<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Tuesday, November 18, 2014 2:52 PM</td></tr><tr><td>To:</td><td>Eileen Alexanderson</td></tr><tr><td>Subject:</td><td>Re: Further timber update</td></tr></table>

we would like the sale this year if posshle to claim=the loss

On Tue, Nov 18, 2014 at 10:22 AM, Eileen Alexanderson &=
wrote:

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?

<u>On Tue Nov</u> 18 2014 at 9:16 AM, Eileen Alexande=so
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

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

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

<u>Si kJ</u> onday, 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 bidders 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 the 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. =A0

<=>:

Eileen Alexanderson

Elysium Management<=p>

445 Park Aven=e

Suite 1401

*   Location: New York, NY 1=022
*   Large black rectangle
*   Tag: </=>

Sent from my iPhone

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

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

please =ote

The information contained in this communication is confiden=ial, may be attorney-client privileged, may constitute inside informati=n, and is intended only for the use of the addressee. It is the propert= of JEE Unauthorized use, disclosure or copying of this communica=ion or any part thereof is strictly prohibited and may be unlawful. If =ou have received this communication in error, please notify us immediat=ly by return e-mail or by e-mail to jeevacation@gmail.com <mailto:jeevacation@gmail=com> , and destroy this comm=nication and all copies thereof, including all attachments. copyright -=11 rights reserved