Recreation, Timber, Hunting, and Development Properties

Twenty-two of the properties are less than 100± acres in size, providing opportunity for individual investors to participate in the southeast's growing timber industry and benefit from the projected housing and economic recovery in 2011-2012. There is significant near term cash flow from over 166,320 tons of pine and hardwood saw timber, pulpwood and pine chip and saw located on 30 of the properties, or 90%, in this Sealed Bid Offering. The properties are well located to over fifty pulp, paper and wood product facilities.

In addition to near term cash flow, an estimated 1763 acres of the entire land portfolio contains well stocked pine plantations, providing the benefit of long-term growth. Forty percent of the pine plantations are in the 11 to 21 year age class, providing future cash flow during the next 5 to 15 years, with 299± acres of older plantations ready to harvest, providing significant flexibility to take advantage of improving markets.

Many of these properties are located in prime hunting areas for deer, turkey and waterfowl and, as well, have recreation development potential for camps and retreats, due to locations near West Bay Wildlife Management Area in Louisiana and Sam Rayburn Reservoir in Texas.

There are some properties that, due to location, may have development potential near Leesville, DeRidder and DeQuincy, Louisiana and Jasper, Kirby, Newton, Hartburg and Cleveland, Texas.

Price
Published Reserve Prices are established for each of these 33 properties and range from $37,000 to $650,000. 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 10 years of age. The timber summary for all age classes 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 or the harvest therefrom. Prospective bidders are encouraged to complete their own investigations, cruise and other due diligence prior to submitting a bid.

Hunting Leases
Many of the properties are currently leased for the 2010 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.