Natural Resource Partners L.P. (the Partnership) is a limited partnership principally engaged in the business of owning and managing coal properties in three coal-producing regions of the United States: Appalachia, the Illinois Basin and the Western United States. As of December 31, 2008, the Company owned or controlled approximately 2.1 billion tons of proven and probable coal reserves, and 59% of its reserves were low-sulfur coal. It does not operate any mines, but leases coal reserves to mine operators under long-term leases that grant the operators the right to mine the Company’s coal reserves in exchange for royalty payments. As of December 31, 2008, the Partnership’s coal reserves were subject to 201 leases with 73 lessees. The Company’s operations are conducted through, and its operating assets are owned by, its subsidiaries. The Partnership owns its subsidiaries through a wholly owned operating company, NRP (Operating) LLC. The general partner of the Partnership is NRP (GP) LP.