From: Eileen Alexanderson To: jeffrey E. <[email protected]>, Melanie Spinella < Subject: RE: FW: Second Round Offer: timber interest Date: Fri, 12 Dec 2014 23:12:32 +0000 9/30 value was $18,614,237 vs 6/30 value of $18,971,280 reflecting 9/30 distribution referenced below and $76,031 net income loss in the quarter. December value won't be available until early March. From: jeffrey E. [mailto:[email protected]] Sent: Friday, December 12, 2014 6:04 PM To: Eileen Alexanderson; Melanie Spinella Subject: Re: FW: Second Round Offer timber interest Leons call , do we have a current valuation as they are using a june value and then deducting the distribution, leon talk to me please On Fri, Dec 12, 2014 at 6:57 PM, Eileen Alexanderson > wrote: Little movement on price — Bidder is offering a 14.9%discount to the 6/30 value which equates to a $16,144,559 purchase price but LOI indicates a reduction from that value equivalent to the 9/30 distribution of $281,012 will be applied. Therefore net purchase price is $15,863,547. Eaton Partners will be due a 100 bp fee. Our tax basis at 12/31/13 was $16,087,512. We will only know 12/31/14 cost basis when we receive the 2014 K-1. The LOI makes reference to requiring completion of tax due diligence. I was told 99% of that was completed today and that the Bidder is ready to close before 12/31. Technically, signed letter of intent needs to be returned by 12/19 but we should try to do so on Monday. Seller provided their own purchase & sale agreement which I will have Ada review. From: Alexander H. Mejia [mailto: Sent: Friday, December 12, 2014 5:20 PM To: Eileen Alexanderson Subject: Fwd: Second Round Offer: SWF II Eileen, Please find attached the LOI for the Molpus interest. The text below also provides more clarity on the offer and next steps should you wish to proceed. I can assure you that we tried as hard as we could to push them higher on price and though they came up a bit it doesn't seem like the