Natural Resource Partners L.P. FRIEDMAN BILLINGS RAMSEY 2005 Investor Conference New York November 2005. Forward-Looking Statements.
FRIEDMAN BILLINGS RAMSEY
2005 Investor Conference
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.
DiversePortfolio of Properties
Northern Powder River Basin
Reserves – 7%
Low, Medium, High Sulfur
Reserves – 90%
Medium and High Sulfur
Reserves - 3%
Coal Producing Basins in U.S.
States in which NRP has Coal Reserves
Coal Royalty Revenues
44% Distribution Increase
(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.
September 30, 2005
Adjusted for AFG Acquisition
Growing US Coal Demand
Primary US Electric Power Fuel Source
Source: Energy Information Administration
NSP -Subordinated Units
NRP - Common Units
First conversion of 25% of NSP into NRP occurred on November 14, 2005