Natural Resource Partners L.P.

1
Natural Resource Partners L.P.

• Reserves to Spare Carving a New Niche in the
  U.S. Coal Industry
• McCloskey Coal Conference
• New York
• June 27, 2007

2
NRP A Proxy for the Coal Industry

• 2.1 billion tons of coal reserves
• 69 lessees produce approximately 5 of the US
  production from our 187 leases
• Three major coal producing regions in eleven
  states
• 2007 estimated production 60 million tons to
  65 million tons (metallurgical 22 steam
  78)
• 2007 estimated total revenues - 222 million to
  238 million

3
Diverse Portfolio of Properties

• Coal Reserves
• 2.1 billion tons at 12/31/06
• 24 Met / 76 Steam
• 60 Low Sulfur / 36 Compliance

• Aggregate Reserves
• 70 million tons

Coal Producing Basins in U.S.
States in which NRP has Coal Reserves
States in which NRP has Aggregates
States in which NRP has both Coal Reserves and
Coal Handling Facilities
4
NRP Provides A Form of Financing to the Coal
Industry

• NRP Utilizes its Credit Facilities and the
  Capital Markets
• Finance the Coal Industry in return for stable
  long-term cash flow streams that support
  distributions to NRPs unitholders
• NRP own the reserves, preparation plants,
  beltline facilities, or rail loadouts and lease
  these assets to the coal mining companies.
• Frees up mining company capital for mine
  development

NRP Financing
Bank Debt
Equity
5

Characteristics Of An MLP Transaction
6
Characteristics of an MLP Transaction

• Natural Resource Based Naturally Occuring
• 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

7
Natural Resource Activity

• Exploration
• Development
• Production
• Processing
• Marketing
• Storage
• Transportation

8
Non-Reserve Opportunities

• Joint Ventures
• Mine Construction
• Belt Structure
• Loadouts
• Preparation Plants
• Coal Handling Facilities
• Railroad
• Barge
• Trucking
• Power Plants

9
Active Acquisition History

• Over the last four years
• Completed 28 acquisitions totaling 1.1 billion
• Diversified portfolio of properties and lessees
• Established two new growth platforms within the
  last year

10
Natural Resource Partners L.P.

• Reserves to Spare Carving a New Niche in the
  U.S. Coal Industry
• McCloskey Coal Conference
• New York
• June 27, 2007