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Six of the properties (#1-6) are located by the Toledo Bend Reservoir in Sabine County, Texas and provide an excellent land investment portfolio with a combination of well-stocked pine plantations, mature sawtimber, and development opportunities for recreation and residential uses. There is also a 307± acre tract (#8) near the north shoreline of Sam Rayburn Reservoir in San Augustine County, Texas that has potential for a master-planned recreational community with access to a park, boat ramp, and moorage.

The other significant development opportunities with near-term cash flow from mature sawtimber and pulpwood are a 161± acre tract (#14) next to Campers Cove Park at Steinhagen Lake between Woodville and Jasper, Texas and Auction Property #20, a 201± acre tract in Calcasieu Parish, Louisiana located five miles from Moss Bluff and close to Sam Houston Jones State Park.

Several other properties have extensive highway frontage along US Highways 96, 190, and 171 in Texas and Louisiana with 187± acres next to the Hardin County Airport with some development opportunities for airpark, mini-storage and other commercial uses.

The 28 properties contain 1,684± acres of well-stocked pine plantations that range from 1 to 21 years in age with 25% of these plantations to be ready for harvest during the next five to ten years. There is a total of 1,114± acres of land that contain natural stands of mature hardwoods and pine timber, having an estimated 46,124 tons of pine and hardwood sawtimber and pulpwood. This inventory will contribute to the timber investment portfolio's near-term cash flow from sales to over fifty area pulp, paper and wood product facilities located in East Texas and Western Louisiana as part of the housing and economic recovery.

Auction Property #4, located in Sabine County, Texas by Toledo Bend Reservoir, has over 2,400 tons of pine andhardwood sawtimber and pulpwood.

Some of the timberland in both East Texas and Louisiana have excellent hunting for deer, squirrel and waterfowl and have been leased to area hunting clubs. All leases will be terminated, providing opportunity for use as a private hunting preserve or for new income-generating leases. Many properties are located near  Toledo Bend and Sam Rayburn reservoirs, the Sabine River, Big Thicket National Preserve and Vernon Wildlife Management Areas.

PRICE
Published Reserve Prices are established for each of these 28 properties. The Seller will accept the highest cash, non-contingent offer at or above the Published Reserve Price.

TIMBER
All volume estimates listed in this auction catalog are for timber stands over 20 years of age. The timber summaries for all age classes (including those stands 15 to 20 years of age) are included in the Supplemental Information Package.

Please Note: All information provided herein is supplied as a courtesy to the Bidder and is in no way warranted or guaranteed. Specifically, no representations are expressed or implied with respect to timber marketability or timber quality. It is the Bidder's obligation to evaluate any and all environmental and regulatory constraints relating to the use of the property and the harvest therefrom. Prospective bidders are encouraged to complete their own inspections, cruise and other due diligence prior to submitting a bid.

HUNTING LEASES
Many of the properties are currently leased for the 2009 hunting season. Hunting leases affecting any portion of the auction property will be cancelled prior to closing.

MINERALS
The minerals, if owned, will be retained by the Seller. Information is available in the bid documents.

ACCESS
Many of these tracts are currently leased. Anyone planning to inspect any auction property must have a signed release form with them while inspecting, or risk citation for trespassing. A copy of the release form is included in the Supplemental Information Package or can be requested through the Auction Information Office. A few of the auction properties have locked gates.

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