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Arch Coal Board Declares Quarterly Dividend for Preferred Stock

ST. LOUIS (December 17, 2003) - The board of directors of Arch Coal, Inc. has declared a quarterly dividend of $0.625 per share on the company's preferred stock (NYSE:ACI_p). The dividend is payable January 30, 2004, to shareholders of record on January 16, 2004.

Arch Coal is the nation's second largest coal producer, with subsidiary operations in West Virginia, Kentucky, Virginia, Wyoming, Colorado and Utah. Through these operations, Arch provides the fuel for approximately 6 percent of the electricity generated in the United States.