From: jeffrey E. <[email protected]> Sent: Tuesday, November 18, 2014 2:21 PM To: Eileen Alexanderson Subject: Re: Further timber update when do they come out? On Tue, Nov 18, 2014 at 9:16 AM, Eil=en Alexanderson > wrote:<=r> Sept 30th values are not out yet. Yes, as I indicated in email last we=k, 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] <mailto:[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 cam= in. Best bid is a 15% discount on the 6/30value = to <=416,125,588. 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 wee= 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 d=e diligence and will commit to close sometime before year end. I sent t=e same update to Leon asking if he is agreeable to a bid at this level. </=> Eileen Alexanderson Elysium Management<=p> 445 Park Aven=e Suite 1401 New York NY 1=022 Phone: EFTA_R1_01649585 EFTA02515292

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