SEALED BID LAND SALE

Along with other timberland owners

2nd QUARTER 2012

40 Properties located in East Texas and Louisiana Properties from 4.5± acres to 151.0± acres

Sealed Bids due by 5:00 pm CDT Wednesday, May 2, 2012

2nd Quarter 2012 Sealed Bid Land Sale Offering
Walsh Land Brokers, LLC of Louisiana and Texas are pleased to announce a Sealed Bid offering of 40 timberland properties in Louisiana and East Texas. The tracts range in size from 4.5 ±acres to 151.0 ±acres providing a great mix of properties for timberland investment, recreation and/or development. Each tract is accessed by state, parish/ county or internal woods roads. This is an exceptional opportunity to purchase land in Louisiana or East Texas. Each of the 40 tracts has a Published Reserve price. Sellers of this bid sale will accept the highest non-contingent cash offer above the Published Reserve price on each individual tract. All prospective bidders are encouraged to view the list of properties and/or download property maps and property information at www.walshlandbrokers.com. To gain access to and/or download property data, entry permits, Terms and Conditions, Bid Instructions and Information, Bidder Acknowledgement and Bid Form, Agency Disclosure (Louisiana), Information About Brokerage Services (Texas), Agreement to Sell (Louisiana), Agreement of Sale (Texas) and other relevant data, prospective bidders are required to set up a login account for these secured files. A complete sale information package for each tract is also available by mail upon request. All visitors to the properties are required to have an entry permit in their possession if they are entering the property without Walsh Land Broker, LLC personnel. Some sellers require a signed Confidentiality Statement/Entry Permit before property stand data and inventories will be released.

Sealed bids due by 5:00pm CDT May 2, 2012.

1

Summary of Properties
Louisiana Properties
Allen Parish Calcasieu Parish Vernon Parish Total #of Tracts in Acreage Range Parish 12 4.5 ±acres to 120.8 ±acres 6 38.7 ±acres to 124.6 ±acres 1 56.6 ±acres 19 Published Reserve Range $21,600 to $323,140 $58,500 to $209,170 $68,400

Texas Properties
Angelina County Hardin County Houston County Jasper County Newton County Rusk County Sabine County San Augustine County Shelby County Tyler County Total #of Tracts in County 6 2 1 5 1 1 1 2 1 1 21 Acreage Range 28.9 ±acres to 102.9 ±acres 22.8 ±acres to 34.2 ±acres 68.5 ±acres 20.3 ±acres to 61.2 ±acres 149.9 ±acres 100.0 ±acres 87.0 ±acres 6.9 ±acres to 112.7 ±acres 139.1 ±acres 151.0 acres Published Reserve Range $63,800 to $235,400 $46,000 to $$74,800 $122,000 $100,000 to $103,700 $112,500 $199,500 $367,000 $25,000 to $177,000 $236,300 $345,000

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Prospective buyers must register on www.walshlandbrokers.com to download entry permits, bid information, property data and purchase agreements or call 318-256-9401 for assistance.

Property List/Table of Contents
Louisiana Properties
Property #1 Donald Perkins Road .................7 Property #13B Old River Road B .....................23 Property #2 Highway 26 West ......................8 Property #14A Line Road A ............................24 Property #3 Bernard Fontenot Road .............9 Property #14B Line Road B ............................25 Property #4 Nursery Road North ................10 Property #15 Story.......................................26 Property #5A Powell Road A .........................11 Texas Properties Property #13A Property #24 Old River Road A .....................22 Toledo Bend ............................37 Property #25 Warren....................................38 Property #26A Antioch Cemetery A ................39 Property #26B Antioch Cemetery B ................40 Property #27A Castillo A ................................41 Property #27B Castillo B ................................42 Property #28 Lewis Road .............................43 Property #29 FM 418 ...................................44 Property #30 Hwy 96 ...................................45 Property #31 Mauriceville ............................46

Property #5B Property #16 Powell Road B.........................12 Old Prospector Road ...............27 Property #6 Property #17 Little Mill Road .......................13 Camp Worth ............................28 Property #7A Property #18 Rodeo Pen Road A ..................14 Weches ..................................29 Property #7B Property #19A Rodeo Pen Road B ..................15 Old Homer Alto Road A ............30 Property #8A Property #19B Reeves A.................................16 Old Homer Alto Road B............31 Property #8B Property #20 Reeves B ................................17 Huntington South ....................32 Property #9 Property #21 Camp Pearl Road North ...........18 Zavalla North ..........................33 Property #10 Property #22A Camp Pearl Road South ..........19 Mill Creek A ............................34 Property #11 Property #22B Gearen Road ...........................20 Mill Creek B ............................35 Property #12 Property #23 Marcantel Road West ..............21 Sam Rayburn ..........................36

Sealed bids due by 5:00pm CDT May 2, 2012.

3

Lindale Lindale

Gladewater Gladewater Hallsville Longview Hallsville

Marshall Marshall

£ ¤ Tyler
69

£ ¤
271

Kilgore Kilgore

§ ¦ ¨
20

£ ¤
80

£§ £ ¤¨ ¤ ¦ 2 Quarter 2012 Sealed Bid Land Sale Shreveport

§ ¦ ¨
20

nd 80

220

79

Arcadia Arcadia

Ruston Ruston

Tract Locations

£ ¤
59 Henderson Henderson Carthage Carthage

£ ¤
79

§ ¦ ¨
49

£ ¤
171 Mansfield Mansfield

£ ¤
71 Coushatta Coushatta

Jonesboro Jonesboro

Jacksonville Jacksonville 16 ( ! 259

15 ( !

£ ¤
84 Center Center

Winnfield Winnfield

£ ¤
84

Rusk Rusk

£ ¤

§ ¦ ¨
49

£ ¤
84 Natchitoches Natchitoches

£ ¤
167

Nacogdoches Nacogdoches 18 ( ! 19A&B ( ! Lufkin Lufkin

17 ( !

£ ¤
96 24 ( !

Many Many

£ ¤
171

Alexandria
20 21 (( !! 22A&B ( !

£ ¤
287

Diboll Diboll

23 ( !

Leesville Leesville Fort Polk Fort Polk

Jasper Jasper

190 De Ridder De Ridder Woodville Woodville Livingston Livingston

£ ¤

1 ( ! Oakdale Oakdale

£ ¤
190 25 ( ! 27A&B 26A&B! ( ( ( ! ! 28 31 ( ! 11 DeQuincy ! DeQuincy ( 13A&B ( ! 12 ( !

2 ( ! 3 ( ! ( ! 7A&B 9 ( 6 10 ! ! ( 8A&B ! ( ( ! 4 ( !

£ ¤
171

£ ¤
190

5A&B ( !

Cleveland Cleveland Grangerland Grangerland Patton Village Patton

Silsbee Silsbee 29

30 ( ! ( !

Big Thicket National Preserve Big Thicket National Preserve

£ ¤
69

Dayton Liberty Dayton Liberty

Beaumont 10

£ ¤
90

§ ¦ ¨

Orange Orange 10

§ ¨ ¦ ¦ ¨ §
10

14A&B ( ! Vinton Vinton

§ ¦ ¨
210

Iowa Iowa

Lake Charles

Welsh Jennings Welsh Jennings

Lake Arthur Lake Arthur

£ ¤
59

Port Arthur
Cameron Prairie Nwr Cameron Prairie Nwr Sabine Natl Wildlife Refuge Sabine Natl Wildlife Refuge

Old River-Winfree Old River-Winfree

Houston

§¨ ¦¦ ¨§

10 Winnie 10 Winnie

§ ¦ ¨
45

±
4

( !

Tract Locations

0 4.5 9 Miles

Prospective buyers must register on www.walshlandbrokers.com to download entry permits, bid information, property data and purchase agreements or call 318-256-9401 for assistance.

Lindale Lindale

£ ¤
69

£ ¤
271

Marshall Marshall
Lone Star Lumber

Kilgore Kilgore

Tyler
Junior's Tie and Lumber Anthony Forest Products West Fraser

£ ¤
59 Henderson Henderson Carthage Carthage

§ ¦ ¨ Shreveport £ ¤ § ¦ ¨ £ ¤
20

80

79

49

Texas & Louisiana Mill Locations
International Paper Co.

Willamette Industries

Smurfit-Stone Container Corp. Louisiana Pacific

£ ¤
171

Maxwell Lumber Co., Inc.

Jacksonville Jacksonville
Bolton Brothers M&H Crates, Inc. Arrington Lumber Texas Basket Co. Precision Hardwood Nix Forestry Arkansas Forest Products

Almond Brothers Lumber and Supply MansfieldMims Lumber Co. Mansfield Coushatta Coushatta

Willamette Plum Creek

International Paper

Winnfield Winnfield
PBS Lumber Mfg.

£ ¤
84

£ ¤

69 Rusk Rusk

Greer Lumber

Ross Lumber Shelby County Forest Products Barton & Sons Tie Co.

£ ¤
259
Norbord

£ ¤
171
Weyerhauser

§ ¦ ¨
49

Natchitoches Natchitoches

Crosscut Hardwoods Hicks Post Co.

Nacogdoches Nacogdoches
Cal-Tex Lumber Gillespie Lumber Carrizo Wood Products Clemsa Lumber

G&S Lumber Leo Hicks Creosoting

Roy O. Martin D&I Wood Products L&R Timber White Rock Tie & Lumber

Many Many

DS Lumber R&D Specialty Lumber Angelina Hardwood Sales Lufkin Creosoting Temple-Inland Edgar Lumber Co.

Boise

Lufkin Lufkin

Temple-Inland Harralson Tie and Lumber Co.

£ ¤
287
Atchley Lumber

Temple-Inland

£ ¤
69 Leesville Leesville
Leesville Lumber Co.

Fort Polk Fort Polk
Georgia Pacific Hart Lumber Texas Electric Coop Slash C Jasper Sawmill Jasper Newton Pole Roy O. Martin

Georgia Pacific

De Ridder De Ridder

Boise

Woodville Woodville Livingston Livingston
CLW, Inc. Elder Hardwoods NAPCO Walker Tie and Timber Southern Forest Products

Oakdale Oakdale

Boise

£ ¤
190
Temple

Temple-Inland Mead-WestVaco CLW, Inc. Georgia Pacific Tejas Sawmill Louisiana Pacific CLW, INC. Tanner Timber Products Batson Mill

DeQuincy DeQuincy

£ ¤ £ ¤
165 190 Iowa Iowa Welsh Jennings Welsh Jennings

Conroe Conroe Grangerland Grangerland Patton Village Patton Village

Big Thicket National Preserve Big Thicket National Preserve

£ ¤
96

Vinton Vinton
10

The Woodlands
Dayton Liberty Dayton Liberty

Beaumont 10

£ ¤
90

§ ¦ ¨

Orange Orange

Temple

§ ¦ ¨

£ ¤ £ ¤ Lake Charles
171

§ ¦ ¨
210

90

Lake Arthur Lake Arthur

£ ¤
59

Port Arthur
Cameron Prairie Nwr Cameron Prairie Nwr Sabine Natl Wildlife Refuge Sabine Natl Wildlife Refuge

Houston

Old River-Winfree Old River-Winfree

§ ¦ ¨ £ ¤
90610

§¨ ¦¦ ¨§

10 Winnie 10 Winnie

±

Sawmill Plywood

Post/Pole Pulpmill

OSB
0 10 20 Miles

Data presented is for reference purposes only and cannot be guaranteed.

Sealed bids due by 5:00pm CDT May 2, 2012.

5

2nd Quarter 2012 Sealed Bid Land Sale

Properties

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Prospective buyers must register on www.walshlandbrokers.com to download entry permits, bid information, property data and purchase agreements or call 318-256-9401 for assistance.

Property #1

Donald Perkins Road

Donald Perkins Rd
Property Description:

• Located along the west side of Donald Perkins Road, east of Pitkin, Louisiana • Contains 24.7 ±acres of pine-capable land, 25.3 ±acres of Streamside Management Zone comprised of natural mixed pine/hardwood, and 3.0 ±acres of encroachment • Excellent access with frontage on Donald Perkins Road • Potential for rural home site development near Pitkin, Louisiana

Location /Directions:

• GPS: 30.92875 -92.877 • From the intersection of Highway 113 and Highway 10 in Pitkin, Louisiana, travel east on Highway 10 for 1.8 miles. Turn left onto Highway 113 and travel 1.9 miles to Donald Perkins Road. Turn right onto Donald Perkins Road and travel 0.4 mile to the property. The property is located on the west side of Donald Perkins Road.

Timberland Investment/ Development Published Reserve: $68,400 56.6 ±acres Allen Parish, Louisiana

Sealed bids due by 5:00pm CDT May 2, 2012.

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Property #2

Highway 26 West

Hwy 26

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Property Description:
• Located along north side of Highway 26, 0.2 miles east of Turner Road, west of Oberlin, Louisiana • Contains 32.8 ±acres of 11-year old premerchantable pine plantation and 8.9 ±acres of natural mixed pine/hardwood • Excellent access with frontage along Highway 26 • Long-term timberland investment opportunity • Potential for rural home site development

Location /Directions:
Timberland Investment/ Recreation /Development Published Reserve: $109,000 41.7 ±acres Allen Parish, Louisiana

• GPS: 30.67678 -92.8632 • From the intersection of Highway 26 and Highway 165 in Oberlin, Louisiana travel west on Highway 26 toward Mittie, Louisiana for approximately 7.1 miles. The property is located on the north side of Highway 26.

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Prospective buyers must register on www.walshlandbrokers.com to download entry permits, bid information, property data and purchase agreements or call 318-256-9401 for assistance.

Property #3

Fred Ritter Rd

Bernard Fontenot Road

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• Located along the north side of Bernard Fontenot Road, just north of Reeves, Louisiana • Contains 28.0 ±acres of 11-year old unthinned pine plantation, 5.0 ±acres of thinned pine plantation and 3.0 ±acres of Streamside Management Zone comprised of natural mixed pine/hardwood • Excellent access with frontage along two parish blacktop roads with utilities • Long- term timberland investment opportunity • Potential for rural home site development

Bernard Fontenot Rd

Property Description:

Location /Directions:

• GPS: 30.55805 -93.033433 • From the intersection of Highway 113 and Highway 190 in Reeves, Louisiana travel north on Highway 113 toward Dry Creek, Louisiana for approximately 2.7 miles. Turn right onto Bernard Fontenot Road (Parish Road 128) and travel approximately 1.0 mile. The property is located on the north side of Bernard Fontenot Road.

Timberland Investment/ Recreation/Development Published Reserve: $96,835 36.2 ±acres Allen Parish, Louisiana

Sealed bids due by 5:00pm CDT May 2, 2012.

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Property #4

Nursery Road North
Nursery Rd

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Timberland Investment/ Recreation Published Reserve:$192,775 73.9 ±acres Allen Parish, Louisiana

JJ Storer Rd

Property Description:

• Located on the south side of Nursery Road and east and north of the JJ Storer Road, southwest of Oberlin, Louisiana • Contains 74.0 ±acres of pine plantation • Timberland investment opportunity • Great access with approximately 1.0 mile of frontage along blacktop parish roads

Location /Directions:

• GPS: 30.602033 -92.8058833 • From the intersection Highway 26 and Highway 1151 in front of the courthouse in Oberlin, Louisiana drive south and then west on Highway 1151 for 1.6 miles to Nursery Road. Turn left and travel 1.3 miles to the property. The property is located on the south side of Nursery Road to JJ Storer Road. The JJ Storer Road is along the west and south boundary of the property.

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Prospective buyers must register on www.walshlandbrokers.com to download entry permits, bid information, property data and purchase agreements or call 318-256-9401 for assistance.

Property #5A
Powell Road A

5A

5B

Powell Rd
• Located on Powell Road north of Elton, Louisiana • Contains 65.0 ±acres of 7-year old pine plantation, 55.0 ±acres of Streamside Management Zone comprised of natural mixed pine/ hardwood, and 2.0 ±acres of non-forest • Good access from a parish blacktop road with utilities • Long-term timberland investment opportunity • Potential development near Elton, Louisiana

Property Description:

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Timberland Investment/ Recreation/Development Published Reserve:$323,140 120.8 ±acres Allen Parish, Louisiana

Location /Directions:

• GPS: 30.514233 -92.7103166 • From the intersection of Highway 190 and Powell Road in Elton, Louisiana travel north 2.3 miles on Powell Road to the property. The property is located along the east side of Powell Road for approximately 0.5 mile.

Sealed bids due by 5:00pm CDT May 2, 2012.

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Property #5B
Powell Road B

5A

5B

Powell Rd Property Description:

• Located along the west side of Powell Road, just north of Kinder, Louisiana • Contains 38.0 ±acres of 7-year old pine plantation • Great access with approximately 0.8 mile frontage on Powell Road and other parish blacktop roads • Timberland investment with development opportunities

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Location /Directions:

Timberland Investment/ Development Published Reserve: $109,000 40.0 ±acres Allen Parish, Louisiana

• GPS: 30.514233 -92.7103166 • From the intersection of Highway 190 and Powell Road in Elton, Louisiana travel north 2.3 miles on Powell Road to the property. The property is located along the west side of Powell Road for approximately 0.4 mile.

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Prospective buyers must register on www.walshlandbrokers.com to download entry permits, bid information, property data and purchase agreements or call 318-256-9401 for assistance.

Property #6
Little Mill Road
Calcasieu River

Little Mill Rd

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Spruce Rd
Property Description:
• Located Hwy 383 along the east side Little Mill Road, just west of Kinder, Louisiana • Contains 15.0 ±acres of merchantable pine plantation and 60.0 ±acres of natural mixed pine/hardwood • Great access with approximately 0.6 mile of combined frontage on Little Mill Road and Spruce Street • Potential for home site development near Kinder, Louisiana

Location /Directions:

• GPS: 30.4858 -92.9115166 • From intersection of Highway 383 and Highway 165 in Kinder, Louisiana, turn west onto Highway 383 and travel 3.6 miles to Little Mill Road. Turn north onto Little Mill Road and travel 0.2 miles to the property. The property is located on the east side of Little Mill Road and the north side of Spruce Street in the adjacent subdivision.

Development Published Reserve: $193,409 74.6 ±acres Allen Parish, Louisiana

Sealed bids due by 5:00pm CDT May 2, 2012.

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Property #7A
Rodeo Pen Road A
Rodeo Pen Rd

7A

7B

Property Description:

Hwy 190

• Located along the south side of Rodeo Pen Road, just east of Reeves, Louisiana • Contains 24.1 ±acres of 25-year old pine plantation, 1.9 ±acres of Streamside Management Zone comprised of natural mixed pine/hardwood • Great access with approximately 0.1 mile frontage on Rodeo Pen Road • Development potential near Reeves, Louisiana

Location /Directions:

Timberland Investment/ Development Published Reserve: $62,400 26.0 ±acres Beauregard Parish, Louisiana

• GPS: 30.524316 -93.037783 • From the intersection of Rodeo Pen Road and Highway 190 just east of Reeves, Louisiana travel north and then west on Rodeo Pen Road for 0.6 mile. The property is located on the south side of Rodeo Pen Road.

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Prospective buyers must register on www.walshlandbrokers.com to download entry permits, bid information, property data and purchase agreements or call 318-256-9401 for assistance.

Property #7B
Rodeo Pen Road B
7A

7B

Hwy 190

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• Located along the south side of Rodeo Pen Road, just east of Reeves, Louisiana • Contains 24.1 ±acres of 25-year old pine plantation, 1.9 ±acres of Streamside Management Zone comprised of natural mixed pine/hardwood • Great access with approximately 0.1 mile frontage on Rodeo Pen Road • Development potential near Reeves, Louisiana

Property Description:

Location /Directions:

• GPS: 30.524316 -93.037783 • From the intersection of Rodeo Pen Road and Highway 190 just east of Reeves, Louisiana travel north and then west on Rodeo Pen Road for 0.6 mile. The property is located on the south side of Rodeo Pen Road.

Timberland Investment/ Development Published Reserve: $62,400 26.0 ±acres Beauregard Parish, Louisiana

Sealed bids due by 5:00pm CDT May 2, 2012.

15

Property #8A
Reeves A

8A

Property Description:

• Located on north side of Highway 190 in the city limits of Reeves, Louisiana. • Contains 4.5 ±acres of natural pine and hardwood timber • Great access from a city street and Highway 190 • Potential for development or homesite in Reeves, Louisiana

Location /Directions:

• GPS: 30.519933 -93.0421833 • Located on the east side of Reeves, LA on McFatter Street. The property lies to the west of McFatter Street and south of Emma Street.

Development Published Reserve: $21,600 4.5 ±acres Allen Parish, Louisiana

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Prospective buyers must register on www.walshlandbrokers.com to download entry permits, bid information, property data and purchase agreements or call 318-256-9401 for assistance.

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Property #8B
Reeves B
Hwy 190 8B

Property Description:

8A

• Located on north side of Highway 190, just east of Reeves, Louisiana • Contains 29.1 ±acres of mature natural pine and hardwood • Great access with approximately 0.4 mile of road frontage on the north side of Highway 190 • Timber investment opportunity • Development potential near Reeves, Louisiana

Location /Directions:

• GPS: 30.51993 -93.0421833 • Located on the east side of Reeves, Louisiana on the north side of Highway 190. The Property lies to the east of McFatter Street with 0.4 mile of frontage on Highway 190.

Timberland Investment/ Development Published Reserve: $111,125 29.1 ±acres Allen Parish, Louisiana

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Sealed bids due by 5:00pm CDT May 2, 2012.

Property #9

Camp Pearl Road North

Camp Pearl Rd

Timberland Investment/ Recreation/Development Published Reserve: $66,734 26.2 ±acres Allen Parish, Louisiana

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Property Description:
• Located on Camp Pearl Road, southwest of Reeves, Louisiana • Contains 26.0 ±acres of 10-year old pine plantation • Great access with approximately 0.4 mile of road frontage on Camp Pearl Road • Timberland investment opportunity with near-term cash flow potential from thinning • Potential for rural home site development or recreation

Location /Directions:

• GPS: 30.491966 -93.102 • From the intersection of Highway 190 and Highway 113 in Reeves, Louisiana travel 2.3 miles west to Topsy Bel Road. Turn left onto Topsy Bel Road and travel south 2.0 miles to Camp Pearl Road. Turn right onto Camp Pearl Road and travel 0.5 mile. The property is located on the south and east side of Camp Pearl Road.

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Prospective buyers must register on www.walshlandbrokers.com to download entry permits, bid information, property data and purchase agreements or call 318-256-9401 for assistance.

Property #10

Camp Pearl Road South

Alexander Rd

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Camp Pearl Rd

Property Description:

• Located on Camp Pearl Road, southwest of Reeves, Louisiana • Contains 27.0 ±acres of natural mixed pine/hardwood • Great access with approximately 0.2 mile of road frontage on the west side of a parish blacktop road • Timberland investment opportunity with near-term cash flow potential from thinning • Recreational opportunities • Potential for rural home site development

Location /Directions:

• GPS: 30.485 -93.1049833 • From the intersection of Highway 190 and Highway 113 in Reeves, Louisiana travel 2.3 miles west to Topsy Bel Road. Turn left onto Topsy Bel Road and travel south 2.0 miles to Camp Pearl Road. Turn right onto Camp Pearl Road and travel 0.8 mile. Turn left and continue traveling 0.4 mile on Camp Pearl Road. The property is located on the west side of Camp Pearl Road.

Timberland Investment/ Recreation/Development Published Reserve: $72,360 27.0 ±acres Allen Parish, Louisiana

Sealed bids due by 5:00pm CDT May 2, 2012.

19

Property #11
Gearen Road

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Gearen Rd

Property Description:

• Located on the east side of Gearen Road, just north of DeQuincy, Louisiana • Contains 80.0 ±acres of 10-year old pine plantation • Great access with approximately 0.25 mile of road frontage on the east side of a parish blacktop road • Long term timberland investment • Potential for rural home site development near Dequincy, Louisiana

Location /Directions:

Timberland Investment/ Recreation/Development Published Reserve: $209,170 80.4 ±acres Calcasieu Parish, Louisiana

• GPS: 30.48535 -93.41583 • From the intersection of Highway 190 and Coward Road just north of Dequincy, Louisiana, travel east on Coward Road for 0.8 mile to Gearen Road. Turn left onto Gearen Road and travel 0.5 mile. The property is located on the east side of Gearen Road.

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Prospective buyers must register on www.walshlandbrokers.com to download entry permits, bid information, property data and purchase agreements or call 318-256-9401 for assistance.

Property #12
Marcantel Rd

Marcantel Road West

• Located on the west side of Marcantel Road, south of DeQuincy, Louisiana • Contains 23.4 ±acres of recently harvested timberlands and 15.2 ±acres Streamside Management Zone comprised of natural mixed pine/hardwood • The recently harvested area has been recently sheared and piled and can be easily converted to pasture land or replanted in pine for a long term timber investment • Great access with approximately 0.25 mile of road frontage along Marcantel Road • Potential for rural home site development

Property Description:

Location /Directions:

• GPS: 30.38633 -93.4350833 • From the intersection of Highway 12 and Highway 27 in DeQuincy, Louisiana travel south 4.7 miles on Highway 27 to Marcantel Road. Turn right onto Marcantel Road and travel 1.5 miles. Turn left and continue on Marcantel Road. The property is located on the west side of the road once you make the turn to the left.

Timberland Investment/Recreation/ Development Published Reserve: $58,500 38.7 ±acres Calcasieu Parish, Louisiana

Sealed bids due by 5:00pm CDT May 2, 2012.

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Property #13A
Old River Road A

Old River Rd

22

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Property Description:
• Located on the west side of Old River Road, north of Starks, Louisiana • Contains 39.6 ±acres of 12-year old pine plantation, 47.1 ±acres of recently harvested timberlands and 30.5 ±acres of Streamside Management Zone comprised of natural mixed pine/hardwood • Great access and 0.5 mile frontage on Old River Road and a woods road that travels near the southern boundary of the property • Harvested area can easily be converted to pasture or replanted in pine for a long-term timber investment • Great recreational property near Sabine River bottom

Timberland Investment/ Recreation/Development Published Reserve: $181,000 117.1 ±acres Calcasieu Parish, Louisiana

Location /Directions:

• GPS: 30.3807166 -93.698433 • From the intersection of Highway 12 and Highway 109 in Starks, Louisiana travel 0.5 mile west to Old River Road. Turn right onto Old River Road and travel north 5.1 miles to the property on the west side of the road. There is a Walsh Land Brokers lock on the gate. Combination will be provided with entry permit.

Prospective buyers must register on www.walshlandbrokers.com to download entry permits, bid information, property data and purchase agreements or call 318-256-9401 for assistance.

Property #13B
Old River Road B

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Old River Rd
Property Description:
• Located on the west side of Old River Road, north of Starks, Louisiana • Contains 64.7 ±acres of 10-year old pine plantation and 27.7 ±acres of Streamside Management Zone comprised natural mixed pine/hardwood • Great access and 0.5 mile frontage on Old River Road and a woods road that travels near the center of the property • Harvested area can easily be converted to pasture or replanted in pine for a long-term timber investment • Great recreational property near Sabine River bottom

Location /Directions:

• GPS: 30.3807166 -93.698433 • From the intersection of Highway 12 and Highway 109 in Starks, Louisiana travel 0.5 mile west to Old River Road. Turn right onto Old River Road and travel north 4.8 miles to the property on the west side of the road. There is a Walsh Land Brokers lock on the gate. Combination will be provided with entry permit.

Timberland Investment/ Recreation/Development Published Reserve: $193,400 124.6 ±acres Calcasieu Parish, Louisiana

Sealed bids due by 5:00pm CDT May 2, 2012.

23

Property #14A
Line Road A

Line Rd

Property Description:

• Located along the south side of Line Road, northwest of Vinton, Louisiana • Contains 79.0 ±acres of 15-year old pine plantation and 1.0 ±acre of non-forest • Great access with approximately 0.2 mile of road frontage on Line Road • Long-term timberland investment and recreational opportunity • Potential for rural home site development near Vinton, Louisiana

Location /Directions: Timberland Investment/ Development Published Reserve: $207,740 79.9 ±acres Calcasieu Parish, Louisiana

• GPS: 30.22713 -93.66193 • (From the North): From the intersection of Highway 12 and Highway 109 in Starks, Louisiana travel south 6.8 miles on Highway 109 to Line Road. Turn right onto Line Road and travel 1.2 miles. The property is located on the south side of Line Road. • (From the South): From the intersection of Highway 109 and Interstate 10 west of Vinton, Louisiana travel north 5.0 miles on Highway 109 to Line Road. Turn left onto Line Road and travel 1.2 miles. The property is located on the south side of Line Road.

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Prospective buyers must register on www.walshlandbrokers.com to download entry permits, bid information, property data and purchase agreements or call 318-256-9401 for assistance.

Property #14B
Line Road B

Line Rd
Property Description:
• Located along the south side of Line Road, northwest of Vinton, Louisiana • Contains 76.0 ±acres of 15-year old pine plantation and 4.0 ±acres of natural pine • Great access with approximately 0.2 mile of road frontage on Line Road • Long-term timberland investment and recreational opportunity • Potential for rural home site development near Vinton, Louisiana

Location /Directions:

• GPS: 30.22713 -93.661933 • (From the North): From the intersection of Highway 12 and Highway 109 in Starks, Louisiana travel south 6.8 miles on Highway 109 to Line Road. Turn right onto Line Road and travel 1.0 miles. The property is located on the south side of Line Road. • (From the South): From the intersection of Highway 109 and Interstate 10 west of Vinton, Louisiana travel north 5.0 miles on Highway 109 to Line Road. Turn left onto Line Road and travel 1.0 miles. The property is located on the south side of Line Road.

Timberland Investment/ Development Published Reserve: $207,740 79.9 ±acres Calcasieu Parish, Louisiana

Sealed bids due by 5:00pm CDT May 2, 2012.

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Property #15
Story

CR 4888

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Property Description:
• Located on CR 4888, northwest of Timpson, Texas • Contains 80.2 ± acres of 4-year old pine plantation and 58.9 ±acres of Streamside Management Zone comprised of natural mixed pine and hardwood • Frontage on CR 4888 • Timberland investment opportunity with recreational benefits

Location /Directions:

Timberland Investment/ Recreational Published Reserve: $236,300 139.1 ±acres Shelby County, Texas

• GPS: 31.945233 -94.482063 • From the intersection of Highway 84 and Highway 59 in Timpson, Texas travel west on Highway 84 approximately 5 miles. Turn right onto CR 416 and travel 1.1 miles, then turn left onto CR 4888. Travel approximately 0.7 mile. Property is on the right.

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Prospective buyers must register on www.walshlandbrokers.com to download entry permits, bid information, property data and purchase agreements or call 318-256-9401 for assistance.

Property #16

Old Prospector Road

Old Prospector Rd

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• Located off Old Prospector Road in southern Rusk County, Texas • Consists of mostly uneven-aged pine and hardwood mixed stands, with 10 ±acres in open field. • Open fields located on the north end of the property provide a great location for a potential camp site while using the remainder of the property for hunting, riding ATVs, etc. • Timberland investment/ recreational property within 20 minutes of Nacogdoches, Texas • Contact broker for access.

Property Description:

Location /Directions:

• GPS: 31.856965 -94.636376 • From Nacogdoches, Texas travel north on Highway 259 approximately 12 miles to the Rusk County line. As soon as you enter Rusk County, turn right onto Old Prospector Road. Travel approximately 4 miles on Old Prospector Road. Tract is located off Old Prospector Road behind the historic Old Prospector Church.

Timberland Investment/ Recreational Published Reserve: $199,500 100.0 ±acres Rusk County, Texas

Sealed bids due by 5:00pm CDT May 2, 2012.

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Property #17
Camp Worth

• Located west of FM 711 in northern San Augustine County, Texas • Contains 52.5 ±acres of 2-year old pine plantation and 60.2 ±acres of Streamside Management Zone comprised of natural pine and hardwood • Access is by deeded easement from FM 711 • With over 100 feet of elevation change, this property boasts some spectacular views • Timberland investment and recreational opportunity

Property Description:

Location /Directions: Timberland Investment/ Recreational Published Reserve $177,000 112.7 ±acres San Augustine County, Texas

• GPS: 31.623980 -94.258586 • From the intersection of Highway 7 and FM 711 travel south on FM 711 approximately 9.3 miles. Entrance to deeded easement will be on right. Follow signs into property.

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Prospective buyers must register on www.walshlandbrokers.com to download entry permits, bid information, property data and purchase agreements or call 318-256-9401 for assistance.

Property #18
Weches

HWY 21

• Located near the community of Weches on Highway 21 in Houston County, Texas • Contains 43.3 ±acres of 21-year old even-aged pine plantation, 2.1 ±acres of natural pine and hardwood, and 17.3 ±acres of Streamside Management Zone comprised of natural pine and hardwood • Frontage on Highway 21 • Timberland investment and recreational opportunities

Property Description:

Location /Directions:

• GPS: 31.532751 -95.244264 • From the intersection of Highway 21 and FM 227 in Houston County, Texas travel approximately 0.5 mile east on Highway 21. Property is on the right.

Timberland Investment/ Recreational Published Reserve: $122,000 68.5 ±acres Houston County, Texas

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Sealed bids due by 5:00pm CDT May 2, 2012. 29

Property #19A

Old Homer Alto Road A

Property Description:
• • • • • •

Located between Highway 103 and Highway 7 in Angelina County, Texas Contains 65 ±acres of 1-year old pine plantation Access from Old Homer Alto Road Located in the desirable Central ISD Timberland investment opportunity Potential home site with acreage

Location /Directions:

Timberland Investment/ Development Published Reserve: $107,250 65.0 ±acres Angelina County, Texas

• GPS: 31.410172 -94.853222 • From the intersection of FM 2010 and CR 16 (Old Homer Alto Road) travel west on CR 16 approximately 2 miles. Property is on right.

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Prospective buyers must register on www.walshlandbrokers.com to download entry permits, bid information, property data and purchase agreements or call 318-256-9401 for assistance.

Property #19B

Old Homer Alto Road B

Property Description:

• Located between Highway 103 and Highway 7 in Angelina County, Texas • Contains 22.1 ±acres of 12-year old pine plantation and 6.9 ±acres of Streamside Management Zone comprised of natural pine and hardwood • Access from Old Homer Alto Road • Located in the desirable Central ISD • Timberland investment opportunity • Potential home site with acreage

Location /Directions:

• GPS: 31.407717 -94.848010 • From the intersection of FM 2010 and CR 16 (Old Homer Alto Road) travel west on CR 16 approximately 2 miles. Property is on the right.

Timberland Investment/ Development Published Reserve: $63,800 28.9 ±acres Angelina County, Texas

Sealed bids due by 5:00pm CDT May 2, 2012.

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Property #20
Huntington South

Property Description:

• Located on Highway 69, south of Huntington, Texas • Contains 53 ±acres of 15-year old pine plantation, 10 ±acres of natural pine and hardwood and 33 ±acres of Streamside Management Zone comprised of natural pine and hardwood • Property is accessed from Highway 69 • Timberland investment and/or recreational tract only minutes from Lufkin, Texas

Location /Directions: Timberland Investment/ Recreation Published Reserve: $208,100 96.2 ±acres Angelina County, Texas

• GPS: 31.207660 -94.486480 • From the intersection of Highway 69 and FM 1669 in Huntington, Texas, travel south on Highway 69 approximately 6 miles. Property is on the left.

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Prospective buyers must register on www.walshlandbrokers.com to download entry permits, bid information, property data and purchase agreements or call 318-256-9401 for assistance.

Property #21
Zavalla North

• • • • •

Property Description:

Located on Highway 69, four miles north of Zavalla, Texas Tract is made up of mature pine and hardwood timber Accessed from Highway 69 Possible home site potential A timberland investment/recreational/development property located 15 minutes from Lufkin, Texas

Location /Directions:

• GPS: 31.194452 -94.461859 • From the intersection of Highway 69 and Highway 63 in Zavalla, Texas travel north on Highway 69 approximately 4 miles. Property is on the right.

Timberland Investment/ Recreation/Development Published Reserve: $137,700 51.0 ±acres Angelina County, Texas

Sealed bids due by 5:00pm CDT May 2, 2012.

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Property #22A
Mill Creek A

Property Description:

• Located on Boulware Road, east of Zavalla, Texas • Located only minutes from Sam Rayburn Reservoir • Contains 58 ±acres of 8-year old pine plantation, 22 ±acres of 18-year old pine plantation and 22 ±acres of Streamside Management Zone comprised of natural pine and hardwood • Considerable frontage on Boulware Road • Timberland investment, recreational and/or development opportunities

Location /Directions: Timberland Investment/ Recreation/Development Published Reserve: $235,400 102.9 ±acres Angelina County, Texas

• GPS: 31.136246 -94.396211 • From the intersection of Highway 69 and Highway 63 in Zavalla, Texas travel east on Highway 63 for approximately 1.4 miles. Turn right onto Boulware Road. Travel approximately 1 mile. Property is on the left.

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Prospective buyers must register on www.walshlandbrokers.com to download entry permits, bid information, property data and purchase agreements or call 318-256-9401 for assistance.

Property #22B
Mill Creek B

• Located on Boulware Road, east of Zavalla, Texas • Contains 74 ±acres of 8-year old pine plantation, and 30 ±acres of Streamside Management Zone comprised of natural pine and hardwood • Has considerable frontage on Boulware Road • Timberland investment, recreational and/or development opportunity, only minutes from Sam Rayburn Reservoir

Property Description:

Location /Directions:

• GPS: 31.136246 -94.396211 • From the intersection of Highway 69 and Highway 63 in Zavalla, Texas, travel east on Highway 63 approximately 1.4 miles. Turn right onto Boulware Road. Travel approximately 1 mile. Property is on the right.

Timberland Investment/ Recreation/ Development Published Reserve: $212,500 92.8 ±acres Angelina County, Texas

Sealed bids due by 5:00pm CDT May 2, 2012.

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Property #23
Sam Rayburn

• Located at the intersection of FM 705 and FM 3127 in San Augustine County, Texas • Located near Sam Rayburn Reservoir, less than one hour from Lufkin, Jasper and Nacogdoches, Texas • Rayburn Park and Powell Park less than one mile from the property • Frontage along FM 705 and FM 3127 • Timberland investment opportunity • Development opportunity with water and electricity available

Property Description:

Location /Directions: Timberland Investment/ Development Published Reserve: $25,000 6.9 ±acres San Augustine County, Texas

• GPS: 31.128412 -94.095078 • From the intersection of FM 705 and Highway 83 east of Broaddus, Texas, travel south on FM 705 approximately 11 miles. Property is on the right.

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Prospective buyers must register on www.walshlandbrokers.com to download entry permits, bid information, property data and purchase agreements or call 318-256-9401 for assistance.

Property #24
Toledo Bend

• • • • • •

Located in the heart of Toledo Bend country, northeast of Hemphill, Texas Frontage along FM 3121 and Sunshine Valley Road Rare opportunity to own 87± acres on Toledo Bend Reservoir Beautiful home site possibilities Potential for development Property adjoins Sabine National Forest on 2 sides and Toledo Bend Reservoir one side, offering seclusion • Completely forested with a combination of hardwood creek bottoms, mature pine and mid- rotation pine plantation • Timber investment opportunity with outstanding recreational benefits

Property Description:

Location /Directions:

• GPS: 31.397202 -93.778343 • From the intersection of Highway 83 and Highway 87 in Hemphill, Texas, travel east on Highway 83 approximately 3 miles. Turn left onto FM 3121 and travel north for approximately 2.2 miles to Sunshine Valley Road on the left. Property is located on both sides of Sunshine Valley Road.

Timberland Investment/ Recreation/Development Published Reserve: $367,000 87.0 ±acres Sabine County, Texas

Sealed bids due by 5:00pm CDT May 2, 2012.

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Property #25
Warren

Property Description:

• Located on Highway 69, south of Warren, Texas and less than 45 minutes from Beaumont, Texas • Contains 63 ±acres of natural pine and hardwood, 59 ±acres of 15-year old pine plantation and 28 ±acres of Streamside Management Zone comprised of natural pine and hardwood • Has considerable frontage on Highway 69 as well as CR 4780 • Timberland investment and/or recreational opportunity with a beautiful creek bottom

Location /Directions: Timberland Investment/ Recreation Published Reserve: $345,000 151.0 ±acres Tyler County, Texas

• GPS: 30.567514 -94.397029 • From the intersection of Highway 69 and FM 1943 in Warren, Texas, travel south on Highway 69 approximately 3 miles. Property is on the left.

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Prospective buyers must register on www.walshlandbrokers.com to download entry permits, bid information, property data and purchase agreements or call 318-256-9401 for assistance.

Property #26A
Antioch Cemetery A

Property Description:

• Located on FM 1004, west of Buna, Texas • Contains 10 ±acres recently harvested and 35 ±acres of 24-year old pine plantation • Frontage on FM 1004 • Timberland investment opportunity • Potential home site

Location /Directions:

• GPS: 30.469090 -93.991555 • From the intersection of Highway 96 and FM 1004 in Buna, Texas, travel west on FM 1004 approximately 2 miles. Property is on the left.

Timberland Investment/ Development Published Reserve: $85,000 49.5 ±acres Jasper County, Texas

Sealed bids due by 5:00pm CDT May 2, 2012.

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Property #26B
Antioch Cemetery B

• Located on Owens Road, west of Buna, Texas • Contains 30 ±acres recently harvested, 15 ±acres of 24-year old pine plantation and 15 ±acres of Streamside Management Zone • Frontage on Owens Road • Timberland investment opportunity and/or recreational property • Potential home site

Property Description:

Location /Directions: Timberland Investment/ Recreation/Development Published Reserve: $103,700 61.2 ±acres Jasper County, Texas

• GPS: 30.469090 -93.991555 • From the intersection of Highway 96 and FM 1004 in Buna, Texas, travel west on FM 1004 approximately 1.5 miles. Turn left onto Owens Road. Travel approximately 0.5 mile. Property is on the right.

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Prospective buyers must register on www.walshlandbrokers.com to download entry permits, bid information, property data and purchase agreements or call 318-256-9401 for assistance.

Property #27A
Castillo A

Property Description:
• • • • •

Located on Highway 69, just north of Buna, Texas Contains 10 ±acres of 1-year old pine plantation Considerable frontage along Highway 96 Timberland investment opportunity Development potential

Location /Directions:

• GPS: 30.468086 -93.959679 • From the intersection of FM 1004 and Highway 96 in Buna, Texas, travel north approximately 1 mile. Property is on the right.

Timberland Investment/ Development Published Reserve: $50,000 10.2 ±acres Jasper County, Texas

Sealed bids due by 5:00pm CDT May 2, 2012.

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Property #27B
Castillo B

Property Description:
• • • • •

Located on Highway 69, just north of Buna, Texas Contains 10 ±acres of 1-year old pine plantation Considerable frontage along Highway 96 Timberland investment opportunity Development potential

Location /Directions:

• GPS: 30.468086 -93.959679 • From the intersection of FM 1004 and Highway 96 in Buna, Texas, travel north approximately 1 mile. Property is on the right.

Timberland Investment/ Development Published Reserve: $50,000 10.2 ±acres Jasper County, Texas

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Prospective buyers must register on www.walshlandbrokers.com to download entry permits, bid information, property data and purchase agreements or call 318-256-9401 for assistance.

Property #28
Lewis Road

Property Description:
• • • • •

Located on Highway 69, just north of Buna, Texas Contains 22 ±acres of 5-year old pine plantation Considerable frontage along Highway 96 Timberland investment opportunity Development potential

Location /Directions:

• GPS: 30.461454 -93.961973 • From the intersection of FM 1004 and Highway 96 in Buna, Texas, travel north approximately 1 mile. Property is on the right.

Timberland Investment/ Development Published Reserve: $99,000 22.3 ±acres Jasper County, Texas

Sealed bids due by 5:00pm CDT May 2, 2012.

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Property #29
FM 418

Property Description:
• • • • •

Located on FM 418 in Silsbee, Texas Contains 23 ±acres of 8-year old natural mixed pine and hardwood Frontage along FM 418 Timberland investment opportunity Development potential

Location /Directions:

Timberland Investment/ Development Published Reserve: $46,000 22.8 ±acres Hardin County, Texas

• GPS: 30.354029 -94.152749 • From the intersection of Highway 96 and Business 96 east of Silsbee, Texas, travel east on Bus 96 approximately 0 .5 mile. Turn right onto FM 418 and travel approximately 0 .5 mile. Property is on the left.

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Prospective buyers must register on www.walshlandbrokers.com to download entry permits, bid information, property data and purchase agreements or call 318-256-9401 for assistance.

Property #30
Hwy 96

• Located on Highway 96, just north of Silsbee, Texas • Contains 21 ±acres of natural pine and hardwood and 13 ±acres of Streamside Management Zone comprised of natural pine and hardwood • Frontage on Highway 96 • Timberland investment opportunity • Development potential

Property Description:

Location /Directions:

• GPS: 30.355695 -94.138907 • From the intersection of Highway 96 and Business 96 east of Silsbee, Texas, travel north on Highway 96 approximately 0.5 mile. Property is on the right.

Timberland Investment/ Development Published Reserve: $74,800 34.2 ±acres Hardin County, Texas

Sealed bids due by 5:00pm CDT May 2, 2012.

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Property #31
Mauriceville

Property Description:

• Located northeast of Mauriceville, Texas • Tract was harvested in 2004 and is naturally regenerated with pine and hardwood • Investment opportunity • Recreational opportunity

Location /Directions:

• GPS: 30.302210 -93.850912 • Call broker for access information.

Timberland Investment/ Recreation Published Reserve: $112,500 149.9 ±acres Newton County, Texas

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Prospective buyers must register on www.walshlandbrokers.com to download entry permits, bid information, property data and purchase agreements or call 318-256-9401 for assistance.

GROUND WATER RESERVATION PROCESS EAST TEXAS

Pond
Road

1 2 3 4

Landowner has full rights to use any and all Surface Water Rights. Production well sites will be placed at least a half (1/2) mile apart. Compensation paid for drill site, access road ROW, pipeline and any disturbance of surface use.

Landowner has full use and right for all groundwater above depth of 500 feet.*

5 6

Landowner has right to use any and all groundwater below 500 feet for non-commercial uses - ordinary domestic purposes, livestock and forestry operation Seller reserving right to commercially produce groundwater that lies 500 feet and deeper.

* Any commercial use of this groundwater is subject to a 45% nonparticipating royalty interest reserved by the TIN and subsequently transferred to Forestar.

Sealed bids due by 5:00pm CDT May 2, 2012.

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2nd Quarter 2012 Sealed Bid Land Sale

Terms and Conditions

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Prospective buyers must register on www.walshlandbrokers.com to download entry permits, bid information, property data and purchase agreements or call 318-256-9401 for assistance.

Information Available
All prospective bidders are encouraged to view the list of properties and/or download property maps and property information at www.walshlandbrokers.com. To gain access to and/or download Terms and Conditions and files specific to each property, including property data, Right of Entry Permits, Bid Instructions and Information, Bidder Acknowledgement and Bid Form, Agency Disclosure (Louisiana), Information About Brokerage Services (Texas), Agreement to Sell (Louisiana), Agreement of Sale (Texas) contracts and other relevant data, prospective bidders are required to set up a login account for these secured files. A complete sale information package for each property is also available by mail upon request. Louisiana Properties: 318-256-9401 or 877-253-9401 Texas Properties: 936-248-6300

Sealed Bid Date
Sealed Bids must be submitted on the specified Bidder Acknowledgement and Bid Form for each property by 5:00 pm CDT on May 2, 2012. Louisiana Properties: Mail or deliver to: Walsh Land Brokers, LLC 825 San Antonio Avenue Many, Louisiana 71449 Texas Properties: Mail to: Walsh Land Brokers, LLC P. O. Box 608 Tenaha, Texas 75974 Deliver to: Walsh Land Brokers, LLC 308 Center Street Tenaha, Texas 75974

Published Reserve
Each property is offered with a Published Reserve price. This means that when the high bid equals or exceeds the amount of the Published Reserve price, Seller is committed to sell the property. Seller retains the right to reject any and all bids that do not equal or exceed the Published Reserve price specified for each property. Should the bids fail to reach the amount of the Published Reserve price, then Seller reserves the right to accept, counter or reject the high bid no later than five (5) business days following the bid date of May 2, 2012 by providing notice to bidder (or broker for bidder) by one of the following methods: (i) places notice of the same in United States mail, postage prepaid; (ii) completes telephonic communication; (iii) sends email communication; or, (iv) places notice of the same in overnight courier.

Entry Permits
All visitors to the properties are required to return an executed Right of Entry Permit to Walsh Land Brokers, LLC if they are entering the property without Walsh Land Brokers, LLC personnel. Some sellers require a signed Confidentiality Statement/Right of Entry Permit before property stand data and inventories will be released. Prospective bidders may download and print the applicable form from the secured files area of each property after setting up a login account.

Bid Documents Required
Each property has specific Bid Instructions and Information and a specific Bidder Acknowledgement and Bid Form on which bid must be submitted. Please read Bid Instructions and Information carefully as some sellers require the submitted Bidder Acknowledgement and Bid Form be accompanied by a Bid Deposit and a signed Agreement to Sell (Louisiana) or Agreement of Sale (Texas) contract, also specific to each property. Other sellers may provide a sample purchase contract and will require a deposit and signed contract only after bid acceptance. All bidders must sign an Agency Disclosure (Louisiana) or Information about Brokerage Services (Texas).

Sealed bids due by 5:00pm CDT May 2, 2012.

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Closing
A. Except as noted below, Buyer will be required to pay the following closing costs including, but not limited to, recording fees for an Act of Cash Sale or Special Warranty Deed (Louisiana) or Special Warranty Deed (Texas) for the benefit of Buyer’s lender, normal prorations, abstract fees, title insurance premium, title commitment fees, and any and all other costs and expenses in connection with the acquisition of title insurance and escrow fees, fees for tax certificates, and any other recording fees except for recording fees associated with Jefferson Properties, LLC that are attributable to the release of the American AgCredit, FLCA liens and the release of the Memorandums of Pulpwood and Sawtimber Agreements. B. Buyer will be responsible for any real compensation taxes or rollback taxes and penalties as a result of a change in use or designation of the property including, but not limited to, a change from open space, agriculture, forest land or recreation. Resurvey is not required by Seller for any sale property. If Buyer desires to have a tract resurveyed, Buyer C. will be responsible for ordering the survey and the cost of the survey. The surveyor must be approved in advance in writing by Seller and the survey must be certified by the surveyor to Seller. D. All sales must close within the time specified on the Agreement to Sell (Louisiana) or Agreement of Sale (Texas) for each property, unless extended by Seller in writing. Closings may not be extended due to reasons related to the completion of survey work without the written consent of Seller.

Additional Conditions
A. No mineral interest is included in the sale of any of the properties in this sale. For those properties owned by Jefferson Timber Properties, LLC and located in Texas, bidder acknowledges review and acceptance of Ground Water Reservation Process – East Texas information by submission of completed bid form. B. No claim will be considered for allowance, adjustment or rescission based upon failure of the property to correspond to any particular expectation or standard. C. Acreages set forth for the properties are approximations only, based upon Seller’s estimate of acreages, but actual sizes may be different. In addition, the legal description acreage may not correspond to the estimated acreage or the tax acreage. No adjustments will be made to any bid or sales price due to any variance determined between actual acreage and that stated in any of the information provided by Seller or Walsh Land Brokers, LLC. D. Properties will be sold “AS IS”. Bidder should examine the property and all supporting documentation carefully. Bidder is responsible for evaluating the property and shall not rely on Seller, sales agents, or escrow agent. Buyer will take possession at the close of escrow. Seller has no obligation to adjust the purchase price due to a variance of acreage or condition from that published in bid materials. E. Seller will convey the property by an Act of Cash Sale or Special Warranty Deed (Louisiana) or Special Warranty Deed (Texas), subject to the Permitted Exceptions and “AS-IS” as stated in the contract. Buyer who purchases and closes on more than one property in the same Louisiana parish will accept the conveyance of all properties in that parish under one Act of Cash Sale or Special Warranty Deed. If multiple Act of Cash Sales or Special Warranty Deeds are requested, Buyer will be a responsible for reimbursing Seller for any and all additional fees, costs and expenses incurred by Seller in providing multiple Act of Cash Sales or Special Warranty Deeds. Buyer who purchases and closes on more than one property in Texas will accept the conveyance of all properties under one Special Warranty Deed per county per Grantee. If multiple Special Warranty Deeds are requested,

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Prospective buyers must register on www.walshlandbrokers.com to download entry permits, bid information, property data and purchase agreements or call 318-256-9401 for assistance.

Buyer will be responsible for reimbursing Seller for any and all additional fees, costs and expenses incurred by Seller in providing multiple Special Warranty Deeds. F. A seller has the right to postpone or cancel any of the sealed bid offerings in whole or in part, in its sole discretion, and to modify or add any terms and conditions prior to the deadline for submission.

Cooperating Brokers
Broker cooperation is welcome, subject to certain guidelines. A commission will be paid on the following schedule to the licensed real estate broker/agent who meets the terms below and whose registered buyer pays for and closes on the purchase of the property. If a buyer represented by a cooperating broker purchases more than one property, the commission paid to the cooperating broker will be determined by the total purchase price of all properties sold to that buyer. Seller and Walsh Land Brokers, LLC will not be liable for any commission should a transaction fail to close for any reason. Sales Amount Co-op Commission Up to $ 350,000 1.5% $351,000-$800,000 1.25% Over $800,000 1.0% To qualify, buyer broker/agent must register a prospective bidder for a specific property(s), prior to establishment of any login account on www.walshlandbrokers.com. Broker/agent must complete an entry permit for the bidder and accompany bidder during inspection of the property by the bidder. No broker/agent will be recognized as working with a prospective bidder who has previously contacted Walsh Land Brokers, LLC. No commission will be paid to any sub-agency or to any broker/agent acting on their own behalf or on behalf of a member of their immediate family or who is a partner, stockholder, or principal of an entity purchasing the property.

Agency Disclosure
Walsh Land Brokers, LLC is the exclusive agent for this 2nd Quarter 2012 Sealed Bid Land Sale and their seller clients, including but not limited to Jefferson Properties, LLC and RYN TRS Louisiana Operations Inc. Walsh Land Brokers, LLC represents the interests of the sellers throughout the sales processes of these properties. All bidders are required to sign and return the Agency Disclosure (Louisiana) or Information About Brokerage Services (Texas) form with each bid.

Disclaimer and Absence of Warranties:
All information contained in this brochure and all related materials are subject to the terms and conditions outlined in the Agreement to Sell (Louisiana) or the Agreement of Sale (Texas). The property is sold on an “AS IS, WHERE IS” basis, and no warranty or representation, either expressed or implied concerning the property is made by Seller or Walsh Land Brokers, LLC (Agent). The information contained in this brochure has been acquired from sources regarded as reliable, but accuracy and entirety are not guaranteed and is subject to verification by all parties relying on it. All sketches and dimensions in this brochure are approximate. Neither Seller nor Agent assumes any liability for its accuracy, errors or omissions. No representation or warranties are expressed or implied as to the property, its condition, boundaries, timber volumes, logging feasibility, development potential or acreage. Conduct of the sealed bid process is at the direction and discretion of Agent. Seller and Agent reserve the right to preclude any person from bidding if there is any question as to the person’s credentials, fitness, etc. All decisions of Agent and /or Seller are final.

Sealed bids due by 5:00pm CDT May 2, 2012.

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walshlandbrokers.com
Walsh Land Brokers, LLC and Walsh Land Brokers represent the interests of the seller throughout the sales process of this property. All information included herein has been acquired from sources we regard reliable, but accuracy and entirety are not guaranteed.

and other timberland owners

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Prospective buyers must register on www.walshlandbrokers.com to download entry permits, bid information, property data and purchase agreements or call 318-256-9401 for assistance.

Louisiana Properties
Broker: Rob Morrow Email: rob@walshlandbrokers.com Phone: 318-256-9401

Texas Properties
Broker: Wes Kilpatrick Email: wes@walshlandbrokers.com Phone: 936-248-6300

Mississippi Properties
Broker: Paul Goodwin Email: paul@walshlandbrokers.com Phone: 601-898-9000

www.walshlandbrokers.com
Walsh Land Brokers, LLC represents the interests of the sellers throughout the sales processes of these properties. All information included herein has been acquired from sources we regard reliable, but accuracy and entirety are not guaranteed.

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