Thomas L. Carter, Jr. President, Chief Executive Officer and Chairman of the Board August 17, 2015
Investment Highlights 3
Long, Established Track Record 4
Overview of Mineral and Royalty Interests 5
Black Stone Minerals Compared to Other MLPs Cost-Free Growth Potential with Downside Protection Black Stone Minerals 6
Large, Diversified Acreage Position 7
Larger and More Diversified than Other Public Mineral Companies 8
Delivering Unitholder Value through Focus on Core Competencies and Strategies 9
Active Management of Mineral and Royalty Interests 10
Long History of Acquisitions 11
Working Interest Participation Option 12
Strong Financial Position and Significant Liquidity 13
Distribution Structure Twelve Months Ending 14 1. Annualized minimum quarterly distribution for the twelve months ended March 31
Distribution Structure Distributable Cash Flow 2Q15 66.4 MM Common Subordinated Excess Units: 96 MM Units: 95 MM MQD: 0.2625 MQD: 0.2625 Total: 25.2 MM Total: 16.2 MM Total: 25.0 MM Cum. Coverage: Cum. Coverage:…
Multiple Avenues of Growth with Free Options on New Discoveries Other Plays: 16