X0303 4 2010-02-23 0 0000721765 LL&E ROYALTY TRUST LRTR 0001105838 ROBOTTI ROBERT 110 EAST 42ND STREET SUITE 1100 NEW YORK NY 10017 0 0 1 0 0001105627 WASIAK KENNETH R C/O PUSTORINO PUGLISI & CO LLP 515 MADISON AVENUE NEW YORK NY 10022 0 0 1 0 Units of Beneficial Interest 2010-02-23 4 D 0 4000 0.6663 A 1918821 I See Footnotes This amount was owned directly and beneficially by a discretionary brokerage customer of Robotti & Company, LLC ("Robotti & Company") and was sold as directed by the discretionary customer. This number includes 63,500 Units owned directly and beneficially by the discretionary brokerage customers of Robotti & Company and 1,300 Units owned directly and beneficially by the advisory clients of Robotti & Company Advisors, LLC ("Robotti & Company Advisors"). Each of Robert Robotti and Robotti & Company, Incorporated ("ROBT"), and each other party hereto, disclaims beneficial ownership of these Units except to the extent of his or its respective pecuniary interest therein, if any. This number includes 1,308,517 Units directly owned by RIC and beneficially owned by its partners and 545,504 Units directly owned by RI and beneficially owned by its partners. Each of Messrs. Robotti and Kenneth R. Wasiak and Ravenswood Management Company, L.L.C. ("RMC"), and each other party hereto, disclaims beneficial ownership of these Units except to the extent of his or its respective pecuniary interest therein, if any. Each of Robotti & Company, a broker-dealer registered under Section 15 of the Securities Exchange Act of 1934, as amended ("Exchange Act"), Robotti & Company Advisors, an investment adviser registered under the Investment Advisers Act of 1940, as amended, ROBT, the parent holding company for Robotti & Company and Robotti & Company Advisors, RIC, RI, RMC (together with ROBT, Robotti & Company, Robotti & Company Advisors, RIC, RI, Robert Robotti and Kenneth R. Wasiak, the "Reporting Parties"), the general partner of RIC and RI, Mr. Robotti, President and an owner of ROBT, President of Robotti & Company and Robotti & Company Advisors and a Managing Member of RMC, and Mr. Wasiak, a Managing Member of RMC, may be deemed a group (for the purpose of Rule 16a-1(a)(1) under the Exchange Act) Due to a 1000 character limit, Footnote 5 is a continuation of Footnote 4: with Spruce House Partners LP ("SHP"), Spruce House Capital LLC ("SHC," and together with SHP, Benjamin Stein, Zachary Sternberg, the "Spruce House Parties"), general partner of SHP, Mr. Stein and Mr. Sternberg, each Managing Members of SHC, due to a Joint Filing Agreement dated as of September 2, 2009 among such persons. Each of the Robotti Parties disclaims beneficial ownership of any Units owned by any of the Spruce House Parties. /s/ Robert E. Robotti 2010-02-25 /s/ Kenneth R. Wasiak 2010-02-25 Ravenswood Management Company, L.L.C. 2010-02-25 The Ravenswood Investment Company, L.P. 2010-02-25 Ravenswood Investments III, L.P. 2010-02-25 Robotti & Company, Incorporated 2010-02-25 Robotti & Company, LLC 2010-02-25 Robotti & Company Advisors, LLC 2010-02-25