X0303 4 2009-01-14 0001297720 James River Coal CO JRCC 0001133521 STEELHEAD PARTNERS LLC 1301 FIRST AVENUE, SUITE 201 SEATTLE WA 98101 0 0 0 1 See footnotes 0001327721 JOHNSTON JAMES MICHAEL 1301 FIRST AVENUE, SUITE 201 SEATTLE WA 98101 0 0 0 1 See footnotes 0001327722 KLEIN BRIAN KATZ 1301 FIRST AVENUE, SUITE 201 SEATTLE WA 98101 0 0 0 1 See footnotes Common Stock 2009-01-14 4 P 0 1625 13.48 A 4287839 I See footnotes Common Stock 2009-01-15 4 P 0 93093 13.1878 A 4380932 I See footnotes The reporting persons are: (i) Steelhead Partners, LLC ("Steelhead"), a registered investment advisor within the meaning of Rule 16a-1(a)(1)(v) under the Exchange Act; and (ii) each of James Michael Johnston and Brian Katz Klein, Steelhead's member-managers. 4,357,432 shares of common stock reported on this Form 4 are beneficially held by Steelhead Navigator Master, L.P. ("Navigator") and the balance is beneficially held by other client accounts (collectively with Navigator, the "Funds). Steelhead is the investment manager of the Funds. As a greater than 10% beneficial owner, Navigator is separately reporting its transactions in the issuer's securities on a Form 4 filed concurrently herewith. Steelhead and the other reporting persons may be deemed to beneficially own the securities owned by the Funds insofar as they may be deemed to have the power to direct the voting or disposition of such securities. The reporting persons have elected therefore to file this Form 4 voluntarily to report the Funds' holdings on an aggregate basis, notwithstanding the reporting exemption applicable to registered investment advisors under Rule 16a-1(a)(1)(v) and to control persons under Rule 16a-1(a)(1)(vii). The filing of this Form 4 should not, however, be deemed an admission by any of the reporting persons that such person falls outside the scope of the foregoing exemptions, or that the reporting persons and/or the Funds form a group within the meaning of Rule 16a-1(a)(1). Each of Steelhead, Mr. Johnston, Mr. Klein and the Funds expressly disclaims beneficial ownership in these securities, except to the extent of their respective pecuniary interests therein. Steelhead Partners, LLC; By: J. Michael Johnston, its Managing Member; /s/ J. Michael Johnston 2009-01-16 James Michael Johnston; /s/ J. Michael Johnston 2009-01-16 Brian Katz Klein; /s/ Brian K. Klein 2009-01-16