Natural Resource Partners L.P Revenue and Competitors

We are a master limited partnership formed from selected properties of the WPP Group and Arch Coal, Inc. (NYSE:ACI). The WPP Group consists of Western Pocahontas Properties, Great Northern Properties, and New Gauley Coal Corporation; three privately held companies. The WPP Group is the largest owner of coal reserves in the United States outside of the U.S. Government and Arch coal is the second largest U.S. coal producer. As of January 1, 2004, our reserves are subject to 125 leases with 53 lessees. We engage principally in the business of owning and managing coal properties We operate in the three major coal-producing regions of the United States: Appalachia, the Illinois Basin and the Western United States. As of January 1, 2004, we controlled approximately 1.8 billion tons of proven and probable coal reserves in nine states. We grant operators the right to mine in exchange for royalty payments We lease coal reserves to experienced mine operators under long-term leases that grant the operators the right to mine our coal reserves in exchange for royalty payments. We do not operate any mines. In managing our properties, we actively work with our lessees to develop efficient methods to exploit our reserves and to maximize production from our properties.