Natural Resource Partners L.P. SMH Capital Investor Growth Conference New York, NY November 8-9, 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 NRP – A Lower Risk Proxy for the Coal Industry Landholding company –Lease reserves to coal mining companies –Receive royalty on production 2.1 billion tons of coal reserves 69 lessees produce approximately 5% of the US production from our 189 leases Three major coal producing regions in eleven states 2007 estimated production: 54 million tons to 61 million tons (metallurgical – 22% steam – 78%) 2007 estimated total revenues - $205 million to $224 million

4 Diverse Portfolio of Properties 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 States in which NRP has both Coal Reserves and Coal Handling Facilities

5 Performance Royalty structure supports stable revenues Diversified sources of royalty revenues – Coal royalty – Coal Infrastructure – Aggregates – Oil and Gas and Timber royalties Increased distributions 17 consecutive quarters Total Revenues Distributable Cash Flow 30% CAGR 24% CAGR

6 Active Acquisition History Over the last five years Completed 29 acquisitions totaling ~$1.1 billion Diversified our portfolio of properties and lessees Established two new growth platforms

7 Three Platforms for Growth % Revenues E 1% ~6% % Revenues E 87% ~79% % Revenues E -- ~3% Coal Royalties Coal Infrastructure fees Aggregates

8 Coal Facts and the Global Coal Markets

9 Coal – America’s Most Abundant Energy Source U.S. Fossil Energy Reserves on a BTU Basis –Coal 94% –Oil 3% –Natural Gas 3% U. S. estimated recoverable reserves are approximately 270 billion tons U.S. production in 2006 was 1.2 billion tons –96% consumed in U.S. –4% exported Based on current consumption, the U.S. has over a 225 year reserve life U.S. consumption of coal –92% for electricity generation –7% for making steel and industrial use –1% residential Source: EIA

10 Electricity Generation in the U.S. Fuel sources for electricity generation –Coal 49% –Nuclear 20% –Natural Gas 19% –Hydro 7% –Other 5% Net Generation is 1.4 % higher YTD through July than in the same period last year –Coal up 1.5% –Nuclear up 1.6 percent –Natural Gas up 6.1 percent –Hydro down 13.8 percent Source: EIA

11 Relative Electricity Costs in the U.S. Source: EIA

12 Global Coal Consumption – Growth last five years Global Coal Consumption has increased 30% over the last five years China ~ 75% India ~ 38% 4.5% over the last year China grew 8.7% India grew 7.1% Source: BP Statistical Review of World Energy June 2007 MM tonnes

13 World Dynamics and the Domestic Coal Markets China, India, and Europe importing coal –High freight rates give U.S. coal into Europe an advantage –Weakness in the U.S. dollar U.S. exports increasing –metallurgical coal –steam coal Coal use is exceeding production Increasing exports boosting U.S. domestic coal prices

14 New Electrical Generation Coal –21 domestic coal plants are currently under construction –Completions scheduled between 2008 and 2010 –Over 12,000 Megawatts of capacity –New baseload projects Nuclear –1 new nuclear plant has been announced Hydro –None – in fact drought conditions have caused decreases in generation Wind –Not large enough to make a significant difference Source: Platts, Company announcements

15 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 49% today New demand for higher sulfur coal due to the large number of scrubbers being added to exiting power plants Source: EIA – Energy Information Agency