Risk Factors Update Summary

• Net profits attributable to the Underlying Properties decreased by $8.2 million from 2022 to 2023.
• Addition of a Clawback Policy to recoup Erroneously Awarded Compensation from Covered Executives.
• Proceeds to the Trust and cash distributions to Trust unitholders will decrease over time due to new regulations. This might result in a significant decrease in cash distributions to Trust unitholders.
• New regulatory initiatives in the U.S. related to climate change could impact the Trust.
• Oil sales decreased by $10.0 million, primarily due to lower sales volumes.
• Implementation of a Policy to recover excess Incentive-Based Compensation in the event of an Accounting Restatement.
• The Sponsor may withhold $50,000 from cash available for distribution each month to build a cash reserve of approximately $2.3 million. This could impact future cash distributions.
• Compliance with the SEC's final rule on climate-related disclosures may result in increased costs.
• The Trustee withheld $37,833 from distributions and intends to withhold $50,000 in the future to build a cash reserve. This may affect the amount available for distribution to Trust unitholders.
• Prohibition on indemnification and insurance reimbursement for Covered Executives regarding Erroneously Awarded Compensation.
• Theorized effects of increasing GHGs on severe weather could adversely impact the Trust.
• Natural gas sales decreased by $3.2 million due to lower sales volumes and prices.
• Compression, gathering, and transportation expenses decreased from $3.4 million in 2021 to $1.7 million in 2023.
• Decrease in proved undeveloped reserves by 0.2 MMBoe may affect future production.
• Reduction in capital expenditures from $6.0 million to $5.0 million for 2024 may impact operations.
• Development expenses decreased by $2.1 million due to drilling and completion costs in 2022.
• Decline in average NYMEX oil price from $94.57 per Bbl in 2022 to $77.65 per Bbl in 2023.
• Lease operating expenses decreased by $1.4 million due to a settlement with an operator.
• Decrease in natural gas price from $6.41 per MMBtu in 2022 to $2.54 per MMBtu in 2023.
• The Trust withheld $1.7 million for general and administrative expenses in 2022 compared to $0.9 million in 2023.