From: Richard Joslin To: jeffrey E. <[email protected]> Subject: FW: timber Date: Thu, 20 Nov 2014 14:22:31 +0000 GAAP income FY 2009 — 2013) included in capital account ^ $2.8MM (not include in basis). The 15% markdown on capital basically wipes out out the GAAP step up. From: Eileen Alexanderson Sent: Thursday, November 20, 2014 8:54 AM To: jeffrey E.; Richard Joslin Subject: timber I asked Rich D. to tell me what our basis in this asset is. We may not have a loss at all. Distributions since inception of our investment total $2,675,516. There are other items on the K-1 each year that impact our basis. Depending on K-1 items this year, looks like sale proceeds may be more or less in line with our cost. From: Eileen Alexanderson Sent: Wednesday, November 19, 2014 3:57 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. [email protected] 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 < > 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.