SAN JUAN BASIN ROYALTY TRUST

SAN JUAN BASIN ROYALTY TRUST is an express trust established under Texas law on November 1, 1980, through an indenture between Southland Royalty Company and The Fort Worth National Bank. The original indenture was amended and restated on September 30, 2002, and again on December 12, 2007. A further amendment, the First Amendment to the Amended and Restated Royalty Trust Indenture, was dated February 15, 2024. The Trust's operations involve a Trustee responsible for its administration. PNC Bank, National Association, served as the Trustee from October 8, 2021, until February 14, 2024. Effective February 15, 2024, Argent Trust Company, a Tennessee chartered trust company, became the successor Trustee. The principal office of the Trust is located at 3838 Oak Lawn Avenue, Suite 1720, Dallas, Texas 75219. Argent Trust Company, as the current Trustee, operates under the terms and conditions of the Indenture.