Natural Resource Partners L.P.

1. Natural Resource Partners L.P. FRIEDMAN BILLINGS RAMSEY 2005 Investor Conference New York November 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. What is 3 years old and weighs over 2 billion tons?

4. What MLP has increased: Production by ~70% Reserves by ~85% Lessees by ~115% Leases by ~185%and has a reserve life of over 38 years

5. 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

6. Natural Resource Partners L.P.

7. 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 11/18/05. • As of 11/18/05 NRP has $150 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.

8. 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 • Eleven States • 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

9. DiversePortfolio of Properties Northern Powder River Basin Low Sulfur Reserves – 7% Appalachia Low, Medium, High Sulfur Reserves – 90% Illinois Basin Medium and High Sulfur Reserves - 3% Coal Producing Basins in U.S. States in which NRP has Coal Reserves

10. 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

11. Active Acquisition History Major Acquisitions Reserves (mm tons) Acquisition Date • (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.

12. 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.

13. 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

14. Solid Balance Sheet September 30, 2005 Adjusted for AFG Acquisition

15. 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

16. Industry Highlights

17. 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

18. Coal Industry Dynamics Growing US Coal Demand Primary US Electric Power Fuel Source Source: Energy Information Administration

19. NRP – A Proxy for the Coal Industry • Over 2 Billion tons of low, medium and high sulfur coal reserves • 67 lessees produce approximately 5% of the US production from our 176 leases • Three major coal producing regions in eleven states • Appalachia • Northern • Central • Southern • Illinois Basin • Powder River Basin • Production - Metallurgical Coal – 28% Steam Coal – 72%

20. NRP (Common) versus NSP (Subordinated) • Subordinated units have many of the same characteristics as common units NSP -Subordinated Units NRP - Common Units First conversion of 25% of NSP into NRP occurred on November 14, 2005

21. 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

22. Natural Resource Partners L.P.