Epstein Secrets

From: Eileen Alexanderson •tt le To: Melanie Spinella jeffrey E. [email protected]> Subject: timber Date: Wed, 03 Sep 2014 17:33:06 +0000 Attachments: DRAFT Secondaty_Sell_Side_Engagement_Letter

ily Partners. There are a couple of groups who invested in Fund IV and indicated a potential interest in filling in with other Molpus fund vintages. Eaton currently characterizes the secondary market as a bit overcapitalized driven by several players in this space who raised funds in the past 12-18 mon

From: Eileen Alexanderso To: Jeffrey E. <jeevacation Cc: Melanie Spinella Subject: timber update Sent: Thursday, November 13, 2014 8:30:15 PM Range of bids- LOW BID:40% discount off $18.9mil 6/30 value implies $11.3mi1

i1 Two additional potential bidders asked for a few more days -one is awaiting IC approval -one is an active player in the secondary timber space Eaton expects these two to bid with a high single digit discount which, at 9% would imply $17.1mil value Eaton gets paid 100bp fee on bid we accept. Nex

From: Eileen Alexanderson < Sent: Wednesday, September 3, 2014 5:33 PM To: Melanie Spinella; Jeffrey E. Subject: timber Attachments: DRAFT Secondary Sell Side Engagement Letter - Black Family Partners.doc Eaton Partners, placement agent

ily Partners. There are a couple of groups who invested =n Fund IV and indicated a potential interest in filling in with other Molp=s fund vintages. Eaton currently characterizes the secondary market as a b=t overcapitalized driven by several players in this space who raised funds in the past 12-18 mon