SABINE ROYALTY TRUST

Because of the passive nature of the Trust’s assets and the restrictions on the power of the Trustee to incur obligations, it is anticipated that the only liabilities the Trust will incur are those for routine administrative expenses, such as trustee’s fees, accounting, engineering, legal and other professional fees. The total general and administrative expenses for the Trust for 2023 were $3,564,339 of which, pursuant to the terms of the Trust Agreement, $67,800 was paid to Simmons Bank, as Trustee, and $203,200 was paid to Simmons Bank as escrow agent. $477,800 was paid to Argent Trust Company, as Trustee, and $1,433,600 was paid to Argent Trust Company, as escrow agent, respectively.