Investor 1x1 Meetings

Houston February 2013

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: all financial projections; general business and economic conditions; decreases in demand for trona, soda ash, coal, aggregates, and oil & gas; changes in our lessees’ operating conditions and costs; operating costs and risks associated with the trona mining business; 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.

2

NRP Overview

3

Business Overview • Own, manage and lease mineral properties in

the U.S. – 2.4 billion tons of proven and probable coal

reserves in three major coal producing regions – 500 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 2013 revenue guidance in range of $330 million - $375 million

• Publicly traded on NYSE (“NRP”) with market cap of $2.4 billion(1)

4

NRP Revenues (2012)

Revenues from NRP’s Assets (2012)

(1) Market data as of February 25, 2013. Unit price of $21.47

New Revenue Streams Through Disciplined Acquisition Strategy

2005 Revenues 2012 Revenues

5

Total Revenue = $379.1 million Total Revenue = $159.1 million

• 32% of 2012 revenues from assets other than coal royalty revenues, a significant increase from only 10% in 2005 • Added new asset types to portfolio for complementary sources of revenue

Met Coal 28%

Steam - APP 54%

Steam - ILB 3%

Steam - NPRB

5%

Coal Infrastructure, ORRI & Mins

4%

Oil & Gas 2%

Other 4%

Met Coal 30%

Steam - APP 23%

Steam - ILB 13%

Steam - NPRB 2%

Coal Infrastructure, ORRI & Mins

19%

Aggregates 2%

Oil & Gas 3%

Other 8%

Acquisition of Trona / Soda Ash Operations and Assets

6

Transaction • NRP acquired Anadarko Petroleum Corporation’s (APC) ~49% equity interest in

OCI Wyoming, consisting of trona ore mining operations and a soda ash refinery located in the Green River Basin, Wyoming

• NRP acquired APC’s interest for a price of $292.5 million plus an earn-out of up to a net present value of $50 million based on OCI performance in 2013, 2014 and 2015

• Transaction financed through the following:

– $200 million 3-year term loan

– $76.5 million from equity issuance and GP contribution

– $16 million cash

• Immediately accretive to both earnings and cash flow

7

Strategic Rationale • Further diversification of NRP’s revenue

– Soda ash revenue tied to broad and diverse set of industrial markets

– Favorable supply / demand fundamentals

– Trona mining and processing operations not a focus of environmental or geopolitical concerns

• Stable to increasing distributions and income based on long-life assets

– Increasing income and annual distribution potential

– Substantial trona ore reserves: 60+ year reserve life

– Cash flow accretion to NRP of $0.18 to $0.22 per unit in 2013

• OCI Partnership in good financial condition – Invested over past 15 years for expansion, efficiency, and sustainability (funded with cash from

operations) raising production capacity

– Rated production capacity of 3.25 million tons annually

– Balance sheet with room for levering future expansion capex

8

2009 2010 2011 2012 2013ECash received on acquired interests, $mm 27.5 20.5 25.2 35.0 ~35-40Revenue derived from acquired interests, $mm 38.0 33.8 55.0 N/A N/A

2012 Diversity of Revenue Pro Forma for Acquisition

9

2012 Revenues 2012 Revenues Pro Forma for OCI

Overview of NRP’s Coal Business • Diversified platform across the coal industry

• 5th largest owner of coal reserves in the U.S. – 2.4 billion tons

• Strategically located in Appalachia, Illinois Basin, Western U.S.

• Since 2005 – acquisitions focused on Illinois Basin steam coal and metallurgical coal

• 2012 coal production of 54.4 mm tons and coal royalty revenues of $260.7 million

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Southern Appalachia

Reserves 121 mm tons

Production 3.7 mm tons

% Metallurgical 34%

% Underground 79%

Key Lessees Cliffs Natural Resources

Northern Appalachia

Reserves 519 mm tons

Production 10.5 mm tons

% Metallurgical 2%

% Underground 94%

Key Lessees Alliance Resource Partners, Arch Coal, MetInvest

Illinois Basin

Reserves 367 mm tons

Production 11.3 mm tons

% Metallurgical 0%

% Underground 96%

Key Lessees Foresight Energy, Knight Hawk Coal

Central Appalachia

Reserves 1,262 mm tons

Production 26.1 mm tons

% Metallurgical 31%

% Underground 82%

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

Northern Powder River Basin

Reserves 100 mm tons

Production 2.4 mm tons

% Metallurgical 0%

% Underground 0%

Key Lessees Westmoreland Coal

States in which NRP generates coal royalty revenues/overrides

Gulf Coast

Reserves 5 mm tons

Production 0.5 mm tons

% Metallurgical 4%

% Underground 0%

Key Lessees Dolett Hills Mining

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 – 2012- 32% of production and 44% of coal

royalty revenues

• 20 lessees currently produce metallurgical coal from NRP properties

• Increases in metallurgical demand or prices can have a profound impact on NRP

11

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

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

Growing Infrastructure Business

12

• 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

• Working to expand business

Overview of NRP’s Aggregates Business • 500 million tons of aggregates in 13 states • Currently 2% of revenues, but growing • Invested ~ $138 million since 2006 to acquire assets excluding BRP

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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

• Own, manage and lease oil and gas mineral properties in the U.S.

– Over 494,000 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

• 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

• In December 2012 NRP completed a $30.3 million acquisition of Marcellus Shale override royalty interest – Includes an average royalty of 3.5% on approximately 88,000 net acres

– Currently leased and includes established production as well as significant additional planned development potential

• 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 3% of revenues, but growing as further development occurs on NRP properties

oil and gas revenues

Overview of NRP’s Oil and Gas Business

14

Oil and Gas Revenues from NRP’s Assets

States in which NRP generates

15

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 - $6.0 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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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 • Potential for higher coal production

– NRP’s lessees produced 54.4 million tons in 2012 – NRP forecasts 2013 coal production of 48 million tons to 56 million tons

• 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 3% of revenues, but growing as further development occurs on NRP properties

• Increased aggregates and industrial minerals platform – Since 2006 acquired 10 aggregates properties for ~$138 million plus 1 infrastructure asset for $6

million – Combination of producing and greenfield projects – January 2013 acquired interest in OCI

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

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Appendix

20

Trona/Soda Ash OCI Info, Fundamentals and Markets

21

Key Operating Metrics – OCI Wyoming • Sales and Pricing:

– Historical annual sales of refined soda ash: 2.3-2.5 mm tons (approximately 2/3rds exported)

– 90% of export sales arranged by ANSAC (three member co-op: OCI, FMC, and Tata); ANSAC is the largest soda ash exporter at ~4 mm metric tons of natural soda ash

– OCI negotiates pricing with domestic companies each October for following year (customers have rolling 1-yr contract terms)

• Currently mining 2 trona beds: – #24 is 11.3’ thick, contains 89.6% trona, at a depth of 913’

– #25 is 10.2’ thick, contains 88.6% trona, at a depth of 796’

– Room-and-pillar mining using continuous miners

• Natural soda ash has competitive cost advantage over synthetic manufacturing

– Natural soda ash cash costs are less than half the cost

of synthetics

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Pro Forma Ownership Structure and Distributions

• NRP is due a preferred return of $4.7 million per year from OCI Wyoming Co.(accruing interest at 9% per annum in the event not paid)

• In addition, NRP receives 20% of distributions (net of tax) to OCI Wyoming Co. in excess of the preferred return • Finally, NRP is due 48.51% of any distributions from OCI Wyoming L.P. after priority return is paid

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NRP Operating

NRP Trona LLC

OCI Wyoming L.P.

OCI Wyoming Holding Co.

OCI Wyoming Co.

OCI Chemical Corporation

1% Lim

ited Partner

Prio

rity

Ret

urn

$14.

7 m

m

100%

OCI Company Ltd. (Korean Parent) • Headquartered in Seoul, Korea, OCI Company Ltd. (OCI Korea) is a global company

with a market capitalization of ~$4.5 billion

• OCI Korea’s product portfolio spans the fields of inorganic chemicals, petro and coal chemicals, fine chemicals, renewable energy and insulation materials

• OCI is today the world’s fifth-largest producer of soda ash, having acquired the Green River soda ash operations from Rhone Poulenc in 1996

• OCI Enterprises, Inc., based in Atlanta, GA, is the North American subsidiary of OCI Korea

24

Trona / Soda Ash Fundamentals • Trona ore is a naturally occurring form of soda ash, used worldwide in

manufacturing a variety of consumer products, primarily including glass, chemicals, soap, and paper

• Soda ash can also be produced synthetically from limestone, and even though synthetic capacity is growing, it comes at a significantly higher cost differential

• World demand for soda ash has been growing for the past three decades, driven particularly by Asia, Middle East and Africa, while U.S. demand has generally been stable at 6-7 million tons annually

25 Source: USGS

Chemicals30%

Soaps and Detergents

8%

Pulp and Paper2%

Water Treatment1%

Flue Gas Desulfurization3% Distributors

5%Other

3%

Container Glass24%

Flat Glass19%

Fiber and Other Glass5%

Glass48%

2011 US Consumers of Soda Ash

Global Production Capacity and Demand

• Growing global demand for soda ash • Demand increased substantially in 2011 but slowed to an estimated 1.9% in 2012, with an

increase of 3.8% projected for 2013 • Capacity additions and production levels continue to outpace demand, though capacity

utilization remains relatively high at 87.5%

Source: Santini & Associates, Inc.

2011 TOTAL

2012 Est. TOTAL

2013 Fcst. TOTAL

Nameplate Capacity 63,000 65,000 68,000Effective Capacity 58,000 60,000 64,000Production Estimate 52,000 53,000 56,000Demand 52,000 53,000 55,000Year-over-Year Growth 7.7% 1.9% 3.8%Capacity Utilization 89.7% 88.3% 87.5%

26

Competitive Landscape • Five producers of natural soda ash in the U.S., four located in Green

River, Wyoming and one, Searles Valley, in California

• OCI Wyoming produces approximately 20% of the total U. S. production of natural soda ash

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FMC 32%

General 21%

Solvay 19%

SVM 8%

OCI 20%

U.S. Production and Demand • U.S. domestic demand and supply is fairly stable with almost 100%

capacity utilization

• The export market is a key profit growth opportunity for U.S. producers

• Prices increased at a CAGR of 7% from 2007 through 2011

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Source: USGS: 2011 Minerals Yearbook, November 2012

11.1 11.3

9.310.6 10.7

104

122130

116

134

0

30

60

90

120

150

0.0

3.0

6.0

9.0

12.0

15.0

2007 2008 2009 2010 2011

$ / T

on

MM

Ton

s/yr

WY Historical Soda Ash Output

Production Price

Financing of Transaction & Liquidity • Purchase Price of $292.5 million, plus an earn-out of up to $50 million

based on OCI performance criteria for 2013, 2014, and 2015

• Financing: – $200 million funded with new 3-year term loan – $76.5 million in equity issued to Sponsors at closing, including a $1.5

million general partner contribution – $16 million cash

• Liquidity following transaction - $285 million

– Adjusted Cash at 12/31/12 of $133 million following cash used for transaction

– Available on credit facility - $152 million

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Term Loan Component

30

NRP (Operating LLC) Borrower:

Partial funding of OCI Wyoming Acquisition Purpose:

Size / Tenor / Type:

Interest Coverage ≥ 3.5x Leverage Ratio ≤ 4.0x

Financial Covenants:

$200 mm / 3-Year / Senior Unsecured Term Loan Facility

Guarantors: All existing and future Material Subsidiaries

Year 1: $10 mm due January 2014 Year 2: $20 mm due January 2015 Year 3: $170 mm due January 2016

Amortization:

Interest Rate: LIBOR plus 200 bps

Equity Component • Raised $76.5 million • Issued $75 million in private placement equity to affiliates of NRP’s

general partner: – Corbin J. Robertson, Jr, Chairman and CEO of NRP, and members of

his family – Chris Cline – S. Reed Morian – W. W. Scott, Jr. – 3,784,572 units issued at a discount rate of 4.5% to the volume-

weighted average price for the prior 15 trading days. • NRP (GP) L.P., the general partner of Natural Resource Partners L.P.,

contributed $1.5 million to maintain its 2% interest in Natural Resource Partners L.P.

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Conclusions • The acquisition represents a significant step in NRP’s efforts to diversify

its portfolio of revenues

• OCI has a long production and sales history in a relatively stable, slow growth market – OCI is a low cost producer with high quality reserves that have an

estimated life in excess of 60 years – Natural soda ash production has competitive cost advantages over

synthetic soda ash

• Investment is immediately accretive under the financing structure, adding cash flow of ~$0.18 - $0.22 per unit in 2013

32

Coal Market Outlook

33

33.1%30.3%

23.7%

4.9%1.6%

6.4%

Oil Coal Natural Gas Hydro Nuclear Renewables

34

Coal – Fastest Growing Fossil Fuel in 2011

Source: BP Statistical Review of World Energy June 2012.

Global Energy Consumption – 2011 (million tonnes oil equivalent)

Global Energy Consumption (2011 vs. 2010)

17.7%

5.4%

2.2%0.7%

(4.3%)

1.6%

Renewables Coal Natural Gas Hydro Oil Nuclear

• 2011 - Global primary energy consumption increased 2.5%

– Coal was fastest growing fossil fuel, up 5.4% – Renewables fastest growing fuel, but only

accounts for 1.6% of global energy consumption

• 30.3% - Coal’s share of world energy consumption in 2011 - highest since 1969

• Asia-Pacific is largest energy consumer

– 39.1% of global energy consumption

– 68.6% of global coal consumption

• 12th consecutive year oil’s share of global energy consumption has declined – lowest since 1965

593

19

519

682

1,160

604

21

530

992

1,883

534

30

499

9100

2,553

North America South &CentralAmerica

Europe &Eurasia

Middle East Africa Asia Pacific

2001 2008 2011

35

Global Coal Consumption Continues to Increase

Source: BP Statistical Review of World Energy June 2012.

Global Coal Consumption (million tonnes oil equivalent)

• Three largest global consumers of coal in 2011

– China – 49%

– U.S. – 14%

– India – 8%

• Global coal consumption increased 56% between 2001 and 2011

– China increased ~155%

– India increased ~104%

• Global coal consumption increased 19% between 2006 and 2011

• U.S. coal reserves make up 28% of the world’s total coal reserves

U.S. Steam Coal Market

U.S. Electric Power Generation by Fuel Type (billion kilowatthours)

U.S. Coal Exports (million short tons)

36

• Coal continues to be a low-cost, reliable, and abundant source of fuel

• Over the past 10 years, coal-fired power plants produced ~40-50% of all U.S. electric power generation

• Market share pressured by regulatory environment and gas competition, but expected >40% in long-term

• Increasingly, U.S. producers focused on exports, capitalize on growing global demand

0

10

20

30

40

50

60

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Europe Asia North America

South America Africa Australia and Oceania

Total U.S. Coal

Exports (mt): 48.7 39.6 43.0 48.0 49.9 49.6 59.2 81.5 59.1 81.7 107.3

Fuel Type 2009A 2010A 2011A 2012E 2015E 2020E 2025E

Coal 1,739 1,829 1,777 1,689 1,562 1,634 1,741

Natural Gas 837 895 916 969 1,024 994 1,002

Nuclear 799 807 786 813 830 887 917

Renewables (1) 386 393 469 445 506 547 582

Other (2) 31 31 22 22 20 21 23

Total 3,793 3,955 3,970 3,938 3,942 4,083 4,264

Coal as % of Total 45.9% 46.3% 44.8% 42.9% 39.6% 40.0% 40.8%

Source: EIA. (1) Renewables include conventional hydroelectric, geothermal, wood, wood waste, biogenic municipal waste, other biomass, solar thermal, photovoltaics and wind power. (2) Other includes petroleum, non-biogenic municipal waste, pumped storage, renewables and distributed generation.

• Monthly output in March 2012 was the highest ever

• YTD through Nov 2012, global steel production rose 1% over same period in 2011 including a 3% increase in the U.S.

• NRP expects production to continue to grow as economies around the globe improve

Metallurgical Coal Market

37 Source: World Steel.

Global Steel Production U.S. Met Coal Exports

• Met exports for 2012 down 1% from 2011

• Met exports for 2012 increased over 200% since 2002

• U.S. continues to evolve from global “swing supplier” to market leader

Source: EIA.

(millions of metric tons) (millions of short tons)