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Michael McAuliffe General Counsel/Secretary 08/19/2012 02/01/2016 <br />James Sanderson Vice President/Asst.Treasurer 04/23/2014 01/15/2016 <br />Oxbow Carbon & Minerals Holdings, Inc. owns 58.0504% of the interest in Oxbow Carbon <br />LLC as the major shareholder. <br />Crestview -Oxbow Acquisition, LLC, a Delaware limited liability company owns 21.9523% <br />of the interest in Oxbow Carbon LLC with no other owners in excess of 10% ownership. <br />Joan Granlund 2008 Trust, as Minority owner 3.8025% of the Company, cannot commit <br />the financial or real property assets or working resources of Oxbow Mining, LLC nor do <br />they control any of the Terror Creek Loadout Operations. <br />Oxbow Mining, LLC <br />Ownership Chart <br />As of November 7, 2016 <br />Oxbow Carbon & Minerals Holdings, Inc. <br />(Delaware) owns 58.0504% <br />of Oxbow Carbon, LLC <br />MR -29 2.03-7 Rev. Aug. 2016 <br />