Permian Basin Royalty Trust (PBT) investor relations material

Executive summary

• Special meeting scheduled in person for November 23, 2026, at 1:00 p.m. Central time, to consider proposals submitted by SoftVest Advisors, LLC and other named participants.

• Meeting called by the trustee at the request of unit holders collectively holding at least 15% of outstanding units.

Voting matters and shareholder proposals

• Unit holders will vote on an amendment to the Trust Indenture to effect a business combination under the Combination Agreement.

• Unit holders will vote on the PBT Land and Minerals, Inc. Omnibus Incentive Plan, identified as the 2026 Incentive Plan Proposal.

• A separate proposal would authorize adjournment, if necessary or appropriate, to solicit additional proxies supporting the indenture amendment and incentive plan proposals.

Board of directors and corporate governance

• Argent Trust Company, as trustee, called the meeting under Section 8.02 of the Trust Indenture; the meeting request came from SoftVest Advisors, LLC and other qualifying unit holders.

• The trustee and its officers and directors are not soliciting proxies and are not participants in proxy solicitations related to the meeting.