r allocation of illiquid assets in their portfolio, we prefer timberland for its long term-growth prospects and low correlation to financial assets. Paul V. Morris Managing Director | The Morris Group Private Banking & Investment Group Merrill Lynch, Pierce, Fenner & Smith, Inc. Bank of America Tower | One B

ic divide where lower-income people have to live outside of town to serve higher-income people in town.” HOUSE_OVERSIGHT_016418 --- PAGE BREAK --- Paul V. Morris Managing Director — The Morris Group Private Banking and Investment Group Bank of America Merrill Lynch One Bryant Park, 28'" Floor This message,