Natural Resource Partners L.P.

1. Natural Resource Partners L.P. Herold’s Pacesetters Energy Conference September 2005

2. 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 NRP’s 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 NRP’s 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.

3. 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

4. Executing on Strategy Strategy Comment • Work with lessees to maximize production • Monitor lessees’ mining plans Maximize Royalty Revenues • Partner with lessees • Explore new coal & other reserves Explore New Opportunities • Identify additional operators • Continue to diversify via acquisitions Diversify Operator Base • Pursue acquisition / diversification of reserves • Seek opportunities in all U.S. coal regions Acquire / Diversify Reserves

5. Evolution Since Natural Resource Partners’ IPO IPO (10/11/2002) Current • _______________________ • As of 12/31/2004. • For 2002 and 2004, respectively. • As of 6/30/2005. • As of 9/15/2005. • Following the issuance of senior notes on 7/19/2005, NRP has the full $175 million of 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.

6. DiversePortfolio of Properties • 1.8 billion tons at 12/31/04 (met and steam) • 69% low sulfur / 37% compliance Northern Powder River Basin Reserves – 153 mm tons (9%) Low Sulfur Appalachia Reserves – 1,596 mm tons (90%) Low, Medium, High Sulfur Illinois Basin Reserves – 20 mm tons (1%) Medium and High Sulfur Coal Producing Basins in U.S. States in which NRP has Coal Reserves Note: Reserve information as of December 31, 2004

7. Diverse, Well-Established Lessee Base • 41.0% of royalty revenues come from top 10 coal producers • 160 leases with 60 lessees at 6/30/05 • 82.0% of royalty revenues from NRP’s top 10 lessees • Typical lease 5-10 years with option to extend • Lessees responsible for all sales, processing and transporting • ______________________ • Note: NRP’s lessees denoted in bold and with shading. • Source: National Mining Association Coal Producer Survey 2004. • Revenue reported for the period from April 23, 2004 (date of incorporation) to December 31, 2004.

8. 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 $25.4 million at 6/30/05 • Transportation / customer diversity 18% CAGR Coal Royalty Revenues 31% CAGR

9. 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

10. Active Acquisition History Acquisition Date Reserves (mm) (2) • ____________________ • On July 12, 2005, we closed on the first phase of this acquisition, which included 47.5 million tons of coal 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. • Reflects owned reserves of 88 million in total, 38.5 million of which we closed on in July 2005. Does not include 56 million of override reserves.

11. Increased Distributions • Increased distributions 9 out of 10 quarters since IPO, 39% overall Distributions 39% 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.

12. Significant Growth Potential • Coal royalty business highly fragmented with numerous small operators • Coal companies continue to explore reserve monetization opportunities • Opportunity to explore other qualified minerals outside of coal • Substantial capacity under revolver and good access to capital markets • Proven ability to identify and integrate acquisitions

13. Financial Overview

14. Strong Financial Performance Average Royalty Revenue (per ton): $1.58 $1.66 $2.20 $2.61 ___________________ * Midpoint of guidance range.

15. Solid Balance Sheet As Adjusted as of June 30, 2005(1) Actual as of June 30, 2005 ____________________ (1) As adjusted for the Steelhead Acquisition and Senior Notes issued on July 2005.

16. NRP (Common) versus NSP (Subordinated) • Subordinated units have many of the same characteristics as common units NRP - Common Units NSP -Subordinated Units

17. Attractive Tax Structure • Distributions are treated as return of capital • Unit holders are taxed on the income generated by the partnership • Coal royalty revenues on properties held for more than one year are taxed as Section 1231 gains (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

18. Investment Highlights • Attractive portfolio of long-life, diverse properties • Primarily leases 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

19. Natural Resource Partners L.P.