X0306 4 2018-12-20 0 0001657788 Kimbell Royalty Partners, LP KRP 0001695451 Kimbell Art Foundation 301 COMMERCE STREET, SUITE 2300 FORT WORTH TX 76102 0 0 1 0 OpCo Common Units 2018-12-20 4 P 0 2181762 A Common units representing limited partner interests 2181762 5135020 D 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 reporting person. The Issuer and the Operating Company have the option to deliver cash in lieu of Common Units upon the exercise by the reporting person of its 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"), the reporting person acquired (i) 2,181,762 OpCo Common Units and (ii) 2,181,762 Class B Units, in exchange for certain oil and gas royalty assets of the reporting person with an estimated market value of approximately $36.2 million as of the signing of the Purchase Agreement. /s/ Ben J. Fortson, as Authorized Signatory of Kimbell Art Foundation 2018-12-26