Notes: November 18, 2019 -- BBVA USA, as Trustee of the San Juan Basin Royalty Trust (NYSE:SJT), today confirmed that it will not declare a monthly cash distribution to the holders of its Units of beneficial interest due to the Trustee replenishing the Trust’s cash reserves. For the production month of September 2019, the operator of the Trust’s subject interests, Hilcorp San Juan L.P. reported to the Trust profits of $267,285 gross ($200,464 net to the Trust). Hilcorp has recouped all of the excess production costs, being $2,614,448 gross ($1,960,836 net to the Trust), that had accumulated against the subject interests since the June 2019 distribution. After payment of the Trust’s administrative expenses for the month, the Trustee will replenish the Trust’s cash reserves by net amount of $95,130. No cash distributions will be distributed by the Trust until future net proceeds are sufficient to pay then-current Trust liabilities and replenish cash reserves to the previously established amount of $1.0 million. As of October 31, 2019, the Trust’s cash reserves were $516,708.