Investor Presentaiton

37 34 Overview of Mineral & Royalty Interests 1 Minerals Perpetual real-property interests that grant oil and natural gas ownership under a tract of land Represent the right to either explore, drill, and produce oil and natural gas or lease that right to third parties for an upfront payment (i.e. lease bonus) and a negotiated percentage of production revenues NPRIS Nonparticipating royalty interests Royalty interests that are carved out of a mineral estate Perpetual right to receive a fixed cost-free percentage of production revenue Do not participate in upfront payments (i.e. lease bonus) ORRIS Overriding royalty interests Royalty interests that burden the working interests of a lease Right to receive a fixed, cost-free percentage of production revenue (term limited to life of leasehold estate) Illustrative Mineral Revenue Generation 2 Unleased Minerals KRP Issues a Lease KRP receives an upfront 3 4 Leased Minerals Revenue Share KRP: 100% ▸ Operator: 0% Cost Share ་ KRP: 100% Operator: 0% cash bonus payment and customarily a 20-25% royalty on production revenues In return, KRP delivers the right to explore and develop with the operator bearing 100% of costs for a specified lease term Revenue Share ་ KRP: 20-25% Operator: 75-80% Cost Share ▸ KRP: 0% Operator: 100% Lease Termination Upon termination of a lease, all future development rights revert to KRP to explore or lease again KIMBELL ROYALTY PARTNERS

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