<table><tr><th>From:</th><th>Richard Joslin &lt;RJoslin@elyslIc.com&gt;</th></tr><tr><td>Sent:</td><td>Thursday, November 20, 2014 2:23 PM</td></tr><tr><td>To:</td><td>jeffrey E.</td></tr><tr><td>Subject:</td><td>FW: timber</td></tr></table>

GAAP income FY 2009 — 2013) included in capital account - $2.8MM (not include in basis). The 15% markdown on capital basically wipes out out the GAAP step up.

From: Eileen Alexanderson
Sent: Thursday, November 20, 2014 8:54 AM
To: Jeffrey E.; Richard Joslin
Subject: timber

I asked Rich D. to tell me what our basis in this asset is. We may not have a loss at all.

Distributions since inception of our investment total $2,675,516. There are other items on the K-1 each year that impact our basis. Depending on K-1items this year, looks like sale proceeds may be more or less in line with our cost.

From: Eileen Alexanderson
Sent: Wednesday, November 19, 2014 3:57 PM
To: 'jeffrey E.'
Subject: RE: Further timber update

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. [mailto:jeevacation@gmail.comj
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 <EAlexanderson@elysllc.com <mailto:EAlexanderson@elysllc.com> > 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." <jeevacation@gmail.com <mailto:jeevacation@gmail.com> > wrote:

Is there an update to June value??? And isn't there a fee ??

On Monday, November 17, 2014, Eileen Alexanderson <EAlexanderson@elysllc.com <mailto:EAlexanderson@elysllc.com> > 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. I sent the same update to Leon asking if he is agreeable to a bid at this level.

Eileen Alexanderson

Elysium Management

445 Park Avenue

Suite 1401

New York NY 10022

Phone: 646-589-0302 <tel:646-589-0302>

Email: ealexanderson@elysllc.com <mailto:ealexanderson@elysllc.com>

Sent from my iPhone

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## please note

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 <mailto:jeevacation@gmail.com> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved