BRIGHAM MINERALS :21 G Q3 2021 Investor Presentation November 2021 MNRL LISTED NYSE Disclaimer The financial projections and other estimates contained herein are forward-looking statements with respect to the anticipated performance of Brigham Minerals, Inc. and its affiliates (collectively, "Brigham," the "Company" or "MNRL"). Such financial projections and estimates are as to future events and are not to be viewed as facts, and reflect various assumptions of management of the Company concerning the future ...

Financial Data and Key Metrics Changes - Reported production was 5,034 BOE per day, representing a 22% increase from the first quarter [9] - Free cash flow per share, excluding one-time costs, was $0.153, a 48% increase from the first quarter [10] - The second quarter dividend was $0.15 per share, reflecting a 50% increase compared to the first quarter [11] - Net income for the second quarter was $3.6 million on a standalone basis and $7.2 million including non-controlling interest [24] - Adjusted EBITDA for the second quarter was $13.8 million, an increase of $4.3 million from the first quarter [23] Business Line Data and Key Metrics Changes - The increase in production was driven by high NRI wells turned in line late in the first quarter and early in the second quarter [9] - Falcon's assets generated $18.9 million in royalty revenue during the second quarter [19] - ConocoPhillips grew production in the Eagle Ford by 21% compared to the first quarter and 24% cumulatively since the fourth quarter of 2020 [20] Market Data and Key Metrics Changes - Falcon's net realized price for oil during the second quarter was $64.45 per barrel, with natural gas at $2.79 per MCF and NGL at $25.23 per barrel [21] - Cash operating costs for the second quarter were $1.6 million, with marketing and transportation expenses at $1.03 per barrel [22] Company Strategy and Development Direction - The management emphasizes the need for diversification and scale, viewing Falcon as an attractive combination vehicle for assets held in private hands [32] - The company aims to enhance free cash flow on a per share basis while remaining disciplined in managing the existing portfolio and considering growth opportunities [18] Management's Comments on Operating Environment and Future Outlook - Management is optimistic about the resolution of disputes affecting the Hooks Ranch position, anticipating development in 2022 [17] - The company expects free cash flow per share to remain healthy, projecting between $0.13 and $0.15 for the third quarter [13] - Management is cautious about providing broad guidance for 2022, indicating that more information will be available in the November call [38] Other Important Information - The balance on the revolving credit facility decreased by $4 million quarter-over-quarter, with net debt to LTM EBITDA at 0.92 times [12] - More than 50% of dividends paid to Class A shareholders in 2021 will be classified as non-dividend distributions, affecting tax basis for shareholders [25] Q&A Session Summary Question: Importance of diversification and strategy for achieving it - Management believes diversification and scale are beneficial and sees Falcon as an attractive vehicle for acquiring private assets [32] Question: Outlook for 2022 based on current activity - Management refrains from providing broad guidance for 2022, indicating more clarity will come in the November call [38] Question: Trends in payout ratio and future plans - Management acknowledges the high payout ratio but does not plan to reduce it at this time, despite observing peers throttling back [41] Question: Thoughts on base and variable dividends - Management is focused on maintaining full payouts to shareholders and is not currently considering a shift to a base and variable dividend structure [43] Question: A&D opportunities and strategic focus - Management is more focused on larger acquisition opportunities rather than smaller ground game transactions [49] Question: Hedging strategy moving forward - Management is considering opportunities for hedging, particularly in winter gas, but has not added new hedges recently [50][52] Question: Production updates from Devon and rig activity - Positive production increases were noted from Devon, with expectations for continued activity in the Eagle Ford [58]

Investor Presentation August 2021 Disclaimer FORWARD-LOOKING STATEMENTS This document contains forward-looking statements that involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. Falcon cautions readers not to place any undue reliance on these forward-looking statements as forward-looking information is not a guarantee of future performance. Such forward-looking statements include, but are not l ...

Financial Performance & Capital Return - Brigham Minerals reported Q1 2021 Adjusted EBITDA of $27.1 million[20], with an Adjusted EBITDA margin of 80%[80] - The company declared a Q1 2021 dividend of $0.32 per share[75], resulting in an annualized dividend yield of 7.5%[12, 18] - Discretionary cash flow to Class A common stock for Q1 2021 was $18.445 million[75], or $17.216 million excluding lease bonus[75] Production & Operations - Q1 2021 net production averaged 8,931 Boe/d, with 70% liquids (51% oil, 19% NGLs)[20, 22] - Brigham Minerals has a significant inventory of gross horizontal well locations totaling 13,450[20, 55] - The company converted 97 gross wells and 0.4 net wells into PDP (Proved Developed Producing) during Q1 2021[30] Asset Portfolio & Acquisitions - Brigham Minerals holds 87,930 net royalty acres (NRA)[20], with a significant portion in the Delaware Basin (28,940 NRA, 33%)[20, 37] - The company is focused on acquiring core Midland Basin DSUs with substantial Wolfcamp and Spraberry inventory at attractive multiples of $6.0 million per net location in Q1 2021[50] - 57% of net locations are in the Permian Basin, and 36% are Wolfcamp locations[57]

Brigham Minerals, Inc. (MNRL) Q1 2021 Earnings Conference Call May 7, 2021 11:00 AM ET Company Participants Jacob Sexton - Manager, Finance & Investor Relations Bud Brigham - Founder & Executive Chairman Rob Roosa - Founder & Chief Executive Officer Blake Williams - Chief Financial Officer Conference Call Participants Chris Baker - Credit Suisse Leo P. Mariani - KeyBanc Pearce Hammond - Simmons Energy Jeanine Wai - Barclays Operator Good day, and welcome to the Brigham Minerals First Quarter 2021 Earnings C ...