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Texas Pacific Land Trust Third Quarter Earnings Release (Unaudited)

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Texas Pacific Land Trust (NYSE:TPL) :

TEXAS PACIFIC LAND TRUST

REPORT OF OPERATIONS – UNAUDITED

Three Months Ended

September 30, 2014 September 30, 2013
Rentals, royalties and other income $ 14,433,343 $ 9,735,009
Land sales 323,125 5,201,600
Total income $ 14,756,468 $ 14,936,609
Provision for income tax $ 4,512,504 $ 4,672,797
Net income $ 9,366,043 $ 9,431,118
Net income per sub-share $ 1.11 $ 1.10
Average sub-shares outstanding during period 8,406,403 8,602,550

Nine Months Ended

September 30, 2014 September 30, 2013
Rentals, royalties and other income $ 39,927,955 $ 26,084,208
Land sales 1,993,730 5,533,188
Total income $ 41,921,685 $ 31,617,396
Provision for income tax $ 12,700,879 $ 9,297,901
Net income $ 26,530,128 $ 19,699,402
Net income per sub-share $ 3.15 $ 2.28
Average sub-shares outstanding during period 8,425,346 8,657,125

This news release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding the Trust’s future operations and prospects, the markets for real estate in the areas in which the Trust owns real estate, applicable zoning regulations, the markets for oil and gas, production limits on prorated oil and gas wells authorized by the Railroad Commission of Texas, expected competition, management’s intent, beliefs or current expectations with respect to the Trust’s future financial performance and other matters. We assume no responsibility to update any such forward-looking statements.

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