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

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.

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

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

Evolution Since Natural Resource Partners’ IPO Reserves: Annual Production: (2) Number of Leases: Number of Lessees: ~1.2 billion tons 30.5 million tons ~1.8 billion tons (1) 48.4 million tons 160 (3) 60 (3) Market Capitalization: Distribution Per Unit: $454 million $ quarterly $2.05 annualized $1,552 million (4) $ quarterly $2.85 annualized Senior Notes:$0 million$206 million Total Revolver Size: Cash on Hand $100 million $1 million $175-$300 million (5) $51 million (3) _______________________ (1) (1)As of 12/31/2004. (2) (2)For 2002 and 2004, respectively. (3) (3)As of 6/30/2005. (4) (4)As of 9/15/2005. (5) (5)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. IPO (10/11/2002) Current

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

Diverse, Well-Established Lessee Base 41.0% of royalty revenues come from top 10 coal producers 160 leases with 60 lessees at 6/30/ % 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 (1) (1)Revenue reported for the period from April 23, 2004 (date of incorporation) to December 31, 2004.

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 Coal Royalty Revenues 18% CAGR 31% CAGR

  Capital Expenditures   Labor   Employee Benefits   Property Taxes   Transportation / Processing No Direct Operating Costs or Risks Operating Cost Operating Risks   Reclamation Exposure   Regulatory/Permitting   Competition   Weather   Economy

Active Acquisition History AcquisitionDate Reserves (mm) Steelhead Development Company (1) Jul Plum Creek Timber CompanyMar BLC PropertiesJan East KentuckyNov PinnOakJul Alpha Natural ResourcesApr El Paso PropertiesDec Total 910 ____________________ (1) (1)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 (2) (2)Reflects owned reserves of 88 million in total, 38.5 million of which we closed on in July Does not include 56 million of override reserves. (2)

Increased Distributions  Increased distributions 9 out of 10 quarters since IPO, 39% overall Distributions 39% Distribution Increase (1) ____________________ (1) The initial distribution of $ is equivalent to a full quarter minimum distribution of $ 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.

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

Financial Overview

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

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.

  Subordinated units have many of the same characteristics as common units NRP (Common) versus NSP (Subordinated) NRP - Common Units NRP - Common Units NSP -Subordinated Units When IssuedAt IPO (October 2002) When Publicly TradedOctober 2002August 2005 Current Distribution$ per quarter Minimum Distribution$ per quarterNone Voting Rights to Remove General Partner YesNo Preference on Distributions At or below $ per quarter None Entitled to Arrearages on Distributions, if any YesNo

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

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

Natural Resource Partners L.P.