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Natural Resource Partners LpNRP

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Operating Data ($ amounts in 000's except per share data)Share Count Operating Margins as a Percentage of Sales

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Fiscal Year Ended 12-31Sales% Incr. (Decr.)Operating Income (Loss)% Incr. (Decr.)Net Income (Loss) Before Taxes% Incr. (Decr.)Total Partnership Net Income (Loss) % Incr. (Decr.) Diluted EPS (Loss) LP Common Units Only% Incr. (Decr.)Common Diluted Units O/S (000's)Gross Profit Selling, G&A All Other Oper. Expn's Operating Income (Loss) Net Income (Loss) Before Taxes Net Income (Loss)

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Yrs

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2005$159,05331.0%$101,47043.0%$91,83952.7%$91,83955.7%$1.7148.7%50,68297.9%7.7%26.3%63.8%57.7%57.7%

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2006170,6737.3%115,77614.1%102,09011.2%102,09011.2%1.60-6.4%50,68299.1%9.1%22.2%67.8%59.8%59.8%

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2007214,98526.0%128,29910.8%102,4990.4%102,4990.4%1.11-30.6%64,50599.2%9.3%30.2%59.7%47.7%47.7%

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2008291,66535.7%197,00753.6%170,00665.9%170,00665.9%1.9575.7%64,89199.0%4.8%26.7%67.5%58.3%58.3%

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2009256,084-12.2%153,975-21.8%114,080-32.9%114,080-32.9%1.17-40.0%67,70298.4%9.0%29.3%60.1%44.5%44.5%

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Qtr's

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2010

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Q1$63,519-4.8%$40,912-1.2%$30,191-9.7%$30,191-9.7%$0.25-24.2%69,45198.5%10.3%23.8%64.4%47.5%47.5%

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Q279,58733.8%51,95287.8%41,610143.6%41,610143.6%0.38442.9%74,02898.9%8.5%25.1%65.3%52.3%52.3%

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Q3

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Q4

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YTD$143,106 $92,864 $71,801 $71,801 $0.63 98.7%9.3%24.5%64.9%50.2%50.2%

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Note: The % Increase (Decrease) is based on a comparison with the same period (year or quarter) in the prior year.

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Cash Flow Data Share Price Data Valuation Metrics and Information Dividend Info Net IncomeOther Consensus Estimates

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Fiscal Year Ended 12-31Cash Flow From (Used) 000's)Cash Flow (Used) Per ShareShare Price End of PeriodShare Price High (During Period)Share Price Low (During Period)Market CapMarket Cap / by Annual SalesPrice Earnings Ratio TTMEPS Growth Rate TTM / PE Ratio Dividend Yield TTMAmt.% Return On Equity% Return Total AssetsLiab.'s as % of EquityRevenueEPS (Loss) Per SharePeriod Covered

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YrsEstimates as of09-29-10

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2005$121,675$2.12$25.13$34.48$24.00$1,273,3858.014.73.35.8%$1.4522.0%14.3%60.8%Q-1 2010

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2006138,8432.0228.9829.9924.101,468,5118.618.1(0.4)5.8%1.6723.7%12.6%115.6%Q-2 2010

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2007168,1532.6132.4643.0026.382,093,8329.729.2(1.0)5.8%1.8817.4%9.1%77.3%75,4600.35Q-3 2010

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2008229,9563.5417.4541.6512.661,132,3483.98.98.511.9%2.0722.9%13.0%75.1%71,6400.30Q-4 2010

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2009210,6693.1124.2425.4717.001,641,0966.420.7(1.9)8.9%2.1615.1%8.1%99.1%287,0101.22Year 2010

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Qtr's

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2010

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Q1$41,881$0.60$26.22$27.56$21.461,821,0057.224.1(1.8)8.2%$0.5415.9%7.9%105.4%Q-1 2011

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Q271,6720.9723.6426.0118.001,750,0226.416.9(0.4)9.1%0.5420.7%10.5%90.3%Q-2 2011

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Q3 Q-3 2011

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Q4 Q-4 2011

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YTD$113,553$1.57$1.08332,4801.64Year 2011

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Engages in the ownership and management of coal properties in Appalachia, the Illinois Basin, and the Northern Powder River Basin regions of the United States. The company leases its properties to coal mine operators in exchange for royalty payments. It also owns preparation plants, coal handling facilities, and transportation infrastructure, as well as owns and manages aggregate reserves in Washington, Texas, Arizona, and West Virginia. As of December 31, 2009, the company owned or controlled approximately 2.1 billion tons of proven and probable coal reserves. Its coal and aggregate reserves were subject to 214 leases with 76 lessees. NRP (GP) LP operates as the general partner of Natural Resource Partners L.P. The company was founded in 2002 and is based in Houston, Texas.

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Balance Sheet Information (000's) - Assets, Liabilities & Shareholders Equity Per Share Information Other Info & Metrics

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Fiscal Year Ended 12-31Cash, Marketable Securities & InvestmentsAccounts Receivable - TradeInventoryFixed Assets - Net of Accum. DeprctnGoodwill & IntangiblesAll Other AssetsTotal AssetsTotal LiabilitiesStock- holders EquityTotal Liabilities & Stock- holders EquityShare Price End of PeriodNet Book Value Per Diluted SharesCash, Mrktble Secur & Invstmnts Per ShrNet Book Per Share Excldng IntngblsEPS Amount TTMDiluted EPS (Loss) TTM % Incr. (Decr.)Price Earnings Ratio TTMEarnings Yield TTMDividend Yield TTM

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Yrs

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2005$47,691$21,946$590,459$20,047$0$4,853$684,996$259,088$425,908$684,996$25.13$7.42$0.83$7.42$1.7148.7%14.76.8%5.8%

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200666,04423,357798,13547,39604,561939,493503,806435,687939,49328.986.340.966.341.60-6.4%18.15.5%5.8%

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200764,58127,6431,030,08885,784106,2225,7131,320,031575,440744,5911,320,03132.4611.541.009.901.11-30.6%29.23.4%5.8%

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200889,92831,883979,69291,547102,8285,4621,301,340557,999743,3411,301,34017.4511.461.399.871.9575.7%8.911.2%11.9%

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200982,63427,1411,151,31388,610165,1608,7321,523,590758,364765,2261,523,59024.2411.301.228.861.17-40.0%20.74.8%8.9%

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Qtr's

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2010

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Q1$62,856$28,268$1,193,908$86,617$163,794$9,390$1,544,833$792,751$752,082$1,544,833$26.22$10.83$0.91$8.47$1.09-42.6%24.14.2%8.2%

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Q278,41029,1441,251,55186,638165,07211,4671,622,282769,982852,3001,622,28223.6411.511.069.281.40-7.3%16.95.9%9.1%

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Q3

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Q4

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Source: "Joseph Levy" <resgroweq@gmail.com>ProjectedDate/Earn Yld Price Consensus Est. FYE 20101.224.3%21.54.6%

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PE Ratio09-29-10$26.25 Consensus Est. FYE 20111.6434.4%16.06.2%

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18.05.6%21.96Calculated Price 2010TTM = Trailing Twelve Months

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15.06.7%24.60Calculated Price 2011