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      <GeneralExplanation>
        <Identifier>Part XI, Line 5</Identifier>
        <ReturnReference>Other Changes in Net Assets</ReturnReference>
        <Explanation>Estimated Claims Incurred but not Paid or Reported 369,245</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Part VII, Section A, Line 1, Column E</Identifier>
        <ReturnReference>Reportable Compensation from Related Organizations</ReturnReference>
        <Explanation>Zachary Shipley's compensation is for services rendered to a related organization and is paid by the related organization in the form of a guaranteed payment reportable on Schedule K-1. Zachary is not compensated for services provided to Oxbow Affiliated Companies Health Benefit Plan.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>HOURS DEVOTED FOR RELATED ORGANIZATION</Identifier>
        <ReturnReference>FORM 990 PART VII</ReturnReference>
        <Explanation>NAME:ZACHARY K. SHIPLEY TITLE:TRUSTEE HOURS:40</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
    <IRS990ScheduleR documentId="IRS990ScheduleR">
      <Form990ScheduleRPartIII>
        <NameOfRelatedOrg>
          <BusinessNameLine1>Oxbow Carbon LLC</BusinessNameLine1>
        </NameOfRelatedOrg>
        <AddressUS>
          <AddressLine1>1601 Forum Pl</AddressLine1>
          <City>W Plm Bch</City>
          <State>FL</State>
          <ZIPCode>33401</ZIPCode>
        </AddressUS>
        <EIN>208709417</EIN>
        <PrimaryActivity>Petroleum product</PrimaryActivity>
        <LegalDomicileState>FL</LegalDomicileState>
        <DirectControllingEntityName>
          <BusinessNameLine1>na</BusinessNameLine1>
        </DirectControllingEntityName>
        <PredominantIncomeType>n/a</PredominantIncomeType>
      </Form990ScheduleRPartIII>
      <Form990ScheduleRPartIV>
        <NameOfRelatedOrg>
          <BusinessNameLine1>Oxbow Calcining USA Inc</BusinessNameLine1>
        </NameOfRelatedOrg>
        <AddressUS>
          <AddressLine1>1601 Forum Pl Ste 1400</AddressLine1>
          <City>West Palm Beach</City>
          <State>FL</State>
          <ZIPCode>33401</ZIPCode>
        </AddressUS>
        <EIN>760576974</EIN>
        <PrimaryActivity>Holding Company</PrimaryActivity>
        <LegalDomicileState>DE</LegalDomicileState>
        <DirectControllingEntityName>
          <BusinessNameLine1>na</BusinessNameLine1>
        </DirectControllingEntityName>
        <TypeOfEntity>C</TypeOfEntity>
      </Form990ScheduleRPartIV>
      <Form990ScheduleRPartIV>
        <NameOfRelatedOrg>
          <BusinessNameLine1>Centurion Residence Services Inc</BusinessNameLine1>
        </NameOfRelatedOrg>
        <AddressUS>
          <AddressLine1>1601 Forum Pl Ste 1400</AddressLine1>
          <City>West Palm Beach</City>
          <State>FL</State>
          <ZIPCode>33401</ZIPCode>
        </AddressUS>
        <EIN>650261002</EIN>
        <PrimaryActivity>Domestic svcs</PrimaryActivity>
        <LegalDomicileState>DE</LegalDomicileState>
        <DirectControllingEntityName>
          <BusinessNameLine1>na</BusinessNameLine1>
        </DirectControllingEntityName>
        <TypeOfEntity>S</TypeOfEntity>
      </Form990ScheduleRPartIV>
      <Form990ScheduleRPartIV>
        <NameOfRelatedOrg>
          <BusinessNameLine1>Oxbow Carbon &amp; Minerals Holdings Inc</BusinessNameLine1>
        </NameOfRelatedOrg>
        <AddressUS>
          <AddressLine1>1601 Forum Pl Ste 1400</AddressLine1>
          <City>West Palm Beach</City>
          <State>FL</State>
          <ZIPCode>33401</ZIPCode>
        </AddressUS>
        <EIN>232432218</EIN>
        <PrimaryActivity>Holding Company</PrimaryActivity>
        <LegalDomicileState>DE</LegalDomicileState>
        <DirectControllingEntityName>
          <BusinessNameLine1>na</BusinessNameLine1>
        </DirectControllingEntityName>
        <TypeOfEntity>S</TypeOfEntity>
      </Form990ScheduleRPartIV>
      <Form990ScheduleRPartIV>
        <NameOfRelatedOrg>
          <BusinessNameLine1>Gunnison Energy Corporation</BusinessNameLine1>
        </NameOfRelatedOrg>
        <AddressUS>
          <AddressLine1>1601 Forum Pl Ste 1400</AddressLine1>
          <City>West Palm Beach</City>
          <State>FL</State>
          <ZIPCode>33401</ZIPCode>
        </AddressUS>
        <EIN>651106222</EIN>
        <PrimaryActivity>Drilling</PrimaryActivity>
        <LegalDomicileState>DE</LegalDomicileState>
        <DirectControllingEntityName>
          <BusinessNameLine1>na</BusinessNameLine1>
        </DirectControllingEntityName>
        <TypeOfEntity>S</TypeOfEntity>
      </Form990ScheduleRPartIV>
      <Form990ScheduleRPartIV>
        <NameOfRelatedOrg>
          <BusinessNameLine1>Oxbow Corporation</BusinessNameLine1>
        </NameOfRelatedOrg>
        <AddressUS>
          <AddressLine1>1601 Forum Pl Ste 1400</AddressLine1>
          <City>West Palm Beach</City>
          <State>FL</State>
          <ZIPCode>33401</ZIPCode>
        </AddressUS>
        <EIN>042800610</EIN>
        <PrimaryActivity>Management Svcs</PrimaryActivity>
        <LegalDomicileState>MA</LegalDomicileState>
        <DirectControllingEntityName>
          <BusinessNameLine1>na</BusinessNameLine1>
        </DirectControllingEntityName>
        <TypeOfEntity>C</TypeOfEntity>
      </Form990ScheduleRPartIV>
      <ReceiptOfIntAnnRentsRoyalties>false</ReceiptOfIntAnnRentsRoyalties>
      <GiftGrantOrCapContrToOtherOrg>false</GiftGrantOrCapContrToOtherOrg>
      <GiftGrantOrCapContrFrOtherOrg>false</GiftGrantOrCapContrFrOtherOrg>
      <LoansOrGuaranteesToOtherOrg>false</LoansOrGuaranteesToOtherOrg>
      <LoansOrGuaranteesFromOtherOrg>false</LoansOrGuaranteesFromOtherOrg>
      <SaleOfAssetsToOtherOrg>false</SaleOfAssetsToOtherOrg>
      <PurchaseOfAssetsFromOtherOrg>false</PurchaseOfAssetsFromOtherOrg>
      <ExchangeOfAssets>false</ExchangeOfAssets>
      <RentalOfFacilitiesToOtherOrgs>false</RentalOfFacilitiesToOtherOrgs>
      <RentalOfFacilitiesFrOtherOrgs>false</RentalOfFacilitiesFrOtherOrgs>
      <PerformOfServicesForOtherOrgs>false</PerformOfServicesForOtherOrgs>
      <PerformOfServicesByOtherOrgs>false</PerformOfServicesByOtherOrgs>
      <SharingOfFacilities>false</SharingOfFacilities>
      <SharingOfPaidEmployees>false</SharingOfPaidEmployees>
      <ReimbursementPaidToOtherOrg>false</ReimbursementPaidToOtherOrg>
      <ReimbursementPaidByOtherOrg>false</ReimbursementPaidByOtherOrg>
      <OtherTransferToOtherOrg>false</OtherTransferToOtherOrg>
      <OtherTransferFromOtherOrg>true</OtherTransferFromOtherOrg>
      <TransactionsRelatedOrgsTable>
        <NameOfOtherOrganization>
          <BusinessNameLine1>Oxbow Carbon LLC</BusinessNameLine1>
        </NameOfOtherOrganization>
        <TransactionType>r</TransactionType>
        <AmountInvolved>3658975</AmountInvolved>
        <MethodOfAmtDetermination>accrual</MethodOfAmtDetermination>
      </TransactionsRelatedOrgsTable>
      <TransactionsRelatedOrgsTable>
        <NameOfOtherOrganization>
          <BusinessNameLine1>Oxbow Calcining USA Inc</BusinessNameLine1>
        </NameOfOtherOrganization>
        <TransactionType>r</TransactionType>
        <AmountInvolved>2964456</AmountInvolved>
        <MethodOfAmtDetermination>accrual</MethodOfAmtDetermination>
      </TransactionsRelatedOrgsTable>
      <TransactionsRelatedOrgsTable>
        <NameOfOtherOrganization>
          <BusinessNameLine1>Centurion Residence Services Inc</BusinessNameLine1>
        </NameOfOtherOrganization>
        <TransactionType>r</TransactionType>
        <AmountInvolved>608876</AmountInvolved>
        <MethodOfAmtDetermination>accrual</MethodOfAmtDetermination>
      </TransactionsRelatedOrgsTable>
      <TransactionsRelatedOrgsTable>
        <NameOfOtherOrganization>
          <BusinessNameLine1>Oxbow Carbon &amp; Minerals Holdings Inc</BusinessNameLine1>
        </NameOfOtherOrganization>
        <TransactionType>r</TransactionType>
        <AmountInvolved>173261</AmountInvolved>
        <MethodOfAmtDetermination>accrual</MethodOfAmtDetermination>
      </TransactionsRelatedOrgsTable>
      <TransactionsRelatedOrgsTable>
        <NameOfOtherOrganization>
          <BusinessNameLine1>Gunnison Energy Corporation</BusinessNameLine1>
        </NameOfOtherOrganization>
        <TransactionType>r</TransactionType>
        <AmountInvolved>319577</AmountInvolved>
        <MethodOfAmtDetermination>accrual</MethodOfAmtDetermination>
      </TransactionsRelatedOrgsTable>
    </IRS990ScheduleR>
  </ReturnData>
</Return>