Permian Basin Royalty Trust (PBT) Proxy Filing summary

Executive summary

• Special meeting of unit holders scheduled for December 16, 2025, both in-person and virtually, to address proposed changes to the Trust Indenture.

• Meeting called at the request of SoftVest Advisors and other unit holders representing at least 15% of outstanding units.

• Trustee and Trust are not soliciting proxies and are not participants in the solicitation process.

Voting matters and shareholder proposals

• Unit holders will vote on a non-binding proposal to reform the Trust Indenture, allowing amendments by a simple majority of votes cast at a meeting with quorum.

• Adjournment proposal to permit additional proxy solicitation if necessary.

Shareholder rights and capital structure

• Only unit holders of record as of November 11, 2025, are entitled to vote at the special meeting.

• List of eligible unit holders available for inspection for ten days prior to the meeting.