From: Eileen Alexanderson < Sent: Monday, December 1, 2014 10:56 PM To: Melanie SpineIla; jeffrey E.; Brad Wechsler Cc: Richard Joslin Subject: timber sale update To remind you, best bid for our Molpus Woodlands Fun= II interest is $16,125,588. Although the next highest bidder is sub=tantially lower, Eaton Partners, the firm conducting the sale effort, has =ed this bidder to believe this is a competitive situation b/c he feels the bidder has indicated there is room to increase =he bid. As articulated in my 11/17 email, this bidder had indicated that i= their bid was acceptable, they would likely want to do a bit more confi rm=tory due diligence. They will be traveling down to do a site tour of the property this week, will come back=and submit a final and best bid by the end of next week with the intention=to close by year end. The GP is on board with this. This bidder is an investor in the Molpus =und I and recently subscribed for Fund IV as well. Will be back with addit=onal update when I have one. Eileen Alexander=on Elysium Management<=:p> 445 Park Avenue Suite 1401 New York NY 10022 Phone: -=o:p> Email: =/o:p> 1 EFTA_R1_00131758 EFTA01796152