Investor Presentaiton

Investment Highlights - Shallow Decline, High Growth Potential Deep Inventory with Strong Upside ■ 23% of production is from EOR units and conventional fields with shallow declines (1) Superior PDP decline rate of approximately 12% (2) ■ ~96% of all onshore rigs in the Lower 48 are in counties where Kimbell holds mineral interest positions(3) Investment Highlights Diversified Asset Base Net Royalty Acre position of approximately 146,000 acres (1,168,000 NRA normalized to 1/8th) (4) across multiple producing basins provides diversified scale Attractive Tax Structure ■ Kimbell does not expect to pay a material amount of federal corporate income taxes from 2021 through 2027 (less than 5% of Kimbell's distributable cash flow for such years) Substantially all distributions paid to common unitholders from 2021 through 2025 are not expected to be taxable dividend income ■ Status as a C-Corp for tax purposes provides a more liquid and attractive security (no K-1) Positioned as Natural Consolidator ■ Kimbell will continue to opportunistically target high quality positions in the highly fragmented minerals arena ■ Kimbell can capitalize on weak IPO markets by providing an avenue for sponsors looking to exit minerals investments ■ Significant consolidation opportunity in the minerals industry, with approximately $563 billion (5) in market size and limited public participants of scale 17 སྱེ¢� (2) (1) Reflects estimated production from internal reserve report as of 6/30/2021. Estimated 5-Year PDP average decline rate on a 6:1 basis. (3) As of 6/30/2021. (4) Acreage numbers include mineral interests and overriding royalty interests. (5) Midpoint of market size estimate range. Based on production data from EIA and spot price as of 7/7/2021. Assumes 20% of royalties are on Federal lands and there is an average royalty burden of 18.75%. Assumes a 10x multiple on cash flows to derive total market size. Excludes NGL value and overriding royalty interests. KIM BELL ROYALTY PARTNERS

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