RBC Capital Markets

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• RBC Capital Markets
• MLP/Trust Conference
• November 2005

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Forward-Looking Statements

• The statements made by representatives of Natural
  Resource Partners L.P. (NRP) during the course
  of this presentation that are not historical
  facts are forward-looking statements. Although
  NRP believes that the assumptions underlying
  these statements are reasonable, investors are
  cautioned that such forward-looking statements
  are inherently uncertain and necessarily involve
  risks that may affect NRPs business prospects
  and performance, causing actual results to differ
  from those discussed during the presentation.
• Such risks and uncertainties include, by way of
  example and not of limitation general business
  and economic conditions decreases in demand for
  coal changes in our lessees operating
  conditions and costs changes in the level of
  costs related to environmental protection and
  operational safety unanticipated geologic
  problems problems related to force majeure
  potential labor relations problems changes in
  the legislative or regulatory environment and
  lessee production cuts.
• These and other applicable risks and
  uncertainties have been described more fully in
  NRPs 2004 Annual Report on Form 10-K. NRP
  undertakes no obligation to publicly update any
  forward-looking statements, whether as a result
  of new information or future events.

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What is 3 years old and weighs nearly 2 billion
tons?
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What MLP has increased Production by 70
Reserves by 80 Lessees by 100 Leases by
165and has a reserve life of over 38 years
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What MLP has.?

• Grown its distribution 44 in the last 3 years
• Increased its distribution nine consecutive
  quarters
• Over two full quarters of distributions in cash
  in the bank
• A distribution coverage of 1.37x

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Natural Resource Partners L.P.
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Evolution Since Natural Resource Partners IPO
IPO (10/11/2002)
Current

• _______________________
• As of 12/31/2004 increased for 2005 acquisitions.
• For 2002 and latest guidance for 2005
  respectively.
• As of 9/30/2005.
• As of 11/10/2005.
• As of 9-30-05 NRP has 169 million of 175
  million capacity available under its credit
  facility. NRP also retains the right to increase
  the size of the credit facility to 300 million
  without obtaining lender consents.

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Overview of Natural Resource Partners

• Own and manage coal properties in the three major
  coal producing regions of the United States
• Appalachia, Illinois Basin and Western US
• Lease reserves to experienced mine operators
  under long-term leases in exchange for royalty
  payments
• Royalty payments based on percentage of sales
  price or fixed price, with periodic minimum
  payments
• Lessees provide coal to diverse group of
  utilities, steel companies and industrial users

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Diverse Portfolio of Properties
Northern Powder River Basin Low Sulfur Reserves
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Appalachia Low, Medium, High Sulfur Reserves 89
Illinois Basin Medium and High Sulfur Reserves -
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Coal Producing Basins in U.S.
States in which NRP has Coal Reserves
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Stable and Predictable Historical Performance
Coal Production

• Royalty structure supports stable revenues
• Diversified sources of royalty revenues
• Downside price protection without limiting
  upside minimum royalty payments of 26.6 million
  at 9/30/05
• Transportation / customer diversity

18 CAGR
Coal Royalty Revenues
31 CAGR
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Active Acquisition History
Major Acquisitions
Acquisition
Date
Reserves (mm tons)

• (1) Does not include 14 million tons of
  override reserves.
• On July 12, 2005, we closed on the first phase of
  this acquisition, which included 36.5 million
  tons of coal
• reserves and 11.0 million of override
  reserves. We expect to complete the acquisition
  of the remaining reserves in two steps one at
  the beginning of 2006 and the other in the middle
  of 2006.
• (3) Reflects owned reserves of 88 million
  tons in total, 38.5 million of which we closed on
  in July 2005. Does not include 56 million of
  override reserves.

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Increased Distributions

• Increased distributions 10 out of 11 quarters
  since IPO, 44 overall

Distributions
44 Distribution Increase
(1)
____________________ (1) The initial
distribution of 0.4234 is equivalent to a full
quarter minimum distribution of 0.5125 prorated
for the period from October 17, 2002, the date of
closing of the initial public offering of common
units, through December 31, 2002, the end of the
quarter.
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No Direct Operating Costs or Risks
Operating Cost
Operating Risks

• Capital Expenditures
• Labor
• Employee Benefits
• Property Taxes
• Transportation / Processing

• Reclamation Exposure
• Regulatory/Permitting
• Competition
• Weather
• Economy

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Solid Balance Sheet
September 30 2005
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Attractive Tax Structure

• Distributions are treated as return of capital
• Unit holders are taxed on the income generated by
  the partnership
• Coal royalty revenues are taxed as long term
  capital gains
• Approximately 60 of the revenue generated is
  sheltered by depletion deductions
• Depletion does not have to be recaptured upon
  sale of the units
• If units are held for more than one year, receive
  capital gains treatment on the sale

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Industry Highlights
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Favorable Current Coal Fundamentals

• Growing economy and demand for electricity
• High natural gas prices
• Low stockpile levels at utilities
• Coal-fired equipment has become cleaner
• Increase in plans to build new coal-fired plants
• Increased U.S. export market
• Favorable exchange rate with European Union
• Increased demand due to explosion of Chinese
  economy

Domestic Demand
Global Demand
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Coal Industry Dynamics
Growing US Coal Demand
Primary US Electric Power Fuel Source
Source Energy Information Administration
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U.S. Electric Utility Avg. Cost for Fossil Fuels
Source Energy Information Administration
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NRP A Proxy for the Coal Industry

• Nearly 2 Billion tons of low, medium and high
  sulfur coal reserves
• 62 lessees produce approximately 5 of the US
  production from our 165 leases
• Three major coal producing regions in nine states
• Appalachia
• Northern
• Central
• Southern
• Illinois Basin
• Powder River Basin
• Production - Metallurgical Coal 28 Steam
  Coal 72

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NRP (Common) versus NSP (Subordinated)

• Subordinated units have many of the same
  characteristics as common units

NRP - Common Units
NSP -Subordinated Units
First conversion of 25 of NSP into NRP occurred
on November 14, 2005
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Investment Highlights

• Attractive portfolio of long-life, diverse
  properties
• Primarily lease to large operators with diverse
  customer base
• Distribution supported by stable, royalty-based
  cash flows
• No direct exposure to mining operating costs or
  risks
• Well-positioned for growth via coal and mineral
  acquisitions
• Demonstrated ability to grow asset base and
  distributions
• Coal royalty revenues are taxed at capital gains
  rates

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Natural Resource Partners L.P.