X0306 4 2018-12-20 0 0001657788 Kimbell Royalty Partners, LP KRP 0001695310 Daly Matthew S. 777 TAYLOR STREET, SUITE 810 FORT WORTH TX 76102 0 1 0 0 Chief Operating Officer Common units representing limited partner interests 96829 D OpCo Common Units 2018-12-20 4 J 0 3376 A Common units representing limited partner interests 3376 3376 I See footnote Common units representing limited liability company interests ("OpCo Common Units") in Kimbell Royalty Operating, LLC (the "Operating Company"), together with an equal number of Class B common units representing limited partner interests ("Class B Units") in Kimbell Royalty Partners, LP (the "Issuer"), are exchangeable on a one-for-one basis for common units representing limited partner interests ("Common Units") in the Issuer at the discretion of the holder thereof. The Issuer and the Operating Company have the option to deliver cash in lieu of Common Units upon the exercise of the holder's exchange right. Pursuant to the terms of a Purchase and Sale Agreement, dated as of November 20, 2018, by and among the Issuer and the other parties thereto (the "Purchase Agreement"), Rivercrest Capital Partners LP acquired (i) 2,813,179 OpCo Common Units and (ii) 2,813,179 Class B Units, in exchange for certain oil and gas royalty assets of Rivercrest Capital Partners LP with an estimated market value of approximately $46.7 million as of the signing of the Purchase Agreement. These OpCo Common Units are owned directly by Rivercrest Capital Partners LP. The reporting person is a member of Rivercrest Capital Investors LP, a member of Rivercrest Capital Partners LP. /s/ Matthew S. Daly 2018-12-26