Barnwell Industries Remains Committed to Sound Corporate Governance

Core Viewpoint - Barnwell Industries, Inc. is committed to serving the best interests of all shareholders and maintaining governance best practices amidst ongoing attempts by the Sherwood Group to take control of the company [1][2]. Governance and Board Composition - The Board of Directors of Barnwell has welcomed Heather Isidoro as a new member, reflecting shareholder input and a commitment to long-term value creation [3][4]. - Barnwell's directors are experienced and aligned with shareholder interests, focusing on long-term value rather than personal agendas [2]. Response to Sherwood Group - Both Institutional Shareholder Services and Glass Lewis have rejected the Sherwood Group's attempts to take control, recommending shareholders vote for Barnwell's current directors [5]. - The Sherwood Group has been accused of distorting facts and lacking a credible plan for Barnwell's future, with no clear operating strategy or vision presented [7][10]. Company Performance and Strategy - Under the current Board's oversight, Barnwell has executed profitable land sales in Hawaii, maintained discipline through volatile energy cycles, reduced non-proxy contest related SG&A expenses, and explored strategic capital allocation opportunities [8]. - Barnwell has offered the Chairmanship to Mr. Sherwood as a gesture of good faith, which he rejected, indicating a lack of genuine interest in collaboration [9]. Legal and Governance Matters - Barnwell is awaiting a decision from the Delaware Court of Chancery regarding the validity of the Sherwood Group's nomination notice for the upcoming 2025 annual meeting [11]. - The company remains open to constructive discussions with the Sherwood Group to resolve governance matters collaboratively [12].