Jefferies 2012 Global Energy Conference

Houston, TX November 28, 2012

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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 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.

NRP Overview

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Business Overview • 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

• Own and lease infrastructure assets including 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 $2.0 billion(1)

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NRP Revenues (2011)

Revenues from NRP’s Assets (2011)

(1) Market data as of November 23, 2012. Unit price of $18.74

($ in millions)

• Capital Expenditures

• Labor

• Employee Benefits

• Property Taxes

• Transportation / Processing

• Reclamation Exposure

• Regulatory/Permitting

• Competition

• Weather

• Economy

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

87.3%

56.7%

33.3% 31.1%23.7% 20.9%

12.9% 9.9% 9.0% 7.3% 4.6%

NRP BoardwalkPipeline

WilliamsPartners

AllianceResourcePartners

EnergyTransferPartners

PVR Partners EnbridgeEnergy

BuckeyePartners

EnterpriseProductsPartners

NuStar Energy Plains AllAmericanPipeline

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MLP EBITDDA Margins (2011)

Overview of NRP’s Coal Business • Diversified platform across 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.

• Increased production expected from development of ILB properties

• LTM coal production of 49.5 mt and coal royalty revenues of $260.7 million

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Southern Appalachia

Reserves 123 mt

Production 2.8 mt

% Metallurgical 35%

% Underground 79%

Key Lessees Cliffs Natural Resources

Northern Appalachia

Reserves 494 mt

Production 7.6 mt

% Metallurgical 2%

% Underground 99%

Key Lessees Alliance Resource Partners, Arch Coal, MetInvest

Illinois Basin

Reserves 276 mt

Production 10.2 mt

% Metallurgical 0%

% Underground 95%

Key Lessees The Cline Group, Knight Hawk Coal

Central Appalachia

Reserves 1,281 mt

Production 26.4 mt

% Metallurgical 31%

% Underground 82%

Key Lessees Alpha Natural Resources, Arch Coal, Mechel, Patriot

Northern Powder River Basin

Reserves 102 mt

Production 2.1 mt

% Metallurgical 0%

% Underground 0%

Key Lessees Westmoreland Coal

Note: LTM as of September 30, 2012.

States in which NRP generates coal royalty revenues/overrides

Diverse Customer Base of Leading U.S. Coal Producers

• Approximately 58% of coal royalty revenues from top 10 coal producers in U.S.

• Over 200 leases with over 70 lessees

• Well-established lessee base that invested significant capital to develop operations

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FY 2011 Market 2011 % of U.S. Total($ in billions) Revenues Capitalization(1) Location Production Coal Production

Peabody Energy Corporation $8.0 $6.7 PRB, ILB, Australia 203.9 18.6%

Arch Coal, Inc. 4.3 1.4 WBIT, PRB, CAPP 151.7 13.9

Alpha Natural Resources 7.0 1.6 PRB, CAPP, NAPP 102.3 9.3

Cloud Peak Energy, Inc. 1.6 1.2 PRB 97.2 8.9

CONSOL Energy Inc. 6.0 7.3 NAPP, CAPP 62.6 5.7

Luminant (Energy Future Holdings) n/a n/a Texas 32.3 3.0

Alliance Resource Partners 1.8 2.1 ILB, NAPP, CAPP 30.8 2.8

Kiewit Mining Group, Inc. n/a n/a PRB 30.0 2.7

Patriot Coal Corporation 2.4 0.0 ILB, NAPP, CAPP 28.8 2.6

North American Coal Corporation n/a n/a ND, Gulf Coast 27.9 2.5

Top 10 U.S. Coal Producers (2011)

Source: 2011 National Mining Association survey of major coal producers published in May 2012; data is as of 2011. Note: The Company’s lessees denoted by blue shade. (1) Market data as of November 20, 2012.

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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NRP – Significant Metallurgical Exposure • 20-25% of all the metallurgical coal

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 – 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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U.S. Coal Production (5-Year Average)

NRP’s % of U.S. Met Production (5-Year Average)

Growing Infrastructure Business

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• 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

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)

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DuPont (Jan 2007) Sand and Gravel

Wise County (Jul 2009) Limestone

White County (Mar 2010) Limestone

Putnam County (Apr 2010) Limestone

Northern California (Apr 2010) Silica

Rockmart (Jun 2010) Slate

Livingston County (Feb 2011) Limestone

McMinn County (Mar 2011) Limestone

Tyler, TX (Jun 2011) Frac Sand

Hi-Crush ORRI (Nov 2012) Frac Sand

BRP (Jun 2010)

BRP (Jun 2010)

BRP (Jun 2010)

States in which NRP generates aggregate revenues/overrides Date of acquisition in parenthesis

(1) Does not include BRP

• 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

• 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

• Actively seeking to grow oil and gas portfolio through acquisitions – Minerals, royalties, ORRI, Net Profits Interest acquisitions

– Provide development capital to operators in exchange for non-cost bearing interest

• Oil and gas royalties currently only 4% of revenues, but growing as further development occurs on NRP properties

oil and gas revenues

Overview of NRP’s Oil and Gas Business

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Oil and Gas Revenues from NRP’s Assets

States in which NRP generates

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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 √ √

Coal royalties √ √

Aggregate royalties √ √

Cell tower royalties √

Coal bed methane √

Geothermal √

Water rights √

Precious metals √

Industrial minerals √

~75% of properties are located in the Gulf Coast region with next largest region the Pacific Northwest

Consistent Growth and Diversification of Revenues

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2012E reflects the midpoint of the guidance range updated in August 2012.

Paid to Wait for Market Turnaround

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• Current quarterly distribution - $0.55 per unit

• Large cash balance to help protect distribution in weak markets

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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Poised for Growth in 2013 and beyond • Potential for higher 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 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 royalties due to recent acquisitions – Hired team in 2011 to evaluate acquisitions and expanding development on existing leases – Currently only 4% of revenues, but growing as further development occurs on NRP properties

• Increased aggregates platform – Since 2006 acquired 10 properties for ~$138 million plus 1 infrastructure asset for $6 million – Combination of producing and greenfield projects – Providing growth in 2012 and beyond

• Mineral venture with International Paper (BRP LLC) – Actively developing diverse portfolio of mineral rights in 31 states

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