Enduro Royalty Trust Company Culture

Mr. John W. Arms is a Co-Founder of Enduro Royalty Trust and Executive Vice President. Mr. Arms is the Founder of Enduro Resource Partners LLC and serves as its Manager. He served as the Chief Operating Officer at Enduro Royalty Trust. He served as Senior Vice President of Acquisitions of Encore Acquisition Co. from February, 2007 to March 2010. He has over 20 years of experience working in various capacities in the energy industry, including acquisition analysis, reserve estimation, reservoir engineering and operations engineering. Mr. Arms served as Senior Vice President of Acquisitions of Encore Energy Partners GP LLC - general partner at Encore Energy Partners LP since February, 2007. He was an Executive Vice President and Chief Operating Officer of Enduro Sponsor since March 2010. He co-founded Enduro Sponsor in March 2010. He served as Vice President of Business Development of Encore Acquisition Co. from September 2001 to February 2007. From November 1998 to September 2001, Mr. Arms served in various petroleum engineering positions for Encore Acquisition Co. Prior to Encore Acquisition Co. in November 1998, he served as a Senior Reservoir Engineer for Union Pacific Resources and an Engineer at XTO Energy, Inc. He held various positions of responsibility at ARCO Oil and Gas Company. Mr. Arms received a Bachelor of Science in Petroleum Engineering from the Colorado School of Mines in 1991.

Mr. Bill R. Pardue has been the Director of Engineering and Operations at Enduro Resource Partners LLC (Enduro Sponsor) since May 2010. Mr. Pardue serves as the Director of Engineering and Operations at Enduro Royalty Trust. Prior to joining Enduro Sponsor, Mr. Pardue served as the Asset Manager of Encore Energy from May 2007 to May 2010. Mr. Pardue also served as the Engineering Manager for EAC from June 2005 to May 2007 in the Permian and Mid-Continent regions. At EAC, Mr. Pardue also worked in various petroleum engineering positions from November 2000 to May 2005. Prior to joining EAC, Mr. Pardue served as Production and Reservoir Engineer for Meridian Oil/Burlington Resources from 1996 to 2000. Mr. Pardue received a Bachelor of Science in Petroleum Engineering from Texas Tech University and a Master of Business Administration from Texas Christian University. Mr. Pardue is also a registered Professional Engineer in the State of Texas.