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Natural Resource Partners L.P. Units Begin Trading on NYSE

10/11/2002

HOUSTON, Oct. 11 /PRNewswire-FirstCall/ -- Natural Resource Partners L.P. (NYSE: NRP - News) today announced it had priced its initial public offering of 4.5 million common units at a price of $20.00 per unit.

Natural Resource Partners L.P. (NRP) anticipates the common units will begin trading today on the New York Stock Exchange under the symbol NRP. The initial public offering is being led by Salomon Smith Barney and Lehman Brothers and co-managed by CIBC World Markets, Friedman Billings Ramsey and RBC Capital Markets.

The initial public offering represents a 19.4 percent interest in NRP. The offering consists of 2,598,750 common units offered by NRP and 1,901,250 common units offered by Arch Coal, Inc. (NYSE: ACI - News). NRP has granted the underwriters a 30-day option to purchase up to an additional 675,000 common units to cover over-allotments, if any.

Natural Resource Partners L.P. was formed by the WPP Group and Arch Coal, Inc. The WPP Group, which is privately owned, consists of Western Pocahontas Properties Limited Partnership, Great Northern Properties Limited Partnership and New Gauley Coal Corporation. The WPP Group will retain 46.5 percent of the partnership while Arch Coal will retain 34.1 percent, which includes the general partner interest.

Natural Resource Partners L.P. is a Delaware limited partnership headquartered in Houston, Texas with its operations office located in Huntington, West Virginia. NRP is a master limited partnership that engages principally in the business of owning and managing coal royalty properties in the three major coal-producing regions of the United States. As of December 31, 2001, NRP controlled approximately 1.15 billion tons of proven and probable coal reserves in eight states.

This news release is not an offer to sell, nor the solicitation of any offer to buy, any securities. Any offer will be made by means of the prospectus. A copy of the prospectus relating to these securities may be obtained, when available, from Salomon Smith Barney, Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, NY 11220 (Telephone: 718-765-6732).

For additional information, please contact Kathy Hager at 713-751-7555 or khager@nrplp.com

This press release may include "forward-looking statements" as defined by the Securities and Exchange Commission. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the company expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the company based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the company. These risks include, but are not limited to, decreases in demand for coal; changes in operating conditions and costs; production cuts by our lessees; commodity prices; unanticipated geologic problems; changes in the legislative or regulatory environment and other factors detailed in the Partnership's Securities and Exchange Commission filings.

Source: Natural Resource Partners L.P.

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