Long Mountain Forest

LONG MOUNTAIN FOREST

Established access, attractive species composition, and high quality stems define this classic timberland asset.

3,464 Acres Greenwood, Oxford County, Maine Price: $2,922,000

Data Room Password: meavo

Fountains Land Inc, 175 Barnstead Road, Suite 4, P.O. Box 25, Pittsfield, NH 03263 Contact: Patrick Hackley ~ [email protected] ~ (603) 435-7428, Ext. 230 ~ Cell (603) 491-3649 www.fountainsland.com PROFILE Long Mountain represents a sizable, contiguous timberland investment with well-established access to support future silvicultural operations. Thinning activities have positioned this middle-aged resource for maximum appreciation over the coming decade. With nearly all slope aspects represented, the tract has predominately well-drained soils and favorable species composition with a broad representation of softwood and northern hardwood species.

LOCATION The property is located in the town of Greenwood, a rural town blessed with an abundance of public water resources, vast forests, and attractive homes dotting the landscape. The well-known town of Bethel, nestled along the Androscoggin River Valley, is a short drive to the north. Bethel provides a host of hospitality services for the area’s thriving tourism industry, most notably Sunday River Ski Resort just north of the village. The slopes of Mt Abram Ski Center are located within a stone’s throw of the land’s northern boundary. This adjacent ski center offers a wide variety of terrain, including un-groomed expert glade runs. Five lifts and 44 trails over 1,150 vertical feet provide ideal local skiing. Summer activities include a 1,325’ vertical Tubing Park, the longest in Maine.

The state and local road network provides convenient access to the area’s diverse wood markets including paper mills, chipping facilities, sawmills, log concentration yards, and bio-energy plants.

Views of western Maine’s rolling forested landscape to the east as seen from the small quarry located on the northern shoulder of Uncle Tom Mountain.

ACCESS Nearly 6,000’ of frontage along the paved Greenwood Road define the eastern boundary. A gated internal road system stems off Greenwood Road providing several miles of woods roads that service the central and northern sections.

The southern area of the forest is accessed by the gated Sanborn River Valley Lane which commences at the hamlet of Willis Mills. Additional access is provided by Edgecomb Lane and Horseshoe Trail, both creating the southern and eastern boundary lines (respectively).

NOTE: Please be aware that log trucks will be active on Sanborn Valley Lane Road this winter and have the right- of-way in all circumstances.

Ames Lane which serves as the main interior access road to the land’s central and northern areas.

fountains land inc SITE DESCRIPTION Long Mountain Forest is an upland site where continuous relief permits generally well drained soil conditions. The forest contains an interesting array of terrain characteristics, including Uncle Tom, Elwell, and Long Mountains, as well as the western slopes of Tibbets Mountain and the southern slopes of Mount Abram. The Sanborn River Valley occupies the land’s southern area, while a complete watershed is contained at the property’s central location framed by Oversett, Uncle Tom, Long and Elwell Mountains. Overall terrain is well suited to harvest conditions with only 129 acres classified as non-commercial (due to steep slopes, water resources and roads).

Twitchell Pond sits in the foreground with the spruce topped Elwell Mountain to the right. Long Mountain is located just behind Elwell. Uncle Tom Mountain is left center with the property’s central valley at the photo center. ACREAGE, TAXES & TITLE There is no survey for the tract. Property boundaries are noted in the field as red tree blazes. Town tax records indicate a total of 3,550 acres, while GIS maps indicate 3,464 acres. For purposes of marketing, the GIS acres serve as the primary acreage reference.

The property is enrolled in Maine’s Tree Growth Tax Program. Municipal property taxes in 2010 total $9,451.54.

The property is owned by Core Value, LLC, whose various deeds, title documents, tax bills and additional information can be found on Fountains website data room. To access the data room, select Andro Valley Timberland from the drop-down option and type in the password: meavo.

Title information indicates that mineral rights are held by a third party in association with an old quarry located just north of Uncle Tom’s Mountain. This small quarry experiences passive mining for local minerals that are understood to include granite pegmatites, tourmaline and pseudo-cubic quartz crystals. This region of Maine is well known for its indigenous gems and crystals and for decades has hosted an active array of mining clubs and outdoor gem collecting events.

Various rights-of-way are described in the title information, running through the forest at various points and serving as access to adjoining ownerships.

fountains land inc TIMBER RESOURCE 2010 Timber Inventory: Timber data in this report is based on a September 2010 Hardwood vs Softwood timber inventory conducted by an independent service as a % of Total Volume provider commissioned by the ownership. For Long Mountain, 230 sample points were collected on an 12 X 12 chain grid using a 10 BAF prism. All inventory points were monumented in the field and are available for inspection. Softwood Data processing was based on commonly known and 34% acceptable algorithms and form class volume tables. Sampling statistics are ±5.4% for all products combined and ±10.9% for sawlogs at the 95% confidence level. Full details of the timber inventory, data processing formulas, Hardwood raw data, inventory maps and cruise specifications are 66% available at the Fountains Land Data Room or available upon request.

Inventory volumes by species and product were valued by Fountains Forestry with the Total Volume by Species results summarized on the Timber

Valuation page of this report. Red Oak Red Maple Sugar Maple 6% 21% Species Composition & Stocking: 8% Species composition is diverse with both The Birches 8% hardwoods and softwood species found on all terrain types. Hardwoods are slightly more dominant accounting for 66% of total volume. With the exception of pockets of All excessively steep slopes leading to various Others Beech 11% 16% peaks, nearly all of the land (96%) is productive commercial forestry acreage.

2 Forest-wide, total basal area is 120 ft /acre Spruce/Fir 14% Hemlock representing fully-stocked conditions. Total 16% volume averages 21.1 cords/acre, slightly above average for the region. Type maps indicate five cover types where primarily Sawlog Volume by Species three age classes predominate: a dominant middle age class (small to medium-sized sawtimber), pole-sized growing stock White Ash Sugar Maple 4% 8% (variable by forest stand type), and a large Yellow Birch Spruce/Fir sawtimber size class. 4% 23% Pine 10% Ongoing Forest Operations: The ownership is conducting on-going silvicultural operations through the winter months in areas designated on the maps in Red Oak this report. Harvest volumes by species 11% Hemlock and product will be carefully monitored by 19% the ownership.

Red Maple 14% All Others 7%

fountains land inc TIMBER RESOURCE (continued) Sawlog Value: Sawlog values are largely held by spruce/fir, red oak, white pine and sugar maple (68% of total sawtimber CTV) with miscellaneous hardwoods and hemlock accounting for the balance. Combined total sawlog value represents 59% of CTV, with growing stock and pulpwood comprising the balance.

Diameter Distribution: Volume Sawlog diameters cover a broad Sawlog Volume vs Value Value range of sizes with the average 30% diameter at 12.6” (as a measure of volume) covering 11,053 MBF. 25% Average softwood sawlog diameter 20% is 13.3” with hardwoods at 12.4”. 15% Pulpwood diameter average is 10.7” (covering a total of 50,773 10% cords) and representing an 5% abundance of pole-sized growing stock. Softwood average is 11.2” 0% with hardwood average is 9.5”. Spruce/FirRed Oak White Sugar Hemlock Red All Others Yellow Pine Maple Maple Birch Species A compelling attribute of the total pulpwood diameter distribution is the abundant volume held by the 5- Sawtimber Diameter Distribution Softwood 11” diameters which accounts for Hardwood 65% of total pulpwood, representing 0.5 a significant volume ready to 0.45 emerge into the sawlog category 0.4 over the coming two decades. 0.35 0.3 Stem Quality: 0.25 Site index, forest genetics, aspect 0.2 MBF per Acre and past silvicultural practices are 0.15 the primary factors that combine to 0.1 influence stem quality of a tree. In 0.05 the case of Long Mountain’s three 0 most prevalent commercial species, 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25+ the data reveals that 55% of the red Diameter oak, 87% of the white pine and nearly 100% of the spruce/fir is of Pulpwood Diameter Distribution Softwood sawlog quality. Hardwood 2 1.8 Acreage Breakdown 1.6 Wetland 2 1.4 Landing 7 1.2 Inoperable 97 1 0.8 Road 23

Cords per Acre 0.6 Total NF 129 0.4 Productive Forest 3335 0.2 Total GIS Acres 3464 0 <55 6 7 8 9 10111213141516171819202122232425+

Diameter

fountains land inc TIMBER RESOURCE

Diameter Distribution - (Five Major Species): Spruce/Fir sawtimber volume accounts for the largest component of sawtimber by volume (2,607 total MBF) whose average diameter is 11.2” (as a measure of total volume). This species benefits from excellent local markets.

Average white pine sawtimber diameter is 17.8” representing a resource well on its way to maturity (generally pine is considered mature when the average diameter reaches 18”). Total sawtimber volume is 984 MBF. This species also benefits from well developed local markets.

Red oak sawtimber volume totals 1,191 total MBF whose average diameter is 14.2”. Stems are primarily centered in the small to medium sawlog size class; however, a component of mature volume is also represented by this species.

Volume density maps depicting total volume and sawlog volume are available in this report. These maps graphically portray timber volume density and distribution across the parcel. The different colors correlate to specific inventory data to provide the investor with a quick visual summary of timber volume over the entire parcel.

Spruce/Fir Sawtimber Diameter Distribution Pallet Sawlog 0.18 0.16 0.14 0.12 Acre 0.1

per 0.08 0.06 MBF 0.04 0.02 0 8 9 10 11 12 13 14 15 16 17 18 19 20

Diameter

Average Spruce/Fir Sawtimber Diameter - 11.2”; 2,607 MBF Total Sawtimber Volume

White Pine Sawtimber Diameter Distribution Pallet Sawlog 0.05 0.045 0.04 0.035 0.03 0.025 0.02

MBF per Acre 0.015 0.01 0.005 0 10 11 12 13 14 15 16 17 18 19 20 21 22 23 25+ Diameter

Average White Pine Sawtimber Diameter - 17.8”; 984 MBF Total Sawtimber Volume

fountains land inc

TIMBER RESOURCE (Additional Graphics)

Red Oak Sawtimber Diameter Distribution Pallet Sawlog 0.05 0.045 0.04 0.035 0.03 0.025 0.02

MBF per Acre 0.015 0.01 0.005 0 9 1011121314151617181920212223242526272829 Diameter

Average Red Oak Sawtimber Diameter - 14.2”; 1,191 MBF Total Sawtimber Volume

Hemlock Sawtimber Diameter Distribution Pallet Sawlog 0.12

0.1

0.08

0.06

0.04 MBF per Acre

0.02

0 10 11 12 13 14 15 16 17 18 19 20 21 22 Diameter

Average Hemlock Sawtimber Diameter - 13.5”; 2,150 MBF Total Sawtimber Volume

Sugar Maple Sawtimber Diameter Distribution Pallet Sawlog 0.05 0.045 0.04 0.035

Acre 0.03

0.025 per 0.02

MBF 0.015 0.01 0.005 0 9 1011121314151617181920+ Diameter

Average Sugar Maple Sawtimber Diameter - 12.5”; 886 MBF Total Sawtimber Volume

fountains land inc Long Mountain Forest Timber Valuation Prepared By FOUNTAINS FORESTRY INCORPORATED

Greenwood, Maine 3,464 Total Acres January 2011 3,335 Commercial Acres Species Volume Unit Price Range Total Value MBF/CD Low High Likely Likely Sawtimber - MBF (International 1/4") Spruce/Fir 2606.999 100.00 150.00 130.00 338,900 Northern Red Oak 687.569 180.00 325.00 300.00 206,300 White Pine 842.747 140.00 220.00 200.00 168,500 Sugar Maple 392.703 250.00 360.00 330.00 129,600 Hemlock 2149.530 30.00 80.00 60.00 129,000 Red Maple 657.492 80.00 150.00 125.00 82,200 Hardwood Pallet 1530.038 35.00 70.00 50.00 76,500 Yellow Birch 197.081 170.00 350.00 300.00 59,100 White Ash 266.774 100.00 180.00 160.00 42,700 Red Oak Pallet 503.364 35.00 85.00 65.00 32,700 Sugar Maple Pallet 493.173 45.00 100.00 60.00 29,600 Yellow Birch Pallet 210.006 35.00 75.00 60.00 12,600 White Birch 92.717 90.00 140.00 110.00 10,200 Red Pine 96.460 40.00 110.00 80.00 7,700 White Birch Pallet 140.717 35.00 75.00 50.00 7,000 White Pine Pallet 130.465 25.00 60.00 45.00 5,900 Aspen 29.591 30.00 80.00 55.00 1,600 Black Cherry 6.003 150.00 300.00 240.00 1,400 Beech 13.593 35.00 70.00 50.00 700 Brown Ash 5.682 35.00 80.00 55.00 300 Pulpwood - Cords Hardwoods 35896.433 12.00 22.00 18.00 646,100 Hemlock 7355.066 10.00 18.00 16.00 117,700 Spruce/Fir 4665.091 10.00 28.00 24.00 112,000 Aspen 1520.608 12.00 26.00 22.00 33,500 Pine 1336.248 5.00 16.00 13.00 17,400

Totals Sawtimber Total 11,053 MBF $1,342,500 Sawtimber Per Acre 3.191 MBF $388

Cordwood Total 50,773 Cords $926,700 Cordwood Per Acre 14.7 Cords $268 Total Per Acre $655

Low High Likely Total Value $1,873,000 $2,487,000 $2,269,200

VOLUMES BASED ON A LATE FALL 2010 INVENTORY & DATA PROCESSING BY AN INDEPENDENT CONTRACTOR FOR THE OWNERSHIP The inventory based on 230 plots taken with a 10 BAF Prism. This inventory resulted in a precision of ±5.4% for total volume and ±10.9% for total log volume, at the 95% confidence level. The volumes and values reflect estimated total capital value of merchantable timber. The volumes and values are not a liquidation value. Prices are averages for the area and are adjusted to reflect Fountains understanding of access, quality and operability of the site.

fountains land inc Long Mountain Forest fountains 3,464 Acres q Greenwood, Oxford County, Maine

R o w e H ill R d

Additional Land Available

"Kendall Brook Forest" E a s S t T wi h tc e h e e n ll p L s P e o k i n n s d u R B o d o h ll g i

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Additional Land Available "Bald Bluff Forest"

G r e G e A r n l e Ame w b s e L o a n n o n w y d o gh T o R w d d p

Tig er B ill Ln

H o rs e Property Boundary s h o Additional Land Available e T rl Active Harvest Area gh Mineral Rights Area Wetland Mills Rd s e illi Landing Sanborn Riv r Valle W y Ln

Inoperable d

R gh n Quarry t M Maintained Town Rd h c at Private Gravel Rd P n Private Seasonal Rd L b m Town Line co Additional Land Available dge E "Hicks Pond Forest" gh Gate

3,000 1,500 0 3,000 Feet This is Not A Survey

Map produced from information supplied by Seller, aerial photography and reference information obtained from ME GIS. Boundary lines portrayed on this map are approximate and could be different than the actual location of boundaries found in the field. Long Mountain Forest fountains 3,464 Acres q Greenwood, Oxford County, Maine

R o w e H ill R d

Additional Land Available

"Kendall Brook Forest" E a s S t T wi h tc e h e e n ll p L s P e o k i n n s d u R B o d o h ll g i

R M

Additional Land Available "Bald Bluff Forest"

G r e G e A r n l e Ame w b s e L o a n n o n w y d o gh T o R w d d p

Tig er B ill Ln

H o rs e Property Boundary s h o Additional Land Available e T rl Active Harvest Area gh Mineral Rights Area Wetland Mills Rd s e illi Landing Sanborn Riv r Valle W y Ln

Inoperable d

R gh n Quarry t M Maintained Town Rd h c at Private Gravel Rd P n Private Seasonal Rd L b m Town Line co Additional Land Available dge E "Hicks Pond Forest" gh Gate Photos are 2009 NAIP Photography. 3,000 1,500 0 3,000 Feet This is Not A Survey

R <10 Cords o w e H ill 10-20 Cords R d 20-30 Cords >30 Cords

E a s S t T wi h tc e h e e n ll p L s P e o k i n n s d u R B o d o h ll g i

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G r e Gr e A A n l e mes w b e L o a n n o n w y d o gh T o R w d d p

Tig er B ill Ln

H o rs e s h o e Property Boundary T gh rl Active Harvest Area Wetland Mills Rd Landing s e illi Sanborn Riv r Valle W Inoperable y Ln Quarry d R gh n Maintained Town Rd t M h Private Gravel Rd t c Pa Private Seasonal Rd n L Town Line b o m ec gh Gate Edg

3,000 1,500 0 3,000 Feet This is Not A Survey

R <2 MBF o w e H ill 2-5 MBF R d 5-10 MBF >10 MBF

E a s S t T wi h tc e h e e n ll p L s P e o k i n n s d u R B o d o h ll g i

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G r e Gr e A A n l e mes w b e L o a n n o n w y d o gh T o R w d d p

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3,000 1,500 0 3,000 Feet This is Not A Survey

Map produced from information supplied by Seller, aerial photography and reference information obtained from ME GIS. Boundary lines portrayed on this map are approximate and could be different than the actual location of boundaries found in the field. ANDROSCOGGIN VALLEY OFFERING Additional Timberland Investment Opportunities

Long Mountain Forest is one of ten properties located in the western mountains of Oxford County, Maine and part of the Androscoggin Valley Offering—a diverse mix of investment-grade timberland tracts with attractive alternative use features. Ranging in size from 325 acres to 3,500 acres, the tracts are closely located within the towns of Newry, Bethel, Greenwood and Peru.

The timberland tracts all have good access, year-round operable terrain, and a mix of hardwood and softwood tree species. Several tracts are enhanced by one or more of the following attributes—pond frontage, scenic brooks, long-distance mountain views, and paved road frontage.

The chart below lists each tract’s key characteristics. The locus map on the following page depicts the location of the featured tract in relation to the other investment-grade timberlands. For more information about a specific property in the Androscoggin Valley Offering, including additional timber data, deeds and title policies, go to www.fountainsland.com.

Androscoggin Valley Tract Details Tract Name Price Acres CTV Cds/Ac Site Attributes Long Mountain $2,922,000 3,464 $2,269,200 21.1 High quality stems; well-roaded; S/F, WP, RO Allen Mountain $1,226,000 1,671 $915,500 17.3 Quality timber; remote pond; paved frontage Kendall Brook $1,764,000 1,435 $1,093,700 20.5 Gentle terrain; white pine; home site opportunities Dresser Mountain $1,315,000 1,433 $873,500 16.0 S/F & maple resource; high conservation amenity Indian Pond $491,000 586 $353,300 19.8 Long term timber; remote pond; good access Niles Brook $651,000 556 $451,700 25.8 Good stocking; paved road frontage; mature pine Bald Bluff $603,000 491 $404,000 22.8 Long road frontage; mature timber; distinct bluff Hicks Pond $676,000 474 $364,500 23.8 Pond frontage; estate opportunity; good access Pinnacle $318,500 455 $231,500 16.8 Long-term timber with recreational camp potential Patch Mountain $293,000 328 $196,500 21.5 Oak/pine; paved road frontage; housing Oppr.

Thinned mixedwood stand with pine as primary Unthinned northern hardwoods with oak as the species. dominant species.

Fountains Land Inc. is the exclusive broker representing the seller's interest in the marketing, negotiating and sale of this property. Fountains has an ethical and legal obligation to show honesty and fairness to the buyer. The buyer may retain brokers to represent their interests. All measurements are given as a guide, and no liability can be accepted for any errors arising therefrom. No responsibility is taken for any other error, omission, or misstatement in these particulars, nor do they constitute an offer or a contract. We do not make or give, whether in these particulars, during negotiations or otherwise, any representation or warranty in relation to the property.

fountains land inc Androscoggin Valley Offering fountains Timberland Tracts q Oxford County, Maine " Gregg Mountain Andover # 120 2303' UV Androscoggin Valley Offering Black Mountain # North Twin Mountain ## # # 2723' 17 UV # ÚÊ # South Twin# Mountain Burlington Augusta 2149' # #Long Mountain 3012' 87 Black Mountain ¨¦§ ¨¦§89 Portland # Dresser Mountain# # 2028' Dresser Mountain Forest ¨¦§93 2346' Whitecap Mountain # #Concord Little Puzzle Mountain ¨¦§91 UV26 # UV5 2149' 2566' Albany # Puzzle Mountain Rumford 88 # # " ¨¦§ Boston 3127' Plumbago Mountain # # ¨¦§90 142 # 2667' UV Bald Mountain # # 2077'

er iv R UV108 ut2 Newry " And Pinnacle Forest rosco Sunday ggin Mount Zircon River # % 2221' Barker #Mountain 2579'

Speckled Mountain # Black Mountain# 2116' 2129' Chamberlain# Mountain 232 2064' UV Allen Mountain Forest North Spruce Mountain " # Bethel Pond 2402' 35 UV Mollyockett Mountain South Bald Bluff Forest # # Pond 2005' # Mt.% Kendall Brook Forest Abram Bryant 219 Pond Indian Pond Forest UV UV26

Niles Brook Forest UV140 Long Mountain Forest

" West Paris #

Hicks Pond Forest

UV5 Available Properties Patch Mountain Forest 117 Public LandUV Lynchville Conserved Land " Pennesseewassee Open Water North Waterford Lake " UV118 US Highway Norway UV35 " State Highway UV119 Town Line

031.75 .5Miles