May 2015

NATURAL RESOURCE PARTNERS L.P.

MAY INVESTOR MEETINGS

The statements made by representatives of Natural Resource Partners L.P. (“NRP”) during the course of this presentation or contained in this presentation that are not historical facts are forward-looking statements. Although NRP believes that the assumptions contained in this presentation 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. These risks include, but are not limited to, decreases in demand for coal, aggregates and industrial minerals, including trona / soda ash, and oil and gas; changes in operating conditions and costs; production cuts by our lessees; commodity prices; economic and market conditions; unanticipated geologic problems; liquidity and access to financing sources; changes in the legislative or regulatory environment and other factors detailed in Natural Resource Partners’ Securities and Exchange Commission filings. These and other applicable risks and uncertainties have been described more fully in NRP’s most recent 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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FORWARD LOOKING STATEMENTS

OVERVIEW

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• Natural Resource Partners L.P. (“NRP”) is a master limited partnership based in Houston, Texas

• A diversified natural resource company with interests in oil and gas, coal, aggregates and industrial minerals across the United States

• 2015 projected revenues of $490 - $535 million1

― Coal: 42% ― Aggregates and Soda Ash: 43% ― Oil and Natural Gas: 12% ― Other: 3%

• Equity market capitalization of approximately $650 million as of April 28, 2015

• Approximately 360 people employed by or providing services to NRP

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NRP OVERVIEW

1. Based upon 2015 guidance issued in February 2015. NRP does not intend to reaffirm or update guidance until release of second quarter results.

A DIVERSIFIED NATURAL RESOURCES COMPANY

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• 2.3 billion tons of coal reserves in four coal producing basins, with ~37% of coal revenues from growing, low-cost Illinois Basin(1)

• Royalty-based business model: Lease reserves to experienced operators under long-term leases

• Substantially all leases require periodic minimum payments, even if no minerals produced

• Own and lease infrastructure assets including transportation, handling and processing facilities and receive throughput fees

Coal

Aggregates & Soda Ash

Oil & Gas

• 792 million tons of aggregates reserves(2)

• One of top 25 aggregates producers in the United States

• Interest in world-class soda ash operation in Green River Basin in Wyoming

• Attractive opportunities for organic growth

• ~4,600 BOEPD net daily production(3)

― ~85% of production from non-operated working interests in the Bakken/Three Forks

― Remaining ~15% from royalty and fee mineral interests primarily located in Oklahoma, Louisiana and Appalachia

1. Based on 2014 revenues 2. As of 12/31/14 3. Based on 4Q 2014 production from Williston Basin and FY 2014 production from royalty assets

Aggressively manage balance sheet to ensure financial strength and flexibility

• Focus on reducing leverage and improving the balance sheet

― Improve consolidated Debt/Adjusted EBITDA from 4.9x at 12/31/14 to 3.5x by December 2017(1)

― 75% cut in unitholder distributions commencing May 2015 to free up cash to pay down debt and enhance liquidity

Will result in cash savings of $130 million on an annualized basis; intended to be used to repay debt

Plan to reduce debt by $500 million by year-end 2017

─ Enhance liquidity by replacing NRP Operating’s existing revolver due in August 2016 with new facility

• Focus on cost reductions and capital efficiency

• Diversification away from legacy coal business through organic growth of aggregates, industrial minerals and oil & natural gas assets

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STRATEGIC PLAN - GOALS AND OBJECTIVES

1. Adjusted EBIDTA is a non-GAAP financial measure. See Appendix for an explanation of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income as of December 31, 2014.

BUSINESS SEGMENTS

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COAL

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• North American thermal coal industry in midst of long-term secular decline (thermal coal accounted for ~66% of NRP coal related revenues during 2014)

― Increasingly stringent environmental regulations

― Lower cost operations, such as those in the Illinois Basin, have significant advantage over higher cost Appalachian operations

― However, after three years of sub $4.00 natural gas, additional coal-to-gas switching risk greatly reduced

• North American metallurgical coal industry mired in cyclical trough (met coal accounted for ~34% of NRP coal related revenues during 2014)

― Excess supply due to weak global growth

― Strong U.S. dollar headwind for U.S. exports

― Cycle will eventually turn

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CURRENT COAL MARKET

NRP’S COAL BUSINESS WELL SUITED FOR MARKET

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Area Thermal Metallurgical Total

Appalachia 24% 34% 58%

Illinois Basin 37% 0% 37%

PRB & Gulf Coast 5% 0% 5%

Total 66% 34% 100%

• As royalty owner, no direct exposure to many issues plaguing coal operators

– Labor, pension liabilities, environmental compliance, capital expenditures, etc.

• Growth in Illinois Basin assets partially offsetting declines in Appalachia

– Major Illinois lessee Foresight Energy lowest cost operator in basin

– Recent Foresight/Murray Energy transaction has potential to increase production from NRP properties

• Significant minimum royalties with additional price protection based on floor royalty structure in most leases

• Metallurgical coal prices appear near bottom

Coal Related Revenues Allocation - 2014

$207- $221 million Coal Related Revenues projected for 2015(1)

1. Based upon 2015 guidance issued in February 2015. NRP does not intend to reaffirm or update guidance until release of second quarter results.

FUTURE US ENERGY DEMAND

11 Traditional fossil fuels, including coal,

will dominate the future U.S. energy mix for decades to come

Source: EIA Annual Energy Outlook, 2015

Quadrillion Btu

FUTURE U.S. ELECTRICITY GENERATION

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Source: EIA Annual Energy Outlook, 2015

Trillion Kilowatt hours

AGGREGATES & SODA ASH

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• Aggregates used primarily in asphalt and concrete

• Demand for aggregates is driven by construction spending, which is tied to GDP and population growth

• U.S. aggregates production and spending levels have room to grow, as they are down 30% and 20%, respectively, from their peaks in the mid-2000s(1)

• NRP aggregates platform provides organic opportunities to grow faster than broader aggregates market

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AGGREGATES MARKET

1. Source: USGS annual and quarterly data and U.S. Census Bureau – Construction Put In Place

NRP’S AGGREGATES BUSINESS

$163 – $179 million Aggregates Revenues projected for 2015(1)

Laurel Aggregates – Morgantown, WV

• Serves the energy and construction industries in southwestern PA, northern WV and eastern OH

• Direct sales from Lake Lynn location and brokered stone from other 3rd party quarries

Winn Materials/Marine – Clarksville, TN

• Serves four market segments: 1) military; 2) residential construction; 3) highway and commercial construction; and 4) industrial and agricultural manufacturers and suppliers

McIntosh Construction – Clarksville, TN

• Provides base prep, paving and curb construction services for commercial parking lots, public highways and other venues

Southern Aggregates – Baton Rouge, LA

• Largest sand and gravel producer in Louisiana with 5 operations / plant facilities that serve: major ready-mix customers, contractors / utility companies and specialty sand

Other Aggregates Assets

• NRP owns ~500 million tons of aggregates reserves, in addition to ORRI, across the U.S. that generates additional royalty revenue for the partnership

15 1. Based upon 2015 guidance issued in February 2015. NRP does not intend to reaffirm or update

guidance until release of second quarter results.

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NRP’S SODA ASH BUSINESS

Steady Free Cash Flow, Significant Growth Potential and Extensive Reserve Life

• Green River Basin has the world’s largest deposit of natural trona and supplies over 90% of the nation’s soda ash

• Soda ash is used in the manufacturing of glass, detergents, chemicals and other industrial products

• OCI Wyoming produces trona and refines into soda ash in Green River Basin of Wyoming

• 60+ year reserve life

• International demand and prices growing

• Expect annual revenues of $49 million to grow steadily

• Recent comparable transactions imply significant unlocked value in NRP’s current equity market valuation (e.g., FMC)

OCI Wyoming LLC Soda Ash Operation NRP’s 49% ownership interest projected to

generate $47 – $50 million in revenues for 2015(1)

1. Based upon 2015 guidance issued in February 2015. NRP does not intend to reaffirm or update guidance until release of second quarter results.

OIL & GAS

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NRP’S OIL AND GAS BUSINESS $56 – $66 million Oil & Gas Revenues projected for 2015 (1)

Diversified Fee Minerals, Royalties & ORRIs projected to be ~10% of 2015 oil and gas revenues(1)

• ~260,000 leased net mineral and ORRI acres primarily in Oklahoma, Louisiana and Appalachia

• ~2.4 million unleased net mineral acres

• Net production ~730 BOEPD (80% natural gas) (~15% of Total)(3)

• Shallow decline legacy production as well as new development activity targeting unconventional reservoirs in parts of Appalachia and Mid-Continent

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Bakken/Three Forks Non-Operated Working Interests projected to be ~90% of 2015 oil and gas revenues(1)

• Over 20,000 net acres primarily in the core of the Bakken/Three Forks, including significant exposure to the Sanish Field

• Net production ~3,900 BOEPD (~85% of Total)(2)

• Top operators Whiting and EOG operate approximately 90% of NRP’s oil production(4)

Represents primary area of activity

1. Based upon 2015 guidance issued in February 2015. NRP does not intend to reaffirm or update guidance until release of second quarter results.

2. 4Q 2014 average 3. FY 2014 average 4. Based on 4Q 2014 net oil sales

NRP – A DIVERSIFIED NATURAL RESOURCE COMPANY

• Diversified natural resource company with interests in long-lived oil and gas, coal, aggregates and industrial minerals across the United States

• Currently focused on improving the balance sheet and enhancing liquidity

• Distribution cut announced in April will result in cash savings of $130 million on an annualized basis; intended to be used to reduce debt

• Focus on cost reductions and capital efficiency

• By year-end 2017, balance sheet expected to exhibit strong credit metrics

• Continue to diversify assets through organic growth of aggregates, industrial minerals and oil and natural gas assets

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APPENDIX

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NON-GAAP FINANCIAL MEASURE

We refer to Adjusted EBITDA in various places in this presentation. This is a supplemental financial measure that is not required by, or presented in accordance with, accounting principles generally accepted in the United States (“GAAP”).

Adjusted EBITDA We define “Adjusted EBITDA” as net income less equity and other unconsolidated investment income; plus distributions from unconsolidated affiliates, interest expense, gross, depreciation, depletion and amortization, and asset impairments.

Adjusted EBITDA, as used and defined by us, may not be comparable to similarly titled measures employed by other companies and is not a measure of performance calculated in accordance with GAAP. Adjusted EBITDA should not be considered in isolation or as a substitute for operating income, net income or loss, cash flows provided by operating, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP.

Adjusted EBITDA provides no information regarding a company's capital structure, borrowings, interest costs, capital expenditures, and working capital movement or tax positions. Adjusted EBITDA does not represent funds available for discretionary use because those funds may be required for debt service, capital expenditures, working capital and other commitments and obligations. Our management team believes

Adjusted EBITDA is useful in evaluating our financial performance because this measure is widely used by analysts and investors for comparative purposes. Adjusted EBITDA is a financial measure widely used by investors in the high-yield bond market. There are significant limitations to using Adjusted EBITDA as a measure of performance, including the inability to analyze the effect of certain recurring and non-recurring items that materially affect our net income or loss, the lack of comparability of results of operations of different companies and the different methods of calculating Adjusted EBITDA reported by different companies.

See next page for a reconciliation of Adjusted EBITDA at December 31, 2014 to net income.

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ADJUSTED EBITDA RECONCILIATION

Fiscal YearEnding

(millions of dollars) 12/31/2014Net Income 109

(-) equity and other uncondolidated investment income (41)

(+) distributions from unconsolidated aff iliates 47

(+) depreciation, depletion and amortization 80

(+) asset impairments 26

(+) interest expense 80

Adjusted EBITDA 300

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