BID DATE: Thursday, August 31, 2017 by 3:00 PM

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1 offered for sale via sealed bid MAXWELL BROTHERS TIMBERLAND A Timberland Investment Property (+/-) acres (per the Drew County Assesor s Office) Drew County, Arkansas Can be purchased as a whole or as two separate tracts. BID DATE: Thursday, August 31, 2017 by 3:00 PM offered by Licensed in Arkansas, Louisiana, Mississippi, Tennessee and Texas

2 DISCLOSURE STATEMENT Lile Real Estate, Inc. is the listing agency for the owner of the property described within this offering brochure. A representative of Lile Real Estate, Inc. must be present to conduct a showing. The management of Lile Real Estate, Inc. respectfully requests that interested parties contact us in advance to schedule a proper showing and do not attempt to tour or trespass on the property on their own. Thank you for your cooperation. Some images shown within this offering brochure are used for representative purposes and may not have been taken on location at the subject property. This offering is subject to errors, omissions, change or withdrawal without notice. All information provided herein is intended as a general guideline and has been provided by sources deemed reliable, but the accuracy of which we cannot guarantee.

3 vicinity map i Tract 1 Tract 2

4 vicinity map ii Tract 1 Tract 2

5 CONDITIONS OF SALE: July 15, 2017 NOTICE OF LAND SALE BY SEALED BID We offer for sale the following tracts of land in Drew County, Arkansas Maxwell Brothers Timberland 1. Sealed bids will be received at the office of Lile Real Estate, Inc. 401 Autumn Road, Little Rock, AR until 3:00 p.m. Thursday, August 31, 2017 and at that time privately opened. If your bid is mailed, please indicate on the outside of the envelope Bid on Maxwell Brothers Timberland. Bids may be faxed to , or ed to com. The successful bidder will be required to close within and no later than thirty five (35) days from the effective date of an executed contract. An offer form is attached. 2. Acreages are believed to be correct but are not guaranteed. In all cases, no adjustment will be made in the contract price based on any subsequent survey conducted by a Buyer. It is the Prospective Buyer s responsibility to verify the accuracy of all acreage. 3. Seller will furnish title insurance. 4. A warranty deed will be prepared by Seller. The Seller will pay half of the documentary stamps required by law for the recordation of the deed. 5. All property taxes will be paid by the owner up to date of the sale. 6. The land will be sold to the highest bidder; however, the Seller reserves the right to refuse any or all bids, to waive any technical defect in bids, and unless otherwise specified by the seller, to accept any bid as may be in the best interest of the seller. 7. At the completion of the bidding process, a final contract shall be signed by both Buyer and Seller. 8. All merchantable timber shall transfer to the Buyer, unencumbered by any timber deeds or forestry management contracts. 9. All active recreational leases will be canceled at closing. 10. Seller shall retain 25% ownership in all mineral interest owned, if any. The balance shall be transferred to the buyer without any warranty or guarantees. 11. AGENCY: LISTING AGENT FIRM REPRESENTS SELLER: Buyer and Seller acknowledge that the Listing Agent Firm is employed by the Seller. All licensees associated with the Listing Agent Firm are employed by, represent, and are responsible to the Seller. The Listing Agent makes no representation as to the condition of the property or its suitability to the Buyer s needs. The Buyer(s) are responsible for verifying information regarding this property and obtaining legal counsel if desired. If Buyer seeks representation from a licensed real estate agent, then it is the Buyers sole responsibility to pay for such services. 12. Any questions concerning this sale should be directed to Brandon Stafford of Lile Real Estate, Inc Mobile or Office. Agency Disclosure All information contained herein has been obtained from sources we believe to be reliable. However, no warranty or guarantee is made to the accuracy of the information. Lile Real Estate, Inc. is the agent of the owner of the property described within this property offering.

6 OFFER FORM - MAXWELL BROTHERS TIMBERLAND (+/-) ACRES* Bid Date: Thursday, August 31, 2017 by 3:00 PM Bidder herby submits the following as an offer for the purchase of the lands located in Drew County, Arkansas; as described by the sales notice. This offer will remain valid through Tuesday September 5, 2017 at 5:00 p.m. If this offer is accepted the Bidder shall to execute an offer and acceptance contract with the Seller. Upon acceptance earnest money shall be tendered within three (3) calendar days in the amount of five thousand dollars ($5,000.00) per winning bid. Closing shall take place no later than thirty-five (35) days from the effective date of the executed contract. A copy of the offer and acceptance contract can be requested for review prior to the bid date. Bids will be privately opened and accepted in the form of: hand delivery, physical mail, , or fax. The information for each is as follows: Mail offer from to: Lile Real Estate, Inc. (Before 3:00 p.m. on August 31, 2017) 401 Autumn Road Little Rock, AR Fax offer form to: offer form to: bstafford@lilerealestate.com Tract No. Acres $$/Bid Amount Tract # Acres...$ Tract # Acres...$ Whole (Tracts #1 & #2) Acres...$ Bidder: Date: Phone No.: Fax No.: Address: Signature: *Acreages presented are based off the Drew County Assessor records.

7 property summary Description: Location: Investment timberland opportunity located in Drew County, Arkansas. The property consists of total acres, being comprised of pine and hardwood timberlands. This parcel is scheduled to be sold via sealed bid on Thursday, August 31, 2017 and can be bid on as a whole or as two separate tracts (tract map / acreage breakdown is included). Drew County, Arkansas Mileage Chart Monticello, AR Hamburg, AR Pine Bluff, AR 7.2 miles 26.1 miles 54.0 miles Acreage: Tract #1: (+/-) acres Tract #2: 40 (+/-) acres Access: Tract #1: Arkansas State Highway 172. Tract #2: Woods road. Utilities: Electricity and Municipal Water are available to Tract #1. Real Estate Taxes: Recreation: Mineral Rights: Timber Inventory: Offering Price: Contact: See attached within brochure. Deer and turkey hunting opportunities exist on the property. Seller shall retain 25% ownership in all mineral interest owned, if any. The balance shall be transferred to the buyer without any warranty or guarantees. Attached (Reid Lands Forestry) Sealed Bid Sale Any questions concerning this offering or to schedule a property tour should be directed to Brandon Stafford of Lile Real Estate, Inc. (mobile: office: ).

8 ownership map i Tract 1 Tract 2 Date Created: 5/24/2017 Created By: DataScoutPro via DataScout OneMap 1 inch = 4929 feet This map should be used for reference purposes only and should not be considered a legal document. While every effort has been made to ensure the accuracy of this product, the publisher accepts no responsibility for any errors or omissions nor for any loss or damage alleged to be suffered by anyone as a result of the publication of this map and the notations on it, or as a result of the use or misuse of the information provided herein.

9 ownership map ii Tract 1 Tract 2 Date Created: 5/24/2017 Created By: DataScoutPro via DataScout OneMap 1 inch = 1232 feet This map should be used for reference purposes only and should not be considered a legal document. While every effort has been made to ensure the accuracy of this product, the publisher accepts no responsibility for any errors or omissions nor for any loss or damage alleged to be suffered by anyone as a result of the publication of this map and the notations on it, or as a result of the use or misuse of the information provided herein. Tract 1 Address: 172 HWY Legal: PT N1/2 NW1/4 LYING N & W 172 Parcel: ) MAXWELL, WILLIAM MARK RPID: Acres: Tract 2 Address: Legal: SE1/4 SE1/4 Parcel: ) MAXWELL, WILLIAM MARK RPID: Acres: 40 Date Created: 5/24/2017 Created By: DataScoutPro via DataScout OneMap This map should be used for reference purposes only and should not be considered a legal document. While every effort has been made to ensure the accuracy of this product, the publisher accepts no responsibility for any errors or omissions nor for any loss or damage alleged to be suffered by anyone as a result of the publication of this map and the notations on it, or as a result of the use or misuse of the information provided herein.

10 aerial map Tract 1 Tract 2

11 soil map Tract 1 State: County: Location: Township: Arkansas Drew 28-13S-7W Marion Date: 6/15/2017 Tract 2 Soils data provided by USDA and NRCS. Area Symbol: AR043, AR043, Soil Soil Area Area Version: Version: Code Soil Description Acres Percent of field Non Irr Class Legend Non Irr Class *c Irr Class *c Bahiagrass Common bermudagrass Improved bermudagrass Soybeans Ph Pheba silt loam, 0 to 2 percent slopes % IIIw Oa Ouachita silt loam % IVw SvB Af SvC Savannah fine sandy loam, 1 to 3 percent slopes Amy silt loam, 0 to 1 percent slopes, frequently flooded Savannah fine sandy loam, 3 to 8 percent slopes % IIe % Vw % IIe Ae Amy silt loam, 0 to 1 percent slopes % Vw Vw Weighted Average *c: Using Capabilities Class Dominant Condition Aggregation Method Soils data provided by USDA and NRCS.

12 topography map Tract 1 Tract 2

13 real estate tax card tract 1 Parcel: Drew County Report ID: As of: 7/5/2017 Name: Property Owner MAXWELL, WILLIAM MARK Property Information Physical Address: 172 HWY Mailing Address: Type: Over 65 Freeze: No Tax Dist: Size (Acres): Extended Legal: 13 FOXCROFT PINE BLUFF, AR (AM) Agri UMisc Imps S-T-R: (105) DREW CENTRAL PT N1/2 NW1/4 LYING N & W 172 Subdivision: RURAL METES & BOUNDS Block / Lot: -- / -- Market and Assessed Values: Taxes: Estimated Market Value Land: $14,100 Building: 300 Total: $14,400 Full Assessed (20% Mkt Value) $2, $2,880 Taxable Value $2,820 Homestead $0 Note: Tax amounts are estimates only. Contact the county tax collector for exact amounts. 60 $2,880 Estimated Taxes: Credit: $132 Land: Land Use Size Units Timber(04) Acres Timber(07) Acres Timber(12) Acres Timber(13) Acres Homesite Acres Timber(08) Acres Special Assessments: Assessment Tax Amount TIMBER TAX $10.00 Totals: $10.00 Deed Transfers: Date Book Page Deed Type Stamps Est. Sale Grantee Code Type 7/24/ Warr. Deed MAXWELL, WILLIAM MARK 1/1/ SpecWarr MAXWELL,HAROLD RAY SR.TRUSTEE Not a Legal Document. Subject to terms and conditions. Page 1

14 real estate tax card tract 1 Parcel: Drew County Report ID: As of: 7/5/2017 Details for Residential Card 1: Occupancy Story Construction Total Liv Grade Year Built Age Condition Exterior Wall: Foundation: Floor Struct: Floor Cover: Insulation: N/A Roof Cover: Roof Type: Plumbing: N/A Fireplace: N/A Heat / Cool: Basement: Basement Area: Year Remodeled: Style: Outbuildings and Yard Improvements: Item Type Size/Dim Unit Multi. Quality Age Mobile Home 12x56 Pole Shed 36x24 CAMPER 2 Not a Legal Document. Subject to terms and conditions. Page 2

15 real estate tax card tract 2 Parcel: Drew County Report ID: As of: 7/5/2017 Name: Property Owner MAXWELL, WILLIAM MARK Physical Address: Property Information Mailing Address: Type: (AV) Agri Use/Vacant S-T-R: Over 65 Freeze: No Tax Dist: Size (Acres): Extended Legal: 13 FOXCROFT PINE BLUFF, AR (105) DREW CENTRAL SE1/4 SE1/4 Subdivision: RURAL METES & BOUNDS Block / Lot: -- / -- Market and Assessed Values: Taxes: Land: Estimated Market Value $5,850 Building: 0 Total: $5,850 Full Assessed (20% Mkt Value) $1,170 0 $1,170 Taxable Value $1,170 Homestead $0 Note: Tax amounts are estimates only. Contact the county tax collector for exact amounts. 0 $1,170 Estimated Taxes: Credit: $54 Land: Land Use Size Units Timber(07) Acres Timber(08) Acres Timber(12) Acres Timber(04) Acres Special Assessments: Assessment Tax Amount TIMBER TAX $8.00 Totals: $8.00 Deed Transfers: Date Book Page Deed Type Stamps Est. Sale Grantee Code Type 7/24/ Warr. Deed MAXWELL, WILLIAM MARK 1/1/ SpecWarr MAXWELL, HAROLD (JR)& WM. MARK Not a Legal Document. Subject to terms and conditions. Page 1

16 REIDLANDS, LLC. FORESTRY & TIMBERLAND 3533 HWY 35 WEST WILMAR, AR Timber Valuation Report Maxwell Timberland Tracts 40 and Deeded Acres 40 and 45 GIS Acres Drew County, AR. June 2017 The following document is a timber condition and valuation report compiled by REIDLAND S, LLC for the combined 85 acre Maxwell Timberland Tracts. The purpose of this report is to determine and document the estimated timber market value.

17 Location and Legal Description The property is located just south of Monticello near the Shady Grove community. The north parcel has Highway 172 road frontage while the south parcel has no frontage and limited access. Below is the legal description for each parcel. Legal Description: North Parcel: South Parcel: Part of the N ½ of NW ¼ Lying N & W 172 SE ¼ of SE ¼ Section 28, T 13 S, R 7 W Section 29, T 13 S, R 7 W (Deeded Acres) 40 Acres 45 (GIS Acres) Timber Volumes and Values North Tract Timbered Acres Product Volume Tons Pine Sawtimber 297 Pine Pulpwood 720 Pine Chip & Saw 628 Hardwood Pulpwood 668 Red Oak Sawtimber 833 White Oak Sawtimber 50 Misc. Sawtimber 89 Totals 3,285 South Tract 40 Timbered Acres Product Volume Tons Pine Sawtimber 950 Pine Pulpwood 318 Pine Chip & Saw 66 Hardwood Pulpwood 1,292 Red Oak Sawtimber 107 Misc. Sawtimber 110 Totals 2,843 2

18 Timber contribution value can be determined by two different methods. 1. Current Market Approach: Value of the timber if sold on the open market today. 2. Net Present Value Approach: Calculates the present values of future yields based on rotation length, production and speculated prices. The above values are based on the Current Market Approach due to much of the timber being mature. It is possible to use the Net Present Value approach more effectively on Pine Plantations due to the predictability of rotation length and production. The Current Market valuation used for the timber on this property is based on a 10% inventory conducted June 2017 and local current stumpage prices. Timber Inventory A timber inventory was conducted in late June Fixed 1/10 th acre plots were established on a 2 X 5 chain grid in order to produce a 10% timber estimate. Trees were tallied separately according to product and size. Volumes were derived using Doyle Scale Form Class 82 for pine and 78 for hardwood. The tonnage for each product was calculated using tested and accepted equations. Due to variations in scaling and merchandizing, the volumes cannot be guaranteed. Timber Stand Description There has not been any timber harvesting activity on the property for many years, resulting in much of the timber becoming mature and well stocked. Mortality is an issue that comes with older/mature forests but seems to be minimal within this stand. Most of the terrain is flat and easily accessible for a timber harvest operation. This tract is very aesthetically pleasing; photos of the timber stands are attached. The 19 acres of Pine Plantation is well-stocked and will need to be Selectively Thinned soon. A first thinning operation was done in the past which removed a down row and a second thinning is due. This pine is getting tall and developing Pole quality timber. The estimated basal area is 110 square feet, which is high since optimal growing conditions are ±80 square feet Valuation Premises The dominant land use in the area is commercial timber production and associated recreational uses. Other common land uses in the area include small farms, pastureland, cattle and poultry farms. Rural residential home sites exist in the area; residential development on or near this property is possible with a House Site already established. The region has a well-developed infrastructure of sawmills, wood procurement organizations and logging contractors. Access from Highway 172 will allow any future harvest operation without any road work on the North Tract but the South Tract will need an access road to be built. Recreational use of the property for hunting is important and could be valuable to the landowner. 3

19 Timber Market Values Timber contribution value can be determined by two different methods: Current Market Approach and Net Present Value Approach. The Current Market Approach is based on selling the timber on the open market today, this is the approach used for the current timber valuation. Alternatively, this property is split into two tracts, one with good access and one without, and so the stumpage values could potentially vary per tract. The timber values were assigned by using current local stumpage prices for each product involved. General timber pricing reports are available online from Forest2Market and Timber Mart South but none of which are specific to this property. Valuating timber units is a subjective process based on the experience and knowledge of a professional forester with an understanding of the quality of the timber involved. Les Reid AR RF #1005 MS RF #2425 4

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26 Arkansas - Corporate Office 401 Autumn Road Little Rock, AR (fax) LILE REAL ESTATE, INC. info@lilerealestate.com Tennessee - Regional Office 5521 Murray Avenue, Suite 110 Memphis, TN (fax) Licensed in Arkansas, Louisiana, Mississippi, Tennessee and Texas