Timothy D. Blalock
Registered Forester
1411 Apalachee Woods Trail
Buckhead, Georgia 30625

Gentlemen,

The Addison Burt Tract is a very unique tract of land. The tract offers a very diverse mix of upland as well as bottomland sites of fully stocked timber. The terrain is flat to gently rolling with numerous areas suitable for potential pond sites. The tract also includes a rich heritage of historical significance.

The timber potential on the tract is second to none. The planted pine stands are fully stocked and need to be thinned. Some possible thinning scenarios are as follows:

The 1990 and 1991 plantation are due for their first thinning. This thinning should remove approximately forty (40) percent of the current stand volume and generate approximately $200.00 per acre. Assuming current annual growth and favorable market conditions the stand should need a second thinning in about seven (7) years. At this time the harvest should produce approximately $450.00 per acre. These intermediate harvests, which would each remove approximately forty (40) percent of the total stand volume, would remove less value since these cuts would target removing inferior, lower value trees. The final harvest should occur approximately seven (7) years after the second thinning, and should generate approximately $2,750.00 per acre. Growth could be significantly increased by adding a herbicide application to release the pines from the hardwood understory. This would shorten the length of time needed to reach the final harvest.

The 1982 plantation was planted on an old filed site and supports an excellent volume that is due for a second thinning. This thin should remove approximately 40 (forty) percent of the volume and target removing the lower value, inferior trees. This harvest should generate approximately $850.00 per acre. The final cut should occur in approximately seven (7) years and should generate around $3,500.00 per acre.

Respectfully Submitted,
Timothy D. Blalock

B.L.J., LLC
P.O. Box 426
Wrens, GA 30833

Gentlemen,

Upon your request a cruise was performed to determine the volume and value of standing timber on the 775.19 acre Addison Burt Tract located near the community of Sandtown in Wilkes County, Georgia.

The following is a summary of the estimated volumes and value of the timber:

These prices were taken from comparable sales in the area as well as my knowledge of the current timber market. Please feel free to contact me with any further questions or concerns.

Respectfully Submitted,
Timothy D. Blalock
Registered Forester #2448