Natural Resource Partners L.P.

17th Annual Wachovia Equity Conference

Nantucket

June 26, 2007

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 2006 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

NRP – A Lower Risk Proxy for the Coal Industry

• 2.1 billion tons of coal reserves

• 69 lessees produce approximately 5% of the US production from our 187 leases

• Three major coal producing regions in eleven states

• 2007 estimated production: 60 million tons to 65 million tons (metallurgical – 22% steam – 78%)

• 2007 estimated total revenues - $222 million to $238 million

4

NRP Financial Profile

Market Capitalization ($37 per unit):

Enterprise Value:

Distribution per Unit (1Q 2007):

$2.4 billion

$2.9 billion

$0.455 quarterly

$1.82 annualized

Senior Notes (3/31/2007):

Drawn on Revolver (3/31/2007):

$472 million

$0 million

Cash on Balance Sheet (3/31/2007):

Units Outstanding:

$56 million

64.9 million

5

Diverse Portfolio of PropertiesCoal Reserves

• 2.1 billion tons at 12/31/06• 24% Met / 76% Steam• 60% Low Sulfur / 36% Compliance

States in which NRP has Aggregates

Coal Producing Basins in U.S.

States in which NRP has Coal Reserves

Aggregate Reserves

• 70 million tons

States in which NRP has both Coal Reserves and Coal Handling Facilities

6

Active Acquisition History

Over the last four and a half years

• Completed 28 acquisitions totaling ~$1.1 billion

• Diversified our portfolio of properties and lessees

• Established two new growth platforms within the last year

7

Recent Acquisition History

Dingess-Rum4.8 million

common units92 million tons

01/16/0712/18/06

Cline8.92 million Common and

Class B unitsReserves, Transportation Agreements, and Future

Development Opportunities

01/04/07

D.D. Shepard$110 million

80 million tons

12/04/06 12/29/06

Quadrant$26.5 million

70 million tons of aggregates

Bluestone$20 million

20 million tons

Westmoreland$12.7 million

Override on 225 million tons

02/23/07

Mettiki$10.2 million &

500,000 common units35 million tons

04/02/07

TaggartEckman, WV Coal Handling

Facilities$16.2 million

Preparation Plant, Rail Load-out

05/18/07

Transactions involving equity

8

Three Platforms for Growth

Coal RoyaltiesCoal Infrastructure

FeesAggregate Royalties

% Revenues

2006 2007E

1% ~7%

% Revenues

2006 2007E

87% ~78%

% Revenues

2006 2007E

-- ~3%

9

Coal ReservesCoal Reserves

10

How NRP Differs from a Coal Producer

• NRP revenue is tied to a coal miner’s top line revenue

• Increased mining costs can be NRP’s friend

• Production cuts at one mine can keep prices higher across the

entire industry sector which improves NRP’s top line

• NRP has no maintenance capital expenditures

• NRP has low G&A expenses

11

Pipeline of Growth Opportunities – Coal Reserves

• Gatling Ohio property in 2008

• Our sponsor owns over 20 billion tons of currently non-producing coal that must be sold to NRP when any property reaches a value of $10 million

– Long-term prospects

• Right to acquire 3 billion tons of Illinois Basin reserves from Cline Resources

– Near-term prospects

• Deals come to us due to our relationships

– Large deal flow

12

Coal InfrastructureCoal Infrastructure

13

Acquisition Opportunities in Coal Infrastructure

• Taggart Global

– Agreement with Taggart Global to jointly identify coal preparation,

handling and rail load-out facilities in the U.S.

– Taggart will design, build and operate the facilities

– NRP will own and lease the facilities to Taggart for a throughput fee

• Cline Resources

– Infrastructure assets associated with 3 billion tons of Illinois Basin

coal reserves

– Gatling Ohio

14

AggregatesAggregates

15

Acquisition Opportunities - Aggregates

• Aggregates industry produces 3 billion tons per year

– Very fragmented business

• Construction sand and gravel

– Production of ~1.3 billion tons per year

– 3800 companies

– 6000 operations

• Crushed stone

– Production of ~1.7 billion tons per year

– 1200 companies

– 3200 quarries, 85 underground mines

Source: USGS

16

Increased distributions 16 out of 17 quarters since IPO, 78% overall

DistributionsDistributions

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

4

Q 0

2

2

Q 0

3

4

Q 0

3

2

Q 0

4

4

Q 0

5

2

Q 0

5

4

Q 0

5

2

Q 0

6

4

Q 0

6

78% Distribution Increase

Increased Quarterly Distributions

Distributions have been adjusted for the April 07 two-for-one unit split

17

Investment Highlights

• A lower risk proxy for the coal industry

• Attractive portfolio of long-life, diverse properties

• Lease to operators with diverse customer base

• No direct exposure to mining operating costs or risks

• Demonstrated ability to grow asset base and distributions

• Well-positioned for growth via coal acquisitions

• Two new growth platforms in addition to coal reserves

• Distribution supported by stable, royalty-based cash flows