Timber: The forests on the property consist of approximately 142 acres of pre-merchantable pine plantations, 95 acres of merchantable pine plantations, and 144 acres of natural pine and hardwood timber. A timber inventory was performed of the 239 merchantable forested acres in the tract. The fieldwork was performed by TimberCorp in June 2008, providing a sample intensity of approximately 9.4 percent.

TIMBER SUMMARY

381 FORESTED ACRES

VALUATION DATE: JUNE 17, 2008

Pine Sawtimber 1,511.5 MBF

Red Oak Sawtimber 73.0 MBF

Mixed Hardwood Sawtimber 60.7 MBF

Pine Chip-n-saw 1,248 cords

Pine Pulpwood 827 cords

Hardwood Pulpwood 606 cords

1995 Pine Plantation 141.7 acres

In addition to the merchantable timber, approximately 142 acres contain pre-merchantable pine plantations planted in 1995. These plantations were site prepared using aerial herbicide and planted using genetically improved International Paper Company seedlings. These plantations contain very little hardwood competition although there was some natural pine reproduction. Overall, the plantations are well stocked to slightly overstocked.

Full Description: The property contains approximately 405 total acres, of which 381 acres are forested. The remainder of the property consists of roads and a lake. The property is located in Madison County, approximately four miles east of the Canton city limits. It is about four miles west of Ratliff Ferry and two miles north of the Natchez Trace. (See Location Map)

Lone Pine Road runs through the eastern side of the property and Renfroe Road crosses east-west through the southern third of the property.

The forests on the property consist of approximately 142 acres of pre-merchantable pine plantations, 95 acres of merchantable pine plantations, and 144 acres of natural pine and hardwood timber