A second look at Natural Resource Partners L.P.

Undervalued royalty income, world class Sisecam Wyoming Soda Ash producer + "carbon economy" upside

• 38% free cash flow yield to common equity

• Undervalued mineral rights (royalty) business covering 13 million acres

• Get 49% of world class Soda Ash asset Sisecam Wyoming LLC for free

• Carbon sequestration business has generated $22 million of cost-free revenue over the past year - this is free as well

I have received a number of questions/comments on Natural Resource Partners (NRP), so wanted to provide an update.

In particular, how I see the capital structure issues playing out over the next 12-18 months, as well as a few notes on the new carbon capture/sequestration business.