EFTA01742175

From: Eileen Alexanderso To: Jeffrey E. <jeevacation Cc: Melanie Spinella Subject: timber update Sent: Thursday, November 13, 2014 8:30:15 PM Range of bids- LOW BID:40% discount off $18.9mil 6/30 value implies $11.3mi1 BEST CURRENT BID: Low teens discount (assume 13%) implies $16.4mi1 Two additional potential bidders asked for a few more days -one is awaiting IC approval -one is an active player in the secondary timber space Eaton expects these two to bid with a high single digit discount which, at 9% would imply $17.1mil value Eaton gets paid 100bp fee on bid we accept. Next steps involve hammering out the P&S agreement and then approval of the transfer by the GP. The top bidders are all known to the GP which should help facilitate a smooth approval of transfer. Eileen Alexanderson Elysium Management 445 Park Avenue Suite 1401 New York NY 10022 Phon Email: EFTA_R1_00032554 EFTA01742175