On June 7, 2022 (the “ Closing Date”), Sitio Royalties Corp., a Delaware corporation (formerly known as Falcon Minerals Corporation) (the “ Company”), consummated the previously announced merger transactions contemplated by the Agreement and Plan of Merger, dated as of January 11, 2022 (the “ Merger Agreement”), by and among the Company, Sitio Royalties Operating Partnership, LP, a Delaware limited partnership (formerly known as Falcon Minerals Operating Partnership, LP) (“ Sitio OpCo”), Ferrari Merger Sub A LLC, a Delaware limited liability company (“ Merger Sub”), and DPM HoldCo, LLC, a Delaware limited liability company (“ Desert Peak”), pursuant to which Merger Sub merged with and into Desert Peak (the “ Merger”), with Desert Peak continuing as the surviving entity in the Merger as a wholly owned subsidiary of Sitio OpCo. The transactions contemplated by the Merger Agreement are referred to herein as the “ Merger Transactions.” Effective as of the Closing Date, in connection with the Merger Transactions, William D. Anderson, Mark C. Henle, Adam M. Jenkins, Claire R. Harvey, Bryan C. Gunderson, Alan J. Hirshberg, Erik C. Belz and Steven R. Jones each resigned from the Board. The resignations of Messrs.

Anderson, Henle, Jenkins, Gunderson, Hirshberg, Belz, Jones and Ms. Harvey were not a result of any disagreement with the Company. Effective as of the Closing Date, and pursuant to the Director Designation Agreement, the Board appointed Noam Lockshin, Morris R. Clark, Christopher L. Conoscenti, Alice E. Gould, Allen W. Li, Claire R. Harvey and Steven R. Jones to fill the newly created vacancies on the Board. Committees of the Board: As of and immediately following the Closing, the Board appointed the following directors to serve on the following committees: Audit Committee: Morris R. Clark, Claire R. Harvey, Steven R. Jones; Compensation Committee: Alice E. Gould, Steven R. Jones, Allen W. Li; Corporate Governance and Nominating Committee: Noam Lockshin, Claire R. Harvey, Allen W. Li.

Mr. Clark was appointed chairman of the audit committee, Ms. Gould was appointed chairman of the compensation committee and Mr. Lockshin was appointed chairman of the corporate governance and nominating committee and lead independent director. On the Closing Date, in connection with the Merger Transactions, Bryan C. Gunderson resigned as the President and Chief Executive Officer of the Company, Matthew B. Ockwood resigned as the Chief Financial Officer of the Company, Stephen J. Pilatzke resigned as the Chief Accounting Officer of the Company, Jeffrey F. Brotman resigned as the Chief Legal Officer and Secretary of the Company, Michael J. Downs resigned as the Chief Operating Officer of the Company, Irene Deck resigned as the Vice President of Land of the Company and Austin Frey resigned as the Vice President of Reservoir Engineering of the Company.