CONFIDENTIAL | NOT FOR DISTRIBUTION

INVESTOR PRESENTATION SPRING 2018

2

All statements contained in or made in connection with this presentation that are not statements of historical fact are forward-looking statements intended to be covered by the safe harbor provisions of the Securities Act of 1933 or the Securities Exchange Act of 1934.

This presentation contains certain forward-looking statements relating to the business, financial performance and results of Kimbell Royalty Partners, LP (“KRP”) and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words “believes,” “expects,” “predicts,” “intends,” “projects,” “plans,” “estimates,” “aims,” “foresees,” “anticipates,” “targets,” “will” and similar expressions. The forward-looking statements contained in this presentation, including assumptions, opinions and views of KRP are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. Neither KRP nor any of its affiliates or any such person’s officers or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this presentation or the actual occurrence of the forecasted developments. No obligation, except as required by law, is assumed to update any forward-looking statements or to conform these forward-looking statements to actual results.

KRP uses Adjusted EBITDA, a financial measure that is not presented in accordance with U.S. generally accepted accounting principles (“GAAP”), in this presentation. Adjusted EBITDA is used as a supplemental non-GAAP financial measure by KRP’s management and by external users of KRP’s financial statements, such as industry analysts, investors, lenders and rating agencies. KRP believes Adjusted EBITDA is useful because it allows management to more effectively evaluate KRP’s operating performance and compare the result of KRP’s operations period to period without regard to KRP’s financing methods or capital structure. In addition, KRP’s management uses Adjusted EBITDA to evaluate cash flow available to pay distributions to its unitholders.

KRP defines Adjusted EBITDA as net income (loss) plus interest expense, net of capitalized interest, non-cash unit-based compensation, impairment of oil and natural gas properties, income taxes and depreciation, depletion and accretion expense. KRP excludes the foregoing items from net income (loss) in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within its industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as historic costs of depreciable assets, none of which are components of Adjusted EBITDA. Adjusted EBITDA is not a measure of net income (loss) as determined by GAAP. Adjusted EBITDA should not be considered an alternative to net income, oil, natural gas and natural gas liquids revenues or any other measure of financial performance or liquidity presented in accordance with GAAP. You should not consider Adjusted EBITDA in isolation or as a substitute for an analysis of KRP’s results as reported under GAAP. Because Adjusted EBITDA may be defined differently by other companies in KRP’s industry, KRP’s computations of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies, thereby diminishing its utility.

For more information concerning factors that could cause actual results to differ from those expressed in forward-looking statements, see KRP’s filings with the Securities and Exchange Commission, which are available on the company’s web site at http://www.kimbellrp.com.

Disclaimer

http://www.kimbellrp.com/

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Company Overview

4

Overview

(1) As of 12/31/2017. (2) Acreage numbers include mineral interests and overriding royalty interests. (3) Based on annualized 1Q18 distribution and unit price as of 5/11/18. (4) As of 4/25/2018.

Kimbell Royal Partners Overview (1) Diverse Acreage Position in Every Major Basin

Kimbell Royalty Partners, L.P. (“Kimbell” or “KRP”) is one of the largest owners of oil and natural gas mineral and royalty interests across the U.S. − Approximately 5.7 million gross acres

(2) across 20 states and in

nearly every major producing basin − Liquids-focused production with approximately 70% of revenues

from oil and NGLs − Premier position in the Permian Basin with interests in over

30,000 wells Over 700 operators continue to manage and develop our acreage

without any capital investment by KRP − Benefit from reserve, production and cash flow growth through

organic development − No maintenance capital expenditures or lease operating costs

Long and successful track record of making acquisitions − Certain members of Management have completed >160

acquisitions since 1998 May 4, 2018: Executed agreement to sell small portion of Delaware

Basin acreage for $9 million, representing less than 0.7% of total current production and 0.06% total net royalty acres

Summary Points Market Valuation – As of 5/11/18

Category

Gross Acres(1)

Net Royalty Acres(1)

Well Count(1)

Rig Count(4)

Total

Permian

25

15

5.7 MM

2.0 MM

71,336

18,555

50,000

30,000

NYSE Symbol KRP

Debt / Adj. EBITDA (1Q 18 Annualized) 1.0x

Units Outstanding 16.8 MM

Market Capitalization $315 MM

Enterprise Value $339 MM

Yield 9.0%(3)

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With a handshake agreement in 1998, a small group of Fort Worth based investors laid the groundwork for what is now KRP

Rivercrest Royalties, LLC formed Kimbell Royalty Partners, LP formed

KRP completes $90.0mm IPO

1998 2013 2014 2015 2016 2017 2018

1998

Oct

ober

201

3

Oct

ober

201

5

Feb

ruar

y 2

017

KRP announces acquisition of 1.1million gross acres in the Anadarko Basin from Maxus Energy for $15.9mm A

pril

2017

Kimbell Royalty Partners was formed by a combination of the mineral interests of the Kimbell Art Foundation, multiple mineral and royalty investment partnerships and a number of high net worth Texas families Contributing parties retained significant ownership after our IPO which aligns interests with unitholders Some of these individuals/partnerships have been investing in oil and gas minerals and royalties for 50+years The collective portfolio of assets would be very difficult to replicate

–

400

800

1,200

1,600

'98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17

Net Total Production Including Acquisitions

4Q 2

017

Executed PSA to sell Delaware Basin acreage

Mbo

e

Confidential

Company History

May

201

8

KRP announces 3 acquisitions totaling $12.5mm

6

Average Daily Production by Basin BOE 6:1(1)

Production and Reserve Statistics(3)

Existing Portfolio

Acreage(2)

(1) Production values for Q4 2017. Includes mineral interests and overriding royalty interests. (2) Acreage numbers as of year end 12/31/2017. Includes mineral interests and overriding royalty interests. (3) Reserve values per Ryder Scott reserve report as of 12/31/2017. Production and revenue values for Q4 2017.

73.0%

49.0%

74.0%

27.0%

51.0%

26.0% Proved Undeveloped Reserves

Proved Developed

Reserves

Total Proved Reserves by Type (MBoe 6:1)

Production by Product (Boe 6:1)

Revenue by Product (Boe 6:1) Natural Gas

Oil & Natural Gas Liquids

Sales

Permian Basin

Terryville / Cotton Valley /

Haynesville

Eagle Ford Mid-Continent

Barnett Shale / Fort Worth Basin

Green River Basin

Bakken / Williston Basin

San Juan Basin

Onshore California

Fayetville / Moorefield

Uintah Basin

Illinois Basin DJ Basin / Rockies

/ Niobrara Other

0 200,000 400,000 600,000

Other

Other TX/LA/MS Salt Basin

Other Western Gulf Basin

Illinois Basin

Mid-Continent

DJ Basin / Rockies / Niobrara

Terryville / Cotton Valley / Haynesville

San Juan Basin

Barnett Shale / Fort Worth Basin

Bakken / Williston Basin

Onshore California

Eagle Ford

Permian Basin

ORRIs

Mineral Interests

1,764,954

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Selected Operating Metrics Combination of organic growth and acquisitions helped the partnership generate 19%

production growth from 1Q17 – 1Q18 as well as record operating results

Note: 1Q17 was a partial quarter due to the IPO closing on February, 8 2017. As a result, 1Q17 data reflects the period from February 8, 2017 to March 31, 2017.

3,080 3,067

3,297

3,508 3,650

2,600

2,800

3,000

3,200

3,400

3,600

3,800

BOE/

D

$4.6

$7.8 $8.4 $10.0

$11.2

$0.0

$2.0

$4.0

$6.0

$8.0

$10.0

$12.0

REVE

NU

E(M

M)

$0.23

$0.30 $0.31 $0.36

$0.42

$0.10

$0.20

$0.30

$0.40

$0.50

Production Revenue

Distributions per Unit

8

Royalty MLPs

RoyaltyTrustsWorking

Interest E&P MLPs

Drop-down Potential Varies

Meaningful Growth through Acquisitions

Majority of Acreage is Leased N/A

No Capex or LOE Varies

Geographic Diversification Varies

Diversified Operators Varies

Variable Distribution Policy

Active Hedging Strategy

Illustrative E&P Yield Security Comparison

Confidential

Public Minerals Market Landscape

9 Confidential

DCF Yield Comparison vs. Selected Public Market Minerals Companies

(1) Company filings and FactSet as of 5/11/2018.

4%

5%

6%

7%

8%

9%

10%

Feb-17 May-17 Jul-17 Oct-17 Dec-17 Feb-18 May-18

9.1%

7.5%

9.0%

6.4%

Average KRP DCF yield prior to 1Q18 distribution announcement: 7.7%

DC

F Yi

eld

KRP DMLP

BSM

VNOM

Public Minerals Market Landscape (cont’d)

10 Confidential

Institutions % OSFidelity 5.9%Wellington 5.6%Lee Financial 2.9%Wells Fargo Bank (Private Banking) 1.5%Putnam 1.4%Crow Point Partners 1.3%HITE Hedge Asset Management 0.7%Luther King Capital Management 0.4%Goldman Sachs (Private Banking) 0.3%Raymond James Financial Services Advisors 0.1%Raymond James & Associates 0.1%Guggenheim Funds Investment Advisors 0.1%RBC Capital Markets (Investment Management) 0.1%Deutsche Asset Management Investment 0.1%Renaissance Technologies 0.1%

Current Institutional Ownership Summary

Source: FactSet as of 5/14/2018.

11

Well Count by Basin

KRP has royalty interests in over 50,000 wells in the United States, of which over 30,000 are located in the Permian Basin

Note: As of 12/31/17.

184

499

581

757

1,267

2,298

2,587

3,318

3,626

5,138

30,209

Illinois Basin

Bakken/Williston Basin

San Juan Basin

Onshore California

Eagle Ford

Barnett Shale/Fort Worth Basin

Other

DJ Basin/Rockies/Niobrara

Mid-Continent

Terryville/Cotton Valley/Haynesville

Permian Basin

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Premier Permian Acreage Position(1)

KRP’s acreage position blankets the core of the Permian Basin

(1) Source: Drillinginfo.

Permian position is 1,997,677 gross acres and 18,555 net royalty acres

As of April 25, 2018, 15 active rigs on KRP’s Permian acreage (25 active rigs total) (1)

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Recent M&A Activity – Permian Basin

Recent acquisitions imply a much higher valuation for KRP’s Permian acreage

Proved Reserves, Production, & Acreage

Date Transaction 1P Reserves Production Net Pvd. Res. Daily Prod. TV / Adj. TV(1) /Acquiror Target Primary Counties Annc'd Value ($MM) MMBoe Boe/d Acres $/Boe $/Boe/d Net Acre Net Acre

Viper Energy Partners LP Undisclosed Seller Loving 2017-08-07 282.0$ --- 1,500 2,446 --- 188,000$ 115,290$ 93,827$

Dorchester Minerals, L.P. DSD Energy Resources LLC; Undisclosed Seller Reagan 2017-06-30 23.0 --- --- 1,850 --- --- 12,443 12,443

Viper Energy Partners LP Undisclosed Seller --- 2017-03-31 8.4 --- --- 102 --- --- 82,353 82,353

Franco-Nevada Corp. Anthem Oil and Gas Inc. Martin 2017-03-13 110.0 --- --- 908 --- --- 121,145 121,145

Clayton Williams Energy, Inc. Undisclosed Seller Reeves 2017-01-31 44.3 --- --- 1,900 --- --- 23,316 23,316

Viper Energy Partners LP Undisclosed Seller Howard 2016-12-31 68.1 --- --- 887 --- --- 76,776 76,776

Stone Hill Mineral Holdings LLC Samson Resources Lea 2016-10-10 51.7 --- --- 61,220 --- --- 844 844

Viper Energy Partners LP Undisclosed Seller --- 2016-07-31 11.7 --- --- 152 --- --- 76,974 76,974

Viper Energy Partners LP Wells Fargo Midland 2016-07-22 79.0 1.0 300 601 79.00 263,333 131,448 113,977

Viper Energy Partners LP Powder River Mineral Partners Loving 2016-07-22 31.4 0.6 0 142 52.33 --- 221,127 221,077

Undisclosed Buyer Abraxas Petroleum Corp. Martin 2016-05-10 2.8 --- 29 3,184 --- 96,552 879 561

Summary StatisticsMax 282.0$ 1.0 1,500 61,220 79.00$ 263,333$ 221,127$ 221,077$

Mean 64.8 0.8 457 6,672 65.67 182,628 78,418 74,845

Median 44.3 0.8 165 908 65.67 188,000 76,974 76,974

Min 2.8 0.6 0 102 52.33 96,552 844 561

Valuation Metrics

• Viper Energy Partners

• Franco–Nevada Corp.

• Viper Energy Partners

• Stone Hill Minerals

• Viper Energy Partners

• Viper Energy Partners

Undisclosed Seller

Anthem Oil & Gas

Undisclosed Seller

Samson Resources

Wells Fargo

Powder River Mineral Partners

$93,827 / net acre

$121,145 / net acre

$76,776 / net acre

$844 / net acre

$113,977 / net acre

$221,077 / net acre

Buyer Seller Adj. Value / Net Acre(1)

1

2

3

4

5

6

1

2 4

3 5

6

(1) Acreage valuation metrics based on production-adjusted transaction value – assumes transaction value is net of production value, which is assumed at $35,000 / boepd. Note: The map above reflects deals wherein acreage and / or map data are available on 1Derrick. Sources: Stephens Inc., 1Derrick.

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Post-Acquisition Management

Asset Management

KRP Acquisition Disciplined Monitoring

Immediately following an acquisition, the Kimbell Team works diligently to seek to ensure each well reaches “pay status”

Detailed portfolio review

− Constantly monitor operators and net production values of producing assets

− Actual performance vs. expectations − Identify opportunities for revenue

enhancement − Adjust software and models as the portfolio

and environment evolves / changes

Ongoing Accountability

Post-investment, Kimbell’s entire team is involved in managing the portfolio of royalty interests

Investment Team continues to analyze asset performance and assess the strengths and weaknesses of individual assets in the portfolio

Accounting & Administration is heavily involved with tracking cash flows and monitoring assets on a monthly basis

− Currently collecting cash flows on over 50,000 wells

Weekly Review

Review all assets in the portfolio as a team during weekly meetings

− Allows for fresh perspective and insight

Determine next steps for each investment

Proactive Approach

Leverage specialized software and proprietary models to forecast new well development and net production to determine performance expectations

Apply ongoing forecasting analysis against cash flow receipts from each royalty interest to verify return on investment

An Active Approach to Portfolio Management

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Drop-downs of Mineral & Royalty Interests Held by our Sponsors & Contributing Parties

Grow Reserves and Production in Order to Drive Increased Cash Flow Over Time

Acquire Additional Mineral & Royalty Interests From Third Parties Maintain a Conservative Capital Structure

KRP Business Strategy

Strong balance sheet – Goal is to maintain a conservative balance sheet with Debt-to-EBITDA under 2.5x (1.0x as of Q1 18)

Hedging will be used systematically based on amount of leverage on the balance sheet – generally hedge production for two years

No IDRs, MQD or subordinated units

The KRP management team has a demonstrated ability to assemble a portfolio of royalty interests across nearly every major basin in the U.S. by third party acquisitions

Over 160 acquisitions completed by certain members of our management since 1998

Management continues to see robust deal flow

The Sponsors and Contributing Parties of KRP have retained a significant amount of mineral and royalty interests

These assets may be dropped down into KRP in the future on an accretive basis to unit holders

Grow production and reserves in order to increase cash flow, distributions and net asset value in future years

Maintain a highly efficient organizational structure in order to benefit from positive operating leverage as production grows

16

Benefits of Royalty Interests

17

Generally Senior to All Claims in Capital Structure

In many states, mineral and royalty interests are considered by law to be real property interests and are thus afford additional protections under bankruptcy law

Mineral Interest owner entitled to ~15-25% of production revenue

Working Interest owner entitled to ~75-85% of production revenue and bears 100% of

development cost and lease operating expense

Senior Secured Debt

Senior Debt

Subordinated Debt

Equity

18

Kimbell vs. Midstream/Service MLPs

1 2 3 4

Royalties are paid from the revenue associated with oil and gas production

Not affected by lease operating expenses, capital expenditures or the balance sheets of the operators / payors

Avoid Operating Expenses & Risks

Risk & Expenses

Sizeable/Diversified Asset Base

Interests in ~5.7 million gross acres(1) with ownership in over 50,000 wells including over 30,000 in the Permian basin alone

Mineral and royalty interests located in 20 states and in nearly every major onshore basin

Mineral buyers can be very selective in the areas they buy assets

Kimbell believes that mineral and royalty ownership is attractive in that it provides an attractive risk-return profile, especially when compared to ownership of midstream/service MLPs

Like working interest investments, royalties fluctuate in value based on the price and volume of the underlying assets, giving the owner equity-like upside

Royalties can benefit from operator drilling programs and platform efficiencies that drive net production gains, at no cost to the royalty owner

Equity-Like Upside

Royalties can provide significant current income for investors in KRP units

Kimbell evaluates and approves new royalty investments based on a minimum yield

Kimbell does not purchase royalties “ahead of the drill bit”, which is a strategy that is much higher risk and doesn’t generate current income

Compelling Current Income

(1) Acreage numbers as of 12/31/2017. Includes mineral interests and overriding royalty interests.

19

Higher Margin, Lower Risk

Royalty companies realize a significantly higher operating margin than working interest owners. No direct operating or capital expenses.

Operating Margin $6.85

Operating Margin $46.35

Prod. / Ad Val Tax ($3.65)

LOE & Prod. / Ad Val Tax ($15.65)

Royalties ($12.50)

F&D ($15.00)

Illustrative KRP Royalty Interest(1) Illustrative Working Interest Owner(1)

(1) Illustrative purposes only. Expenses and tax rates will vary by operator, locale and asset.

Revenue of $50.00 Revenue of $50.00

20

Appendix

21 Confidential

(1) Net Royalty Acres derived from ORRIs are calculated by multiplying Gross Acres and ORRIs. (2) Royalty Interest is inclusive of all other burdens. (3) Acreage as of 12/31/2017.

Defining a Net Royalty Acre

71,336

570,688

Net Royalty Acres

Net Royalty Acres(normalized to 1/8th)

The calculation of a Net Royalty Acre differs across industry participants

Kimbell calculates its Net Royalty Acres(1) as follows: Net Mineral Acres x Royalty Interest(2)

− This methodology provides a clear and easily understandable view of KRP’s acreage position

KRP Acreage Under Both Methodologies(3)

Net Mineral Acres Royalty Interest Net Royalty Acres

Many companies use a 1/8th convention which assumes eight royalty acres for every mineral acre

− This convention overstates a company’s net royalty interest in its total mineral acreage position as shown below

22

KRP – Net Organic Production

(1) Assumes KRP had acquired all of our interests on July 1, 2001 and made no additional acquisitions. Net oil and net natural gas production information was gathered from state reporting records. Natural gas liquids, which are not reported by the states, are excluded from the chart.

Net oil production from KRP’s properties grew over the 15 year period ended June 30, 2016, while natural gas production has remained relatively flat

100,000

1,000,000

10,000,000

100,000,000

1,000

10,000

100,000

1,000,000

2001 2003 2005 2007 2009 2011 2013 2015 2017

Oil

(BB

L)/Y

ear

Gas (M

CF)/Year

Oil Gas

Net Organic Production Growth (July 2001 – June 2016)(1)

23

Overview of Mineral & Royalty Interests

24

Selected Financial Data

Assets: (in thousands)Current assets

Cash and cash equivalents $ 6,837 Oil, natural gas and NGL receivables 6,560 Other current assets 372

Total current assets 13,769 Property and equipment, net 129 Oil and natural gas properties

Oil and natural gas properties (full cost method) 297,624 Less: accumulated depreciation, depletion and accretion (74,560)

Total oil and natural gas properties 223,064 Loan origination costs, net 240

Total assets $ 237,202 Liabilities and partners' capital:Current liabilities

Accounts payable $ 695 Other current liabilities 1,283 Commodity derivative liabilities 290

Total current liabilities 2,268 Long-term debt 30,844 Commodity derivative liabilities 241

Total liabilities 33,353 Commitments and contingenciesPartners' capital 203,849

Total liabilities and partners' capital $ 237,202

March 31, 2018

25

Selected Financial Data

(in thousands)

Net loss $ (52,825) Depreciation, depletion and accretion expenses 4,456 Interest expense 350

EBITDA $ (48,019) Impairment of oil and natural gas properties 54,753 Unit-based compensation 669 Unrealized loss on commodity derivative instruments 212

Adjusted EBITDA $ 7,615

Adjustments to reconcile Adjusted EBITDA to cash available for distribution

Cash interest expense 475 Cash available for distribution $ 7,140

Limited partner units outstanding 16,834,984

Cash available for distribution per common unit outstanding $ 0.42

March 31, 2018Three Months Ended

26

Selected Financial Data

Reconciliation of net cash provided by operating activities (in thousands)to Adjusted EBITDANet cash provided by operating activities $ 7,294

Interest expense 350 Impairment of oil and natural gas properties (54,753) Amortization of loan origination costs (16) Unit-based compensation (669) Unrealized loss on commodity derivative instruments (212) Changes in operating assets and liabilities: Oil, natural gas and NGL revenues receivable (233) Other receivables 135 Accounts payable (379) Other current liabilities 464

EBITDA $ (48,019) Add:

Impairment of oil and natural gas properties 54,753 Unit-based compensation 669 Loss on commodity derivative instruments 212

Adjusted EBITDA $ 7,615

Three Months EndedMarch 31, 2018

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