X0306 4 2017-11-14 0 0001657788 Kimbell Royalty Partners, LP KRP 0001695238 Duncan Benny D. P.O. BOX 671099 DALLAS TX 75367 1 0 0 0 Common units representing limited partner interests 2017-11-14 4 J 0 21839 0 D 37 I See Footnote Common units representing limited partner interests 106621 D Common units representing limited partner interests 2894 I By children of Mr. Duncan Common units representing limited partner interests 7604 I See Footnote Common units representing limited partner interests 1837 I By GSEF, LLC Common units representing limited partner interests 3769 I See Footnote Common units representing limited partner interests 168 I See Footnote Common units representing limited partner interests 19 I See Footnote Common units representing limited partner interests 654 I See Footnote Common units representing limited partner interests 160677 I See Footnote Common units representing limited partner interests 9913 I See Footnote Such common units representing limited partner interests (the "Common Units") in Kimbell Royalty Partners, LP (the "Issuer") were distributed by Oil Nut Bay Royalties, LP on a pro rata basis to its partners (the "Oil Nut Bay Distribution"). These securities are owned directly by Oil Nut Bay Royalties, LP. Oil Nut Bay, LLC is the general partner of, and may be deemed to beneficially own securities owned by, Oil Nut Bay Royalties, LP. The reporting person is the sole manager of, and may be deemed to beneficially own securities owned by, Oil Nut Bay, LLC. Each of the reporting person and Oil Nut Bay, LLC disclaims beneficial ownership of the Common Units owned by Oil Nut Bay Royalties, LP except to the extent of his and its pecuniary interest therein. Includes Common Units received from Oil Nut Bay Royalties, LP in connection with the Oil Nut Bay Distribution. The acquisition of Common Units in the Oil Nut Bay Distribution constituted a change in the form of beneficial ownership without a change in pecuniary interest that is exempt from Section 16 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), pursuant to Rule 16a-13 thereunder. Rule 16a-9(a) under the Exchange Act may also exempt the acquisition of Common Units in the Oil Nut Bay Distribution from Section 16 of the Exchange Act. These securities are owned directly by Oil Nut Bay, LLC. The reporting person is the sole manager of, and may be deemed to beneficially own securities owned by, Oil Nut Bay, LLC. The reporting person disclaims beneficial ownership of the Common Units owned by Oil Nut Bay, LLC except to the extent of his pecuniary interest therein. These securities are owned directly by GSEF, LLC. The reporting person is the sole manager of, and may be deemed to beneficially own securities owned by, GSEF, LLC. The reporting person disclaims beneficial ownership of the Common Units owned by GSEF, LLC except to the extent of his pecuniary interest therein. These securities are owned directly by Bitter End Royalties, LP. Bitter End, LLC is the general partner of, and may be deemed to beneficially own securities owned by, Bitter End Royalties, LP. The reporting person is the sole manager of, and may be deemed to beneficially own securities owned by, Bitter End, LLC. Each of the reporting person and Bitter End, LLC disclaims beneficial ownership of the Common Units owned by Bitter End Royalties, LP except to the extent of his and its pecuniary interest therein. These securities are owned directly by Bitter End, LLC. The reporting person is the sole manager of, and may be deemed to beneficially own securities owned by, Bitter End, LLC. The reporting person disclaims beneficial ownership of the Common Units owned by Bitter End, LLC except to the extent of his pecuniary interest therein. These securities are owned directly by Gorda Sound Royalties, L.P. Gorda Sound, LLC is the general partner of, and may be deemed to beneficially own securities owned by, Gorda Sound Royalties, L.P. The reporting person is the sole manager of, and may be deemed to beneficially own securities owned by, Gorda Sound, LLC. Each of the reporting person and Gorda Sound, LLC disclaims beneficial ownership of the Common Units owned by Gorda Sound Royalties, L.P. except to the extent of his and its pecuniary interest therein. These securities are owned directly by Gorda Sound, LLC. The reporting person is the sole manager of, and may be deemed to beneficially own securities owned by, Gorda Sound, LLC. The reporting person disclaims beneficial ownership of the Common Units owned by Gorda Sound, LLC except to the extent of his pecuniary interest therein. These securities are owned directly by Trunk Bay Royalty Partners, Ltd. Trunk Bay, LLC is the general partner of, and may be deemed to beneficially own securities owned by, Trunk Bay Royalty Partners, Ltd. The reporting person is the sole manager of, and may be deemed to beneficially own securities owned by, Trunk Bay, LLC. Each of the reporting person and Trunk Bay, LLC disclaims beneficial ownership of the Common Units owned by Trunk Bay Royalty Partners, Ltd. except to the extent of his and its pecuniary interest therein. These securities are owned directly by Trunk Bay, LLC. The reporting person is the sole manager of, and may be deemed to beneficially own securities owned by, Trunk Bay, LLC. The reporting person disclaims beneficial ownership of the Common Units owned by Trunk Bay, LLC except to the extent of his pecuniary interest therein. /s/ Benny D. Duncan 2017-11-16