From: Eileen Alexanderson < To: jeffrey E. <[email protected]> Subject: RE: Further timber update Date: Wed, 19 Nov 2014 20:57:20 +0000 No proposed distribution at year end since we received $281,013 on both 3/27 & 9/30/14. Should have 9/30 statement any day now - checking on whether that value can be used. From: jeffrey E. [[email protected]] Sent: Tuesday, November 18, 2014 9:22 AM To: Eileen Alexanderson Subject: Re: Further timber update also is there a proposed distribution ? how much when? > On Tue, Nov 18, 2014 at 9:16 AM, Eileen Alexanderson < wrote: Sept 30th values are not out yet. Yes, as I indicated in email last week, fee to Eaton is 100bps. This note was to update you on pricing. Sent from my iPhone On Nov 18, 2014, at 1:02 AM, "jeffrey E." <[email protected]> wrote: Is there an update to June value??? And isn't there a fee ?? On Monday, November 17, 2014, Eileen Alexanderson < > wrote: Timber update- no better bids came in. Best bid is a 15% discount on the 6/30value = to $16,125,588. This was the bidder's initial offer. Eaton Partners believes there may be a few addl % pts they will be able to extract. This addl % was obviously built into status update last week when they gave guidance that they had a ' low teens' bid. There were 10 bids-majority came in with +/-30% discounts. This best bidder would like a brief period to do a bit more confirmatory due diligence and will commit to close sometime before year end. 1 sent the same update to Leon asking if he is agreeable to a bid at this level. Eileen Alexanderson El sium Mana ement New York NY 10022 Phone: Email: Sent from my iPhone EFTA00868439

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