District: Astoria Date: May 06, 2015

Timber Sale AppraisalDragon Buster

Sale AT-341-2015-07-

Cost Summary

Conifer Hardwood TotalGross TimberSale Value $883,553.36 $1,021.30 $884,574.66

Project Work: ($148,664.00)

Advertised Value: $735,910.66

5/11/15 1

District: Astoria Date: May 06, 2015

Timber Sale AppraisalDragon Buster

Sale AT-341-2015-07-

Timber Description

Location: Portions of Sections 14, 15, 22, and 23, T5N, R6W, W.M., Clatsop County, Oregon.

Stand Stocking: 60%

Specie Name AvgDBH Amortization (%) Recovery (%)

Douglas - Fir 19 0 97

Western Hemlock / Fir 19 0 97

Maple 14 0 95

Volume by Grade 2S 3S 4S Camprun Total

Douglas - Fir 1,879 568 86 0 2,533

Western Hemlock / Fir 14 4 0 0 18

Maple 0 0 0 7 7

Total 1,893 572 86 7 2,558

Comments: Pond Values Used: 1st Quarter Calendar Year 2015.

Expected Log Markets: Mist, Clatskanie, Tillamook, Forest Grove, Longview, and Garibaldi.

Western redcedar and Other Cedars Stumpage Price = Pond Value minus Logging Cost: $916.37/MBF = $1,185/MBF - $268.63/MBF

SCALING COST ALLOWANCE = $5.00/MBF

FUEL COST ALLOWANCE = $3.00/Gallon

HAULING COST ALLOWANCEHauling costs equivalent to $780 daily truck cost.

Other Costs (with Profit & Risk to be added):100% Brand and Paint: $1/MBF x 2,556/MBF = $2,556Machine Washing for Noxious Weed Compliance = $2,000Log Loader Slash & Landing Piling (includes Move-In and Pile Materials): (see attached appraisal) = $4,455TOTAL Other Costs (with Profit & Risk to be added) = $9,011

Other Costs (No Profit & Risk added):None.

5/11/15 2

District: Astoria Date: May 06, 2015

Timber Sale AppraisalDragon Buster

Sale AT-341-2015-07-

Logging Conditions

Combination#: 1 Douglas - Fir 79.00%Western Hemlock / Fir 79.00%Maple 79.00%

Logging System: Shovel Process: Manual Falling/Delimbing

yarding distance: Medium (800 ft) downhill yarding: Notree size: Mature / Partial Cut (900 Bft/tree), 3-5 logs/MBF

loads / day: 12 bd. ft / load: 4500

cost / mbf: $72.92

machines: Shovel Logger

Combination#: 2 Douglas - Fir 21.00%Western Hemlock / Fir 21.00%Maple 21.00%

Logging System: Cable: Small Tower <=40 Process: Manual Delimbing

yarding distance: Medium (800 ft) downhill yarding: Notree size: Mature / Regen Cut (900 Bft/tree), 3-5 logs/MBF

loads / day: 8 bd. ft / load: 4500

cost / mbf: $158.33

machines: Log Loader (A)Tower Yarder (Small)

5/11/15 3

District: Astoria Date: May 06, 2015

Timber Sale AppraisalDragon Buster

Sale AT-341-2015-07-

Logging Costs

Operating Seasons: 3.00 Profit Risk: 12%

Project Costs: $148,664.00 Other Costs (P/R): $9,011.00

Slash Disposal: $0.00 Other Costs: $0.00

Miles of Road

DirtRock

(Contractor)Rock

(State) Paved

0.0 0.0 0.0 0.0

Road Maintenance:

Hauling Costs

Species $ / MBF Trips/Day MBF / Load

Douglas - Fir $0.00 2.0 4.0

Western Hemlock / Fir $0.00 2.0 3.7

Maple $0.00 2.0 3.5

$5.61

5/11/15 4

District: Astoria Date: May 06, 2015

Timber Sale AppraisalDragon Buster

Sale AT-341-2015-07-

Logging Costs Breakdown

Logging RoadMaint

FireProtect Hauling Other

P/R applProfit &

RiskSlash

Disposal Scaling Other Total

Douglas - Fir

$90.86 $5.78 $5.14 $100.42 $3.52 $24.69 $0.00 $5.00 $0.00 $235.41

Western Hemlock / Fir

$90.86 $5.78 $5.14 $108.57 $3.52 $25.66 $0.00 $5.00 $0.00 $244.53

Maple

$90.86 $5.89 $5.14 $117.00 $3.52 $26.69 $0.00 $5.00 $0.00 $254.10

Specie Amortization Pond Value Stumpage Amortized

Douglas - Fir $0.00 $582.53 $347.12 $0.00

Western Hemlock / Fir $0.00 $483.33 $238.80 $0.00

Maple $0.00 $400.00 $145.90 $0.00

5/11/15 5

District: Astoria Date: May 06, 2015

Timber Sale AppraisalDragon Buster

Sale AT-341-2015-07-

Summary

Specie MBF Value Total

Douglas - Fir 0 $0.00 $0.00

Western Hemlock / Fir 0 $0.00 $0.00

Maple 0 $0.00 $0.00

Specie MBF Value Total

Douglas - Fir 2,533 $347.12 $879,254.96

Western Hemlock / Fir 18 $238.80 $4,298.40

Maple 7 $145.90 $1,021.30

Amortized

Unamortized

Gross Timber Sale Value

Recovery: $884,574.66

Prepared By: Nick Haile Phone: 503-325-5451

5/11/15 6

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Posted Stream BufferStream Buffer Zone

LOGGING PLAN

Approximate Scale: 1" = 1000'

OF TIMBER SALE CONTRACT NO. 341-15-07DRAGON BUSTER

PORTIONS OF SECTIONS 14, 15, 22, & 23T5N, R6W, W.M., CLATSOP COUNTY, OREGON

Approximate Net Acres MC AcresArea 1 (MC) 69Area 2 (R/W) 4Total Sale Acreage 73