Natural Resource Partners L.P.

A Successful Growth Story

UBS Investor Meetings

Las Vegas, Nevada

September 18, 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

• 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 188 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

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Diverse Portfolio of PropertiesCoal 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

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NRP Financial Profile

Market Capitalization ($33 per unit):

Enterprise Value:

Distribution per Unit (2Q 2007):

$2.1 billion

$2.6 billion

$0.465 quarterly

$1.86 annualized

Senior Notes (6/30/2007):

Drawn on Revolver (6/30/2007):

$463 million

$18 million

Cash on Balance Sheet (6/30/2007):

Units Outstanding:

$54 million

64.9 million

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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 within the last year

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Three Platforms for Growth

Coal RoyaltiesCoal Infrastructure

FeesAggregate Royalties

% Revenues

2006 2007E

1% ~6%

% Revenues

2006 2007E

87% ~79%

% Revenues

2006 2007E

-- ~3%

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Coal ReservesCoal Reserves

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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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Pipeline of Growth Opportunities – Coal Reserves

• Gatling Ohio property in 2008

• Our sponsor owns over 20 billion tons of currently non-producing coal that must be sold to NRP when any property reaches a value of $10 million

– Long-term prospects

• Right to acquire 3 billion tons of Illinois Basin reserves from Cline Resources

– Near-term prospects

• Deals come to us due to our relationships

– Large deal flow

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Coal InfrastructureCoal Infrastructure

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Acquisition Opportunities in Coal Infrastructure

• Taggart Global

– Agreement with Taggart Global to jointly identify coal preparation,

handling and rail load-out facilities in the U.S.

– Taggart will design, build and operate the facilities

– NRP will own and lease the facilities to Taggart for a throughput fee

• Cline Resources

– Infrastructure assets associated with 3 billion tons of Illinois Basin

coal reserves

– Gatling Ohio

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AggregatesAggregates

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Acquisition Opportunities - Aggregates

• Aggregates industry produces 3 billion tons per year

– Very fragmented business

• Construction sand and gravel

– Production of ~1.3 billion tons per year

– 3800 companies

– 6000 operations

• Crushed stone

– Production of ~1.7 billion tons per year

– 1200 companies

– 3200 quarries, 85 underground mines

Source: USGS

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Increased distributions 17 out of 18 quarters since IPO, 81% overall

DistributionsDistributions

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81% Distribution Increase

Increased Quarterly Distributions

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

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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

– 2% for making steel

– 5% industrial

– 1% residential

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Electricity Generation in the U.S.

• Fuel sources for electricity generation

– Coal 49%

– Nuclear 20%

– Natural Gas 19%

– Hydro 7%

– Other 5%

• Fossil Fuel Costs for electricity generation April 2007 YTD

– Coal $1.77 MMBTU

– Natural Gas $7.40 MMBTU

– Petroleum Liquid Prices $8.22 MMBTU

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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 49% today

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

scrubbers being added to exiting power plants

EIA – Energy Information Agency