Q: How could this purchase have had an impact on the image of government revenues? What is the potential of trona revenues? The government currently receives redundancy tax revenues and a share of federal mineral licences for coal, oil, gas and trona. If the purchase had taken place, the state would continue to receive its share of federal mineral licences on federal assets. If the state were to own Western assets, the income from these assets could increase. As with real estate agents, Barclays` fees were based in part on the potential purchase price of the property. As there is no purchase, most fees are not paid. The governor kept saying that if the purchase price was too high to be a prudent investment, there would be no purchase. That is what happened. Barclays has not set the purchase price – it is a decision between Occidental and the successful bidder. The purchase would also have many other benefits for Wyoming residents by facilitating the management of checkered land in southwestern Wyoming, providing more and better public access for recreation and hunting, and giving Wyoming more tools to achieve multi-use development, including grazing and the development of traditional and non-traditional energy resources. Q: If the purchase had taken place, how would the state have managed these lands and minerals? A: The Treasury manages investments of about $20 billion. Prior to this purchase, the investment would have been part of this portfolio and would have been subject to publicly available reports by the tax office. If the SLIB had chosen to acquire this property, it would have provided for public participation, as required by law.

Prior to the vote, SLIB members discussed investment opportunities for the eventual purchase. The application adopted contained the parameters that the non-binding offer must not exceed an amount that would meet the standards of the prudent investor government rule. In other words, if the Western country and minerals are purchased by the state, the income received by Wyoming residents is expected to meet or exceed the current returns the state receives through other financial assets. A: The state currently manages millions of lands and mineral lands in Wyoming through the Board of Land Commissioners. Da dieser Kauf auch als Investition angesehen wurde, wird es weitere Diskussionen geben, um festzustellen, ob diese Immobilie in einem anderen Portfolio durch den Landes- und Investitionsausschuss und die Landesbeauftragten verwaltet wird. The five nationally elected officials (governor, secretary of state, treasurer, auditor and superintendent of public education) form the two boards of directors. They will continue to be responsible for the general administration of all state lands and minerals. Q: Why did the governor decide to recommend that the potential purchase price come from public investment funds? A: Our task was to assess the investment potential of the asset and determine whether and at what price an offer should be made. As such, our offer was based on a well-documented analysis of the asset and a well-founded assessment of what it could add to our portfolios. It is important that our analysis focus on the value of the marketable aspects of the proposed purchase, not on the so-called additional benefits such as improved public access or simpler management. The revision also did not rely on revenues generated by the development of renewable energy in the region.

The potential for wind and solar development is not yet fully understood at this stage, so estimating tax revenues from this source would be highly speculative. Our analysis also took into account additional administrative costs, the loss of tax revenues for counties, potential environmental commitments and the potential for other unforeseen complications. Our valuation was not influenced by speculation about a possible resale of one of the assets.