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            &lt;font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"&gt;(1)&lt;/font&gt;

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        &lt;td style="VERTICAL-ALIGN: top"&gt;

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            &lt;font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"&gt;In

            the opinion of management, the accompanying unaudited

            financial statements contain all adjustments

            (consisting of only normal recurring accruals)

            necessary to present fairly the financial position of

            Texas Pacific Land Trust (the &amp;#8220;Trust&amp;#8221;) as

            of June 30, 2013 and the results of its operations for

            the three month and six month periods ended June 30,

            2013 and 2012, respectively, and its cash flows for the

            six month periods ended June 30, 2013 and 2012,

            respectively. The financial statements and footnotes

            included herein should be read in conjunction with the

            Trust&amp;#8217;s annual financial statements as of

            December 31, 2012 and 2011 and for each of the years in

            the three year period ended December 31, 2012 included

            in the Trust&amp;#8217;s Annual Report on Form 10-K for the

            year ended December 31, 2012.&lt;/font&gt;

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