November 13, 2012

1. The 3rd Annual Dahlman Rose & Co.
Global Metals, Mining & Materials Conference
New York, NY
November 13, 2012

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 most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q.
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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3. NRP Overview
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4. Business Overview
Revenues from NRP’s Assets (2011)
• Own, manage and lease mineral properties in
the U.S.
– 2.3 billion tons of proven and probable coal
reserves in three major coal producing regions
– 380 million tons of aggregate reserves
– Oil and gas
• Lease reserves to experienced mine operators
under long-term leases in exchange for royalty
payment
– >percentage of gross sales price or fixed price per
ton
– periodic minimum payments
NRP Revenues (2011)
• Own and lease infrastructure assets including ($ in millions)
transportation, handling and processing
facilities and receive throughput fees
• Expect 2012 revenue guidance in range of
$340 million - $365 million
• Publicly traded on NYSE (“NRP”) with market
cap of $2.1 billion(1)
(1) Market data as of November 7, 2012. Unit price of $19.84 4

5. No Direct Operating Costs or Risks
• Lack of ordinary operating costs and limited direct exposure to environmental,
permitting and labor risks drive industry-leading margins
Operating Cost Operating Risks
• Capital Expenditures • Reclamation Exposure
• Labor • Regulatory/Permitting
• Employee Benefits • Competition
• Property Taxes • Weather
• Transportation / Processing • Economy
Coal EBITDA Margins (2011)
87.5%
31.1%
26.0%
20.9% 20.0%
11.7% 11.4%
6.3%
NRP Alliance Resource Peabody Penn Virginia Arch Coal Alpha Natural James River Coal Patriot Coal
Partners Resource Resources
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Source: Company filings.

6. Overview of NRP’s Coal Business
• Acts as a proxy for the coal industry
• 5th largest owner of coal reserves in the U.S. – 2.3 billion tons
• Strategically located in Appalachia, Illinois Basin, Western U.S.
Illinois Basin
• Increased production expected from development of Ill properties Reserves 276 mm tons
• 2011 coal production of 49.2 mmt and coal royalty revenues of $279.2 million Production 9.4 mm tons
% Metallurgical 0%
% Underground 95%
Key Lessees The Cline Group,
Knight Hawk Coal
Northern Powder River Basin Northern Appalachia
Reserves 102 mm tons Reserves 494 mm tons
Production 2.7 mm tons Production 5.3 mm tons
% Metallurgical 0% % Metallurgical 2%
% Underground 0% % Underground 99%
Key Lessees Westmoreland Coal Key Lessees Alliance Resource
Partners, Arch Coal,
Metinvest
Central Appalachia
Reserves 1,281 mm tons
Production 29.6 mm tons
Southern Appalachia
% Metallurgical 31%
Reserves 123 mm tons
% Underground 82%
Production 1.7 mm tons
Key Lessees Alpha Natural
% Metallurgical 35% Resources, Arch
% Underground 79% Coal, Mechel, Patriot
Coal
Key Lessees Cliffs Natural
Resources 6

7. NRP – Significant Metallurgical Exposure
• 20-25% of all the metallurgical coal U.S. Coal Production (5-Year Average)
produced in the U.S. is produced from
NRP properties
– In 2006, it was as high as 30%
• Historically metallurgical coal has made
up a significant portion of NRP’s coal
royalty revenue
– 22% to 37% of production
– 29% to 47% of coal royalty revenues
NRP’s % of U.S. Met Production (5-Year Average)
– 3Q 2012 YTD - 33% of production and 44%
of coal royalty revenues
• 19 lessees currently produce
metallurgical coal from NRP properties
• Increases in metallurgical demand or
prices can have a profound impact on
NRP
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8. NRP’s Illinois Basin Growth Prospects
• 2005 increased exposure to Illinois Basin
• Production increased
– 5% to 22% of total today
– expected to continue to grow
• Invested ~$586 million since 2005 on coal reserve royalty and infrastructure
properties
• Projects recent completion
– Hillsboro (Deer Run) –should add 7-9 million tons on an annual basis
– Sugar Camp infrastructure and ORRI – add ~$8 million in cash flows in 2012
• Agreement with Cline Group - opportunities on up to 3 billion tons of coal reserves
or infrastructure
• Illinois Basin coal well situated
– Additional scrubbers to handle Ill Basin coal
– Transportation and BTU advantage over PRB coals
– Thicker coal seams than Appalachia means very low operating costs compared to CAPP
– Export capability through the mouth of the Mississippi River
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9. Growing Infrastructure Business
• Own preparation plants, rail load-outs
and beltline structures for both coal and
aggregates
• Currently own 11 coal assets and 1
aggregate plant
• Fees received based on
• % of the gross selling price or
• Fixed fee per ton of throughput
• Recent Ill. Basin acquisition to provide
significant increase for 2012 and
beyond
• Working to expand business
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10. Overview of NRP’s Aggregates Business
• 380 million tons of aggregates in 9 states for NRP (1)
• BRP has production in 5 states
• Currently less than 2% of revenues ($6.7 mm in 2011 on 5.9 mm tons production), but growing
• Invested ~ $138 million since 2006 to acquire assets (1)
White County (Mar 2010) BRP
Hi-Crush ORRI (Nov 2012) Limestone (Jun
DuPont (Jan 2007) Frac Sand 2010)
Sand and Gravel
Northern California (Apr 2010)
Silica
Putnam County (Apr 2010)
Limestone
Livingston County (Feb 2011)
Limestone
Rockmart (Jun 2010)
Slate
States in which NRP generates
BRP
aggregate revenues/overrides (Jun
Date of acquisition in parenthesis 2010)
BRP
Tyler, TX (Jun 2011)
(Jun
(1) Does not include BRP Frac Sand
2010)
Wise County (Jul 2009) McMinn County (Mar 2011)
Limestone Limestone 10

11. Oil and Gas Business Overview
Oil and Gas Revenues from NRP’s Assets
• Own, manage and lease oil and gas mineral
properties in the U.S.
– Over 395,000 net leased oil, gas and CBM acres
– More than 1,000 producing wells
– Additional un-leased mineral interests throughout
United States
• Interest types include fee mineral ownership,
overriding royalty ownership
– Actively work with operators to provide best scenario
for successful development
• Recent acquisitions include 19,200 net acres
within the active Mississippian Lime play
– Oil rich play
• Actively seeking to grow oil and gas portfolio
through acquisitions
– Minerals, royalties, ORRI, Net Profits Interest
acquisitions States in which NRP has
Oil and Gas Revenue
– Provide development capital to operators in exchange
for non-cost bearing interest
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12. Growing Oil and Gas Royalties
• In 2011 hired oil and gas team to focus on acquisitions of additional royalty properties
and leasing of currently owned mineral acreage for oil and gas development
• Since Dec 2011 acquired 19,200 net mineral acres in the Mississippian Lime oil play in
Oklahoma for ~$64 million
– Currently leased to several active operators
– Continuing development through horizontal drilling
• Continuing to lease BRP oil and gas acreage
Oil being picked up from storage tanks in Oklahoma.
• Actively working on leasing additional NRP properties
• Oil and Gas royalties currently only 4% of revenues, but growing as further development
occurs on NRP properties
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13. Platform for Additional Growth -BRP Mineral Venture - ~ 9 mm acres
•Formed venture with International Paper June 2010 -
BRP
•Own and manage ~9.1 million acres of mineral rights
previously held by IP
•NRP paid $42.5 million and has annual cumulative
preferred distribution of $4.25 MM and 51% of any
excess income
•Royalty based model similar to NRP other assets
•NRP has received distributions with regard to:
•2012 (Jan – Sept) - $4.5 million
•2011 - $6.9 million
•2010 - $2.5 million (7 months)
Current Income Development
Oil and gas royalties √ √
~75% of properties are located in
Coal royalties √ √
the Gulf Coast region with next
Aggregate royalties √ √ largest region the Pacific
Cell tower royalties √ Northwest
Coal bed methane √
Geothermal √
Water rights √
Precious metals √
Industrial minerals √
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14. Consistent Growth and Diversification of Revenues
2012E reflects the midpoint of the guidance range updated in August 2012.
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15. Paid to Wait for Market Turnaround
• Current quarterly distribution - $0.55 per unit
• Large cash balance to help protect distribution in weak markets
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16. Unique Tax Attributes for Individuals
• Portion of current income deferred due to depletion, depreciation
• Current income predominantly taxed at Section 1231 – capital gains rates
• At sale of units - very little recapture of depreciation and depletion
• If units are held for more than one year, majority of all income generated by the
partnership is taxed at capital gains rates
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17. Poised for Growth in 2013 and beyond
• Potential for Higher 2012 coal production
– NRP’s lessees produced 49.2 million tons in 2011
– NRP forecasts 2012 coal production of 48 million tons to 54 million tons
• Some lessees moving back onto NRP property from other lessees
• Increasing ILB tonnage in late 2012 and 2013 based on earlier acquisitions
• Growth in infrastructure and transportation
– Increasing throughput from rising coal tonnage in ILB
– New ILB infrastructure assets – Sugar Camp
– New infrastructure assets in aggregates
• Growth in oil and gas due to recent acquisitions
• Increased aggregates platform
– Since 2006 acquired 10 properties for ~$138 million
– Combination of producing and greenfield projects
– Providing growth as markets improve
• Mineral venture with International Paper (BRP LLC)
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