From: Richard Joslin <[email protected]> Sent: Thursday, November 20, 2014 2:23 PM To: jeffrey E. Subject: FW: timber 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. [mailto:[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? EFTA_R1_01310003 EFTA02342705