Pope Resources, A Delaware Limited Partnership (the Partnership) operates in three primary business segments: Fee Timber; Timberland Management & Consulting, and Real Estate. Fee Timber operations consist of the growing and harvesting of timber from the Partnership's tree farms. Timberland Management & Consulting, through its subsidiary, Olympic Resource Management LLC (ORMLLC), provides timberland management and forestry consulting services to owners of timberlands, as well as providing general partner and timberland management services on behalf of ORM Timber Fund I, LP (the Fund), which owned 24,000 acres of timberlands in western Washington as of December 31, 2008. Real Estate operations consist of efforts to enhance the value of its land investments by obtaining the entitlements and, in some cases, building the infrastructure necessary to make further development. During the year ended December 31, 2008, the Partnership acquired 1,180 acres of timberland.