<SEC-DOCUMENT>0001213900-25-023434.txt : 20250313
<SEC-HEADER>0001213900-25-023434.hdr.sgml : 20250313
<ACCEPTANCE-DATETIME>20250313083639
ACCESSION NUMBER:		0001213900-25-023434
CONFORMED SUBMISSION TYPE:	PRRN14A
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20250313
DATE AS OF CHANGE:		20250313

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:		PRRN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-05103
		FILM NUMBER:		25733951

	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:		PRRN14A

	MAIL ADDRESS:	
		STREET 1:		151 TERRAPIN POINT
		CITY:			VERO BEACH
		STATE:			FL
		ZIP:			32963
</SEC-HEADER>
<DOCUMENT>
<TYPE>PRRN14A
<SEQUENCE>1
<FILENAME>ea0234250-prrn14a_barnwell.htm
<DESCRIPTION>REVISED PRELIMINARY CONSENT STATEMENT
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><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: 0pt 0; text-align: center"> <B>Securities Exchange Act of 1934 (Amendment
No. 2)</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="vertical-align: top; width: 0.25in; text-align: left">&#9746;</TD><TD STYLE="vertical-align: middle; 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">&#9744;</TD><TD STYLE="vertical-align: middle; 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="vertical-align: top; width: 0.25in; text-align: left">&#9744;</TD><TD STYLE="vertical-align: middle; 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="vertical-align: top; width: 0.25in; text-align: left">&#9744;</TD><TD STYLE="vertical-align: middle; 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="vertical-align: top; width: 0.25in; text-align: left">&#9744;</TD><TD STYLE="vertical-align: middle; 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>

<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="vertical-align: top; width: 0.25in; text-align: left">&#9746;</TD><TD STYLE="vertical-align: middle; 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>

<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="vertical-align: top; width: 0.25in; text-align: left">&#9744;</TD><TD STYLE="vertical-align: middle; 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="vertical-align: top; width: 0.25in; text-align: left">&#9744;</TD><TD STYLE="vertical-align: middle; 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: 0pt 0"> March 13, 2025 </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 STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> BRN&rsquo;s
                                            share price during the past several years has been abysmal. Since Kinzler was named President
                                            &amp; COO in 2002, and as of the date this Consent Solicitation was originally filed on March
                                            4, 2025, 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. </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">

<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 for all shareholders 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 13, 2025 </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 2026 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 STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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. The Board has
                                            announced that the record date for this consent solicitation is March 14, 2025 (the &ldquo;Record
                                            Date&rdquo;). </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">

<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">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 to
serve on the Board of Directors until the 2026 annual meeting of the stockholders of the Company or his or her earlier resignation or
removal. 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.</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 12
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: 0pt 0"><B>IF THE CONSENT SOLICITATION IS SUCCESSFUL, WILL IT HAVE ANY
EFFECT ON THE MATERIAL AGREEMENTS OF THE COMPANY?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">The Company&rsquo;s 2018 equity incentive plan (the &ldquo;2018 Equity Plan&rdquo;), in the form filed with the SEC, and any award thereunder,
may be impacted if the consent solicitation is successful and the existing Board (or a majority thereof) is removed and replaced by the
Nominees. In that circumstance, a &ldquo;Change of Control&rdquo; may be deemed to occur under the 2018 Equity Plan, which would result
in the acceleration of the vesting of any unvested awards.</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>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 12.</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"> Stuart I. Oran &ndash; 145 Central
Park West, New York, NY 10023 </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: 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>

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<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>

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<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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<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 STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> <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 and stockholder costs incurred by Barnwell, at Mr. Kinzler&rsquo;s
                                            direction, to fight the Sherwood Group were approximately $1.5 million<SUP>2</SUP>. 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). </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">



<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
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>

<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>

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<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 (defined below and described later in this section) provided by the Sherwood Group
                                            to the Company in February of 2025, and the Sherwood Group believes the Majority Board took
                                            this opportunity, improperly and without evidence, to defame Mr. Woodrum and Mr. Narbut in
                                            a press release issued by the Company on February 25, 2025. </TD>
</TR>
     </TABLE>

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

<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>2</SUP> </TD><TD STYLE="text-align: justify">See page
                                            46 of Barnwell&rsquo;s 2022 Form 10-K, filed with the SEC on December 29, 2022.</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).</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"><FONT STYLE="background-color: white">&nbsp;</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"><FONT STYLE="background-color: white">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: 0pt 0; text-indent: 0.5in"><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 immediately impacted by the plan. Other
stockholders who currently own less than 20% of the outstanding Common Stock would also be impacted as they would <FONT STYLE="background-color: white">be </FONT>restricted
from acquiring a 20% stake in the Company without the consent of the Board. 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 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. Given representations made by the Special Committee and Mr. Kinzler
in settlement discussions regarding Mr. Kinzler having 25% of the vote by including shares of the Magaro family and others (despite the
absence of SEC filings disclosing any such &ldquo;group&rdquo;), it is not clear what impact this has on the 2025 poison pill. The Sherwood
Group sent a <FONT STYLE="background-color: white">books and records request under Section 220 of the Delaware General Corporation Law
on February 18, 2025 (&ldquo;February 18 220 Demand&rdquo;) inquiring about this but has received no response to the February 18 220 Demand.
</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> <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 a notice during the appropriate nomination window and pursuant to Section
1.13(A)(2) of the Company&rsquo;s bylaws (an &ldquo;Advance Notice&rdquo;), 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 that includes up to five directors
nominated by the Sherwood Group. The Advance Notice put forth the following nominees: (i) existing director Douglas Woodrum, (ii) Heather
Isidoro (a highly experienced oil and gas professional who is also on the slate for the Consent Solicitation), (iii) Brian Henry (a seasoned
M&amp;A executive), (iv) Ben Pierson (an investment professional with over 20 years of experience as well as extensive oil and gas expertise)
and (v) Ned Sherwood (together, the &ldquo;Advance Notice Slate&rdquo;). In earlier discussions around a proposed settlement, Mr. Sherwood
presented, the nominees comprising the Advance Notice Slate to the Special Committee (consisting of Grossman and Horowitz); they rejected
Mr. Sherwood&rsquo;s proposal. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> The response from Barnwell, including the Special
Committee (consisting of Grossman and Horowitz) and the Executive Committee (consisting of Kinzler, Grossman and Horowitz), repeatedly
found fault with the proposed nominees. Finally, in response to the Advance Notice - but after the proper notice period had expired -
the Executive Committee responded on February 24, 2025 alleging defects in the form and content of the Advance Notice (the &ldquo;Advance
Notice Response&rdquo;), and ominously noting that the Executive Committee &ldquo;is strongly inclined to declare the [Advance Notice]
invalid and disqualify the Sherwood Nominees.&rdquo; </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> Among the alleged defects of the Advance Notice
were failure to disclose the 5% owners of the Common Stock, while acknowledging that the information already appeared in the Company&rsquo;s
10-K/A filing, an estimate of the costs incurred to date by the Sherwood Group, and a description of any employees of the Sherwood Group
that would be engaged in the solicitation. We believe that these issues are among the type commonly raised by incumbent boards in resisting
stockholder choice. In addition, the Advance Notice Response made further allegations and gross assumptions related to share ownership
of the proposed director nominees, including falsely alleging the existence of a &ldquo;group&rdquo; as well as making baseless and inappropriate
threats to trigger the 2025 poison pill. </P>

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> This response from the Executive Committee,
in effect, was that Barnwell stockholders should not have a choice for the upcoming 2025 annual meeting. Instead, the incumbent board
should be allowed to remain in place for another year without challenge. And, in fact, the Executive Committee did just that. By a press
release dated March 5, 2025, Barnwell announced that it did in fact &ldquo;Disqualif[y] Ned Sherwood&rsquo;s Board Nominees.&rdquo; This
announcement, of course, followed the Sherwood Group&rsquo;s filing of the March 4 Consent Solicitation and appears to represent a strategy
by the Executive Committee to continue its entrenchment campaign. Although the Advance Notice Response was received after the proper
nomination window closed, and therefore Barnwell should have been precluded from alleging any such defects without also allowing Mr.
Sherwood proper and ample time to address their allegations, Mr. Sherwood diligently responded on March 10, 2025, supplementing the Advance
Notice to address all alleged defects (the &ldquo;Amended Advance Notice&rdquo;) as more fully discussed below. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><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. Even after all of this, Mr. Sherwood made repeated attempts to settle with
the existing Board in an effort to save costs, even offering for Mr. Horowitz to remain on the Board as a compromise and providing a
potential Board seat for Mr. Kinzler to nominate another director. Repeatedly, the Special Committee insisted that Grossman, Kinzler
and Horowitz should all be entitled to remain on the Board. Again and again, the Special Committee proposed slates in settlement discussions
that <B><I>always</I></B> included Grossman, Kinzler and Horowitz despite repeated objections from Mr. Sherwood. Their continued and
repeated objections to highly qualified candidates proposed by Mr. Sherwood in the Advance Notice led Mr. Sherwood to the belief that
a 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 identified five nominees, four of which are completely independent from the Sherwood Group (and three of which were completely
different from the Advance Notice Slate in order to shut down inappropriate tactics on the part of the Special Committee, including their baseless and inappropriate threats to trigger the
2025 poison pill). As outlined
herein, the nominees put forth in this Consent Solicitation include (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;Consent Solicitation Slate&rdquo;). The
Consent Solicitation Slate has 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> &nbsp; <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> <B><I>March
                                            10 Advance Notice Amendment:</I></B> While Mr. Sherwood is proceeding forward with the Consent
                                            Solicitation and the Consent Solicitation Slate, Mr. Sherwood remains concerned about the
                                            repeated actions taken by existing directors Kinzler, Grossman and Horowitz to entrench themselves
                                            for another year at shareholder expense. Also, Mr. Sherwood is concerned that continued antics
                                            by the Special Committee and Executive Committee will thwart his efforts to allow for a proper
                                            shareholder vote through this consent solicitation process that could ultimately result in
                                            their removal. As such, the Sherwood Group believed it was imperative to preserve their rights
                                            pursuant to the previously submitted Advance Notice which required the Sherwood Group to
                                            maintain the Advance Notice Slate (despite the fact that it differs from the Consent Solicitation
                                            Slate). As such, on March 10, 2025, Mr. Sherwood submitted the Amended Advance Notice. The
                                            Amended Advance Notice rejected the Executive Committee&rsquo;s outright rejection of Mr.
                                            Sherwood&rsquo;s Advance Notice Slate and proceeded to supplement the Advance Notice to address
                                            all alleged defects. To the extent the Consent Solicitation is not successful as a result
                                            of actions of Kinzler, Grossman and Horowitz to entrench themselves, the Sherwood Group will
                                            move forward with a proxy contest in connection with the 2025 annual meeting. </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">By letter dated March 11, 2025, the Executive
Committee acknowledged the receipt of the additional requested information contained in the Amended Advance Notice, but advised that
in its view the information was &ldquo;untimely.&rdquo; This response made clear that there was no circumstance under which the Executive
Committee was going to allow the Advance Notice Slate to be presented at the Company&rsquo;s annual meeting, absent a court compelling
it to do so after expensive litigation and delays.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Sherwood Group believes that the consent
solicitation process would reduce costs for both Barnwell and the Sherwood Group. It was clear from the Company&rsquo;s response to the
Advance Notice that there would be significant litigation costs incurred on both sides in a dispute over including the nominees in the
Advance Notice in the Company&rsquo;s proxy statement. Nonetheless, the Sherwood Group is pursuing the proxy solicitation process as
well as this consent solicitation process as it believes these actions are in the best interests of all shareholders.</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: 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>

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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>

<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"></font></p>

<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 has five seats, four of which are filled, with 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 until the 2026 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; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Biographies
of our Nominees are included below:</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>James
(Jim) C. Cornell, Age 70</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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Jim has over 37 years of experience in the
global nuclear fuel industry, He currently and since 2009 when he founded together with Cadent Energy Partners, serves as President of
NuCore Energy LLC. 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.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><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">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, Age 48</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: 0; text-align: left; text-indent: 0.5in">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. Presently and since 2002 (including the last five
years), Ms. Isidoro currently owns her own consulting company, Square 1 Advisory Inc.</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">&nbsp;</FONT></P>

<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"><B>Stuart I. Oran, Age 74</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0">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 July 2002, he founded a merchant banking firm, Roxbury Capital Group, where he has served 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, as a Partner. He is currently a
Senior Advisor and Partner Emeritus for Liberty Hall Capital Partners.</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>



<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"><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">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>

<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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ned
L. Sherwood, Age 75</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">&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">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>

<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">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, Age 70</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">&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 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. Mr. Sullivan
has been retired since 2015 and has held no principal occupation or employment in the past five years.</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="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>

<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"></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 0; text-indent: 0.5in">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 consent 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) The election of each Nominee 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If 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. If there is a tie among one or more Nominees to fill such seat, and Mr. Sherwood is one of those Nominees, then Mr.
Sherwood shall be elected to fill such seat. Otherwise, a tie among Nominees shall be filled in alphabetical order.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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 first by Mr. Sherwood,
if he is among those with the same number of consents, and then with such other Nominees in alphabetical order.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> If Proposal 2 is approved
with respect to all seated directors but Proposal 3 is not approved with respect to any Nominee, then, in order to avoid the circumstance
by which Barnwell would have no seated directors, the Sherwood Group would revoke any consent it had previously delivered to the Company
and re-submit a new consent whereby the Sherwood Group would consent to Proposal No. 2 but would specifically identify Douglas N. Woodrum
as a director that they do not wish to be removed in the space provided on the consent card for the Sherwood Group. Mr. Woodrum, being
the sole remaining director, would then appoint the remaining Board in accordance with Delaware law and the Company&rsquo;s bylaws. There
is no agreement between or among Mr. Woodrum, the Sherwood Group and the Nominees as to who Mr. Woodrum would select to serve on the
Board in that circumstance. Similarly, in the event that, for example, only two of the four current directors are removed and only one
Nominee is elected, leaving three directors, those three directors would be able to appoint two additional directors to fill the vacant
seats. </P>

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

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

<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>


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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"> &nbsp; <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> The
                                            Board has announced that the record date for this consent solicitation is March 14, 2025
                                            (the &ldquo;Record Date&rdquo;). </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">

<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. If you are a record holder you can indicate your consent electronically
or by telephone as set forth on the consent card.</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"><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">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. The Sherwood Group
does not intend to submit the question of such reimbursement to a vote of the security holders of the Company. Costs related to the solicitation
of consents include expenditures for attorneys, advisors, printing, advertising, postage and related expenses and fees.</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">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">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, Internet, in person and by advertisements.</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">&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">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 agreed 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 LLC</B></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: 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>ANNEX
I</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="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>

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

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



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

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

<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>

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

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

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

<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>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25pt 0pt 0; text-align: center"><b>PRELIMINARY COPY SUBJECT TO COMPLETION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25pt; text-align: center"> <B>DATED MARCH 13, 2025</B> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25pt; text-align: center"><B></b></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"><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: 0pt 0">Unless otherwise indicated below, the undersigned, a stockholder
of record of Barnwell Industries, Inc. (the &ldquo;Company&rdquo;) as of March 14, 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:<b>&nbsp;</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>IF NO BOX IS MARKED FOR A PROPOSAL, THE UNDERSIGNED WILL BE
DEEMED TO CONSENT TO SUCH PROPOSAL, THE SHERWOOD GROUP RECOMMENDS THAT YOU <u>CONSENT</u> TO PROPOSALS 1, 2 and 3.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></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">&#9744;</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">&#9744;</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">&#9744;</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"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></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="vertical-align: top">
    <td style="width: 0.25in">&nbsp;</td>
    <td style="width: 0.25in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</font></td>
    <td style="font-size: 10pt"><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 2024 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">&#9744;</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">&#9744;</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">&#9744;</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"></p>

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr>
    <td style="width: 24px; font-size: 10pt">&nbsp;</td>
    <td style="vertical-align: top; width: 24px; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</font></td>
    <td style="vertical-align: top; font-size: 10pt"><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, in each case,
    consistent with Delaware law and the Company&rsquo;s bylaws) until the 2026 annual meeting of the stockholders of the Company or
his or her earlier resignation or removal. </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">&#9744;</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">&#9744;</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">&#9744;</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>

<!-- Field: Page; Sequence: 29 -->
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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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<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">&nbsp;</p>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="vertical-align: bottom; text-align: right; width: 35%"><IMG SRC="image_001.jpg" ALT=""></TD>
  <TD STYLE="padding-left: 5pt; vertical-align: middle; text-align: left; width: 65%">Internet voting: www.AALvote.com/<B>MRMP</B></TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="vertical-align: bottom; text-align: right; width: 38%"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD>
  <TD STYLE="padding-left: 5pt; vertical-align: middle; text-align: left; width: 62%"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: right"><IMG SRC="image_002.jpg" ALT=""></TD>
  <TD STYLE="padding-right: 0pt; vertical-align: middle; text-align: left; padding-left: 5pt">Telephone voting: 1-866-804-9616</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"><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>




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