From: "Jeffrey E." <[email protected]>

From: "Jeffrey E." <[email protected]> To: Eileen Alexanderson Subject: Re: Further timber update Date: Tue, 18 Nov 2014 14:21:22 +0000 when do they come out? On Tue, Nov 18, 2014 at 9:16 AM, Eileen Alexanderson > 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." <[email protected]> wrote: Is there an update to June value??? And isn't there a fee ?? On Monday, November 17, 2014, Eileen Alexanderson < > 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 El sium Mana ement 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 EFTA00868299 communication in error, please notify us immediately by return e-mail or by e-mail to [email protected] 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 [email protected], and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA00868300