Natural Resource Partners L.P.

Platts Coal Properties Conference

March 2006

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 2005 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 Natural Resource Partners

Own and manage coal properties in the three major coal producing regions of the United States:

Appalachia, Illinois Basin and Western US

Lease reserves to experienced mine operators under long-term leases in exchange for royalty payments

Royalty payments based on percentage of sales price or fixed price, with periodic minimum payments

Lessees provide coal to diverse group of utilities, steel companies and industrial users

Evolution Since Natural Resource Partners’ IPO

Reserves:

Annual Production: (2)

Number of Leases:

Number of Lessees:

~1.2 billion tons

30.5 million tons

62

31

~2.0 billion tons (1)

53.6 million tons

176 (3)

67 (3)

Market Capitalization:

Distribution Per Unit:

$454 million

$0.5125 quarterly

$2.05 annualized

$1, 327 million (4)

$0.7625 quarterly

$3.05 annualized

Senior Notes:

Drawn on Revolver:

$0 million

$0 million

$256 million (6)

$10 million(6)

Total Revolver Size:

Cash on Hand

$100 million

$1 million

$175-$300 million (5)

$48 million(3)

_______________________(1) As of 12/31/2005.(2) For 2002 and2005, respectively.(3) As of 12/31/2005.(4) As of 02/17/2006. (5) As of 01-31-06 NRP had $165 million of $175 million capacity available under its credit facility. NRP also retains the right

to increase the size of the credit facility to $300 million without obtaining lender consents.(6) As of January 19, 2006

IPO (10/11/2002)IPO (10/11/2002) CurrentCurrent

Coal Producing Basins in U.S.

States in which NRP has Coal Reserves

Diverse Portfolio of Properties

Northern Powder River Basin

Reserves – 132 mm tons (7%)

Low Sulfur

Illinois Basin

Reserves – 62 mm tons (3%)

Medium and High Sulfur

Appalachia

Reserves – 1,835 mm tons (90%)

Low, Medium, High Sulfur

Note: Reserve information as of December 31, 2005

2.0 billion tons at 12/31/05 (met and steam)

58% low sulfur / 35% compliance

Stable and Predictable Historical PerformanceCoal Production

• Royalty structure supports stable revenues

• Diversified sources of royalty revenues

• Downside price protection without limiting upside; minimum royalty payments of $29.6 million at 12/31/05

• Transportation / customer diversity

Coal Royalty Revenues

17% CAGR17% CAGR

31% CAGR31% CAGR

Active Acquisition History

AcquisitionAcquisition DateDateReservesReserves (mm tons)(mm tons)

(1) Does not include 14 million tons of override reserves.(2) We closed on the first two phases of this acquisition. We expect to complete the final acquisition of the remaining

reserves in the middle of 2006.(3) Reflects owned reserves of 88 million tons in total, of which we have closed on approximately 2/3rds. Does not

include 56 million of override reserves.

Major Acquisitions

AFG (Penn Central) Nov 2005 179Area F/Lexington Sep 2005 25 (1)

Williamson Development(2) Jul 2005 88 (3)

Plum Creek Timber Company Mar 2005 85BLC Properties Jan 2004 176East Kentucky Nov 2003 21PinnOak Jul 2003 79Alpha Natual Resources Apr 2003 353El Paso Properties Dec 2002 108 Total 1114

Increased Distributions Increased distributions 11 out of 12 quarters since IPO, 49% overall

DistributionsDistributions

$1.50

$1.75

$2.00

$2.25

$2.50

$2.75

$3.00

$3.25

49% Distribution Increase

49% Distribution Increase

(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.

Solid Balance Sheet

December 31, December 31, 20052005

Cash and Cash Equivalents 47,691$

Current Portion of Long-Term Debt 9,350$ Long Term DebtSenior Notes 196,950 Credit Facility 25,000 Total Debt 231,300$ Partners' Capital 425,908 Total Capitalization 657,208$

Total Debt / Total Book Capitalization 35.2%

Attractive Tax Structure

Distributions are treated as return of capital

Unit holders are taxed on the income generated by the partnership

Coal royalty revenues on properties held for more than one year are taxed as Section 1231 gains (long term capital gains)

Approximately 60% of the revenue generated is sheltered by depletion deductions

Depletion does not have to be recaptured upon sale of the units

If units are held for more than one year, receive capital gains treatment on the sale

Characteristics Of An MLP Transaction

Qualifying Income for Master Limited Partnerships

Natural Resource Based– Naturally Occurring

Coal

Aggregates

Timber

Other Minerals

Oil and Gas

Qualifying Income for MLP’s

Natural Resource Activity

Exploration

Development

Mining

Production

Processing

Refining

Marketing

Storage

Transportation

Pipeline

Other

Qualifying Income for MLP’s

Other Qualifying Income

Real Property Income

Rents from real property

– Unrelated lessee

– Pipeline

Gain from sale of assets generating qualifying income

Interest

Dividends

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

Financing Vehicle Characteristics - Equity

Advantages

No repayment obligations

Not operations based

Enhances liquidity

Disadvantages

Permanence

Possible loss of control

Dilution

Not always available

Involves all company assets

Cost

Financing Vehicle Characteristics - Debt

Advantages

Finite life

Non-dilutive to shareholders

Disadvantages

Restrictive covenants

Conflicts

Only late stage projects

$ denominated

Structure of payments

Preferential claims

MLP - Royalty Financing - Summary

More closely aligns interests

Provides alternative/additional source of funds

Shifts some risk to financing party

Combines advantages of debt and equity

Less expensive than equity and more expensive than debt

Natural Resource Partners L.P.