivan has been
directly involved in helping to take companies public and growing companies through strategic execution across multiple divisions including
finance, tax, investor relations, investments and mergers &amp; acquisitions. He has also led numerous equity and debt raises. Mr. Sullivan
earned his B.S. from the University of Vermont and his MBA from the Wharton Graduate School, University of Pennsylvania.</FONT></P>

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<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0 0pt; text-align: left">Mr. Sullivan will bring to the Board extensive finance, private equity
and real estate experience, as well as his public company experience.</P>

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None
of the organizations or corporations referenced in this section, &ldquo;PROPOSAL 3 - ELECTION OF DIRECTORS,&rdquo; is a parent, subsidiary
or other affiliate of Barnwell. If elected, each of the Nominees (other than Mr. Sherwood) will be considered an independent director
of Barwell under applicable NYSE Listing Rules and under Item 407(a) of Regulation S-K.</FONT></P>

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
of James C. Cornell, Heather Isidoro, Stuart I. Oran, and Gregory W. Sullivan, has entered into a nominee agreement pursuant to which
MRMP had agreed to pay the costs of soliciting consents, and to defend and indemnify each against, and with respect to, any losses that
may be incurred by any of them in the event any of them becomes a party to litigation based on his or her respective nomination as a
candidate for election to the Board and the solicitation of consents in support of his or her election. None of the Nominees receives
any compensation under the nominee agreements and no Nominee will receive any compensation from the Sherwood Group or its affiliates
for his or her services as director of the Company if elected. If elected, the Nominees will be entitled to such compensation from the
Company as is consistent with the Company&rsquo;s then-established practices for services of non-employee directors.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
of the Nominees has consented to being named as a nominee in this consent statement and has confirmed his or her willingness to serve
on the Board if elected. The Sherwood Group does not expect that any of the Nominees will be unable to stand for election, but in the
event that a vacancy in the slate of Nominees should occur unexpectedly, the shares of Common Stock represented by the BLUE proxy card
will be voted for a substitute candidate selected by the Sherwood Group. If the Sherwood Group determines to add nominees, whether because
the Company expands the size of the Board subsequent to the date of this Consent Statement or for any other reason, the Sherwood Group
will supplement this Consent Statement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
none of the existing members of the Board are removed pursuant to Proposal 2, there will be no vacancies to fill, other than the vacancy
resulting from the resignation of Mr. Laurance Narbut, and only that Nominee receiving the greatest number of consents in favor of his
or her election will be elected pursuant to this Proposal 3.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
stockholder may consent to the election of less than all of the Nominees by designating the names of one or more Nominees who are not
to be elected. A stockholder may consent to the removal of only certain existing directors by designating the names of one or more directors
who are not to be removed. Accordingly, it is possible that some, but not all, of the existing directors may be removed pursuant to Proposal
2. It is our intention that if fewer than all of the four existing directors are removed, then the Nominees who are proposed to be appointed
to fill the vacancies resulting from the removal of such existing directors be appointed in order of the number of consents received
by the Nominees, with the Nominee receiving the highest number of consents filling the first available vacancy. In the event that two
or more Nominees, each of whom receives the same number of consents, are to be considered for filling a particular vacancy, such vacancy
shall be filled with the first such Nominee in alphabetical order.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delinquent
Section 16(a) Reports</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
16(a) of the Exchange Act requires persons who beneficially own more than 10% of the Company&rsquo;s common stock to file reports of
ownership and changes in ownership with the SEC and to furnish the Company with copies of all such reports they file. Since January 1,
2023, Mr. Sherwood did not have any late Form 4 filings.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WE
URGE YOU TO CONSENT TO PROPOSAL 3.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CONSENT
PROCEDURES</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
228 of the DGCL states that, unless the certificate of incorporation of a Delaware corporation otherwise provides, any action required
to be taken at any annual or special meeting of stockholders of that corporation, or any action that may be taken at any annual or special
meeting of those stockholders, may be taken without a meeting, without prior notice and without a vote, if a consent or consents in writing,
setting forth the action so taken, is signed by the holders of outstanding stock having not less than the minimum number of votes that
would be necessary to authorize or take that action at a meeting at which all shares entitled to vote thereon were present and voted,
and those consents are delivered to the corporation by delivery to its registered office in Delaware, its principal place of business
or an officer or agent of the corporation having custody of the book in which proceedings of meetings of stockholders are recorded. Delivery
made to a corporation&rsquo;s registered office shall be by hand or by certified or registered mail, return receipt requested. Consents
must also bear the date of the signature of the stockholder who signs the written consent.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consistent
with Section 228 of the DGCL, Article EIGHTH of the Charter specifically provides that any director may be removed at any time, with
or without cause, upon the affirmative vote of the holders of a majority of the stock of the Company at that time having voting power
for the election of directors. Each Proposal will become effective only if properly executed and dated consents to that Proposal are
returned by holders of at least a majority of the outstanding shares of Common Stock as of the Record Date in accordance with Section
228 of the DGCL. The failure to properly execute and return a consent will have the same effect as voting against the Proposals. According
to the Company&rsquo;s Quarterly Report on Form 10-Q filed with the SEC on February 14, 2025, as of February 10, 2025, there were 10,053,534
shares of the Company&rsquo;s Common Stock outstanding, each entitled to one consent per share. Cumulative voting is not permitted. On
that basis, assuming that the number of issued and outstanding shares of Common Stock remains 10,053,534 on the Record Date the consent
of the holders of at least 5,026,768 shares of Common Stock would be necessary to effect these Proposals.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
stockholder may consent to the election of less than all of the Nominees by designating the names of one or more Nominees who are not
to be elected.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">Section 213(b) of the DGCL provides that the record date for determining
the stockholders of a Delaware corporation entitled to consent to corporate action in writing without a meeting, when no prior action
by the corporation&rsquo;s board of directors is required and the board has not fixed a record date, will be the first date on which a
signed written consent setting forth the action taken or proposed to be taken is delivered to the corporation by delivery to its registered
office in Delaware, its principal place of business or an officer or agent of the corporation having custody of the book in which proceedings
of meetings of the stockholders are recorded. Delivery made to a corporation&rsquo;s registered office shall be by hand or by certified
or registered mail, return receipt requested. For purposes of this Consent Solicitation, pursuant to Section 213 of the DGCL, the &ldquo;Record
Date&rdquo; shall be deemed to be March [&#9679;], 2025 as a result of the Sherwood Group&rsquo;s delivery of its signed and dated consent
to the Company concurrently with the mailing of this Consent Statement to Barnwell stockholders on or about such date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">If your shares of Common Stock are registered in your own name, please
submit your consent to us today by signing, dating and returning the enclosed <B>BLUE</B> consent card in the postage-paid envelope provided.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">If you hold your shares in &ldquo;street&rdquo; name with a bank, broker
firm, dealer, trust company or other nominee, only that nominee can exercise the right to provide consent with respect to the shares of
Common Stock you beneficially own through such nominee and only upon receipt of your specific instructions. Accordingly, it is critical
that you promptly give instructions to consent to the Proposals to your bank, broker firm, dealer, trust company or other nominee. Please
follow the instructions to consent provided on the enclosed <B>BLUE</B> consent card. If your bank, broker firm, dealer, trust company
or other nominee provides for consent instructions to be delivered to them by telephone or Internet, instructions will be included on
the enclosed <B>BLUE</B> consent card. We urge you to confirm in writing your instructions to the person responsible for your account
and provide a copy of those instructions to Alliance Advisors 200 Broadacres Drive, 3rd Floor, Bloomfield, NJ 07003 (Stockholders call
toll-free: 1 (833) 215-7301, or Email: brn2025@allianceadvisors.com), so that we will be aware of all instructions given and can attempt
to ensure that such instructions are followed.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Execution
and delivery of a consent by a record holder of shares of Common Stock will be presumed to be a consent with respect to all shares held
by such record holder unless the consent specifies otherwise. Only holders of record of shares of Common Stock as of the close of business
on the Record Date will be entitled to consent to the Proposals. If you are a stockholder of record as of the close of business on the
Record Date, you will retain your right to consent even if you sell your shares of Common Stock after the Record Date.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IF
YOU TAKE NO ACTION, YOU WILL IN EFFECT BE REJECTING THE PROPOSALS. ABSTENTIONS, WITHHELD CONSENTS AND FAILURES TO CONSENT WILL HAVE THE
SAME EFFECT AS REJECTING THE PROPOSALS.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">If you have any questions regarding your <B>BLUE</B> consent card or
need assistance in executing your consent, please contact Alliance Advisors (Stockholders call toll-free: 1 (833) 215-7301, or Email:
brn2025@allianceadvisors.com).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any of the Proposals become effective as a result of this Consent Solicitation, prompt notice will be given under Section 228(e) of the
DGCL to stockholders who have not consented in writing to the Proposals and who, if the action had been taken at a meeting, would have
been entitled to notice of the meeting if the record date for notice of such meeting had been the date that written consents signed by
a sufficient number of holders to take the action were delivered to the Company in accordance with Section 228 of the DGCL. We will bear
the costs of this Consent Solicitation and, if successful, we may seek reimbursement of these costs from the Company. The Board, which
will include our Nominees, would be required to evaluate the requested reimbursement consistent with their fiduciary duties to the Company
and its stockholders. Costs related to the solicitation of consents include expenditures for attorneys, advisors, printing, advertising,
postage and related expenses and fees.</font></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">The consents are being solicited in accordance with the applicable
provisions of the DGCL. Holders of record of the shares of Common Stock as of the close of business on the Record Date are entitled to
consent to our Proposals. To be effective, the requisite consents must be delivered to the Company within 60 days of the earliest dated
consent delivered to the Company. An executed consent card may be revoked at any time by marking, dating, signing and delivering a written
revocation before the time that the action authorized by the executed consent becomes effective. A revocation may be in any written form
validly signed by the record holder as long as it clearly states that the consent previously given is no longer effective. The delivery
of a subsequently dated consent card that is properly completed will constitute a revocation of any earlier consent. The revocation may
be delivered either to the Company or to Alliance Advisors 200 Broadacres Drive, 3rd Floor, Bloomfield, NJ 07003 (Stockholders call toll-free:
1 (833) 215-7301, or Email: brn2025@allianceadvisors.com). Although a revocation is effective if delivered to the Company, we request
that either the original or photostatic copies of all revocations of consents be mailed or delivered to Alliance Advisors, 200 Broadacres
Drive, 3rd Floor, Bloomfield, NJ 07003 (Stockholders call toll-free: 1 (833) 215-7301, or Email: brn2025@allianceadvisors.com), so that
we will be aware of all revocations and can more accurately determine if and when consents to the Proposals have been received from the
holders of record of a majority of the shares of Common Stock outstanding on the Record Date.</P>

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

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stockholders
are not entitled to appraisal or dissenters&rsquo; rights under Delaware law in connection with the Proposals or this Consent Statement.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">You may consent to any of the Proposals on the enclosed <B>BLUE</B>
consent card by marking the &ldquo;CONSENT&rdquo; box and signing, dating and returning the <B>BLUE</B> consent card in the envelope provided.
You may also withhold your consent with respect to any of the Proposals on the enclosed <B>BLUE</B> consent card by marking the &ldquo;WITHHOLD
CONSENT&rdquo; box, and signing, dating and returning the <B>BLUE</B> consent card in the envelope provided. You may abstain from consenting
to any of the Proposals on the enclosed <B>BLUE</B> consent card by marking the &ldquo;ABSTAIN&rdquo; box and signing, dating and returning
the <B>BLUE</B> consent card in the envelope provided.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">If you sign, date and return the <B>BLUE</B> consent card, but give
no direction with respect to one or more of the Proposals, you will be deemed to have consented to such Proposal or Proposals. Please
note that in addition to signing the enclosed <B>BLUE</B> consent card, you must also date it to ensure its validity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SOLICITATION
OF CONSENTS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
solicitation of consents pursuant to this Consent Solicitation is being made by the Sherwood Group and the Nominees. Consents may be
solicited by mail, facsimile, telephone, telegraph, Internet, in person and by advertisements.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sherwood Group will solicit proxies from individuals, brokers, banks, bank nominees and other institutional holders. The Sherwood Group
has requested banks, brokerage houses and other custodians, nominees and fiduciaries to forward all solicitation materials to the beneficial
owners of the shares of Common Stock they hold of record. The Sherwood Group will reimburse these record holders for their reasonable
out-of-pocket expenses in so doing.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">The Sherwood Group has retained Alliance Advisors to provide solicitation
and advisory services in connection with this solicitation. The entire expense of soliciting proxies is being borne by the Sherwood Group.
Costs of this solicitation are currently estimated to be approximately $70,000 for retainment of Alliance Advisors. The Sherwood Group
estimates that through the date hereof its expenses in connection with this solicitation for Alliance Advisors is approximately $20,000.
Alliance will receive a success fee to be mutually agreed upon after the Consent Solicitation is complete and the Sherwood Group has agred
to pay a $35,000 fee for any settlement, together with reimbursement for its reasonable out-of-pocket expenses, and Alliance will be indemnified
by MRMP against certain liabilities and expenses, including certain liabilities under the federal securities laws. Alliance will solicit
proxies from individuals, brokers, banks, bank nominees and other institutional holders. It is anticipated that Alliance will employ approximately
25 persons to solicit Barnwell&rsquo;s stockholders as part of this solicitation. Alliance does not believe that any of its directors,
officers, employees, affiliates or controlling persons, if any, is a &ldquo;participant&rdquo; in this Consent Solicitation.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SPECIAL
INSTRUCTIONS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
you were a record holder of shares of Common Stock as of the close of business on the Record Date for this Consent Solicitation, you
may elect to consent to, withhold consent to or abstain with respect to each Proposal by marking the &ldquo;CONSENT,&rdquo; &ldquo;WITHHOLD
CONSENT&rdquo; or &ldquo;ABSTAIN&rdquo; box, as applicable, underneath each Proposal on the accompanying <B>BLUE</B> consent card and
signing, dating and returning it promptly in the enclosed post-paid envelope.</FONT></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>IF A STOCKHOLDER EXECUTES AND DELIVERS A BLUE CONSENT
CARD, BUT FAILS TO CHECK A BOX MARKED &ldquo;CONSENT,&rdquo; &ldquo;WITHHOLD CONSENT&rdquo; OR &ldquo;ABSTAIN&rdquo; FOR A PROPOSAL,
THAT STOCKHOLDER WILL BE DEEMED TO HAVE CONSENTED TO THAT PROPOSAL, EXCEPT THAT THE STOCKHOLDER WILL NOT BE DEEMED TO CONSENT TO (I)
THE REMOVAL OF ANY DIRECTOR WHOSE NAME IS WRITTEN IN THE APPLICABLE SPACE PROVIDED IN ACCORDANCE WITH THE INSTRUCTION TO PROPOSAL 2 ON
THE BLUE CONSENT CARD OR (II) THE ELECTION OF ANY DIRECTOR WHOSE NAME IS WRITTEN IN THE APPLICABLE SPACE PROVIDED IN ACCORDANCE WITH
THE INSTRUCTION TO PROPOSAL 3 ON THE BLUE CONSENT CARD.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></B></P>





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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>YOUR
CONSENT IS IMPORTANT. PLEASE SIGN AND DATE THE ENCLOSED BLUE CONSENT CARD AND RETURN IT IN THE ENCLOSED POST-PAID ENVELOPE PROMPTLY.
YOU MUST DATE YOUR CONSENT IN ORDER FOR IT TO BE VALID. FAILURE TO SIGN, DATE AND RETURN YOUR CONSENT WILL HAVE THE SAME EFFECT AS REJECTING
THE PROPOSALS.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If your shares are held in the name of a bank, broker firm, dealer,
trust company or other nominee, only it can execute a consent with respect to those shares of Common Stock and only on receipt of specific
instructions from you. Thus, you should contact the person responsible for your account and give instructions for the <B>BLUE</B> consent
card to be signed representing your shares. You should confirm in writing your instructions to the person responsible for your account
and provide a copy of those instructions to Alliance Advisors 200 Broadacres Drive, 3rd Floor, Bloomfield, NJ 07003 (Stockholders call
toll-free: 1 (833) 215-7301, or Email: brn2025@allianceadvisors.com, so that we will be aware of all instructions given and can attempt
to ensure that those instructions are followed.&nbsp;</FONT></P>



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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
you have any questions or require any assistance in executing your consent, please contact Alliance Advisors 200 Broadacres Drive, 3rd
Floor, Bloomfield, NJ 07003 (Stockholders call toll-free: 1 (833) 215-7301, or Email: brn2025@allianceadvisors.com).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Important
Notice Regarding the Availability of this Consent Statement</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0; text-align: left">This Consent Statement and all other solicitation materials in connection
with this Consent Solicitation are available on the Internet, free of charge, at https://web.viewproxy.com/mrmp/2025.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Information
Concerning Barnwell</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sherwood Group omitted from this Consent Statement certain disclosure required by applicable law to be included in the Company&rsquo;s
consent revocation statement and the Sherwood Group&rsquo;s consent statement. Such disclosure includes, among other things, information
regarding securities of the Company beneficially owned by the Company&rsquo;s directors, nominees and management; certain stockholders&rsquo;
beneficial ownership of more than 5% of the Company&rsquo;s voting securities; information concerning executive compensation; and information
concerning the procedures for submitting stockholder proposals and director nominations intended for consideration at the 2025 Annual
Meeting and for consideration for inclusion in the proxy materials for that meeting. If the Company does not distribute a consent revocation
statement to its stockholders, the Sherwood Group will distribute to the stockholders a supplement to this Consent Statement containing
such disclosures prior to its final delivery of consents to the Company. The Sherwood Group takes no responsibility for the accuracy
or completeness of information contained in the Company&rsquo;s consent revocation statement. Except as otherwise noted herein, the information
in this Consent Statement concerning the Company has been taken from or is based upon documents and records on file with the SEC and
other publicly available information. Although the Sherwood Group does not have any knowledge indicating that any statement contained
herein is untrue, we do not take responsibility, except to the extent imposed by law, for the accuracy or completeness of statements
taken from public documents and records that were not prepared by or on behalf of the Sherwood Group, or for any failure of the Company
to disclose events that may affect the significance or accuracy of such information.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Conclusion</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
urge you to carefully consider the information contained in the attached Consent Statement and then support our efforts by signing, dating
and returning the enclosed <B>BLUE</B> consent card today.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thank
you for your support,</FONT></P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ned
L. Sherwood</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ned
L. Sherwood Revocable Trust</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">March [&#9679;], 2025</P>



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


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

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<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TRANSACTIONS
BY THE PARTICIPANTS IN THE SECURITIES OF THE BARNWELL INDUSTRIES, INC. DURING THE PAST TWO YEARS</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">This Annex I sets forth information with respect to each purchase and
sale of shares of Common Stock that were effectuated by a Participant, or affiliates of a Participant, during the past two years. The
members of the Sherwood Group are the only Participants, and the only entities or individuals referenced in this Annex I that directly
own Common Stock. Unless otherwise indicated, all transactions were effectuated in the open market through a broker.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



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<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="border-bottom: Black 1.5pt solid; text-align: left; vertical-align: bottom"><B>Nature of the Transaction</B></TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt; vertical-align: bottom"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: center"><B>Amount of Securities<BR>
    Purchased</B></TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt; vertical-align: bottom"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: center"><B>Date of<BR>
    <FONT STYLE="text-decoration: none">Purchase</FONT></B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%"><FONT STYLE="font-size: 10pt"><B><U>NED SHERWOOD</U></B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 15%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 15%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Purchase of Common Stock by<BR>
</FONT> <FONT STYLE="font-size: 10pt">MRMP-Managers LLC</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">814</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">04/03/2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Purchase of Common Stock by</FONT> <FONT STYLE="font-size: 10pt"><BR>
MRMP-Managers LLC</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">106</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">04/03/2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Purchase of Common Stock by<BR>
</FONT> <FONT STYLE="font-size: 10pt">MRMP-Managers LLC</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">400</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">04/03/2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Purchase of Common Stock by<BR>
 MRMP-Managers LLC</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">300</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">04/03/2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Purchase of Common Stock by</FONT> <FONT STYLE="font-size: 10pt"><BR>
MRMP-Managers LLC</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">25,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">04/03/2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Purchase of Common Stock by</FONT> <FONT STYLE="font-size: 10pt"><BR>
MRMP-Managers LLC</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">25,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">04/03/2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Purchase of Common Stock by<BR>
</FONT> <FONT STYLE="font-size: 10pt">MRMP-Managers LLC</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">25,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">04/03/2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Purchase of Common Stock by</FONT> <FONT STYLE="font-size: 10pt"><BR>
MRMP-Managers LLC</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">25,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">04/03/2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Purchase of Common Stock by</FONT> <FONT STYLE="font-size: 10pt"><BR>
MRMP-Managers LLC</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">156</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">04/03/2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Purchase of Common Stock by</FONT> <FONT STYLE="font-size: 10pt"><BR>
MRMP-Managers LLC</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">2,205</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">04/03/2023</FONT></TD></TR>
</TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 68%; text-align: left">Purchase of Common Stock by<BR>
 MRMP-Managers LLC</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 15%; text-align: right">97,524</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 15%; text-align: center"><FONT STYLE="font-size: 10pt">04/03/2023</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Common Stock by<BR>
 MRMP-Managers LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">25,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">04/18/2023</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Common Stock by<BR>
 MRMP-Managers LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">900</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">04/18/2023</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Common Stock by<BR>
 MRMP-Managers LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">04/18/2023</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Common Stock by <BR>
MRMP-Managers LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,924</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">04/18/2023</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Common Stock by<BR>
 MRMP-Managers LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">333</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">04/18/2023</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Common Stock by <BR>
MRMP-Managers LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">04/18/2023</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Common Stock by<BR>
 MRMP-Managers LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">200</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">04/18/2023</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Common Stock by<BR>
 MRMP-Managers LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">600</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">04/18/2023</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Common Stock by<BR>
 MRMP-Managers LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">900</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">04/18/2023</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Common Stock by<BR>
 MRMP-Managers LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">870</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">04/18/2023</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Common Stock by<BR>
 MRMP-Managers LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;04/18/2023</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Common Stock by<BR>
 MRMP-Managers LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">04/18/2023</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Common Stock by<BR>
 MRMP-Managers LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,439</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">04/18/2023</FONT></TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 68%; text-align: left">Purchase of Common Stock by <BR>
MRMP-Managers LLC</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 15%; text-align: right">32,612</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 15%; text-align: center"><FONT STYLE="font-size: 10pt">04/18/2023</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Common Stock by<BR>
 MRMP-Managers LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3,366</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">04/19/2023</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Common Stock by<BR>
 MRMP-Managers LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">04/19/2023</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Common Stock by<BR>
 MRMP-Managers LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">232</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">04/19/2023</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Common Stock by<BR>
 MRMP-Managers LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">200</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">04/19/2023</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Common Stock by<BR>
 MRMP-Managers LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">500</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">04/19/2023</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Common Stock by<BR>
 MRMP-Managers LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">5,843</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">04/19/2023</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Common Stock by<BR>
 MRMP-Managers LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">105,180</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">05/25/2023</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Common Stock by<BR>
 MRMP-Managers LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,210</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">05/26/2023</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Common Stock by <BR>
MRMP-Managers LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">63,242</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">05/26/2023</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Common Stock by<BR>
 MRMP-Managers LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">38,297</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">08/15/2023</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Common Stock by <BR>
MRMP-Managers LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">4,868</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">08/16/2023</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Common Stock by<BR>
 MRMP-Managers LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">20,676</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">08/17/2023</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Common Stock by<BR>
 MRMP-Managers LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">81,676</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">08/31/2023</FONT></TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 68%; text-align: left">Purchase of Common Stock by<BR>
&#8239;MRMP-Managers LLC</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 15%; text-align: right">17,750</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 15%; text-align: center"><FONT STYLE="font-size: 10pt">09/01/2023</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Common Stock by<BR>
 MRMP-Managers LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">24,198</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">09/06/2023</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Common Stock by<BR>
 MRMP-Managers LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">19,619</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">09/07/2023</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Common Stock by<BR>
 MRMP-Managers LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">21,151</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">09/08/2023</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Common Stock by <BR>
MRMP-Managers LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">22,517</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">10/13/2023</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Common Stock by<BR>
 MRMP-Managers LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">28,093</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">10/16/2023</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Common Stock by <BR>
MRMP-Managers LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">23,395</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">10/17/2023</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Common Stock by <BR>
MRMP-Managers LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">14,890</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">11/14/2023</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Common Stock by <BR>
MRMP-Managers LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">11,720</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">11/15/2023</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Common Stock by<BR>
 MRMP-Managers LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2,435</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">11/16/2023</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Common Stock by <BR>
MRMP-Managers LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">27,502</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">11/27/2023</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Common Stock by<BR>
 MRMP-Managers LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,857</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">11/28/2023</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Common Stock by <BR>
MRMP-Managers LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,360</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">11/29/2023</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Common Stock by<BR>
 MRMP-Managers LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">71,050</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">04/15/2024</FONT></TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 68%; text-align: left">Purchase of Common Stock by<BR>
 MRMP-Managers LLC</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 15%; text-align: right">6,711</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 15%; text-align: center"><FONT STYLE="font-size: 10pt">04/16/2024</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Common Stock by <BR>
MRMP-Managers LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">10,650</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">04/17/2024</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Common Stock by <BR>
MRMP-Managers LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">44,439</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">04/18/2024</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Common Stock by<BR>
 MRMP-Managers LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">5,011</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">04/19/2024</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Common Stock by<BR>
 MRMP-Managers LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2,700</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">04/22/2024</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Common Stock by <BR>
MRMP-Managers LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">17,048</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">04/24/2024</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Common Stock by<BR>
 MRMP-Managers LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">21,276</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">04/25/2024</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Common Stock by <BR>
MRMP-Managers LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">6,524</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">05/06/2024</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Common Stock by <BR>
MRMP-Managers LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">352</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">05/07/2024</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Common Stock by <BR>
MRMP-Managers LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,906</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">05/08/2024</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Common Stock by <BR>
MRMP-Managers LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">18,034</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">05/20/2024</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Common Stock by <BR>
MRMP-Managers LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3,451</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">05/21/2024</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Common Stock by<BR>
 MRMP-Managers LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,001</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">05/22/2024</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Common Stock by <BR>
MRMP-Managers LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3,205</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">05/29/2024</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Common Stock by <BR>
MRMP-Managers LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,210</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">05/30/2024</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Purchase of Common Stock by <BR>
MRMP-Managers LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">24,011</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">05/31/2024</FONT></TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

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

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[FORM OF BLUE CONSENT CARD]</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CONSENT
OF STOCKHOLDERS OF BARNWELL INDUSTRIES, INC. TO ACTION WITHOUT A MEETING:</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THIS CONSENT SOLICITATION IS BEING MADE BY NED L. SHERWOOD, MRMP-MANAGERS
LLC, AND NED L. SHERWOOD REVOCABLE TRUST (COLLECTIVELY, THE &ldquo;SHERWOOD GROUP&rdquo;), TOGETHER WITH JAMES C. CORNELL, HEATHER ISIDORO,
STUART I. ORAN, NED L. SHERWOOD AND GREGORY W. SULLIVAN (COLLECTIVELY, THE &ldquo;<U>NOMINEES</U>&rdquo;)</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">Unless otherwise indicated below, the undersigned, a stockholder of
record of Barnwell Industries, Inc. (the &ldquo;Company&rdquo;) as of March [&#9679;], 2025 (the &ldquo;Record Date&rdquo;), hereby consents
pursuant to Section 228 of the General Corporation Law of the State of Delaware with respect to all shares of its common stock of the
Company, par value $0.50 per share (the &ldquo;Shares&rdquo;), held by the undersigned to the taking of the following actions without
a meeting of the stockholders of the Company:<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IF
NO BOX IS MARKED FOR A PROPOSAL, THE UNDERSIGNED WILL BE DEEMED TO CONSENT TO SUCH PROPOSAL, EXCEPT THAT THE UNDERSIGNED WILL NOT BE
DEEMED TO CONSENT TO THE ELECTION OF ANY DIRECTOR WHOSE NAME IS WRITTEN IN THE SPACE PROVIDED. THE SHERWOOD GROUP RECOMMENDS THAT YOU
<U>CONSENT</U> TO PROPOSALS 1, 2 and 3.</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                            repeal any amendment to the Company&rsquo;s bylaws that is made by the Company&rsquo;s board
                                            of directors and becomes effective on or after February 4, 2025 and prior to this Proposal
                                            becoming effective.</FONT></TD>
</TR></TABLE>



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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&pound;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&pound;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&pound;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Withhold
    Consent</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Abstain</FONT></TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            removal of Kenneth S. Grossman, Joshua S. Horowitz, Alexander C. Kinzler, and Douglas. N.
                                            Woodrum from the board of directors of the Company (the &ldquo;Board&rdquo;), along with
                                            each member of the Board, if any, appointed to the Board to fill any vacancy or newly created
                                            directorship since the election of directors at the Company&rsquo;s 2025 annual meeting of
                                            stockholders and immediately prior to the effectiveness of Proposal 2.</FONT></TD>
</TR></TABLE>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&pound;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&pound;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&pound;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Withhold
    Consent</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Abstain</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INSTRUCTION:
TO CONSENT, WITHHOLD CONSENT OR ABSTAIN FROM CONSENTING TO THE REMOVAL OF ALL THE PERSONS NAMED IN PROPOSAL NO. 2, CHECK THE APPROPRIATE
BOX ABOVE. IF YOU WISH TO CONSENT TO THE REMOVAL OF CERTAIN OF THE PERSONS NAMED IN PROPOSAL NO. 2, BUT NOT ALL OF THEM, CHECK THE &ldquo;CONSENT&rdquo;
BOX ABOVE AND WRITE THE NAME OF EACH SUCH PERSON YOU <U>DO NOT</U> WISH REMOVED IN THE SPACE PROVIDED BELOW. NOTE THAT STRIKING A DIRECTOR&rsquo;S
NAME FROM THE ABOVE PROPOSAL, WITHOUT MORE, WILL NOT BE DEEMED TO BE A WITHHELD CONSENT OR AN ABSTENTION FROM SUCH DIRECTOR&rsquo;S REMOVAL.</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The election of James C. Cornell, Heather Isidoro, Stuart I. Oran,
Ned L. Sherwood and Gregory W. Sullivan as directors to fill any vacancies on the Board resulting from Proposal 2 (or if any Nominee becomes
unable or unwilling to serve as a director of Barnwell Industries, Inc. or if the size of the Board is increased, in either case prior
to the effectiveness of this Proposal, any other person who is not a director, officer, employee or affiliate of the Sherwood Group, designated
as a Nominee by the Sherwood Group). </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: top; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&pound;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&pound;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&pound;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Withhold
    Consent</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Abstain</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INSTRUCTION:
TO CONSENT, WITHHOLD CONSENT OR ABSTAIN FROM CONSENTING TO THE ELECTION OF ALL THE PERSONS NAMED IN PROPOSAL NO. 3, CHECK THE APPROPRIATE
BOX ABOVE. IF YOU WISH TO CONSENT TO THE ELECTION OF CERTAIN OF THE PERSONS NAMED IN PROPOSAL NO. 3, BUT NOT ALL OF THEM, CHECK THE &ldquo;CONSENT&rdquo;
BOX ABOVE AND WRITE THE NAME OF EACH SUCH PERSON YOU DO NOT WISH ELECTED IN THE SPACE PROVIDED BELOW. NOTE THAT STRIKING A NOMINEE&rsquo;S
NAME FROM THE ABOVE PROPOSAL, WITHOUT MORE, WILL NOT BE DEEMED TO BE A WITHHELD CONSENT OR AN ABSTENTION FROM SUCH NOMINEE&rsquo;S ELECTION.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IN
THE ABSENCE OF WITHHOLDING OF CONSENTS OR ABSTENTION BEING INDICATED ABOVE, THE UNDERSIGNED HEREBY CONSENTS TO EACH ACTION LISTED ABOVE.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IN
ORDER FOR YOUR CONSENT TO BE VALID, IT MUST BE DATED.</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: black 1.5pt solid; vertical-align: bottom; padding-bottom: 0.75pt; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2025</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: black 1.5pt solid; vertical-align: bottom; padding-bottom: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature
    (if held jointly)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: black 1.5pt solid; vertical-align: bottom; padding-bottom: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title(s):</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: black 1.5pt solid; vertical-align: bottom; padding-bottom: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
sign exactly as name appears on stock certificates or on label affixed hereto. When Shares are held by joint tenants, both should sign.
In case of joint owners, EACH joint owner should sign. When signing as attorney, executor, administrator, trustee, guardian, corporate
officer, etc., give full title as such.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THIS
SOLICITATION IS BEING MADE BY THE SHERWOOD GROUP AND THE NOMINEES AND NOT ON BEHALF OF THE COMPANY.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PLEASE
SIGN, DATE AND MAIL YOUR CONSENT PROMPTLY IN THE POSTAGE-PAID ENVELOPE ENCLOSED.</FONT></P>

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

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

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




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