PNC Bank to resign as San Juan Basin Royalty Trust trustee; nominates Argent Trust as successor

SAN JUAN BASIN ROYALTY TRUST

PNC Bank entered an Agreement of Conditional Resignation to step down as SJT trustee, nominating Argent Trust Company as successor.
Resignation and appointment are subject to unitholder approval and required indenture amendments.
A special meeting of unitholders is scheduled for December 2023 to vote on the successor trustee and amendments.
PNC cites the decision based on royalty trust administration not being part of its long-term strategy.

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