PERMIAN BASIN ROYALTY TRUST
c/o Corporate Trustee
Simmons Bank
2911 Turtle
Creek Blvd., Suite 850
Dallas, Texas 75219
February 9, 2022
Dear Unit Holder:
You are cordially invited to attend a Special Meeting of unit holders (Unit Holders) of the Permian Basin Royalty Trust (the
Trust) to be held both in-person at Shady Oaks Country Club, 320 Roaring Springs Road, Fort Worth, Texas 76114 and virtually via webcast at https://web.lumiagm.com/275158437 (password: permian2022)
on April 5, 2022, at 11:00 a.m., Central time. Please find enclosed a notice to Unit Holders, a Proxy Statement describing the business to be transacted at the meeting, and a Proxy Card for use in voting.
At the Special Meeting, you will be asked (i) to approve the appointment of Argent Trust Company as successor trustee of the Trust,
(ii) to approve an amendment to the Royalty Trust Indenture of Permian Basin Royalty Trust dated November 1, 1980, as amended and restated on June 20, 2014 (the Trust Indenture), that would permit a bank or trust company
with capital, surplus and undivided profits of at least $20,000,000 to serve as successor trustee of the Trust, and (iii) to approve an adjournment of the Special Meeting, if necessary or appropriate, to permit solicitation of additional
proxies in favor of the above proposals.
You can attend the meeting in-person or online, and vote
electronically during the Special Meeting by visiting https://web.lumiagm.com/275158437 (password: permian2022) at the time of the meeting. Online check-in will begin at 10:30 a.m., Central time, and you
should allow approximately 15 minutes for the online check-in procedure. Please have the information on your Proxy Card available for check-in. Prior to the date of the
Special Meeting, you will be able to vote at www.voteproxy.com, and the proxy materials will be available at that site. You may also vote prior to the date of the meeting by telephone by calling 1-800-PROXIES (1-800-776-9437) or by completing, signing, dating and returning the
enclosed Proxy Card in the enclosed postage paid envelope. Please consult your Proxy Card for additional information regarding these alternative methods. If your units are held in street name, you should instruct your bank, broker or
other nominee to vote your units in accordance with the voting instruction form that you will receive from your bank, broker or other nominee.
We hope that you will be able to attend the Special Meeting either in-person or virtually, and we urge
you to read the enclosed Proxy Statement before you decide to vote. Even if you do not plan to attend, please complete, sign, date and return the enclosed Proxy Card or vote online or by telephone as detailed in the prior paragraph as promptly as
possible. It is important that your units be represented at the meeting, regardless of the number of units you own. If you have any questions, please contact D.F. King & Co., Inc. our proxy solicitor, at (800)-848-3402.
Very truly yours,
SIMMONS BANK
Trustee of the Permian Basin Royalty Trust
Ron E. Hooper
Senior Vice President
YOUR VOTE IS IMPORTANT
All Unit Holders are cordially invited to attend the Special Meeting either in person or virtually via
webcast. However, to ensure your representation at the meeting, you are urged to complete, sign, date and return the enclosed Proxy Card as promptly as possible in the enclosed postage paid envelope or vote online at www.voteproxy.com or by
telephone by calling 1-800-PROXIES (1-800-776-9437). This will help the Trustee assure that a quorum will be present at the meeting and avoid the additional expense of duplicate proxy solicitations. Any Unit Holder attending the meeting may vote in
person or virtually even if he or she has returned the Proxy Card or voted online or by telephone prior to the meeting.