Natural Resource Partners L.P.

Platts Coal Properties Conference

February 2007

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.

Overview of NRP

Own and manage coal properties in the three major coal producing regions of the United States: Appalachia, Illinois Basin and Western US

Own aggregate reserves in DuPont, Washington

Lease reserves to experienced mine operators under long-term leases in exchange for royalty payments based on percentage of sales price or fixed price, with periodic minimum payments

Own and lease coal transportation, handling, and processing facilities and receive throughput fees

Partnership Profile

Reserves:

Metallurgical Coal

2006 Production:

Number of Leases:

Number of Mine Operators:

~2.1 billion tons (1)

24%

52.1 million tons

180 (1)

70 (1)

Market Capitalization:

Current Distribution Per Unit:

$2.0 billion (2)

$0.88 quarterly

$3.52 annualized

Senior Notes:

Outstanding on Revolver:

$247 million (1)

$214 million (1)

Total Revolver Size: $300 million(1) At December 31, 2006(2) Based on $62.61 per unit

Diverse Portfolio of Properties and Lessees

Coal Producing Basins in U.S.

States in which NRP has Coal Reserves

States in which NRP has Aggregate Reserves

A Proxy for the Coal Industry

Stable and Predictable Historical PerformanceCoal Production

• Royalty structure supports stable revenues

• Diversified sources of royalty revenues

• Downside price protection without limiting upside

• Transportation / customer diversity

• Large number of lessees.

Coal Royalty Revenues

Recent Acquisition History

Dingess-Rum2.4 million

common units92 million tons

Jan. 16, 2007Dec. 18, 2006

Cline4.56 million Common

and Class B unitsReserves, Transportation Agreements, and Future

Development Opportunities

Jan. 4, 2007

D.D. Shepard$110 million

80 million tons

Dec. 4, 2006 Dec. 29, 2006

Quadrant$26.5 million

70 million tons of aggregates

Bluestone$20 million

20 million tons

Increased Distributions

(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.

Increased distributions 15 out of 16 quarters since IPO, 72% overall

DistributionsDistributions

$0.40

$0.50

$0.60

$0.70

$0.80

$0.90

$1.00

72% Distribution Increase

Characteristics Of An MLP Transaction

Qualifying Income for Master Limited Partnerships

Natural Resource Based– Naturally Occurring

● Coal

● Other Minerals

● Oil and Gas

Real Property Income

● Rents from real property

Unrelated lessee

Gain from sale of assets generating qualifying income

Interest and Dividends.

Qualifying Income for MLP’s

Natural Resource Activity

Exploration

Development

Production

Processing

Marketing

Storage

Transportation

Non-Reserve Opportunities Examples

Joint Ventures

Drilling Company

Mine Construction

Belt Structure

Loadouts

Prep Plants

Coal Handling Facilities

Railroad

Barge

Trucking

Power Plants

Issues

Operations

● CapEx Needs

● Risks

● Due Diligence

● Personnel

● Financing

● Partners

● Regulatory

● Accounting

MLP Financing Characteristics

Advantages No repayment obligation

Flexible

Management retains 100% control

Product/Price denominated

Risk sharing

Project specific – not company

Lower payments per annum

Non-dilutive to shareholders

Disadvantages

Long lived cost

Upside subject to royalty

Component of cash cost calculation

Natural Resource Partners L.P.