Natural Resource Partners L.P.

Investor Meetings

New York and Boston

May 2007

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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.

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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

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NRP Financial Profile

Market Capitalization ($34 per unit):

Enterprise Value:

Distribution per Unit (1Q 2007):

$2.2 billion

$2.7 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: (4/19/07):

$62 million

64.9 million

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Diverse Portfolio of Properties

Note: Reserve information as of December 31, 2006 – Does not include Cline or Dingess Rum Transactions

completed in January.

Coal 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

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Diversity Leads to Stability

• NRP’s large number of lessees

– Diversifies types of operations

– Diversifies coal types and qualities

– Diversifies customer base

– Diversifies revenues

Leads to More Stability of Cash Flows

• Revenue is NOT tied to

– One mine

– One mining method

– One group of miners

– One region

– One shipper

– One customer

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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

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Active Acquisition History

Over the last four years

• Completed 27 acquisitions totaling ~$1.1 billion

• Diversified our portfolio of properties and lessees

• Established two new growth platforms within the last year

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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

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Acquisition Opportunities

• Our sponsor owns over 20 billion tons of currently non-

producing coal that must be offered to NRP when any property

reaches a value of $10 million

• Right to acquire 3 billion tons of reserves from Cline

Resources

• Deals come to us due to our relationships

• Agreement with Taggart (formerly Sedgman) on coal

preparation plants and coal handling facilities

• Opportunities in other qualified asset classes

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

DistributionsDistributions

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

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78% Distribution Increase

Increased Quarterly Distributions

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

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Short Term Outlook for Domestic Coal Market

• Short-term spot market prices have stabilized and begun to

increase

– However, very little coal is sold on the spot market

• Most of NRP’s coal is sold by our lessees under long term

contracts

• Lessees are reporting improving term prices

• Met coal prices continue to be strong

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Long Term Outlook for the Coal Markets

• New coal demand will be generated by:

– New coal-fired power plants being planned

– New coal uses

• coal gasification

• coal to liquids

• EIA expects total electricity sales to increase by 50% by 2030

• EIA expects coal fueled electricity to gain additional market

share over the next 25 years growing to approximately 57% by

2030 from 50% today

• New demand for higher sulfur coal due to the large number of

scrubbers being added to exiting power plants

EIA – Energy Information Agency

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Investment Highlights

• Attractive portfolio of long-life, diverse properties

• Lease to operators with diverse customer base

• Distribution supported by stable, royalty-based cash flows

• No direct exposure to mining operating costs or risks

• Well-positioned for growth via coal and mineral acquisitions

• Demonstrated ability to grow asset base and distributions

• Coal royalty revenues are taxed at capital gains rates

• A lower risk proxy for the coal industry

• Two new growth platforms in addition to coal reserves