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 ~2.0 billion tons (1) 53.6 million tons 176 (3) 67 (3) Market Capitalization: Distribution Per Unit: $454 million $ quarterly $2.05 annualized $1, 327 million (4) $ quarterly $3.05 annualized Senior Notes: Drawn on Revolver: $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) (1)As of 12/31/2005. (2) (2)For 2002 and2005, respectively. (3) (3)As of 12/31/2005. (4) (4)As of 02/17/2006. (5) (5)As of 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) (6)As of January 19, 2006 IPO (10/11/2002) Current

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 Performance Coal 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% CAGR 31% CAGR

Active Acquisition History AcquisitionDate Reserves (mm tons) (mm tons) (1) Does not include 14 million tons of override reserves. (2) (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 (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

Increased Distributions  Increased distributions 11 out of 12 quarters since IPO, 49% overall Distributions 49% Distribution Increase (1) ____________________ (1) The initial distribution of $ is equivalent to a full quarter minimum distribution of $ 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, 2005

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.