<table><tr><th>From:</th><th>Eileen Alexanderson</th></tr><tr><td>Sent:</td><td>Tuesday, November 18, 2014 2:23 PM</td></tr><tr><td>To:</td><td>jeffrey E.</td></tr><tr><td>Subject:</td><td>Re: Further timber update</td></tr></table>

Put in a call. Will be back when I get an answer

Sent from my iPhone

On Nov 18, 2014, at 9:21 AM, "jeffrey E." <jeevacation@gmail.com <mailto:j=evacation@gmail.com» wrote:

when do they come out?

On Tue, Nov 18, 2014 at 9:16 AM, Eileen Alexande=son

wrote:

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

wrote=

On Nov 18, 2014, at 1:02 AM, "jeffrey E." <jeevacation@gmail.com <mailto:j=evacation@gmail.com»

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 <=>$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 wee= when they gave guidance that they had a' low teens' bid. The=e were 10 bids-majority came in with +1-30% 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.&nb=p;

<=>:

Eileen Alexanderson

Elysium Managementap>

Elysium Management contact information:
Address: 445 Park Avenue, Suite 1401, New York, NY 1=022
Phone: [redacted]
Email: [redacted]

Sent from my iPhone

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The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE

Unauthorized use, disclosure or copying of this

communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com <mailtoleevacation@gmail.com> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved