1. Natural Resource Partners L.P. Platts Coal Properties Conference February 2007

2. 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.

3. 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

4. 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

5. 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

6. Stable and Predictable Historical Performance Coal 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

7. Recent Acquisition History Dingess-Rum 2.4 million common units 92 million tons Jan. 16, 2007 Dec. 18, 2006 Cline 4.56 million Common and Class B units Reserves, 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

8. 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 Distributions 72% Distribution Increase

9. Characteristics Of An MLP Transaction

10. 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.

11. Qualifying Income for MLP’s Natural Resource Activity  Exploration  Development  Production  Processing  Marketing  Storage  Transportation

12. 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

13. 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

14. Natural Resource Partners L.P.