From: Eileen Alexanderson . • Sent: Wednesday, November 19, 2014 8:57 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 cmailto > 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." cjeevacation@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 <mailtollOMMIMai > 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. EFTA_R1_01651490 EFTA02516489 Eileen Alexanderson Elysium Management 445 Park Avenue Suite 1401 New York NY 10022 Phone: Email: 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 2 EFTA_R1_01651491 EFTA02516490 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 3 EFTA_R1_01651492 EFTA02516491