SMH Capital

Houston, TX

February 25, 2009

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Forward Looking StatementThe 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 2007 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.

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NRP Investment Considerations

A Proxy for the Coal Industry• Landholding company

– Lease reserves to coal mining companies

– Receive royalty on production based on a % of the gross selling price

– No operating expenses

– Nominal capital expenditures

• 2.1 billion tons of coal reserves (22% metallurgical and 78% steam)

• 73 lessees produce approximately 5% of U.S. production from NRP’s 201 leases

• NRP’s lessees produce approximately 25% of all U.S. met production

• Three major coal producing regions

• 2008 production: 60.6 million tons

• Coal royalty accounts for approximately 78% of NRP’s revenue stream

Continue to Diversify Income Stream• Infrastructure and Transportation

• Aggregate Royalties

• Oil and Gas Royalties, Timber, Wheelage and other

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Historical Performance

Total Revenues Distributable Cash Flow

Increasing revenue stream provides for growing distributions

In $

mill

ions

In $

mill

ions

32%

CAG

R

29%

CAG

RActual Midpoint of guidance for 2009

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Increased distributions last 22 consecutive quarters, 109% overall Total Distributions paid since Dec 2002 $9.6325 per unit

Distributions

109% Distribution Increase

Increased Quarterly Distributions

Growth Opportunities

• Aggregate reserves and infrastructure

– Looking at multiple opportunities

• Coal reserves and infrastructure

– Through the open market with our lessees and others in the coal industry

– From our sponsors – own 20 billion tons of coal reserves

– From the Cline Group – own or control 3 billion tons of coal reserves in the Illinois Basin

– From the joint venture with Taggart Global – infrastructure

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Liquidity and Capital Markets

• Cash balance at year end ~ $90 million

– ~ 2 full quarters of distributions at the current rate

• No maintenance capital expenditures

• $109 million available on credit facility after Macoupin Energy acquisition

• Debt to total capitalization

– At year end 39%

– Adjusted for $143 million Macoupin acquisition ~46%

– Adjusted for previously announced issuance of units for Cline Gatling Ohio acquisition in 2Q09

• Issue 4,560,000 units

• Debt to Total Capitalization of ~ 42%

• Strong distribution coverage ratio for 2009

• Build additional cash in 2009

• Excess cash may be used for:

– Increasing distributions

– Additional acquisitions

– Paying down credit facility

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Current Coal Market

• Coal prices increased in early to mid 2008 and contracts signed by coal industry in

2008 for 2009 and 2010 are at significantly higher prices

• World economic indicators point toward increased global steam coal demand longer

term in spite of slowing economies

– Additional coal plants are being constructed daily in many countries around the world

– New plants under construction could increase global consumption by ~ 1 billion tons per

year

• Bodes well longer-term for U.S. coal industry and NRP

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Coal Outlook

2009

• Approximately 50% of the electricity in the U.S. is generated through coal-fired

plants

• 90% of coal produced in the U.S. is used towards power generation

• 90% of steam coal produced on NRP properties was priced under contract at the

beginning of 2009

• Need for low vol (high quality) met coal remains stable

• Uncommitted met coal will likely sell at prices higher than the average for 2008, but

significantly lower than the peak in 2008

2010 and Beyond

• Demand for steam coal and low vol met coal should remain strong

• Demand for crossover coals will depend upon recovering economies

• Longer-term – increased development by developing nations will create strong

demand for met coal

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Investment Highlights

• Partnership is supported by stable, royalty-based cash flows

• Attractive portfolio of long-life diverse properties

• Primarily leases to large operators with a diverse customer base

• No direct exposure to mining operating costs or risks

• No maintenance capital expenditures

• Demonstrated ability to grow asset base and distributable cash flow

• Well positioned for growth via coal, aggregate and infrastructure acquisitions

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SMH Capital

Houston, TX

February 25, 2009