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					                                MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                   Forest Management Division – Commercial Forest Program
                                            LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                           Page 1
County:                KEWEENAW (42)

Town                Range Sec    Subdivision         Acres                         Landowner/Address

57N   32W                 01    N 1/2 OF SE 1/4   80.00000000000000000             LAKE SUPERIOR LAND
COMPANY                   82-0192     5199 ALLOUEZ
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   32W                 01    NE 1/4         158.4900000000000000       LAKE SUPERIOR LAND
COMPANY                   82-0192      5197    ALLOUEZ
                                               101 RED JACKET ROAD
                                               CALUMET, MI 49913


57N   32W                 01    SE 1/4 OF SE 1/4 40.00000000000000000              LAKE SUPERIOR LAND
COMPANY                   82-0192     5200 ALLOUEZ
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   32W                 01    SW 1/4         160.0000000000000000       LAKE SUPERIOR LAND
COMPANY                   83-0196      6139    ALLOUEZ
                                               101 RED JACKET ROAD
                                               CALUMET, MI 49913


57N   32W                 01    S 1/2 OF NW 1/4   80.00000000000000000             LAKE SUPERIOR LAND
COMPANY                   82-0192     5198 ALLOUEZ
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   32W                 01    SW 1/4 OF SE 1/4 40.00000000000000000              LAKE SUPERIOR LAND
COMPANY                   83-0196     6140 ALLOUEZ
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N                 32W   02     S 1/2 OF SW 1/4   80.00000000000000000            CLINTON JONES JR.
                    86-0130      18512 ALLOUEZ
                                             PO BOX 577
                                             HANCOCK, MI 49930


57N   32W                 02    S 1/2 OF NE 1/4   80.00000000000000000             LAKE SUPERIOR LAND
COMPANY                   84-0159     16820 ALLOUEZ
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   32W                 02    NW 1/4 OF NE 1/4 39.49000000000000000              LAKE SUPERIOR LAND
COMPANY                   84-0159     16819 ALLOUEZ
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913



10/04/12 02:22 PM                                                              FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                             MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                 Forest Management Division – Commercial Forest Program
                                          LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                         Page 2



57N   32W                02    E 1/2 OF SE 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                  84-0159     16821 ALLOUEZ
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913


57N   32W                02    N 1/2 OF SW 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                  85-0171     18021 ALLOUEZ
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913


57N   32W                02    NE 1/4 OF NE 1/4 39.40000000000000000             LAKE SUPERIOR LAND
COMPANY                  84-0159     16818 ALLOUEZ
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913


57N   32W                02    NW 1/4 OF SE 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                  85-0171     18022 ALLOUEZ
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913


57N   32W                02    NW 1/4 FRACTIONAL 159.2500000000000000            LAKE SUPERIOR LAND
COMPANY                  85-0171     18020 ALLOUEZ
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913


57N   32W                02    SW 1/4 OF SE 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                  84-0159     16822 ALLOUEZ
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913


57N   32W                03    ENTIRE       643.6600000000000000        LAKE SUPERIOR LAND
COMPANY                  86-0153      19049 ALLOUEZ
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N                 32W   04    W1/2 OF NW1/4, SW1/4 OF SW1/4 120.8700000000000000
                    HEARTWOOD FORESTLAND FUND II, LP    80-0114      12071 ALLOUEZ
                                            C/O THE FORESTLAND GROUP, LLC
                                            RT 1, BOX 198A, HWY M-26
                                            ATLANTIC MINE, MI 49905

57N                 32W   04    E1/2 OF W1/2, SE1/4, S1/2 OF NE1/4, NW1/4 OF NE1/4
                    442.4300000000000000    HEARTWOOD FORESTLAND FUND II, LP    79-0080
                    12070 ALLOUEZ
                                            C/O THE FORESTLAND GROUP, LLC
                                            RT 1, BOX 198A, HWY M-26
                                            ATLANTIC MINE, MI 49905



10/04/12 02:22 PM                                                            FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                             MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                          Page 3

57N   32W   04    NW 1/4 OF SW 1/4 40.00000000000000000     HEARTWOOD
FORESTLAND FUND II, LP 85-0092      17433 ALLOUEZ
                              C/O THE FORESTLAND GROUP, LLC
                              RT 1, BOX 198A, HWY M-26
                              ATLANTIC MINE, MI 49905

57N   32W   05                  W1/2 OF SW1/4, SE1/4 OF SW1/4 120.0000000000000000                                        TURNER
PROPERTIES, INC.                66-0019     12073 ALLOUEZ
                                            C/O LONGYEAR REALTY
                                            210 N. FRONT ST., 1ST FLR.
                                            MARQUETTE, MI 49855

57N                 32W   06    SE1/4 OF NW1/4, SW1/4 OF SW1/4        73.50000000000000000
                    KEWEENAW LAND ASSOC. LTD       66-0032     12075 ALLOUEZ
                                             1801 EAST CLOVERLAND DR.
                                             P.O. BOX 188
                                             IRONWOOD, MI 49938

57N                 32W   06    SE1/4 160.0000000000000000    TURNER PROPERTIES, INC. 66-
0019                12074 ALLOUEZ
                                            C/O LONGYEAR REALTY
                                            210 N. FRONT ST., 1ST FLR.
                                            MARQUETTE, MI 49855

57N   32W   08    NW 1/4 OF SE 1/4 40.00000000000000000     HEARTWOOD
FORESTLAND FUND II, LP 82-0131      4217 ALLOUEZ
                              C/O THE FORESTLAND GROUP, LLC
                              RT 1, BOX 198A, HWY M-26
                              ATLANTIC MINE, MI 49905

57N   32W   08    NE 1/4                     160.0000000000000000     HEARTWOOD FORESTLAND
FUND II, LP 82-0131      4216                ALLOUEZ
                                             C/O THE FORESTLAND GROUP, LLC
                                             RT 1, BOX 198A, HWY M-26
                                             ATLANTIC MINE, MI 49905

57N   32W   08    SE 1/4 OF SE 1/4 40.00000000000000000     HEARTWOOD
FORESTLAND FUND II, LP 82-0131      4218 ALLOUEZ
                              C/O THE FORESTLAND GROUP, LLC
                              RT 1, BOX 198A, HWY M-26
                              ATLANTIC MINE, MI 49905

57N   32W   09    N1/2 OF NW1/4 OF NW1/4 20.00000000000000000                                         HEARTWOOD
FORESTLAND FUND II, LP 80-0114      12077 ALLOUEZ
                              C/O THE FORESTLAND GROUP, LLC
                              RT 1, BOX 198A, HWY M-26
                              ATLANTIC MINE, MI 49905

57N                 32W   09    SW1/4, SE1/4 OF NW1/4, W1/2 OF SE1/4, NE1/4 OF SE1/4
                    320.0000000000000000    HEARTWOOD FORESTLAND FUND II, LP    79-0080
                    12076 ALLOUEZ
                                            C/O THE FORESTLAND GROUP, LLC
                                            RT 1, BOX 198A, HWY M-26
                                            ATLANTIC MINE, MI 49905




10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                          Page 4
57N   32W                 09    SE 1/4 OF SE 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                   82-0192     5201 ALLOUEZ
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N                 32W   10    E 1/2 320.0000000000000000    LAKE SUPERIOR LAND COMPANY
                    82-0192     5202 ALLOUEZ
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   32W                 10    NW 1/4 OF SW 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                   82-0192     5205 ALLOUEZ
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   32W                 10    NW 1/4        160.0000000000000000       LAKE SUPERIOR LAND
COMPANY                   82-0192      5203   ALLOUEZ
                                              101 RED JACKET ROAD
                                              CALUMET, MI 49913


57N   32W                 10    E 1/2 OF SW 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   82-0192     5204 ALLOUEZ
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N                 32W   11    NE 1/4 OF NW 1/4 40.00000000000000000             CLINTON JONES JR.
                    86-0130     18510 ALLOUEZ
                                            PO BOX 577
                                            HANCOCK, MI 49930


57N                 32W   11    NW 1/4 OF NW 1/4 40.00000000000000000             CLINTON JONES JR.
                    86-0130     18511 ALLOUEZ
                                            PO BOX 577
                                            HANCOCK, MI 49930


57N   32W                 11    NE1/4, S1/2 480.0000000000000000         LAKE SUPERIOR LAND
COMPANY                   84-0159     16823 ALLOUEZ
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   32W                 12    NW 1/4        160.0000000000000000       LAKE SUPERIOR LAND
COMPANY                   83-0196      6143   ALLOUEZ
                                              101 RED JACKET ROAD
                                              CALUMET, MI 49913


57N   32W                 12    SW 1/4 OF SW 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                   83-0196     6145 ALLOUEZ



10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                       MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                           Forest Management Division – Commercial Forest Program
                                    LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                   Page 5
                                      101 RED JACKET ROAD
                                      CALUMET, MI 49913


57N   32W           12    SE 1/4 OF NE 1/4 40.00000000000000000            LAKE SUPERIOR LAND
COMPANY             82-0192     5206 ALLOUEZ
                                      101 RED JACKET ROAD
                                      CALUMET, MI 49913


57N   32W           12    SE 1/4 OF SW 1/4 40.00000000000000000            LAKE SUPERIOR LAND
COMPANY             82-0192     5207 ALLOUEZ
                                      101 RED JACKET ROAD
                                      CALUMET, MI 49913


57N   32W           12    N 1/2 OF SW 1/4   80.00000000000000000           LAKE SUPERIOR LAND
COMPANY             83-0196     6144 ALLOUEZ
                                      101 RED JACKET ROAD
                                      CALUMET, MI 49913


57N   32W           12    SW 1/4 OF NE 1/4 40.00000000000000000            LAKE SUPERIOR LAND
COMPANY             83-0196     6142 ALLOUEZ
                                      101 RED JACKET ROAD
                                      CALUMET, MI 49913


57N   32W           12    S 1/2 OF SE 1/4   80.00000000000000000           LAKE SUPERIOR LAND
COMPANY             83-0196     6146 ALLOUEZ
                                      101 RED JACKET ROAD
                                      CALUMET, MI 49913


57N   32W           12    N 1/2 OF NE 1/4   80.00000000000000000           LAKE SUPERIOR LAND
COMPANY             83-0196     6141 ALLOUEZ
                                      101 RED JACKET ROAD
                                      CALUMET, MI 49913


57N   32W   13    E1/2 OF SE1/4     80.00000000000000000    HEARTWOOD
FORESTLAND FUND II, LP 80-0114      12078 ALLOUEZ
                              C/O THE FORESTLAND GROUP, LLC
                              RT 1, BOX 198A, HWY M-26
                              ATLANTIC MINE, MI 49905

57N   32W           13    N 1/2 OF SW 1/4   80.00000000000000000           LAKE SUPERIOR LAND
COMPANY             82-0192     5209 ALLOUEZ
                                      101 RED JACKET ROAD
                                      CALUMET, MI 49913


57N   32W           13    W 1/2 OF SE 1/4   80.00000000000000000           LAKE SUPERIOR LAND
COMPANY             82-0192     5210 ALLOUEZ
                                      101 RED JACKET ROAD
                                      CALUMET, MI 49913



10/04/12 02:22 PM                                                      FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                             MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                 Forest Management Division – Commercial Forest Program
                                          LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                         Page 6



57N   32W                13    NW 1/4        160.0000000000000000       LAKE SUPERIOR LAND
COMPANY                  82-0192      5208   ALLOUEZ
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


57N   32W                14    N 1/2 OF SE 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                  87-0153     19730 ALLOUEZ
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913


57N   32W   14    NW1/4, NE1/4, SW1/4     480.0000000000000000                                       LAKE
SUPERIOR LAND COMPANY   82-0192     5212 ALLOUEZ
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


57N   32W                15    N1/2, S1/2    640.0000000000000000       LAKE SUPERIOR LAND
COMPANY                  82-0192     5214    ALLOUEZ
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


57N   32W                16    NE1/4, S1/2       480.0000000000000000            LAKE SUPERIOR LAND
COMPANY                  82-0192     5216 ALLOUEZ
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913


57N                 32W   17    E1/2 OF NE1/4, NW1/4 OF SE1/4, E1/2 OF SW1/4, E1/2 OF NW1/4,
                    320.0000000000000000    HEARTWOOD FORESTLAND FUND II, LP    82-0131
                    4219 ALLOUEZ
                                SW1/4 OF NE1/4          C/O THE FORESTLAND GROUP, LLC
                                            RT 1, BOX 198A, HWY M-26
                                            ATLANTIC MINE, MI 49905

57N   32W   17    NE1/4 OF SE1/4, S1/2 OF SE1/4 120.0000000000000000                                                     LAKE
SUPERIOR LAND COMPANY   82-0192     5218 ALLOUEZ
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


57N   32W   19    W1/2 OF SW 1/4    69.49000000000000000    HEARTWOOD
FORESTLAND FUND II, LP 82-0131      27807 ALLOUEZ
                              C/O THE FORESTLAND GROUP, LLC
                              RT 1, BOX 198A, HWY M-26
                              ATLANTIC MINE, MI 49905

57N   32W   19                 E1/2 OF SW 1/4    80.00000000000000000            NEIL D.ISAACSON
TRUST 82-0131                  27806 ALLOUEZ
                                           FIVE MILE POINT RD
                                           AHMEEK, MI 49901




10/04/12 02:22 PM                                                            FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                             MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                 Forest Management Division – Commercial Forest Program
                                          LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                         Page 7

57N   32W   20    E1/2, SE1/4 OF SW1/4    360.0000000000000000                                       LAKE
SUPERIOR LAND COMPANY   82-0192     5220 ALLOUEZ
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


57N   32W                20    NE 1/4 OF NW 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                  91-0126     23275 ALLOUEZ
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913


57N   32W                21    ENTIRE        628.2000000000000000       LAKE SUPERIOR LAND
COMPANY                  82-0192      5222   ALLOUEZ
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


57N                 32W   22    SW1/4 EXC. COMMENCING AT THE SW CORNER OF SEC, THENCE E'LY
                    154.4000000000000000    LAKE SUPERIOR LAND COMPANY    82-0192     3661
                    ALLOUEZ
                                ALONG THE SEC LINE 700 FT TO THE POB; THENCE E'LY ALONG
                    101 RED JACKET ROAD
                                THE SEC LINE 996 FT; THENCE AT AN ANGLE NW'LY 44 DEG 39'
                    CALUMET, MI 49913
                                15" 700 FT; THENCE AT AN ANGLE SW'LY 90 DEG 41' 30" 700

                               FT TO THE POB.

57N                 32W   22    N1/2 EXC. S1/2 OF NW1/4, W1/2 OF SE1/4
                    320.0000000000000000    LAKE SUPERIOR LAND COMPANY           82-0192                                 5223
                    ALLOUEZ
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   32W   22    S1/2 OF NW1/4     80.00000000000000000                         RICHARD C.&
GUINEVERE M.WHITEMAN    82-0192     23680 ALLOUEZ
                              PO BOX 447
                              HUBBELL, MI 49934


57N   32W   23    SE1/4, S1/2 OF NE1/4    240.0000000000000000                                       HEARTWOOD
FORESTLAND FUND II, LP 79-0080      12079 ALLOUEZ
                              C/O THE FORESTLAND GROUP, LLC
                              RT 1, BOX 198A, HWY M-26
                              ATLANTIC MINE, MI 49905

57N                 32W   23    NW1/4 OF NE1/4, E1/2 OF SW1/4, NW1/4
                    280.0000000000000000    LAKE SUPERIOR LAND COMPANY           82-0192                                 5226
                    ALLOUEZ
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913




10/04/12 02:22 PM                                                            FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                             MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                 Forest Management Division – Commercial Forest Program
                                          LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                         Page 8
57N                 32W   24    N1/2 OF SW1/4, NW1/4, W1/2 OF NE1/4 320.0000000000000000
                    LAKE SUPERIOR LAND COMPANY    82-0192     5231 ALLOUEZ
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   32W   24    E 1/2 OF NE 1/4   80.00000000000000000                         LOUISIANA PACIFIC
CORPORATION 88-0028     20343 ALLOUEZ
                              P.O. BOX 98
                              SAGOLA, MI 49881


57N   32W   24    SE 1/4       160.0000000000000000                     LOUISIANA PACIFIC
CORPORATION 88-0028      20344 ALLOUEZ
                               P.O. BOX 98
                               SAGOLA, MI 49881


57N                 32W   25    N1/2 OF S1/2 AND S1/2 OF SE1/4      240.0000000000000000
                    ESCANABA PAPER CO.      78-0054     28981 ALLOUEZ
                                            WOODLANDS DEPT.
                                            P.O. BOX 1008
                                            ESCANABA, MI 49829-6008

57N   32W   25    S1/2 OF SW1/4     80.00000000000000000    HEARTWOOD
FORESTLAND FUND II, LP 78-0054      28982 ALLOUEZ
                              C/O THE FORESTLAND GROUP, LLC
                              RT 1, BOX 198A, HWY M-26
                              ATLANTIC MINE, MI 49905

57N                 32W   26    NE1/4, SW1/4, N1/2 SE1/4, SE1/4 SE1/4
                    440.0000000000000000    HEARTWOOD FORESTLAND FUND II, LP                         78-0054
                    12081 ALLOUEZ
                                            C/O THE FORESTLAND GROUP, LLC
                                            RT 1, BOX 198A, HWY M-26
                                            ATLANTIC MINE, MI 49905

57N   32W                26    NW 1/4        160.0000000000000000       LAKE SUPERIOR LAND
COMPANY                  82-0192      5232   ALLOUEZ
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


57N   32W                27    S 1/2 OF NE 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                  91-0126     23276 ALLOUEZ
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913


57N   32W                27    NW 1/4 OF NE 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                  87-0153     19784 ALLOUEZ
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913




10/04/12 02:22 PM                                                            FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                             MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                 Forest Management Division – Commercial Forest Program
                                          LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                         Page 9
57N   32W                 28    N 1/2 OF NW 1/4   76.40000000000001024           LAKE SUPERIOR LAND
COMPANY                   82-0192     5234 ALLOUEZ
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N                 32W   28    NW1/4 OF SE1/4 DESC. AS: COMMENCING AT THE 1/4 POST ON
                    19.97000000000000000    LAKE SUPERIOR LAND COMPANY    91-0126      23279
                    ALLOUEZ
                                THE SOUTH SIDE OF SEC. 28, T 57 N, R 32 W, RUN IN A N'LY
                    101 RED JACKET ROAD
                                DIRECTION ALONG THE C/L OF THE SAID SEC. 28, 1306.63' TO
                    CALUMET, MI 49913
                                THE 1/16 POST ON THE N & S C/LSAID 1/16 POST BEING THE

                                POB; THENCE IN A N'LY DIRECTION ALONG THE SAME N & S C/L
                                1306.63' TO THE CENTER OF SAID SEC. 28; THENCE AT AN ANGLE
                                OF 91 DEG 43' 30" IN AN E'LY DIRECTION ALONG THE E & W
                                CENTERLINE OF SAID SEC. 28 1333.63' TO THE 1/16 POST ON
                                SAID E & W C/L; THENCE AT AN ANGLE OF 43 DEG 32'46" IN
                                A SW'LY DIRECTION 1897.0' TO THE POB BEING PART OF THE
                                NW 1/4 OF SE1/4.

57N   32W                 28    S 1/2 OF NW 1/4   80.00000000000000000           LAKE SUPERIOR LAND
COMPANY                   82-0192     5236 ALLOUEZ
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   32W   28    SE 1/4 OF NE 1/4 A PARCEL OF LAND DESC. AS FOLLOWS:
COMMENCING 19.94000000000000000     LAKE SUPERIOR LAND COMPANY    91-0126
      23280 ALLOUEZ
                  AT THE 1/16 POST AT THE SW CORNER OFTHE SE1/4 OF NE 1/4
      101 RED JACKET ROAD
                  OF SEC. 28 T57N R32 W RUNNING NORTH TO THE CENTER OF THE
      CALUMET, MI 49913
                  NE 1/4 OF SAID SEC. 28; THENCE E'LY TO THE 1/16 POST ON

                                THE EAST SIDE OF SAID SEC. 28; THENCE IN A SW'LY DIRECTION
                                TO THEPOB BEING PART OF THE SE 1/4 OF NE 1/4

57N   32W                 28    N 1/2 OF SW 1/4   82.06999999999998976           LAKE SUPERIOR LAND
COMPANY                   82-0192     5237 ALLOUEZ
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   32W                 28    SW 1/4 OF NE 1/4 40.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   91-0126     23277 ALLOUEZ
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   32W                 28    NW 1/4 OF NE 1/4 40.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   91-0126     23278 ALLOUEZ
                                            101 RED JACKET ROAD



10/04/12 02:22 PM                                                            FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                             MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 10
                                             CALUMET, MI    49913


57N   32W                 29    W 1/2 OF NE 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   86-0153     19053 ALLOUEZ
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   32W                 29    NE 1/4 OF SE 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                   82-0192     5241 ALLOUEZ
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   32W                 29    W 1/2 OF SE 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   91-0126     23281 ALLOUEZ
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N                 32W   29    SE1/4 OF NE1/4, NE1/4 OF NE1/4           80.00000000000000000
                    LAKE SUPERIOR LAND COMPANY    83-0196      6150      ALLOUEZ
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   32W                 30    SW 1/4 OF NE 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                   86-0153     19054 ALLOUEZ
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N                 32W   30    SW1/4 OF SE1/4, NE1/4, N1/2 OF SE1/4 EXC. 0.226 AC. DESCR.
                    149.2900000000000000    LAKE SUPERIOR LAND COMPANY    86-0153      19056
                    ALLOUEZ
                                AS: COMMENCING AT THE SE CORNER OF SECTION 29, T57N R31W;
                    101 RED JACKET ROAD
                                THENCE RUNNING N 6 DEG 39' 58" W 1317.78 FT TO A 1" O.
                    CALUMET, MI 49913
                                D. PIPE; THENCE N 61 DEG 03' 38" W 23.00 FT TO THE POB;

                                THENCE CONTINUE N 61DEG 03' 38" W 77.00 FT;TO A 1" O.D.
                                PIPE THENCE N 28 DEG 56' 22" EAST 100.00 FT TO A 1" O.
                                D. PIPE; TH S 61 DEG 03'38" E 100.00 FT TO A 1" O.D.
PIPE;THENCE
                                S 28 DEG 56' 22" WEST 87.28 FT TO THE SOUTH LINE OF THE
                                NE1/4 OF THE SE1/4; THENCE WEST 26.28FT TO THE POINT OF
                                 BEGINNING AND CONTAINING 0.226 ACRES MORE OR LESS.

57N   32W                 30    NW 1/4 OF SE 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                   86-0153     19055 ALLOUEZ
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913




10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                             MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                 Forest Management Division – Commercial Forest Program
                                          LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                       Page 11
57N   32W   30    SW 1/4 EXC.NE 1/4 OF SW 1/4   110.2900000000000000                                                     LAKE
SUPERIOR LAND COMPANY   82-0192     5242 ALLOUEZ
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


57N   32W                 31    N 1/2 OF NW 1/4   75.48000000000000000           LAKE SUPERIOR LAND
COMPANY                   91-0126     23283 ALLOUEZ
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   32W                 31    SE 1/4 OF NW 1/4 40.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   91-0126     23285 ALLOUEZ
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N                 32W   31    NE 1/4 OF SE 1/4 EXC. THE SOUTH 650' OF THE EAST 500' (7.56
                    32.54000000000000000    LAKE SUPERIOR LAND COMPANY    91-0126     23408
                    ALLOUEZ
                                ACRES)            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N                 32W   31    NE DIAGONAL 1/2 OF SW 1/4 OF NW 1/4 17.82000000000000000
                    LAKE SUPERIOR LAND COMPANY    91-0126     23284 ALLOUEZ
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   32W   35    NE1/4 OF NE1/4    40.00000000000000000    HEARTWOOD
FORESTLAND FUND II, LP 99-0018      29103 ALLOUEZ
                              C/O THE FORESTLAND GROUP, LLC
                              RT 1, BOX 198A, HWY M-26
                              ATLANTIC MINE, MI 49905

57N                 32W   35    S1/2 OF NW1/4, SW1/4 OF SW1/4, N1/2 OF SW1/4, W1/2 OF SE1/4
                    280.0000000000000000    HEARTWOOD FORESTLAND FUND II, LP    82-0131
                    4225 ALLOUEZ
                                            C/O THE FORESTLAND GROUP, LLC
                                            RT 1, BOX 198A, HWY M-26
                                            ATLANTIC MINE, MI 49905

57N                 32W   36    N1/2 OF NW1/4, SW1/4 OF NW1/4 120.0000000000000000
                    HEARTWOOD FORESTLAND FUND II, LP    82-0131      4229 ALLOUEZ
                                            C/O THE FORESTLAND GROUP, LLC
                                            RT 1, BOX 198A, HWY M-26
                                            ATLANTIC MINE, MI 49905

57N                 32W   36    NE1/4 OF NE1/4, S1/2 OF NE1/4, NE1/4 OF SW1/4, S1/2 OF
                    400.0000000000000000     LAKE SUPERIOR LAND COMPANY    80-0084     12083
                    ALLOUEZ
                                SW1/4, SE1/4             101 RED JACKET ROAD
                                             CALUMET, MI 49913




10/04/12 02:22 PM                                                            FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 12

57N                 33W   13    NW 1/4      160.0000000000000000         JOHN AND JANE GRIFFITH
                    85-0092     17435 ALLOUEZ
                                            P.O. BOX 47
                                            CALUMET, MI 49913


57N   33W                 13    N 1/2 OF SE 1/4   80.00000000000000000            JOHN AND JANE
GRIFFITH                  82-0131     4231 ALLOUEZ
                                            P.O. BOX 47
                                            CALUMET, MI 49913


57N   33W                 13    SW 1/4       160.0000000000000000        LAKE SUPERIOR LAND
COMPANY                   87-0153      19732 ALLOUEZ
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


57N   33W                 14    SE 1/4 OF NE 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                   91-0125     23183 ALLOUEZ
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   33W                 14    SE 1/4       160.0000000000000000        LAKE SUPERIOR LAND
COMPANY                   91-0125      23184 ALLOUEZ
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


57N                 33W   24    S 1/2 OF SE 1/4   80.00000000000000000            CHARLES WICKER
                    86-0153     19057 ALLOUEZ
                                            109 QUINCY ST.
                                            HANCOCK, MI 49930


57N   33W   24    SW 1/4       160.0000000000000000     HEARTWOOD FORESTLAND
FUND II, LP 85-0092      17438 ALLOUEZ
                               C/O THE FORESTLAND GROUP, LLC
                               RT 1, BOX 198A, HWY M-26
                               ATLANTIC MINE, MI 49905

57N   33W   24    S 1/2 OF NE 1/4   80.00000000000000000    HEARTWOOD
FORESTLAND FUND II, LP 85-0092      17437 ALLOUEZ
                              C/O THE FORESTLAND GROUP, LLC
                              RT 1, BOX 198A, HWY M-26
                              ATLANTIC MINE, MI 49905

57N   33W   24    N 1/2 OF SE 1/4   80.00000000000000000    HEARTWOOD
FORESTLAND FUND II, LP 85-0092      17439 ALLOUEZ
                              C/O THE FORESTLAND GROUP, LLC
                              RT 1, BOX 198A, HWY M-26
                              ATLANTIC MINE, MI 49905




10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                             MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                 Forest Management Division – Commercial Forest Program
                                          LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                       Page 13
57N   33W                24    NW 1/4       160.0000000000000000        LAKE SUPERIOR LAND
COMPANY                  87-0153      19734 ALLOUEZ
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   33W                25    N 1/2 OF SE 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                  82-0192     5249 ALLOUEZ
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913


57N                 33W   25    NW1/4 EXC SW DIAGONAL 1/2 OF SW1/4 OF NW1/4
                    140.0000000000000000    LAKE SUPERIOR LAND COMPANY    82-0192                                        5245
                    ALLOUEZ
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N                 33W   25    N 1/2 OF NE 1/4 EXC. N1/2 OF NE1/4 OF NE1/4
                    60.00000000000000000    LAKE SUPERIOR LAND COMPANY    86-0153                                        19058
                    ALLOUEZ
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N                 33W   25    NE DIAGONAL 1/2 OF SW 1/4 OF SE1/4      20.00000000000000000
                    LAKE SUPERIOR LAND COMPANY    82-0192     5250      ALLOUEZ
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N                 33W   25    NE DIAGONAL 1/2 OF NE 1/4 OF SW1/4      20.00000000000000000
                    LAKE SUPERIOR LAND COMPANY    82-0192     5248      ALLOUEZ
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   33W                25    S 1/2 OF NE 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                  82-0192     5246 ALLOUEZ
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913


57N   33W                25    SE 1/4 OF SE 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                  82-0192     5251 ALLOUEZ
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913


57N   33W   35                 NE 1/4 OF NE 1/4 40.00000000000000000             BETTY TREGEMBO
ETAL. 91-0008                  22737 ALLOUEZ
                                           11333 ASPEN DR.
                                           11333 ASPEN DR.
                                           PLYMOUTH, MI 48170




10/04/12 02:22 PM                                                            FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                             MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                 Forest Management Division – Commercial Forest Program
                                          LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                       Page 14
57N   33W   35    E1/2 OF SW1/4, W1/2 OF SE1/4 160.0000000000000000                                                      DARREL
HICKS & LORIE LIEBROCK 82-0131      24059 ALLOUEZ
                              2315 COUNTY RD
                              CALUMET, MI 49913


57N                 33W   36    ENTIRE EXC. NE DIAG.1/2 OF NE1/4 OF NE1/4, SW1/4, SW1/4
                    243.0000000000000000     HEARTWOOD FORESTLAND FUND II, LP   82-0131
                    28165 ALLOUEZ
                                OF NE1/4, THAT PART OF NW1/4 LYING NORTH OFTHE COUNTY
                    C/O THE FORESTLAND GROUP, LLC
                                RD,,SW1/4 OF NW1/4, & EXC. SE1/4 LYING SOUTH OF COUNTY
                    RT 1, BOX 198A, HWY M-26
                                RD.          ATLANTIC MINE, MI 49905

57N                 33W   36    NE DIAGONAL 1/2 OF NE 1/4 OF NE 1/4 20.00000000000000000
                    LAKE SUPERIOR LAND COMPANY    83-0196     6155 ALLOUEZ
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   33W   36                 SW1/4 OF NW1/4    40.00000000000000000            RICHARD AND
PATRICIA MURLEY                82-0131     28166 ALLOUEZ
                                           319 VIVIAN ST.
                                           HANCOCK, MI 49930


58N   32W   25    ENTIRE EXC. NW 1/4      480.0000000000000000                                       LAKE
SUPERIOR LAND COMPANY   83-0196      6179 ALLOUEZ
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


58N   32W                25    NW 1/4       160.0000000000000000        LAKE SUPERIOR LAND
COMPANY                  91-0126      23264 ALLOUEZ
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   32W   26    NW 1/4 OF SW 1/4 40.00000000000000000                          LEONARD J. HILL
LOGGING CO. 91-0021     22753 ALLOUEZ
                              ROUTE 1, BOX 239G
                              CALUMET, MI 49913


58N   32W   26    SW 1/4 OF SE 1/4 40.00000000000000000                          LEONARD J. HILL
LOGGING CO. 91-0021     22754 ALLOUEZ
                              ROUTE 1, BOX 239G
                              CALUMET, MI 49913


58N   32W   26    SE 1/4 OF SW 1/4 40.00000000000000000                          LEONARD J. HILL
LOGGING CO. 91-0021     22752 ALLOUEZ
                              ROUTE 1, BOX 239G
                              CALUMET, MI 49913




10/04/12 02:22 PM                                                            FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 15

58N                 32W   26    SE 1/4 OF SE 1/4 40.00000000000000000             MARCIA ANN RALEY
                    91-0064     22838 ALLOUEZ
                                            3436 47TH AVENUE SOUTH
                                            MINNEAPOLIS, MN 55406


58N                 32W   26    NW1/4 OF SE1/4    40.00000000000000000            MARCIA ANN RALEY
                    91-0064     22990 ALLOUEZ
                                            3436 47TH AVENUE SOUTH
                                            MINNEAPOLIS, MN 55406


58N                 32W   26    NE 1/4 OF SW 1/4 40.00000000000000000             MARCIA ANN RALEY
                    91-0064     22837 ALLOUEZ
                                            3436 47TH AVENUE SOUTH
                                            MINNEAPOLIS, MN 55406


58N                 32W   26    NE 1/4 OF SE 1/4 40.00000000000000000             MARCIA ANN RALEY
                    91-0064     22836 ALLOUEZ
                                            3436 47TH AVENUE SOUTH
                                            MINNEAPOLIS, MN 55406


58N   32W                 27    S 1/2 OF SE 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   91-0126     23265 ALLOUEZ
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   32W                 27    SE 1/4 OF SW 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                   91-0126     23266 ALLOUEZ
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 32W   32    NE1/4 OF SE1/4; SW1/4 OF SE1/4        80.00000000000000000
                    KEWEENAW LAND ASSOC. LTD       98-0025     28779 ALLOUEZ
                                             1801 EAST CLOVERLAND DR.
                                             P.O. BOX 188
                                             IRONWOOD, MI 49938

58N   32W                 32    NW 1/4 OF SE 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                   91-0126     23268 ALLOUEZ
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   32W                 32    SE 1/4 OF SE 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                   91-0126     23269 ALLOUEZ
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913




10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 16
58N   32W                 33    SW 1/4       160.0000000000000000        LAKE SUPERIOR LAND
COMPANY                   91-0126      23271 ALLOUEZ
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


58N   32W                 33    N 1/2 OF SE 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   91-0126     23270 ALLOUEZ
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 32W   34    N 1/2 320.0000000000000000    LAKE SUPERIOR LAND COMPANY
                    91-0126     23272 ALLOUEZ
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   32W                 34    E 1/2 OF SE 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   87-0153     19788 ALLOUEZ
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   32W                 34    SE 1/4 OF NE 1/4 A PARCEL OF LAND DESC. AS FOLLOWS:
COMMENCING                80.00000000000000000    LAKE SUPERIOR LAND COMPANY    82-0192
      5308                ALLOUEZ
                                AT THE 1/16 POST AT THE SW CORNER OFTHE SE1/4 OF NE 1/4
                    101 RED JACKET ROAD
                                OF SEC. 28 T57N R 32 W RUNNING NORTH TO THE CENTER OF
                    CALUMET, MI 49913
                                THE NE 1/4 OF SAID SEC. 28; THENCE E'LY TO THE 1/16 POST

                                ON THE EAST SIDE OF SAID SEC. 28; THENCE IN A SW'LY
DIRECTION
                                TO THEPOB BEING PART OF THE SE 1/4 OF NE 1/4

58N   32W                 34    SE 1/4 OF NE 1/4 A PARCEL OF LAND DESC. AS FOLLOWS:
COMMENCING                160.0000000000000000    LAKE SUPERIOR LAND COMPANY    82-0192
      5307                ALLOUEZ
                                AT THE 1/16 POST AT THE SW CORNER OFTHE SE1/4 OF NE 1/4
                    101 RED JACKET ROAD
                                OF SEC. 28 T57N R 32 W RUNNING NORTH TO THE CENTER OF
                    CALUMET, MI 49913
                                THE NE 1/4 OF SAID SEC. 28; THENCE E'LY TO THE 1/16 POST

                                ON THE EAST SIDE OF SAID SEC. 28; THENCE IN A SW'LY
DIRECTION
                                TO THEPOB BEING PART OF THE SE 1/4 OF NE 1/4

58N                 32W   35    S 1/2 320.0000000000000000    LAKE SUPERIOR LAND COMPANY
                    86-0153     19059 ALLOUEZ
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913




10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 17
58N   32W   35    S 1/2 OF S 1/2 OF N 1/2 80.00000000000000000                                        LAKE
SUPERIOR LAND COMPANY   91-0126     23273 ALLOUEZ
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


58N   32W   35    N 1/2 OF N 1/2    160.0000000000000000                          LEONARD J. HILL
LOGGING CO. 91-0021     22755 ALLOUEZ
                              ROUTE 1, BOX 239G
                              CALUMET, MI 49913


58N   32W   35                  N 1/2 OF S 1/2 OF N 1/2 80.00000000000000000                          LEONARD J.
HILL LOGGING CO.                91-0021     22756 ALLOUEZ
                                            ROUTE 1, BOX 239G
                                            CALUMET, MI 49913


58N                 32W   36    N 1/2 320.0000000000000000    LAKE SUPERIOR LAND COMPANY
                    86-0153     19060 ALLOUEZ
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 32W   36    N1/2 OF SW1/4, SE1/4 EXC. SW1/4 OF SE1/4
                    200.0000000000000000    LAKE SUPERIOR LAND COMPANY            91-0126                                 23274
                    ALLOUEZ
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   30W   05    N 1/2 OF NE 1/4   82.88000000000000000    HEARTWOOD
FORESTLAND FUND II, LP 84-0098      16259 EAGLE HARB
                              C/O THE FORESTLAND GROUP, LLC
                              RT 1, BOX 198A, HWY M-26
                              ATLANTIC MINE, MI 49905

57N                 30W   05    NW 1/4 EXC. S 1/2 OF NW 1/4   82.95999999999998976
                    HEARTWOOD FORESTLAND FUND II, LP    84-0098      16260 EAGLE HARB
                                            C/O THE FORESTLAND GROUP, LLC
                                            RT 1, BOX 198A, HWY M-26
                                            ATLANTIC MINE, MI 49905

57N   30W   05    S 1/2 OF NW 1/4   80.00000000000000000    HEARTWOOD
FORESTLAND FUND II, LP 85-0092      17447 EAGLE HARB
                              C/O THE FORESTLAND GROUP, LLC
                              RT 1, BOX 198A, HWY M-26
                              ATLANTIC MINE, MI 49905

57N   30W   06    W1/2 OF SE1/4     80.00000000000000000    HEARTWOOD
FORESTLAND FUND II, LP 99-0018      29098 EAGLE HARB
                              C/O THE FORESTLAND GROUP, LLC
                              RT 1, BOX 198A, HWY M-26
                              ATLANTIC MINE, MI 49905




10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                             MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                 Forest Management Division – Commercial Forest Program
                                          LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                       Page 18
57N   30W   06    S 1/2 OF NE 1/4   80.00000000000000000    HEARTWOOD
FORESTLAND FUND II, LP 85-0092      17448 EAGLE HARB
                              C/O THE FORESTLAND GROUP, LLC
                              RT 1, BOX 198A, HWY M-26
                              ATLANTIC MINE, MI 49905

57N                 30W   06    SW1/4 OF SW1/4, W1/2 OF SE1/4 OF SW1/4
                    60.00000000000000000    HEARTWOOD FORESTLAND FUND II, LP                         99-0018
                    29097 EAGLE HARB
                                            C/O THE FORESTLAND GROUP, LLC
                                            RT 1, BOX 198A, HWY M-26
                                            ATLANTIC MINE, MI 49905

57N   30W   06    S 1/2 OF NW 1/4   80.00000000000000000    HEARTWOOD
FORESTLAND FUND II, LP 84-0098      16262 EAGLE HARB
                              C/O THE FORESTLAND GROUP, LLC
                              RT 1, BOX 198A, HWY M-26
                              ATLANTIC MINE, MI 49905

57N                 30W   06    NE 1/4 EXC. S 1/2 OF NE 1/4   80.09000000000000000
                    HEARTWOOD FORESTLAND FUND II, LP    84-0098      16261 EAGLE HARB
                                            C/O THE FORESTLAND GROUP, LLC
                                            RT 1, BOX 198A, HWY M-26
                                            ATLANTIC MINE, MI 49905

57N                 30W   06    SW 1/4 EXC. SW1/4 OF SW1/4 & EXC W1/2 OF SE1/4 OF SW1/4
                    100.0000000000000000    HEARTWOOD FORESTLAND FUND II, LP    87-0091
                    27585 EAGLE HARB
                                            C/O THE FORESTLAND GROUP, LLC
                                            RT 1, BOX 198A, HWY M-26
                                            ATLANTIC MINE, MI 49905

57N                 30W   07    W1/2 OF NW1/4, W1/2 OF E1/2 OF NW1/4, E1/2
                    440.0000000000000000    HEARTWOOD FORESTLAND FUND II, LP                         99-0018
                    29099 EAGLE HARB
                                            C/O THE FORESTLAND GROUP, LLC
                                            RT 1, BOX 198A, HWY M-26
                                            ATLANTIC MINE, MI 49905

57N   30W   07    SE 1/4 OF NE 1/4 A PARCEL OF LAND DESC. AS FOLLOWS:
COMMENCING 200.0000000000000000     HEARTWOOD FORESTLAND FUND II, LP    84-
0098 27588 EAGLE HARB
                  AT THE 1/16 POST AT THE SW CORNER OFTHE SE1/4 OF NE 1/4
      C/O THE FORESTLAND GROUP, LLC
                  OF SEC. 28 T57N R 32 W RUNNING NORTH TO THE CENTER OF
      RT 1, BOX 198A, HWY M-26
                  THE NE 1/4 OF SAID SEC. 28; THENCE E'LY TO THE 1/16 POST
      ATLANTIC MINE, MI 49905
                  ON THE EAST SIDE OF SAID SEC. 28; THENCE IN A SW'LY
DIRECTION
                  TO THEPOB BEING PART OF THE SE 1/4 OF NE 1/4

57N   30W   16    SE1/4 OF NW1/4    40.00000000000000000    HEARTWOOD
FORESTLAND FUND II, LP 91-0092      22889 EAGLE HARB
                              C/O THE FORESTLAND GROUP, LLC
                              RT 1, BOX 198A, HWY M-26



10/04/12 02:22 PM                                                            FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                         Page 19
                                             ATLANTIC MINE, MI     49905

57N                 30W   16    NE 1/4 OF NW 1/4 40.00000000000000000              MEAD REALTY GROUP,
INC.                82-0081     3636 EAGLE HARB
                                            C/O ESCANABA PAPER CO.
                                            PO BOX 1008
                                            ESCANABA, MI 49829

57N                 30W   16    NE 1/4     160.0000000000000000            MEAD REALTY GROUP, INC.
                    82-0081     3635 EAGLE HARB
                                           C/O ESCANABA PAPER CO.
                                           PO BOX 1008
                                           ESCANABA, MI 49829

57N                 30W   16    S1/2 EXC. PARCEL DESCRIBED AS COMMENCING AT THE NW CORNER
                    318.9500000000000000    MEAD REALTY GROUP, INC. 80-0110     12019 EAGLE
HARB
                                OF NW1/4 OF SW, THENCE DUE EAST 575 FT TOA POB, THENCE
                    C/O ESCANABA PAPER CO.
                                SOUTH 180 FT, THENCE EAST 255 FT, THENCE NORTH 180 FT,
                    PO BOX 1008
                                THENCE WEST 255 FT TO POB           ESCANABA, MI 49829

57N                 30W   17    S1/2 320.0000000000000000     HEARTWOOD FORESTLAND FUND II,
LP                  79-0080     12020 EAGLE HARB
                                            C/O THE FORESTLAND GROUP, LLC
                                            RT 1, BOX 198A, HWY M-26
                                            ATLANTIC MINE, MI 49905

57N   30W   18    N 1/2 EXCEPT THE NE 1/4 160.0000000000000000                                         HEARTWOOD
FORESTLAND FUND II, LP 84-0098      16265 EAGLE HARB
                              C/O THE FORESTLAND GROUP, LLC
                              RT 1, BOX 198A, HWY M-26
                              ATLANTIC MINE, MI 49905

57N                 30W   18    NE1/4 160.0000000000000000    HEARTWOOD FORESTLAND FUND II,
LP                  99-0018     29100 EAGLE HARB
                                            C/O THE FORESTLAND GROUP, LLC
                                            RT 1, BOX 198A, HWY M-26
                                            ATLANTIC MINE, MI 49905

57N                 30W   18    S1/2 320.0000000000000000     HEARTWOOD FORESTLAND FUND II,
LP                  79-0080     12021 EAGLE HARB
                                            C/O THE FORESTLAND GROUP, LLC
                                            RT 1, BOX 198A, HWY M-26
                                            ATLANTIC MINE, MI 49905

58N   29W                 01    ENTIRE       640.0000000000000000          LAKE SUPERIOR LAND
COMPANY                   86-0153      18997 EAGLE HARB
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


58N                 29W   02    N1/2 320.0000000000000000     CRAMER*ALLAN N.& BARBARA D.
                    79-0080     12089 EAGLE HARB
                                            1157 MADISON AVENUE



10/04/12 02:22 PM                                                              FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 20
                                             PO BOX 96
                                             CLEVELAND, WI    53015

58N   29W                 02    N 1/2 OF SE 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   85-0171     17992 EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   29W                 02    SW 1/4       160.0000000000000000        LAKE SUPERIOR LAND
COMPANY                   91-0124      23230 EAGLE HARB
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


58N   29W                 02    S 1/2 OF SE 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   86-0153     18998 EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   29W   03    N1/2 OF SE1/4     80.00000000000000000    HEARTWOOD
FORESTLAND FUND II, LP 99-0018      29101 EAGLE HARB
                              C/O THE FORESTLAND GROUP, LLC
                              RT 1, BOX 198A, HWY M-26
                              ATLANTIC MINE, MI 49905

58N                 29W   03    N1/2 320.0000000000000000     HEARTWOOD FORESTLAND FUND II,
LP                  79-0080     12090 EAGLE HARB
                                            C/O THE FORESTLAND GROUP, LLC
                                            RT 1, BOX 198A, HWY M-26
                                            ATLANTIC MINE, MI 49905

58N                 29W   04    N1/2 320.0000000000000000     HEARTWOOD FORESTLAND FUND II,
LP                  78-0054     12092 EAGLE HARB
                                            C/O THE FORESTLAND GROUP, LLC
                                            RT 1, BOX 198A, HWY M-26
                                            ATLANTIC MINE, MI 49905

58N                 29W   05    N 1/2 320.0000000000000000    LAKE SUPERIOR LAND COMPANY
                    85-0171     17993 EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 29W   05    S 1/2 320.0000000000000000    LAKE SUPERIOR LAND COMPANY
                    86-0153     18999 EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 29W   06    S 1/2 273.1400000000000000    LAKE SUPERIOR LAND COMPANY
                    87-0153     19742 EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913




10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 21

58N   29W                 06    N 1/2 FRACTIONAL 302.0500000000000000             LAKE SUPERIOR LAND
COMPANY                   85-0171     17994 EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   29W                 07    N 1/2 FRACTIONAL 264.6000000000000000             LAKE SUPERIOR LAND
COMPANY                   85-0171     17995 EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   29W                 08    NW 1/4       160.0000000000000000        LAKE SUPERIOR LAND
COMPANY                   85-0171      17997 EAGLE HARB
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


58N   29W                 08    NE 1/4       160.0000000000000000        LAKE SUPERIOR LAND
COMPANY                   87-0153      19743 EAGLE HARB
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


58N   29W                 11    NE 1/4       160.0000000000000000        LAKE SUPERIOR LAND
COMPANY                   86-0153      19003 EAGLE HARB
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


58N   29W                 11    E 1/2 OF NW 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   91-0124     23232 EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 29W   12    N 1/2 320.0000000000000000    LAKE SUPERIOR LAND COMPANY
                    86-0153     19004 EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   30W                 01    ENTIRE FRACTIONAL 632.6500000000000000            LAKE SUPERIOR LAND
COMPANY                   85-0171     18004 EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   30W                 02    S1/2 OF NW1/4     80.00000000000000000            KEWEENAW LAND
ASSOC. LTD                75-0052     12100 EAGLE HARB
                                            1801 EAST CLOVERLAND DR.
                                            P.O. BOX 188
                                            IRONWOOD, MI 49938




10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                             MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                 Forest Management Division – Commercial Forest Program
                                          LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                       Page 22
58N   30W   02    SW1/4, SW 1/4 OF SE 1/4       200.0000000000000000                                                     LAKE
SUPERIOR LAND COMPANY   85-0171     18005 EAGLE HARB
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


58N   30W   04    S 1/2 EXC. SW 1/4 OF SE 1/4   280.0000000000000000                                                     LAKE
SUPERIOR LAND COMPANY   82-0192     5254 EAGLE HARB
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


58N                 30W   04    W 1/2 OF NW 1/4 OF NW 1/4 LYING SOUTH OF CENTERLINE OF
                    13.80000000000000000    LAKE SUPERIOR LAND COMPANY    91-0127      23314
                    EAGLE HARB
                                M-26        101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   30W                 04    GOV. LOT 1 39.65000000000000000         LAKE SUPERIOR LAND
COMPANY                   91-0124     23256 EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   30W                 04    SW 1/4 OF SE 1/4 40.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   84-0159     16839 EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 30W   04    S 1/2 OF GOV. LOT 2 AND THE WEST 660 FT OF N 1/2 OF GOV.
                    31.15000000000000000    LAKE SUPERIOR LAND COMPANY    91-0124     23257
                    EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 30W   04    W 1/2 OF SW 1/4 OF NW 1/4 EXC. S1/2 OF SW1/4 OF SW1/4 OF
                    15.00000000000000000    LAKE SUPERIOR LAND COMPANY    91-0127     23287
                    EAGLE HARB
                                NW1/4       101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   30W                 04    SW 1/4 OF NE 1/4 40.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   82-0192     5252 EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 30W   04    NE 1/4 OF NW 1/4 LYING SOUTH OF M-26
                    32.33000000000000000    LAKE SUPERIOR LAND COMPANY           91-0124                                 23258
                    EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913



10/04/12 02:22 PM                                                            FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                             MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 23



58N   30W                 05    SW 1/4       160.0000000000000000        LAKE SUPERIOR LAND
COMPANY                   84-0159      16841 EAGLE HARB
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


58N   30W                 05    SW 1/4 OF NE 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                   91-0127     23289 EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 30W   05    GOV. LOT 2 EXC. THE WEST 490 FT. & THE SOUTH 360 FT. &
                    20.37000000000000000    LAKE SUPERIOR LAND COMPANY    91-0127      23291
                    EAGLE HARB
                                EXC 4.23 ACRES IN ASSESSOR'S PLAT OF EAGLE HARBOR EAST.
                    101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 30W   05    GOV. LOT 1 LYING SOUTH OF CENTERLINE OF M-26
                    13.50000000000000000    LAKE SUPERIOR LAND COMPANY    91-0127                                         23290
                    EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 30W   05    E 1/2 OF NE 1/4 LYING SOUTH OF CENTERLINE OF M-26
                    56.45000000000000000    LAKE SUPERIOR LAND COMPANY    91-0127                                         23288
                    EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   30W                 05    SE 1/4        160.0000000000000000       LAKE SUPERIOR LAND
COMPANY                   82-0192      5256   EAGLE HARB
                                              101 RED JACKET ROAD
                                              CALUMET, MI 49913


58N                 30W   06    S 1/2 OF SW 1/4 AND SE 1/4 EXC. A PARCEL OF LAND LYING
                    232.0700000000000000    LAKE SUPERIOR LAND COMPANY    91-0127      23292
                    EAGLE HARB
                                IN THE SE1/4 OF SW1/4 & IN THE SW1/4 OF SE1/4 SEC. 6 T
                    101 RED JACKET ROAD
                                58 N R 30 W & DESCRIBED MORE FULLY AS: BEGINNING ON THE
                    CALUMET, MI 49913
                                C/L OF THE EAGLE HARBOR SHORT CUT COUNTY RD AT A POINT

                                LOCATED N 73 DEG 10'16" W 2,305.51 FT. FROM THE SE CORNER
                                OF SEC. 6, THENCE S 70 DEG 47' 50" WEST 600.46 FEET; THENCE
                                N 19 DEG 12' 10" WEST 310.00 FEET; THENCE N 70 DEG 47'
                                50"EAST759.29 FEET TO THE C/L OF THE EAGLE HARBOR SHORT
                                CUT COUNTY RD.,THENCE ALONG THE CENTERLINE OF THE EAGLE



10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                             MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                 Forest Management Division – Commercial Forest Program
                                          LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                       Page 24
                               HARBOR SHORT CUT COUNTY RD. SOUTH 7 DEG 32'26" WEST 298.98
                               FEET TO A POINT OF CURVE; THENCE 49.40 FEET ALONG THE ARC
                               OF A CURVE TO THE RIGHT HAVING A RADIUS OF 520.87 FEET
                               AND A CHORD BEARING SOUTH 10 DEG 15' 22" WEST 49.38 FEET
                               TO THE POB AND CONTAINING 4.85 ACRES, M/L

58N   30W                07    E 1/2 OF NW 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                  90-0105     22041 EAGLE HARB
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913


58N   30W                07    NW 1/4 OF SE 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                  90-0105     22042 EAGLE HARB
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913


58N   30W                07    W 1/2 OF NW 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                  89-0062     21463 EAGLE HARB
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913


58N   30W                07    NE 1/4       160.0000000000000000        LAKE SUPERIOR LAND
COMPANY                  90-0105      22040 EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   30W                07    N 1/2 OF SW 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                  89-0062     21464 EAGLE HARB
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913


58N   30W                07    S 1/2 OF SE 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                  82-0192     5257 EAGLE HARB
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913


58N   30W   07    SW 1/4 OF SW 1/4 FRACTIONAL   35.54999999999999488                                                     LAKE
SUPERIOR LAND COMPANY   87-0153     19759 EAGLE HARB
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


58N   30W                07    SE 1/4 OF SW 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                  89-0062     21465 EAGLE HARB
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913


58N                 30W   08    N 1/2 EXC. N1/2 OF NW1/4 OF NW1/4       300.0000000000000000
                    LAKE SUPERIOR LAND COMPANY    82-0192     5258      EAGLE HARB



10/04/12 02:22 PM                                                            FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 25
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


58N                 30W   08    S 1/2 320.0000000000000000    LAKE SUPERIOR LAND COMPANY
                    90-0105     22043 EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 30W   09    N 1/2 320.0000000000000000    LAKE SUPERIOR LAND COMPANY
                    82-0192     5259 EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   30W                 09    N 1/2 OF SE 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   82-0192     5260 EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   30W                 09    SE 1/4 OF SE 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                   82-0192     5261 EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 30W   09    GOV. LOT 1 (EAST 1320 FT THEREOF)        40.00000000000000000
                    LAKE SUPERIOR LAND COMPANY    82-0192     5262       EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   30W                 09    NW 1/4 OF SW 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                   89-0062     21468 EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 30W   09    GOV. LOT 1 EXC. THE EAST 1320 FEET. 9.75000000000000000
                    LAKE SUPERIOR LAND COMPANY    89-0062     21466 EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   30W                 09    GOV. LOT 2 38.75000000000000000          LAKE SUPERIOR LAND
COMPANY                   89-0062     21467 EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   30W                 09    GOV. LOT 3 31.60000000000000000          LAKE SUPERIOR LAND
COMPANY                   90-0105     22044 EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913



10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 26



58N                 30W   11    N 1/2 320.0000000000000000    LAKE SUPERIOR LAND COMPANY
                    84-0159     16843 EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   30W                 12    N 1/2 OF NE 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   84-0159     16844 EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 30W   12    SW1/4 OF NE1/4, E1/2 OF NW1/4       120.0000000000000000
                    LAKE SUPERIOR LAND COMPANY    85-0171     18007 EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   30W                 12    SE 1/4 OF NE 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                   84-0159     16845 EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   30W                 12    W 1/2 OF NW 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   84-0159     16846 EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   30W                 16    N 1/2 FRACTIONAL 313.6000000000000000             LAKE SUPERIOR LAND
COMPANY                   90-0105     22045 EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   30W                 16    SE 1/4       160.0000000000000000        LAKE SUPERIOR LAND
COMPANY                   90-0105      22046 EAGLE HARB
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


58N   30W                 16    SW 1/4       160.0000000000000000        LAKE SUPERIOR LAND
COMPANY                   81-0092      776   EAGLE HARB
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


58N   30W                 17    E 1/2 OF NW 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   82-0192     5265 EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913




10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                       MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                           Forest Management Division – Commercial Forest Program
                                    LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                 Page 27
58N   30W           17    NW 1/4 OF SE 1/4 40.00000000000000000            LAKE SUPERIOR LAND
COMPANY             82-0192     5267 EAGLE HARB
                                      101 RED JACKET ROAD
                                      CALUMET, MI 49913


58N   30W           17    NE 1/4 OF SE 1/4 40.00000000000000000            LAKE SUPERIOR LAND
COMPANY             81-0092     779   EAGLE HARB
                                      101 RED JACKET ROAD
                                      CALUMET, MI 49913


58N   30W           17    NE 1/4 OF NE 1/4 40.00000000000000000            LAKE SUPERIOR LAND
COMPANY             91-0127     23295 EAGLE HARB
                                      101 RED JACKET ROAD
                                      CALUMET, MI 49913


58N   30W           17    S 1/2 OF SE 1/4   80.00000000000000000           LAKE SUPERIOR LAND
COMPANY             81-0092     778   EAGLE HARB
                                      101 RED JACKET ROAD
                                      CALUMET, MI 49913


58N   30W           17    NE 1/4 OF SW 1/4 40.00000000000000000            LAKE SUPERIOR LAND
COMPANY             82-0192     5266 EAGLE HARB
                                      101 RED JACKET ROAD
                                      CALUMET, MI 49913


58N   30W           17    W 1/2 OF NE 1/4   80.00000000000000000           LAKE SUPERIOR LAND
COMPANY             82-0192     5263 EAGLE HARB
                                      101 RED JACKET ROAD
                                      CALUMET, MI 49913


58N   30W           17    SE 1/4 OF NE 1/4 40.00000000000000000            LAKE SUPERIOR LAND
COMPANY             82-0192     5264 EAGLE HARB
                                      101 RED JACKET ROAD
                                      CALUMET, MI 49913


58N   30W           17    SE 1/4 OF SW 1/4 40.00000000000000000            LAKE SUPERIOR LAND
COMPANY             81-0092     780   EAGLE HARB
                                      101 RED JACKET ROAD
                                      CALUMET, MI 49913


58N   30W           18    SW 1/4 OF SE 1/4 40.00000000000000000            LAKE SUPERIOR LAND
COMPANY             81-0092     782   EAGLE HARB
                                      101 RED JACKET ROAD
                                      CALUMET, MI 49913


58N   30W           18    SE 1/4 OF SW 1/4 40.00000000000000000            LAKE SUPERIOR LAND
COMPANY             81-0092     783   EAGLE HARB



10/04/12 02:22 PM                                                      FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 28
                                              101 RED JACKET ROAD
                                              CALUMET, MI 49913


58N                 30W   18    NW 1/4, NW 1/4 OF SE 1/4, N 1/2 OF SW 1/4 & SW 1/4 OF SW
                    301.5000000000000000    LAKE SUPERIOR LAND COMPANY    84-0159     16847
                    EAGLE HARB
                                1/4         101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   30W                 18    E 1/2 OF E 1/2    160.0000000000000000            LAKE SUPERIOR LAND
COMPANY                   81-0092     781   EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   30W                 18    W 1/2 OF NE 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   82-0192     5268 EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   30W                 20    N 1/2 OF NE 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   81-0092     789   EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   30W                 20    SE 1/4        160.0000000000000000       LAKE SUPERIOR LAND
COMPANY                   83-0196      6161   EAGLE HARB
                                              101 RED JACKET ROAD
                                              CALUMET, MI 49913


58N                 30W   20    W 1/2 320.0000000000000000    LAKE SUPERIOR LAND COMPANY
                    81-0092     788   EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   30W                 20    S 1/2 OF NE 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   83-0196     6160 EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   30W                 21    SE 1/4 OF NW 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                   82-0192     5269 EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   30W                 21    SW 1/4        160.0000000000000000       LAKE SUPERIOR LAND
COMPANY                   83-0196      6163   EAGLE HARB
                                              101 RED JACKET ROAD



10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 29
                                             CALUMET, MI    49913


58N   30W                 21    SW 1/4 OF NW 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                   83-0196     6162 EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 30W   21    E 1/2 320.0000000000000000    LAKE SUPERIOR LAND COMPANY
                    81-0092     790   EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   30W                 21    N 1/2 OF NW 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   81-0092     791   EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 30W   28    N 1/2 320.0000000000000000    LAKE SUPERIOR LAND COMPANY
                    82-0192     5270 EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 30W   28    S 1/2 320.0000000000000000    LAKE SUPERIOR LAND COMPANY
                    81-0092     792   EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   30W                 29    ENTIRE       640.0000000000000000        LAKE SUPERIOR LAND
COMPANY                   81-0092      793   EAGLE HARB
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


58N   30W   32    W1/2 OF NW1/4, S1/2     400.0000000000000000                                        HEARTWOOD
FORESTLAND FUND II, LP 78-0054      12106 EAGLE HARB
                              C/O THE FORESTLAND GROUP, LLC
                              RT 1, BOX 198A, HWY M-26
                              ATLANTIC MINE, MI 49905

58N   30W                 32    NE 1/4       160.0000000000000000        LAKE SUPERIOR LAND
COMPANY                   84-0159      16848 EAGLE HARB
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


58N   30W                 32    E 1/2 OF NW 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   84-0159     16849 EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913




10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 30

58N   30W   33    E1/2 OF NW1/4, SW1/4    240.0000000000000000                                        HEARTWOOD
FORESTLAND FUND II, LP 78-0054      12107 EAGLE HARB
                              C/O THE FORESTLAND GROUP, LLC
                              RT 1, BOX 198A, HWY M-26
                              ATLANTIC MINE, MI 49905

58N   30W                 33    W 1/2 OF NW 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   82-0192     5274 EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 30W   33    E 1/2 320.0000000000000000    LAKE SUPERIOR LAND COMPANY
                    82-0192     5273 EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   31W                 01    SW 1/4       160.0000000000000000        LAKE SUPERIOR LAND
COMPANY                   91-0127      23305 EAGLE HARB
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


58N   31W                 02    S 1/2 OF SE 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   91-0127     23306 EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   31W                 10    NE 1/4 OF SE 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                   82-0192     5277 EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   31W                 10    S 1/2 OF SE 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   82-0192     5278 EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N    31W                11    S1/2 OF NE1/4, NW1/4 OF NE1/4 120.0000000000000000                                        GUY
WICKER                    82-0192     23682 EAGLE HARB
                                            109 QUINCY ST.
                                            HANCOCK, MI 49930


58N                 31W   11    NW1/4 OF SE1/4    40.00000000000000000            GUY WICKER                              82-
0192                23683 EAGLE HARB
                                            109 QUINCY ST.
                                            HANCOCK, MI 49930




10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 31
58N   31W   11    N 1/2 OF S 1/2 OF SE 1/4      40.00000000000000000                                                      LAKE
SUPERIOR LAND COMPANY   89-0062     21472 EAGLE HARB
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


58N   31W                 11    NE1/4 OF SE 1/4   40.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   82-0192     5281 EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   31W   11    NW1/4, NE1/4 OF NE1/4   200.0000000000000000                                        LAKE
SUPERIOR LAND COMPANY   82-0192     5279 EAGLE HARB
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


58N   31W                 11    SW 1/4        160.0000000000000000       LAKE SUPERIOR LAND
COMPANY                   82-0192      5280   EAGLE HARB
                                              101 RED JACKET ROAD
                                              CALUMET, MI 49913


58N   31W   12    ENTIRE EXC. SW1/4 OF SW1/4    600.0000000000000000                                                      LAKE
SUPERIOR LAND COMPANY   75-0059     12109 EAGLE HARB
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


58N                 31W   13    ENTIRE, EXC. THE NW 1/4 OF NW 1/4   600.0000000000000000
                    LAKE SUPERIOR LAND COMPANY    87-0153     19770 EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 31W   14    SE1/4 160.0000000000000000    LAKE SUPERIOR LAND COMPANY
                    75-0059     12110 EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   31W                 14    S 1/2 OF NE 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   89-0062     21474 EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   31W                 14    SW 1/4        160.0000000000000000       LAKE SUPERIOR LAND
COMPANY                   82-0192      5282   EAGLE HARB
                                              101 RED JACKET ROAD
                                              CALUMET, MI 49913


58N   31W                 15    E 1/2 OF SE 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   89-0062     21475 EAGLE HARB



10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 32
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


58N   31W                 15    SW 1/4 OF NW 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                   91-0127     23308 EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   31W                 15    N 1/2 OF NE 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   82-0192     5283 EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   31W                 15    E 1/2 OF NW 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   91-0127     23307 EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   31W                 15    W 1/2 OF SW 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   82-0192     5286 EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


59N   29W                 31    S 1/2 OF SE 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   91-0123     23224 EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


59N   29W                 31    SE 1/4 OF SW 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                   91-0123     23225 EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


59N   29W                 32    S 1/2 OF S 1/2    160.0000000000000000            LAKE SUPERIOR LAND
COMPANY                   91-0123     23226 EAGLE HARB
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


59N   29W   35                  W1/2 OF E1/2 OF NE1/4   40.00000000000000000                          JAMES M.
FLOOD 91-0123                   29365 EAGLE HARB
                                            1074 HURONTOWN
                                            HOUGHTON, MI 49931


59N                 29W   35    W1/2 OF NE1/4     80.00000000000000000            JAMES M. FLOOD
                    91-0123     28918 EAGLE HARB
                                            1074 HURONTOWN
                                            HOUGHTON, MI 49931



10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 33



59N                 29W   35    SE1/4 160.0000000000000000        THOMAS E. AND CHERYL A. BOWLES
                    91-0123     28964 EAGLE HARB
                                            17719 ODYSSEY
                                            BELLEVILLE, MI     48111


59N   29W   35    E1/2 OF E1/2 OF NE1/4   40.00000000000000000                                        THOMAS E.
AND CHERYL A. BOWLES    91-0123     29364 EAGLE HARB
                              17719 ODYSSEY
                              BELLEVILLE, MI 48111


59N   29W                 36    SW1/4 OF NW1/4    40.00000000000000000            KEWEENAW LAND
ASSOC. LTD                77-0038     12123 EAGLE HARB
                                            1801 EAST CLOVERLAND DR.
                                            P.O. BOX 188
                                            IRONWOOD, MI 49938

59N   29W                 36    SW 1/4       160.0000000000000000        LAKE SUPERIOR LAND
COMPANY                   91-0124      23229 EAGLE HARB
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


59N   29W   36    N 1/2 EXC. SW 1/4 OF NW 1/4   280.0000000000000000                                                      LAKE
SUPERIOR LAND COMPANY   91-0124     23228 EAGLE HARB
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


56N   30W   02    GOV. LOTS 1, 3, 4, & 5 156.9500000000000000                                         LAKE
SUPERIOR LAND COMPANY   91-0127     23301 GRANT
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


56N                 30W   03    W1/2 320.0000000000000000     HEARTWOOD FORESTLAND FUND II,
LP                  94-0021     26120 GRANT
                                            C/O THE FORESTLAND GROUP, LLC
                                            RT 1, BOX 198A, HWY M-26
                                            ATLANTIC MINE, MI 49905

56N   30W   10    GOV. LOTS 1, 2, 3, 4, & 5     244.2000000000000000                                                      LAKE
SUPERIOR LAND COMPANY   91-0127     23302 GRANT
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


57N   29W                 03    SW 1/4 OF SE 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                   91-0124     23240 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913




10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                             MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                 Forest Management Division – Commercial Forest Program
                                          LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                       Page 34
57N   29W                03    SW 1/4       160.0000000000000000        LAKE SUPERIOR LAND
COMPANY                  91-0124      23239 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   29W                04    GOV. LOT 1 49.60000000000000000          LAKE SUPERIOR LAND
COMPANY                  91-0124     23241 GRANT
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913


57N                 29W   05    GOV. LOTS 1 & 2 EXC. PART LYING IN ASSOSSOR'S PLAT OF LAC
                    55.29000000000000000    LAKE SUPERIOR LAND COMPANY    91-0124     23242
                    GRANT
                                LA BELLE SOUTH          101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   29W                06    GOV. LOT 4 58.00000000000000000          LAKE SUPERIOR LAND
COMPANY                  91-0124     23244 GRANT
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913


57N   29W   07    GOV. LOTS 3, 4, 5, 6 & 7      157.2500000000000000                                                     LAKE
SUPERIOR LAND COMPANY   91-0124     23245 GRANT
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


57N   29W   08                 N 3/4 OF E 1/2    240.0000000000000000            GENE R. ARNTSEN
TRUST 84-0174                  16880 GRANT
                                           2152 ORCHARD ST
                                           MARQUETTE, MI 49855


57N   29W                08    S1/2 OF S1/2       160.0000000000000000           LAKE SUPERIOR LAND
COMPANY                  77-0078     11985 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   29W   09                 S 1/2 OF NW 1/4   80.00000000000000000            GENE R. ARNTSEN
TRUST 84-0174                  16882 GRANT
                                           2152 ORCHARD ST
                                           MARQUETTE, MI 49855


57N   29W   09                 N 1/2 OF N 1/2    160.0000000000000000            GENE R. ARNTSEN
TRUST 84-0174                  16881 GRANT
                                           2152 ORCHARD ST
                                           MARQUETTE, MI 49855




10/04/12 02:22 PM                                                            FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                             MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                 Forest Management Division – Commercial Forest Program
                                          LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                       Page 35
57N                 29W   09    S1/2 OF NE1/4, N1/2 OF SW1/4, SW1/4 OF SW1/4, SE1/4
                    360.0000000000000000    LAKE SUPERIOR LAND COMPANY    77-0078                                        11988
                    GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   29W   09    N 1/2 OF SE 1/4 OF SW 1/4     20.00000000000000000                                                     LAKE
SUPERIOR LAND COMPANY   86-0153     19035 GRANT
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


57N   29W   09    SW 1/4 OF SE 1/4 OF SW 1/4    10.00000000000000000                                                     LAKE
SUPERIOR LAND COMPANY   86-0153     19036 GRANT
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


57N   29W                 10    ENTIRE       640.0000000000000000       LAKE SUPERIOR LAND
COMPANY                   91-0124      23246 GRANT
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


57N                 29W   11    N 1/2 FRACTIONAL LYING SW'LY OF THE NE'LY ROW LINE OF COUNTY
                    180.6300000000000000    LAKE SUPERIOR LAND COMPANY    91-0124     23247
                    GRANT
                                RD.         101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   29W                 11    S 1/2 FRACTIONAL 311.2000000000000000            LAKE SUPERIOR LAND
COMPANY                   91-0124     23248 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   29W                 12    ENTIRE FRACTIONAL 11.30000000000000128           LAKE SUPERIOR LAND
COMPANY                   91-0124     23249 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   29W   14    W1/2 OF NE1/4, NW1/4    240.0000000000000000                                       LAKE
SUPERIOR LAND COMPANY   77-0078     11990 GRANT
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


57N   29W                 14    GOV. LOT 3 54.30000000000000000         LAKE SUPERIOR LAND
COMPANY                   91-0124     23250 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913




10/04/12 02:22 PM                                                            FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 36
57N                 29W   15    N1/2, NE1/4 OF SW1/4, W1/2 OF SW1/4 440.0000000000000000
                    LAKE SUPERIOR LAND COMPANY    77-0078     11992 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   29W                 16    ENTIRE       640.0000000000000000        LAKE SUPERIOR LAND
COMPANY                   77-0078      11993 GRANT
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


57N   29W                 17    ENTIRE       640.0000000000000000        LAKE SUPERIOR LAND
COMPANY                   77-0078      11994 GRANT
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


57N                 29W   18    W1/2 320.0000000000000000     LAKE SUPERIOR LAND COMPANY
                    75-0059     11995 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N                 29W   18    E1/2 320.0000000000000000     LAKE SUPERIOR LAND COMPANY
                    77-0078     11996 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N                 29W   19    NW1/4 OF NE1/4, S1/2 OF NE1/4, W1/2, SE1/4
                    600.0000000000000000    LAKE SUPERIOR LAND COMPANY     77-0078                                        11997
                    GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   29W                 20    ENTIRE       640.0000000000000000        LAKE SUPERIOR LAND
COMPANY                   77-0078      11998 GRANT
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


57N   29W   21    GOV. LOTS 1, 2, 3 & 4   171.5000000000000000                                        LAKE
SUPERIOR LAND COMPANY   91-0124     23251 GRANT
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


57N                 29W   21    N1/2 OF NE1/4, NW1/4, NW1/4 OF SW1/4
                    280.0000000000000000    LAKE SUPERIOR LAND COMPANY            77-0078                                 11999
                    GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913




10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 37
57N   29W                 22    ENTIRE FRACTIONAL 46.25000000000000000            LAKE SUPERIOR LAND
COMPANY                   91-0124     23252 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   29W                 29    W1/2 OF NW1/4     80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   77-0078     12000 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   29W   29    GOV. LOTS 2 & 3 & E 1/2 OF NW 1/4 EXC. 28.08 ACRES IN
RECORDED    182.5700000000000000    LAKE SUPERIOR LAND COMPANY    91-0124
      23253 GRANT
                  PLAT OF LITTLE BETSY.         101 RED JACKET ROAD
                              CALUMET, MI 49913


57N                 29W   30    N1/2 320.0000000000000000     LAKE SUPERIOR LAND COMPANY
                    77-0078     12004 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   29W                 30    GOV. LOTS 1 & 2   121.8000000000000000            LAKE SUPERIOR LAND
COMPANY                   91-0124     23254 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   29W                 30    N 1/2 OF SW 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   91-0124     23255 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N                 30W   01    W1/2 320.5299999999999488     LAKE SUPERIOR LAND COMPANY
                    75-0059     12005 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N                 30W   01    E 1/2 320.0000000000000000    LAKE SUPERIOR LAND COMPANY
                    91-0127     23297 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   30W   02    SW 1/4                     160.0000000000000000     HEARTWOOD FORESTLAND
FUND II, LP 82-0131      4204                GRANT
                                             C/O THE FORESTLAND GROUP, LLC
                                             RT 1, BOX 198A, HWY M-26
                                             ATLANTIC MINE, MI 49905




10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 38
57N   30W   02    NE 1/4 OF NW 1/4 40.69000000000000000     HEARTWOOD
FORESTLAND FUND II, LP 87-0091      19800 GRANT
                              C/O THE FORESTLAND GROUP, LLC
                              RT 1, BOX 198A, HWY M-26
                              ATLANTIC MINE, MI 49905

57N                 30W   02    W1/2 OF NW1/4, SE1/4 OF NW1/4 120.8200000000000000
                    HEARTWOOD FORESTLAND FUND II, LP    79-0080      12008 GRANT
                                            C/O THE FORESTLAND GROUP, LLC
                                            RT 1, BOX 198A, HWY M-26
                                            ATLANTIC MINE, MI 49905

57N                 30W   02    E1/2 320.9900000000000000     LAKE SUPERIOR LAND COMPANY
                    75-0059     12007 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N                 30W   03    E1/2 321.6100000000000000     LAKE SUPERIOR LAND COMPANY
                    75-0059     12009 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   30W                 10    NW 1/4 OF NW 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                   91-0127     23298 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   30W   10    NE 1/4 OF NW 1/4 OF SE 1/4    10.00000000000000000                                                      LAKE
SUPERIOR LAND COMPANY   86-0153     19039 GRANT
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


57N   30W   10    S 1/2 OF NW 1/4 OF SE 1/4     20.00000000000000000                                                      LAKE
SUPERIOR LAND COMPANY   86-0153     19040 GRANT
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


57N                 30W   10    N1/2 OF NE1/4, SE1/4 OF NE1/4,     NE1/4 OF NW1/4, S1/2 OF
                    480.0000000000000000    LAKE SUPERIOR LAND     COMPANY    77-0078      12010
                    GRANT
                                NW1/4, NW1/4 OF SW1/4, S1/2 OF     SW1/4, NE1/4 OF SE1/4, S1/2
                    101 RED JACKET ROAD
                                OF SE1/4          CALUMET, MI      49913


57N   30W   10    N 1/2 OF SW 1/4 OF NE 1/4     20.00000000000000000                                                      LAKE
SUPERIOR LAND COMPANY   86-0153     19037 GRANT
                              101 RED JACKET ROAD
                              CALUMET, MI 49913




10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 39
57N   30W   10    SW 1/4 OF SW 1/4 OF NE 1/4    10.00000000000000000                                                      LAKE
SUPERIOR LAND COMPANY   87-0153     19714 GRANT
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


57N   30W   11    NW 1/4                     160.0000000000000000     HEARTWOOD FORESTLAND
FUND II, LP 82-0131      4210                GRANT
                                             C/O THE FORESTLAND GROUP, LLC
                                             RT 1, BOX 198A, HWY M-26
                                             ATLANTIC MINE, MI 49905

57N   30W                 11    S1/2, NE1/4 480.0000000000000000         LAKE SUPERIOR LAND
COMPANY                   75-0059     12011 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N                 30W   12    W1/2 320.0000000000000000     LAKE SUPERIOR LAND COMPANY
                    75-0059     12013 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   30W                 12    NE 1/4       160.0000000000000000        LAKE SUPERIOR LAND
COMPANY                   91-0127      23299 GRANT
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


57N   30W                 12    W 1/2 OF SE 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   91-0127     23300 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N                 30W   12    E1/2 OF SE1/4     74.13000000000000000            TURNER PROPERTIES,
INC.                59-0015     12012 GRANT
                                            C/O LONGYEAR REALTY
                                            210 N. FRONT ST., 1ST FLR.
                                            MARQUETTE, MI 49855

57N                 30W   13    N1/2 OF NW1/4, SW1/4 OF NW1/4, NW1/4 OF SW1/4, NE1/4 OF
                    274.8000000000000000    LAKE SUPERIOR LAND COMPANY    77-0078     12016
                    GRANT
                                SE1/4, S1/2 OF SE1/4          101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N                 30W   13    NE1/4, SE1/4 OF NW1/4, NE1/4 OF SW1/4, S1/2 OF SW1/4
                    314.4800000000000000    TURNER PROPERTIES, INC. 59-0015     12015 GRANT
                                            C/O LONGYEAR REALTY
                                            210 N. FRONT ST., 1ST FLR.
                                            MARQUETTE, MI 49855




10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 40
57N   30W                 14    ENTIRE       640.0000000000000000        LAKE SUPERIOR LAND
COMPANY                   75-0059      12017 GRANT
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


57N   30W                 15    ENTIRE       640.0000000000000000        LAKE SUPERIOR LAND
COMPANY                   75-0059      12018 GRANT
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


57N   30W   22    ENTIRE EXC. SW1/4 OF SW1/4    600.0000000000000000                                                      LAKE
SUPERIOR LAND COMPANY   75-0059     12025 GRANT
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


57N                 30W   22    SW1/4 OF SW1/4    40.00000000000000000            TURNER PROPERTIES,
INC.                59-0915     12024 GRANT
                                            C/O LONGYEAR REALTY
                                            210 N. FRONT ST., 1ST FLR.
                                            MARQUETTE, MI 49855

57N   30W                 23    ENTIRE       640.0000000000000000        LAKE SUPERIOR LAND
COMPANY                   75-0059      15428 GRANT
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


57N   30W                 24    ENTIRE       631.1800000000000000        LAKE SUPERIOR LAND
COMPANY                   75-0059      12026 GRANT
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


57N   30W                 26    ENTIRE       640.0000000000000000        LAKE SUPERIOR LAND
COMPANY                   75-0059      12027 GRANT
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


57N   30W                 27    ENTIRE       640.0000000000000000        LAKE SUPERIOR LAND
COMPANY                   75-0059      12028 GRANT
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


57N                 30W   35    ALL THAT PART LOCATED SOUTH AND EAST OF THE GAY-BETSY ROAD
                    62.00000000000000000    KENNETH PORTER AND VIJA KUKAINIS    95-0022
                    27760 GRANT
                                EXCEPT 5 ACRES DESCRIBED AS BEGINNING ATTHE INTERSECTION
                    4130 HERITAGE LANE
                                OF THE GAY-BETSY ROAD AND THE CENTER OF WINTERS CREEK,
                    WISCONSIN RAPIDS, WI 54495




10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                             MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                 Forest Management Division – Commercial Forest Program
                                          LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                       Page 41
                                THENCE SOUTH 60 DEGREES EAST 1060 FEET, THENCE NORTH 24

                                DEGREES EAST 210 FEET, THENCE NORTH 60 DEGREES WEST 1050
                                FEET BACK TO THE GAY-BETSY ROAD.

58N   27W                 05    NW 1/4       160.0000000000000000       LAKE SUPERIOR LAND
COMPANY                   91-0123      23191 GRANT
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


58N   27W                 05    SW 1/4 OF NE 1/4 40.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   91-0123     23192 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   27W                 05    SW 1/4 OF SW 1/4 40.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   85-0171     17972 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   27W                 05    NW 1/4 OF SW 1/4 40.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   87-0153     19737 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   27W                 05    SE 1/4       160.0000000000000000       LAKE SUPERIOR LAND
COMPANY                   87-0153      19735 GRANT
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


58N   27W                 05    E 1/2 OF SW 1/4   80.00000000000000000           LAKE SUPERIOR LAND
COMPANY                   87-0153     19736 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 27W   06    ENTIRE EXC. S 1/2 OF SW 1/4 & EXC. SW 1/4 OF SE 1/4
                    520.0000000000000000    LAKE SUPERIOR LAND COMPANY    85-0171                                        17973
                    GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   27W   06    S1/2 OF SW1/4, SW1/4 OF SE1/4 120.0000000000000000                                                     LAKE
SUPERIOR LAND COMPANY   94-0050     27082 GRANT
                              101 RED JACKET ROAD
                              CALUMET, MI 49913




10/04/12 02:22 PM                                                            FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                             MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                 Forest Management Division – Commercial Forest Program
                                          LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                       Page 42
58N                 27W   07    ENTIRE FRACTL EXC. S1/2 OF S1/2 & EXC. A PARCEL 167.27
                    620.0000000000000000    LAKE SUPERIOR LAND COMPANY    94-0050      27083
                    GRANT
                                ACRES TO KEWEENAW GOLF COURSE RECORDED IN LIBER W REGISTER
                    101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   27W                 08    S 1/2 OF SE 1/4   80.00000000000000000           LAKE SUPERIOR LAND
COMPANY                   91-0123     23193 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   27W                 08    NW 1/4 OF SE 1/4 40.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   91-0123     23194 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   27W   08    SW1/4, E1/2 OF NW1/4    240.0000000000000000                                       LAKE
SUPERIOR LAND COMPANY   94-0050     27084 GRANT
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


58N   27W                 08    W 1/2 OF NW 1/4   80.00000000000000000           LAKE SUPERIOR LAND
COMPANY                   85-0171     17974 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   27W                 09    NW 1/4       160.0000000000000000       LAKE SUPERIOR LAND
COMPANY                   91-0123      23195 GRANT
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


58N   27W                 09    E1/2 FRACTIONAL   308.6500000000000000           LAKE SUPERIOR LAND
COMPANY                   94-0050     27085 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   27W   10    SW1/4 OF NW1/4, W1/2 OF SW1/4 120.0000000000000000                                                     LAKE
SUPERIOR LAND COMPANY   94-0050     27086 GRANT
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


58N   27W                 15    NW 1/4 OF NW 1/4 40.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   91-0123     23196 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913




10/04/12 02:22 PM                                                            FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                             MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                 Forest Management Division – Commercial Forest Program
                                          LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                       Page 43
58N                 27W   16    ENTIRE FRACTIONAL EXC. ISLAND IN SCHLATTER LAKE
                    402.5500000000000000    LAKE SUPERIOR LAND COMPANY    91-0123                                        23197
                    GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   27W                 17    NE 1/4       160.0000000000000000       LAKE SUPERIOR LAND
COMPANY                   91-0123      23198 GRANT
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


58N   27W   17    ENTIRE EXC. NE 1/4       480.0000000000000000                                      LAKE
SUPERIOR LAND COMPANY   85-0171      17975 GRANT
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


58N   27W                 18    NW 1/4 OF NW 1/4 40.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   90-0105     22024 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   27W   18    SW1/4, S1/2 OF NW1/4    240.0000000000000000                                       LAKE
SUPERIOR LAND COMPANY   94-0050     27087 GRANT
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


58N   27W   18    E1/2, NE1/4 OF NW1/4    360.0000000000000000                                       LAKE
SUPERIOR LAND COMPANY   85-0171     17976 GRANT
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


58N   27W                 19    NE1/4 OF NW1/4    40.00000000000000000           LAKE SUPERIOR LAND
COMPANY                   94-0050     27088 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 27W   19    ENTIRE EXC. NE 1/4 OF NW 1/4 & EXC. NW 1/4 OF SW 1/4
                    560.0000000000000000    LAKE SUPERIOR LAND COMPANY    85-0171                                        17977
                    GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   27W                 20    S 1/2 OF SW 1/4   80.00000000000000000           LAKE SUPERIOR LAND
COMPANY                   91-0123     23199 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913




10/04/12 02:22 PM                                                            FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                       MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                           Forest Management Division – Commercial Forest Program
                                    LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                 Page 44
58N   27W           20    NW 1/4 OF NW 1/4 40.00000000000000000            LAKE SUPERIOR LAND
COMPANY             85-0171     17978 GRANT
                                      101 RED JACKET ROAD
                                      CALUMET, MI 49913


58N   27W           21    N 1/2 OF NE 1/4   80.00000000000000000           LAKE SUPERIOR LAND
COMPANY             91-0123     23200 GRANT
                                      101 RED JACKET ROAD
                                      CALUMET, MI 49913


58N   27W           22    SW 1/4 OF NW 1/4 40.00000000000000000            LAKE SUPERIOR LAND
COMPANY             91-0123     23201 GRANT
                                      101 RED JACKET ROAD
                                      CALUMET, MI 49913


58N   27W           29    NW 1/4 OF NW 1/4 40.00000000000000000            LAKE SUPERIOR LAND
COMPANY             91-0123     23202 GRANT
                                      101 RED JACKET ROAD
                                      CALUMET, MI 49913


58N   27W           30    N 1/2 OF NW 1/4   80.00000000000000000           LAKE SUPERIOR LAND
COMPANY             91-0123     23203 GRANT
                                      101 RED JACKET ROAD
                                      CALUMET, MI 49913


58N   27W           30    GOV. LOTS 3 & 4   118.9000000000000000           LAKE SUPERIOR LAND
COMPANY             91-0123     23204 GRANT
                                      101 RED JACKET ROAD
                                      CALUMET, MI 49913


58N   27W           30    NE1/4 OF NE1/4    40.00000000000000000           LAKE SUPERIOR LAND
COMPANY             94-0050     27089 GRANT
                                      101 RED JACKET ROAD
                                      CALUMET, MI 49913


58N   28W           02    N 1/2 OF NE 1/4   80.00000000000000000           LAKE SUPERIOR LAND
COMPANY             85-0171     17979 GRANT
                                      101 RED JACKET ROAD
                                      CALUMET, MI 49913


58N   28W           02    N 1/2 OF NW 1/4   80.00000000000000000           LAKE SUPERIOR LAND
COMPANY             86-0153     19011 GRANT
                                      101 RED JACKET ROAD
                                      CALUMET, MI 49913


58N   28W           02    S 1/2 OF N 1/2    160.0000000000000000           LAKE SUPERIOR LAND
COMPANY             86-0153     19012 GRANT



10/04/12 02:22 PM                                                      FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 45
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


58N                 28W   02    S 1/2 320.0000000000000000    LAKE SUPERIOR LAND COMPANY
                    86-0153     19013 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   28W                 03    W 1/2 OF SE 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   86-0153     19016 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   28W                 03    SW 1/4       160.0000000000000000        LAKE SUPERIOR LAND
COMPANY                   90-0105      22025 GRANT
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


58N   28W                 03    W 1/2 OF NE 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   86-0153     19014 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   28W                 03    E 1/2 OF E 1/2    160.0000000000000000            LAKE SUPERIOR LAND
COMPANY                   85-0171     17980 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   28W                 03    NW 1/4       160.0000000000000000        LAKE SUPERIOR LAND
COMPANY                   86-0153      19015 GRANT
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


58N   28W                 04    N 1/2 OF S 1/2    160.0000000000000000            LAKE SUPERIOR LAND
COMPANY                   90-0105     22026 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   28W                 04    S 1/2 OF N 1/2    160.0000000000000000            LAKE SUPERIOR LAND
COMPANY                   90-0105     22027 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 28W   04    N 1/2 OF N 1/2 EXC. 3.65 AC., S 1/2 OF S 1/2
                    314.3500000000000000    LAKE SUPERIOR LAND COMPANY    85-0171                                         17981
                    GRANT
                                            101 RED JACKET ROAD



10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 46
                                             CALUMET, MI    49913


58N   28W                 05    NW 1/4       160.0000000000000000        LAKE SUPERIOR LAND
COMPANY                   91-0123      23205 GRANT
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


58N   28W                 05    S 1/2 OF S 1/2    160.0000000000000000            LAKE SUPERIOR LAND
COMPANY                   85-0171     17982 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   28W                 05    N 1/2 OF SW 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   91-0123     23206 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 28W   06    ENTIRE FRACTL EXC. S1/2 OF S1/2 & EXC. A PARCEL 167.27
                    289.0299999999999488    LAKE SUPERIOR LAND COMPANY    91-0123      23207
                    GRANT
                                ACRES TO KEWEENAW GOLF COURSE RECORDED IN LIBER W REGISTER
                    101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   28W   06    S 1/2 OF S 1/2 FRACTIONAL     152.1800000000000000                                                      LAKE
SUPERIOR LAND COMPANY   85-0171     17983 GRANT
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


58N   28W                 07    NW 1/4 FRACTIONAL 145.0500000000000000            LAKE SUPERIOR LAND
COMPANY                   91-0123     23208 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 28W   07    S1/2 306.2100000000000000     LAKE SUPERIOR LAND COMPANY
                    94-0050     27090 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   28W                 07    NE 1/4       160.0000000000000000        LAKE SUPERIOR LAND
COMPANY                   85-0171      17984 GRANT
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


58N                 28W   08    NW 1/4, NW 1/4 OF NE 1/4, & W 1/2 OF NE 1/4 OF NE 1/4
                    220.0000000000000000    LAKE SUPERIOR LAND COMPANY    85-0171     17985
                    GRANT



10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                             MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                 Forest Management Division – Commercial Forest Program
                                          LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                       Page 47
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 28W   08    SW1/4, SW1/4 OF SE1/4, E1/2 OF SE1/4 OF SE1/4
                    220.0000000000000000   LAKE SUPERIOR LAND COMPANY    94-0050                                         27091
                    GRANT
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913


58N                 28W   09    NE1/4 OF NE1/4 OF SE1/4 OF NW1/4, S1/2 OF NE1/4 OF SW1/4,
                    102.5000000000000000    LAKE SUPERIOR LAND COMPANY    94-0050     27092
                    GRANT
                                S1/2 OF SW1/4           101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   28W   09    NE 1/4, NE 1/4 OF NW 1/4      200.0000000000000000                                                     LAKE
SUPERIOR LAND COMPANY   85-0171     17986 GRANT
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


58N   28W                 09    SE 1/4       160.0000000000000000       LAKE SUPERIOR LAND
COMPANY                   87-0153      19738 GRANT
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


58N   28W                 10    NW 1/4 OF NW 1/4 40.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   85-0171     17987 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 28W   10    ENTIRE EXCEPT NW 1/4 OF NW 1/4       600.0000000000000000
                    LAKE SUPERIOR LAND COMPANY    88-0111      20656 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 28W   11    N 1/2 320.0000000000000000   GENE R. ARNTSEN TRUST                                       84-
0174                16873 GRANT
                                            2152 ORCHARD ST
                                            MARQUETTE, MI 49855


58N   28W                 11    SW 1/4       160.0000000000000000       LAKE SUPERIOR LAND
COMPANY                   86-0153      19017 GRANT
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


58N                 28W   11    W 1/2 OF W 1/2 OF W 1/2 OF SE 1/4   20.00000000000000000
                    LAKE SUPERIOR LAND COMPANY    87-0153     19739 GRANT



10/04/12 02:22 PM                                                            FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 48
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


58N   28W                 12    ENTIRE       640.0000000000000000        LAKE SUPERIOR LAND
COMPANY                   94-0050      27093 GRANT
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


58N                 28W   13    NE1/4, E1/2 OF NW1/4, N1/2 OF SE1/4, NE1/4 OF SW1/4
                    360.0000000000000000    LAKE SUPERIOR LAND COMPANY    94-0050                                         27094
                    GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   28W                 13    S 1/2 OF S 1/2    160.0000000000000000            LAKE SUPERIOR LAND
COMPANY                   85-0171     17988 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   28W                 13    W 1/2 OF NW 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   89-0062     21441 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   28W                 13    NW 1/4 OF SW 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                   89-0062     21442 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   28W                 14    ENTIRE FRACTIONAL 631.6000000000000000            LAKE SUPERIOR LAND
COMPANY                   94-0050     27095 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   28W                 15    ENTIRE       640.0000000000000000        LAKE SUPERIOR LAND
COMPANY                   86-0153      19018 GRANT
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


58N                 28W   16    S1/2 320.0000000000000000     LAKE SUPERIOR LAND COMPANY
                    94-0050     27096 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 28W   16    N 1/2 320.0000000000000000    LAKE SUPERIOR LAND COMPANY
                    86-0153     19019 GRANT
                                            101 RED JACKET ROAD



10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                             MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                 Forest Management Division – Commercial Forest Program
                                          LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                       Page 49
                                            CALUMET, MI    49913


58N   28W                 17    N 1/2 OF N 1/2    160.0000000000000000           LAKE SUPERIOR LAND
COMPANY                   91-0123     23209 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   28W   17    S1/2 OF SE1/4, SE1/4 OF SW1/4 120.0000000000000000                                                     LAKE
SUPERIOR LAND COMPANY   94-0050     27097 GRANT
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


58N   28W   17    GOV. LOTS 1 THRU 6       251.7000000000000000                                      LAKE
SUPERIOR LAND COMPANY   87-0153      19740 GRANT
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


58N   28W   18    GOV. LOT 1 & 2    63.45000000000000000    HEARTWOOD
FORESTLAND FUND II, LP 82-0131      4197 GRANT
                              C/O THE FORESTLAND GROUP, LLC
                              RT 1, BOX 198A, HWY M-26
                              ATLANTIC MINE, MI 49905

58N                 28W   18    SW1/4 OF SE1/4, E1/2 OF SE1/4        120.0000000000000000
                    HEARTWOOD FORESTLAND FUND II, LP    82-0131      4199 GRANT
                                            C/O THE FORESTLAND GROUP, LLC
                                            RT 1, BOX 198A, HWY M-26
                                            ATLANTIC MINE, MI 49905

58N   28W                 18    S 1/2 OF N 1/2    160.0000000000000000           LAKE SUPERIOR LAND
COMPANY                   89-0062     21446 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   28W                 18    NW 1/4 OF SE 1/4 40.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   89-0062     21448 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   28W                 18    N1/2 OF N1/2       153.2000000000000000          LAKE SUPERIOR LAND
COMPANY                   94-0050     27098 GRANT
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


58N   28W                 18    N 1/2 OF SW 1/4   80.00000000000000000           LAKE SUPERIOR LAND
COMPANY                   89-0062     21447 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913




10/04/12 02:22 PM                                                            FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 50

58N   28W                 19    GOV. LOTS 1 & 2   86.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   87-0153     19741 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 28W   19    N1/2 OF SW1/4     73.20000000000000000            TURNER PROPERTIES,
INC.                60-0023     3873 GRANT
                                            C/O LONGYEAR REALTY
                                            210 N. FRONT ST., 1ST FLR.
                                            MARQUETTE, MI 49855

58N                 28W   19    GOV. LOTS 3 & 4   64.25000000000000000            TURNER PROPERTIES,
INC.                60-0023     4198 GRANT
                                            C/O LONGYEAR REALTY
                                            210 N. FRONT ST., 1ST FLR.
                                            MARQUETTE, MI 49855

58N   28W   19                  S3/4 OF E1/2, SE1/4 OF SW1/4 280.0000000000000000                                         TURNER
PROPERTIES, INC.                60-0023     12088 GRANT
                                            C/O LONGYEAR REALTY
                                            210 N. FRONT ST., 1ST FLR.
                                            MARQUETTE, MI 49855

58N   28W   20    ENTIRE                     640.0000000000000000     HEARTWOOD FORESTLAND
FUND II, LP 82-0131      4200                GRANT
                                             C/O THE FORESTLAND GROUP, LLC
                                             RT 1, BOX 198A, HWY M-26
                                             ATLANTIC MINE, MI 49905

58N                 28W   21    S 1/2 320.0000000000000000    LAKE SUPERIOR LAND COMPANY
                    90-0105     22035 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 28W   21    N 1/2 320.0000000000000000    LAKE SUPERIOR LAND COMPANY
                    88-0111     20659 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   28W                 22    NW 1/4       160.0000000000000000        LAKE SUPERIOR LAND
COMPANY                   91-0123      23210 GRANT
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


58N   28W   22    NE1/4 FRACTIONAL, S1/2 478.2000000000001024                                         LAKE
SUPERIOR LAND COMPANY   94-0050     27099 GRANT
                              101 RED JACKET ROAD
                              CALUMET, MI 49913




10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 51
58N   28W                 23    ENTIRE       628.4000000000000000        LAKE SUPERIOR LAND
COMPANY                   91-0123      23211 GRANT
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


58N   28W                 24    S 1/2 FRACTIONAL 257.6500000000000000             LAKE SUPERIOR LAND
COMPANY                   91-0123     23213 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   28W                 24    NE 1/4       160.0000000000000000        LAKE SUPERIOR LAND
COMPANY                   86-0153      19023 GRANT
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


58N   28W                 24    S 1/2 OF NW 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   91-0123     23212 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   28W                 24    N 1/2 OF NW 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   86-0153     19022 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 28W   25    N 1/2 320.0000000000000000    LAKE SUPERIOR LAND COMPANY
                    91-0123     23214 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 28W   26    N 1/2 320.0000000000000000    LAKE SUPERIOR LAND COMPANY
                    91-0123     23215 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   28W                 26    SE 1/4       160.0000000000000000        LAKE SUPERIOR LAND
COMPANY                   91-0123      23216 GRANT
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


58N   28W                 26    NE 1/4 OF SW 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                   91-0123     23217 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   28W                 27    NE 1/4       160.0000000000000000        LAKE SUPERIOR LAND
COMPANY                   91-0123      23218 GRANT



10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                             MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                 Forest Management Division – Commercial Forest Program
                                          LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                       Page 52
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   28W                27    N 1/2 OF NW 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                  91-0123     23219 GRANT
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913


58N   28W                28    N 1/2 OF N 1/2    160.0000000000000000            LAKE SUPERIOR LAND
COMPANY                  91-0123     23220 GRANT
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913


58N   28W                29    N 1/2 OF NE 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                  91-0123     23221 GRANT
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913


58N   28W                30    NE 1/4       160.0000000000000000        LAKE SUPERIOR LAND
COMPANY                  91-0123      23222 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   28W                30    E 1/2 OF NW 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                  91-0123     23223 GRANT
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913


58N   29W                07    S 1/2 FRACTIONAL 302.2400000000000000             LAKE SUPERIOR LAND
COMPANY                  85-0171     17996 GRANT
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913


58N   29W                08    S 1/2 FRACTIONAL 259.4000000000000000             LAKE SUPERIOR LAND
COMPANY                  86-0153     19002 GRANT
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913


58N                 29W   10    S1/2 FRACTL. EXC. 36.42 ACRES IN ASSESSOR'S PLAT OF LAKE
                    207.2800000000000000    LAKE SUPERIOR LAND COMPANY    91-0124    23231
                    GRANT
                                MEDORA            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 29W   11    S 1/2 FRACTL EXC. 6.98 ACRES IN ASSESSOR'S PLAT OF LAKE
                    311.0200000000000000    LAKE SUPERIOR LAND COMPANY    91-0124     23233
                    GRANT



10/04/12 02:22 PM                                                            FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 53
                                MEDORA             101 RED JACKET ROAD
                                             CALUMET, MI 49913


58N   29W   12                  W1/2 OF SW 1/4    80.00000000000000000            GENE R. ARNTSEN
TRUST 84-0174                   29346 GRANT
                                            2152 ORCHARD ST
                                            MARQUETTE, MI 49855


58N   29W                 12    E1/2 OF SW 1/4    80.00000000000000000            JON C. AND TIA M.
ARNTSEN                   84-0174     29347 GRANT
                                            504 W. HEWITT
                                            MARQUETTE, MI 49855


58N                 29W   12    SE1/4 160.0000000000000000    LAKE SUPERIOR LAND COMPANY
                    94-0050     27100 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 29W   13    S1/2 320.0000000000000000     HEARTWOOD FORESTLAND FUND II,
LP                  79-0080     12093 GRANT
                                            C/O THE FORESTLAND GROUP, LLC
                                            RT 1, BOX 198A, HWY M-26
                                            ATLANTIC MINE, MI 49905

58N   29W   13    S 1/2 OF S 1/2 OF N 1/2 80.00000000000000000                                        LAKE
SUPERIOR LAND COMPANY   89-0062     21454 GRANT
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


58N   29W   13    N 1/2 OF SE 1/4 OF NE 1/4     20.00000000000000000                                                      LAKE
SUPERIOR LAND COMPANY   89-0062     21455 GRANT
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


58N                 29W   13    N1/2 OF N1/2, N1/2 OF SW1/4 OF NE1/4, N1/2 OF S1/2 OF NW1/4
                    220.0000000000000000    LAKE SUPERIOR LAND COMPANY    94-0050     27101
                    GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 29W   14    N1/2 320.0000000000000000     LAKE SUPERIOR LAND COMPANY
                    94-0050     27102 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 29W   14    S 1/2 320.0000000000000000    LAKE SUPERIOR LAND COMPANY
                    86-0153     19005 GRANT
                                            101 RED JACKET ROAD



10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                             MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                 Forest Management Division – Commercial Forest Program
                                          LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                       Page 54
                                            CALUMET, MI     49913


58N                 29W   15    NW1/4 EXC. W1/2 OF W1/2 OF NW1/4 OF NW1/4 (10 ACRES) &
                    144.0000000000000000    GENE R. ARNTSEN TRUST   86-0108     18989 GRANT
                                EXC. ALL THAT PART OF THE NW1/4 OF NW1/4 LYING W'LY OF
                    2152 ORCHARD ST
                                THE LINE 200 FT E'LY OF AND PARALLEL TO (MEASURED AT RIGHT
                          MARQUETTE, MI 49855
                                ANGLES FROM) THE CENTERLINE OF HWY US-41 AS NOW ESTABLISHED

                               AND CONTAINING CONCLUSIVE OF THE ROW OF THE EXISTING ROAD
                               6.00 ACRESMORE OR LESS.) THE ABOVE MENTIONED C/L OF HWY
                               AS NOW ESTABLISHED BEING AS FOLLOWS: BEGINNING ATA POINT
                               ON THE WEST LINE OF SAID SEC.15, APPROX. 643' SOUTH OF
                               THE NW CORNER THEREOF, THENCE NORTH 24 DEG. 07' E 222.7
                                FT TO THE POINT OF CURVE OF A 20 DEG 00' CURVE TO THE
                               LEFT, THENCE NE'LY ALONG THE ARC OF SAID CURVE 82.1 FT
                               TO THE POINT OF TANGENT, THENCE N 07 DEG.20' E 178.1 FEET
                               TO THE POINTOF CURVE OF A 20 DEG.00' CURVE TO THE LEFT,
                               THENCE N'LY ALONG THE ARC OF SAID CURVE 143.0 FT.TO THEPOINT
                               OF TANGENT, THENCE N 21 DEG.16' W 50.0 FT M/L TO A POINT
                               ON THE NORTH LINE OF SAID SEC. 15, APPROX. 114 FT. EAST
                               OF THE NW CORNER THEREOF AND BEING THE POINT OF ENDING.

58N   29W   15    S 1/2 OF S 1/2    160.0000000000000000    HEARTWOOD
FORESTLAND FUND II, LP 88-0080      20454 GRANT
                              C/O THE FORESTLAND GROUP, LLC
                              RT 1, BOX 198A, HWY M-26
                              ATLANTIC MINE, MI 49905

58N   29W                15    N 1/2 OF S 1/2    160.0000000000000000            LAKE SUPERIOR LAND
COMPANY                  89-0062     21456 GRANT
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913


58N   29W                15    N 1/2 OF NE 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                  85-0171     17999 GRANT
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913


58N   29W                15    S1/2 OF NE1/4     80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                  94-0050     27103 GRANT
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913


58N                 29W   16    S1/2 EXC. NE1/4 OF SE1/4,& EXC. W1/2 OF W1/2 OF E1/2 OF
                    200.0000000000000000    GENE R. ARNTSEN TRUST   86-0108     18990 GRANT
                                SW1/4 & EX. E1/2 OF E1/2 OF W1/2 OF SW1/4       2152 ORCHARD
ST
                                            MARQUETTE, MI     49855




10/04/12 02:22 PM                                                            FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                             MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                 Forest Management Division – Commercial Forest Program
                                          LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                       Page 55
58N                 29W   16    N1/4 EXC. THAT PORTION OF A 400' ROW WHICH LIES WITHIN
                    121.9300000000000000    GENE R. ARNTSEN TRUST   86-0108     18991 GRANT
                                SAID N1/4 CENTERLINE DESC AS: COMMENCING ATA POINT ON
                    2152 ORCHARD ST
                                THE WEST LINE OF SEC.16 WHICH IS 1246 FT. SOUTH OF THE
                    MARQUETTE, MI 49855
                                NW CORNER OF SAID SEC.16; THENCE N 87 DEG 55' E, 829.6

                                FT .TO THE POINT OF CURVE OF A 10 DEG, 00' CURVE TO THE
                                RIGHT; THENCE SE'LY ALONG THE ARC OF A SAID CURVE WHOSE
                                CHORD BEARS S 85 DEG, 05' E, 140.0' TO THE POINT OF TANGENT
                                OF SAID CURVE THENCE SOUTH 78 DEG. 05' EAST, 132.6 FT.
                                TO THE POINT OF CURVE OF A 4 DEG 00' CURVE TO THE
LEFT,THENCE
                                SE'LY ALONG THE ARC OF SAID CURVE WHOSE CORD BEARS S 87
                                DEG, 40' E, 479.2 FT TO THE POINT OF TANGENT OF SAID CURVE;
                                THENCE N 82 DEG 45' E, 184.5 FEET TO THE POINT OF CURVE
                                OF AN 8 DEG 00' CURVE TOTHE RIGHT; THENCE SE'LY ALONG THE
                                ARC OF SAID CURVE WHOSE CHORD BEARS S 87 DEG 45' E 237.5
                                FT TO THE POINT OF TANGENT OF SAID CURVE, THENCE S 78 DEG
                                15' E 768.0 FT. TO THE POINT OF CURVE OF A 7 DEG. 00' CURVE
                                TO THE LEFT; THENCE NE'LY ALONG THE ARC OF SAID CURVE
                                WHOSE CHORD BEARS   N 84 DEG. 15' E 500 FT TO THE POINT
                                OF TANGENT OF SAID CURVE; THENCE NORTH 66 DEG 45' E 253.7
                                FT TO THE POINT OF CURVE OF A 10 DEG 00' CURVE TO THE
                                RIGHT THENCE NE'LY ALONG THE ARC OF SAID CURVE, WHOSE
CHORDBEARS
                                N 75DEG 11' 30" E 168.8 FT.TO THE POINT OF TANGENT OF SAID
                                CURVE; THENCE N 83 DEG38' E 502.7 FT. TO THE POINT OF CURVE
                                OF A 6 DEG 00' CURVE TO THE LEFT; THENCE NE'LY ALONG THE
                                ARC OF SAID CURVEWHOSE CHORD BEARS N 77 DEG 13' E 213.7
                                FT TO THE POINT OF TANGENT OF SAID CURVE; THENCE N 70 DEG
                                48' E 663 FEET TOTHE POINT OF CURVE OF AN 18 DEG 00' CURVE
                                TO THE LEFT; THENCE NE'LY ALONG THE ARC OFSAID CURVE, WHOSE
                                CHORD BEARS N 47 DEG 16' 30" E 261.4 FT TO THE POINT OF
                                TANGENT OF SAID CURVE, THENCE N 23 DEG 45' E 373.0 FT TO
                                THE POINT OF CURVE OF A 20 DEG 00' CURVE TOTHE LEFT; THENCE
                                 NE'LY ALONG THE ARC OFSAID CURVE, WHOSE CHORD BEARS N
                                15 DEG,32' 30" E 82.1 FEET TO THE POINT OF TANGENT OF
                                SAID CURVE; THENCE N 07 DEG 20' E, 178.1 FEET TO THE POINT
                                OF CURVE OF A 20 DEG 00' CURVE TO THE LEFT; THENCE NW'LY
                                ALONG THE TANGENT OF SAID CURVE WHOSE CHORD BEARS N 06
                                DEG 58' W, 143.0 FT.TO THEPOINT OF TANGENT OF SAID CURVE;
                                THENCE N 21 DEG 16' W 50.0 FT TO A POINT ON THE N LINE
                                OF SEC.16 WHICH IS 114 FT EAST OF THE NE CORNER OF SAID
                                SEC.16, AND BEING THE POINT OF ENDING OF THIS DESCRIPTION.

58N                 29W   17    E1/2 EXCEPT NW1/4 OF SE1/4 OF NE1/4 310.0000000000000000
                    LAKE SUPERIOR LAND COMPANY    87-0153     19744 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 29W   17    SW1/4 EXC. W1/2 OF NW1/4 OF NE1/4 OF SW1/4
                    155.0000000000000000    LAKE SUPERIOR LAND COMPANY     87-0153                                       19745
                    GRANT



10/04/12 02:22 PM                                                            FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 56
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


58N                 29W   17    NE 1/4 OF NW 1/4 EXC. SE 1/4 OF NE 1/4 OF NW 1/4 AND E
                    25.00000000000000000    LAKE SUPERIOR LAND COMPANY    87-0153      19746
                    GRANT
                                1/2 OF SW 1/4 OF NE1/4 OF NW 1/4          101 RED JACKET
ROAD
                                             CALUMET, MI    49913


58N   29W                 17    W 1/2 OF NW 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   87-0153     19747 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 29W   17    W 1/2 OF NW 1/4 OF SE 1/4 OF NW 1/4 5.000000000000000000
                    LAKE SUPERIOR LAND COMPANY    87-0153     19748 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   29W                 18    N 1/2 OF N 1/2    151.5000000000000000            LAKE SUPERIOR LAND
COMPANY                   86-0153     19010 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   29W   18    ENTIRE EXC. N 1/2 OF N 1/2    455.7000000000000000                                                      LAKE
SUPERIOR LAND COMPANY   87-0153     19749 GRANT
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


58N   29W   19    S 1/2 OF NW 1/4   71.56999999999998976    HEARTWOOD
FORESTLAND FUND II, LP 85-0092      17455 GRANT
                              C/O THE FORESTLAND GROUP, LLC
                              RT 1, BOX 198A, HWY M-26
                              ATLANTIC MINE, MI 49905

58N                 29W   19    S 1/2 301.8700000000000000    HEARTWOOD FORESTLAND FUND II,
LP                  85-0092     17456 GRANT
                                            C/O THE FORESTLAND GROUP, LLC
                                            RT 1, BOX 198A, HWY M-26
                                            ATLANTIC MINE, MI 49905

58N   29W   19    SW 1/4 OF NE 1/4 40.00000000000000000     HEARTWOOD
FORESTLAND FUND II, LP 85-0092      17454 GRANT
                              C/O THE FORESTLAND GROUP, LLC
                              RT 1, BOX 198A, HWY M-26
                              ATLANTIC MINE, MI 49905

58N   29W                 19    N 1/2 OF N 1/2    151.9900000000000000            LAKE SUPERIOR LAND
COMPANY                   87-0153     19750 GRANT



10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 57
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


58N   29W                 19    SE 1/4 OF NE 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                   87-0153     19751 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   29W                 20    ENTIRE       640.0000000000000000        LAKE SUPERIOR LAND
COMPANY                   87-0153      19752 GRANT
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


58N   29W   21    N 1/2 OF N 1/2    160.0000000000000000    HEARTWOOD
FORESTLAND FUND II, LP 85-0092      17457 GRANT
                              C/O THE FORESTLAND GROUP, LLC
                              RT 1, BOX 198A, HWY M-26
                              ATLANTIC MINE, MI 49905

58N                 29W   21    SE1/4 OF NW1/4, SW1/4 OF NE1/4      80.00000000000000000
                    LAKE SUPERIOR LAND COMPANY    85-0171     18002 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 29W   21    S 1/2 320.0000000000000000    LAKE SUPERIOR LAND COMPANY
                    87-0153     19753 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   29W                 21    SE 1/4 OF NE 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                   87-0153     19754 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   29W                 21    SW 1/4 OF NW 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                   87-0153     19755 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   29W   22    N 1/2 OF NW 1/4   80.00000000000000000    HEARTWOOD
FORESTLAND FUND II, LP 85-0092      17458 GRANT
                              C/O THE FORESTLAND GROUP, LLC
                              RT 1, BOX 198A, HWY M-26
                              ATLANTIC MINE, MI 49905

58N   29W                 22    S 1/2 OF SW 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   89-0062     21457 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913



10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                             MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                 Forest Management Division – Commercial Forest Program
                                          LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                       Page 58



58N   29W                22    SE 1/4       160.0000000000000000        LAKE SUPERIOR LAND
COMPANY                  89-0062      21458 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   29W                22    S 1/2 OF NE 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                  89-0062     21459 GRANT
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913


58N   29W                22    NE 1/4 OF NE 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                  89-0062     21460 GRANT
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913


58N                 29W   22    NW1/4 OF NE1/4, S1/2 OF NW1/4, N1/2 OF SW1/4
                    200.0000000000000000    LAKE SUPERIOR LAND COMPANY    85-0171                                        18003
                    GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   29W   23    ENTIRE       640.0000000000000000     HEARTWOOD FORESTLAND
FUND II, LP 79-0080      12094 GRANT
                               C/O THE FORESTLAND GROUP, LLC
                               RT 1, BOX 198A, HWY M-26
                               ATLANTIC MINE, MI 49905

58N   29W   24    ENTIRE       640.0000000000000000     HEARTWOOD FORESTLAND
FUND II, LP 79-0080      12095 GRANT
                               C/O THE FORESTLAND GROUP, LLC
                               RT 1, BOX 198A, HWY M-26
                               ATLANTIC MINE, MI 49905

58N                 29W   25    ENTIRE FRACTIONAL LYING NORTH OF SMITH'S FISHERY ROAD
                    369.7000000000001024    HEARTWOOD FORESTLAND FUND II, LP    94-0018
                    26050 GRANT
                                            C/O THE FORESTLAND GROUP, LLC
                                            RT 1, BOX 198A, HWY M-26
                                            ATLANTIC MINE, MI 49905

58N                 29W   26    N 1/2 EXCEPT SE 1/4 OF NE 1/4 280.0000000000000000
                    HEARTWOOD FORESTLAND FUND II, LP    85-0092      17460 GRANT
                                            C/O THE FORESTLAND GROUP, LLC
                                            RT 1, BOX 198A, HWY M-26
                                            ATLANTIC MINE, MI 49905

58N   29W   26    NE1/4 OF SE1/4    40.00000000000000000    HEARTWOOD
FORESTLAND FUND II, LP 99-0018      29096 GRANT
                              C/O THE FORESTLAND GROUP, LLC
                              RT 1, BOX 198A, HWY M-26



10/04/12 02:22 PM                                                            FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                             MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                 Forest Management Division – Commercial Forest Program
                                          LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 59
                                            ATLANTIC MINE, MI     49905

58N   29W                26    NW 1/4 OF SE 1/4 40.00000000000000000              LAKE SUPERIOR LAND
COMPANY                  91-0124     23236 GRANT
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913


58N   29W   27    NE1/4, E1/2 OF NW1/4, SW1/4 OF NW1/4, NW1/4 OF SW1/4, NE1/4
      400.0000000000000000    HEARTWOOD FORESTLAND FUND II, LP     79-0080
      12097 GRANT
                  OF SW1/4, NW1/4 OF SE1/4             C/O THE FORESTLAND
GROUP, LLC
                              RT 1, BOX 198A, HWY M-26
                              ATLANTIC MINE, MI 49905

58N   29W   27    SW1/4 SW1/4 40.00000000000000000     HEARTWOOD FORESTLAND
FUND II, LP 80-0114     12098 GRANT
                              C/O THE FORESTLAND GROUP, LLC
                              RT 1, BOX 198A, HWY M-26
                              ATLANTIC MINE, MI 49905

58N   29W   27    NW 1/4 OF NW 1/4 40.00000000000000000     HEARTWOOD
FORESTLAND FUND II, LP 85-0092      17462 GRANT
                              C/O THE FORESTLAND GROUP, LLC
                              RT 1, BOX 198A, HWY M-26
                              ATLANTIC MINE, MI 49905

58N                 29W   28    SE1/4, W1/2 OF NE1/4, SE1/4 OF NE1/4
                    280.0000000000000000    HEARTWOOD FORESTLAND FUND II, LP                          79-0080
                    12099 GRANT
                                            C/O THE FORESTLAND GROUP, LLC
                                            RT 1, BOX 198A, HWY M-26
                                            ATLANTIC MINE, MI 49905

58N   29W   28    NE 1/4 OF NE 1/4 40.00000000000000000     HEARTWOOD
FORESTLAND FUND II, LP 85-0092      17463 GRANT
                              C/O THE FORESTLAND GROUP, LLC
                              RT 1, BOX 198A, HWY M-26
                              ATLANTIC MINE, MI 49905

58N   29W   28    SW1/4, S1/2 OF NW1/4    240.0000000000000000                                        LAKE
SUPERIOR LAND COMPANY   94-0050     27104 GRANT
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


58N   29W                28    N 1/2 OF NW 1/4   80.00000000000000000             LAKE SUPERIOR LAND
COMPANY                  88-0111     20662 GRANT
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913


58N   29W                29    ENTIRE       640.0000000000000000          LAKE SUPERIOR LAND
COMPANY                  94-0050      27105 GRANT
                                            101 RED JACKET ROAD



10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 60
                                             CALUMET, MI    49913


58N   29W                 30    SE 1/4       160.0000000000000000        LAKE SUPERIOR LAND
COMPANY                   89-0062      21462 GRANT
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


58N                 29W   30    W1/2 EXC. O.23 ACRES OF LAND IN THE NE1/4 OF NW1/4 DESCRIBED
                    319.7700000000000000    LAKE SUPERIOR LAND COMPANY    89-0062     23541
                    GRANT
                                AS: BEGINNING AT A 1" O. D. CAPPED PIPE LOCATED 972.84
                    101 RED JACKET ROAD
                                FEET SOUTH AND 2,244.39 FEET EAST OF THE NORTHWEST CORNER
                    CALUMET, MI 49913
                                OF SECTION 30, THENCE NORTH 85 DEG 39' 03" EAST 100 FT

                                TO A 1" O.D. CAPPED PIPE;     THENCE SOUTH 4 DEG 20' 57"
EAST100
                                FEET TOA1" O.D. CAPPED PIPE; THENCE SOUTH 85 DEG 39' 03"
                                WEST 100 FT TO A 1" O.D. CAPPED PIPE; THENCE NORTH 4 DEG
                                20' 57" WEST 100 FT TO THE POINT OF BEGINNING AND CONTAINING
                                0.23 ACRES MORE OR LESS.

58N                 29W   30    NE1/4 160.0000000000000000    LAKE SUPERIOR LAND COMPANY
                    94-0050     27106 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 30W   10    S 1/2 320.0000000000000000    LAKE SUPERIOR LAND COMPANY
                    87-0153     19760 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   30W   11    W 1/2 OF W 1/2 OF SE 1/4      40.00000000000000000                                                      LAKE
SUPERIOR LAND COMPANY   87-0153     19761 GRANT
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


58N   30W                 11    SW 1/4       160.0000000000000000        LAKE SUPERIOR LAND
COMPANY                   87-0153      19762 GRANT
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


58N   30W   12    E1/2 OF E1/2 OF SW1/4. SE1/4 200.0000000000000000                                                       LAKE
SUPERIOR LAND COMPANY   85-0171     18008 GRANT
                              101 RED JACKET ROAD
                              CALUMET, MI 49913




10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 61
58N   30W   13    E 1/2 OF E 1/2 OF W 1/2 80.00000000000000000                                        LAKE
SUPERIOR LAND COMPANY   87-0153     19763 GRANT
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


58N                 30W   13    E 1/2 320.0000000000000000    LAKE SUPERIOR LAND COMPANY
                    87-0153     19764 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   30W                 14    NW 1/4       160.0000000000000000        LAKE SUPERIOR LAND
COMPANY                   87-0153      19765 GRANT
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


58N   30W   14    W 1/2 OF W 1/2 OF NE 1/4      40.00000000000000000                                                      LAKE
SUPERIOR LAND COMPANY   87-0153     19766 GRANT
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


58N                 30W   15    N 1/2 EXC. 13.25 AC. TO DELAWARE MINE DESC. AS: BEGINNING
                    306.7500000000000000    LAKE SUPERIOR LAND COMPANY    91-0127      23293
                    GRANT
                                ON THE E-W 1/4 LINE OF SEC.15 AT A POINT DUE WEST 753.51'
                    101 RED JACKET ROAD
                                FROM THE EAST 1/4 CORNER, THENCE WEST ALONG THE E-W 1/4
                    CALUMET, MI 49913
                                LINE 1999.96', THENCE NORTH2 DEG 41' 15" EAST 288.29',

                                THENCE NORTH 89 DEG 59' 30" EAST 1999.85' THENCE SOUTH
                                2 DEG 39' 30" WEST 288.58' TO POINT OF BEGINNING. 13.25
                                AC. M/L

58N                 30W   15    S 1/2 OF S 1/2 EXCEPT SW1/4 OF SE1/4
                    120.0000000000000000    LAKE SUPERIOR LAND COMPANY            91-0127                                 23294
                    GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 30W   22    ENTIRE EXCEPT NW 1/4 OF SW 1/4       600.0000000000000000
                    LAKE SUPERIOR LAND COMPANY    85-0171      18009 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   30W                 23    ENTIRE       640.0000000000000000        LAKE SUPERIOR LAND
COMPANY                   85-0171      18010 GRANT
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913




10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 62
58N   30W                 24    ENTIRE       640.0000000000000000        LAKE SUPERIOR LAND
COMPANY                   89-0062      21469 GRANT
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


58N                 30W   25    E 1/2 320.0000000000000000    LAKE SUPERIOR LAND COMPANY
                    89-0062     21470 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 30W   25    W 1/2 320.0000000000000000    LAKE SUPERIOR LAND COMPANY
                    87-0153     19767 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 30W   26    S1/2 320.0000000000000000     HEARTWOOD FORESTLAND FUND II,
LP                  79-0080     12104 GRANT
                                            C/O THE FORESTLAND GROUP, LLC
                                            RT 1, BOX 198A, HWY M-26
                                            ATLANTIC MINE, MI 49905

58N                 30W   26    N 1/2 320.0000000000000000    LAKE SUPERIOR LAND COMPANY
                    88-0111     20663 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 30W   27    S1/2 320.0000000000000000     HEARTWOOD FORESTLAND FUND II,
LP                  79-0080     12105 GRANT
                                            C/O THE FORESTLAND GROUP, LLC
                                            RT 1, BOX 198A, HWY M-26
                                            ATLANTIC MINE, MI 49905

58N                 30W   27    N 1/2 320.0000000000000000    LAKE SUPERIOR LAND COMPANY
                    88-0111     20664 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   30W   34    SW1/4, S1/2 OF SE1/4    240.0000000000000000                                        HEARTWOOD
FORESTLAND FUND II, LP 79-0080      12108 GRANT
                              C/O THE FORESTLAND GROUP, LLC
                              RT 1, BOX 198A, HWY M-26
                              ATLANTIC MINE, MI 49905

58N   30W   34    NW 1/4       160.0000000000000000     HEARTWOOD FORESTLAND
FUND II, LP 84-0098      16266 GRANT
                               C/O THE FORESTLAND GROUP, LLC
                               RT 1, BOX 198A, HWY M-26
                               ATLANTIC MINE, MI 49905

58N   30W   34    N 1/2 OF SE 1/4                   80.00000000000000000          HEARTWOOD
FORESTLAND FUND II, LP 84-0098                      16267 GRANT



10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 63
                                             C/O THE FORESTLAND GROUP, LLC
                                             RT 1, BOX 198A, HWY M-26
                                             ATLANTIC MINE, MI 49905

58N   30W   34    N 1/2 OF NE 1/4   80.00000000000000000    HEARTWOOD
FORESTLAND FUND II, LP 84-0098      16273 GRANT
                              C/O THE FORESTLAND GROUP, LLC
                              RT 1, BOX 198A, HWY M-26
                              ATLANTIC MINE, MI 49905

58N                 30W   35    S 1/2, EXC. SE 1/4 OF SW 1/4 280.0000000000000000
                    HEARTWOOD FORESTLAND FUND II, LP    83-0113      5869 GRANT
                                            C/O THE FORESTLAND GROUP, LLC
                                            RT 1, BOX 198A, HWY M-26
                                            ATLANTIC MINE, MI 49905

58N                 30W   35    N 1/2 320.0000000000000000    HEARTWOOD FORESTLAND FUND II,
LP                  85-0092     17464 GRANT
                                            C/O THE FORESTLAND GROUP, LLC
                                            RT 1, BOX 198A, HWY M-26
                                            ATLANTIC MINE, MI 49905

58N                 30W   36    E 1/2 320.0000000000000000    LAKE SUPERIOR LAND COMPANY
                    91-0127     23296 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 30W   36    W 1/2 320.0000000000000000    LAKE SUPERIOR LAND COMPANY
                    85-0171     18011 GRANT
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N                 31W   01    S 1/2 320.0000000000000000    HEARTWOOD FORESTLAND FUND II,
LP                  85-0092     17465 HOUGHTON
                                            C/O THE FORESTLAND GROUP, LLC
                                            RT 1, BOX 198A, HWY M-26
                                            ATLANTIC MINE, MI 49905

57N                 31W   01    N 1/2 EXC. AS FOLLOWS: THE POB IS THE CORNER COMMON TO
                    252.7100000000000000    LAKE SUPERIOR LAND COMPANY    83-0196      20870
                    HOUGHTON
                                TWPS. 57 & 58 N & RANGES 30 & 31 WEST. FROMTHIS POB PROCEED
                          101 RED JACKET ROAD
                                SOUTH 0 DEG 08'30" EAST ALONG THE E BOUNDARY OF SEC.1,
                    CALUMET, MI 49913
                                1395.46 FT; THENCE S 89 DEG11' 0" W 1602.98 FT; THENCE

                                N 19 DEG 41'00" W ALG THE E BOUNDARY OF THE ROW OF THE
                                ACCESS RD TO THEA.C.& W STATION 986.90 FT, THENCE TO THE
                                L ON A 06 DEG 43' 43" CIRCULAR CURVE ALG THE E BOUNDARY
                                OFSD R/W 348.26 FT, THENCE N 43 DEG 07'00" W ALG THE E
                                BOUNDARY OF SD ROW 201.80 FT THENCE TO THE RIGHT ON A 05
                                DEG 40' 48" CIRCULAR CURVE ALG THE E BOUNDARY OF SD R/W
                                15.06 FT, THENCE N 89 DEG 06'00" EALG THE N BOUNDARY OF



10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 64
                                SEC.1, 2260.40 FT TO THE POB. THE ABOVE DESCRIPTION CONTAINS
                                59.78 ACRES M/L.ALSO EXCEPT A 10.15 ACRE PARCEL DESC.AS:
                                BEG. ON THE E'LY BOUNDARY OF THE RIGHT OF WAY OF THE COUNTY
                                RD.TO GRATIOT LK. AT A POINT S 58 DEG 02'50" W 2,027.62
                                FT FROM THE NE COR.OF SEC.1, T57N R31 W;THENCE ALONG THE
                                EASTERLY BOUNDARY OF THE RIGHT OF WAY OF THE ROAD TO
GRATIOT
                                LK.S 19 DEG, 41' 00"E 366.00 FT; THENCE S 89 DEG.11'00"W
                                34.87 FT.TO THE CENTERLINE OF THE ROAD TO GRATIOT LK; THENCE
                                ALONG THE CENTERLINE OF THE ROAD TO GRATIOT LAKE SOUTH
                                19 DEG 41'00" EAST 50.63 FT TO THE POINT OF CURVE; THENCE
                                179.17 FT ALONG THE ARC OF A CURVE TO THE LEFT HAVING A
                                RADIUS OF 279.46 FT AND A LONGCHORD BEARING S 38 DEG 03'
                                00" E 176.11 FT; THENCE S 56 DEG 25'00" E 108.13 FT; THENCE
                                S 69 DEG 44'20" W 752.50 FT; THENCE N 20 DEG 15'40" W 660.00
                                FT; THENCE N 69 DEG 44' 20" E 671.99 FT. TO THE POB AND
                                CONTAINING 10.15 AC. M/L.

57N   31W   02    SE 1/4                      160.0000000000000000     HEARTWOOD FORESTLAND
FUND II, LP 82-0131      4212                 HOUGHTON
                                              C/O THE FORESTLAND GROUP, LLC
                                              RT 1, BOX 198A, HWY M-26
                                              ATLANTIC MINE, MI 49905

57N                 31W   02    NW1/4 163.8500000000000000    HEARTWOOD FORESTLAND FUND II,
LP                  79-0080     12039 HOUGHTON
                                            C/O THE FORESTLAND GROUP, LLC
                                            RT 1, BOX 198A, HWY M-26
                                            ATLANTIC MINE, MI 49905

57N   31W                 02    NE 1/4        163.3300000000000000       LAKE SUPERIOR LAND
COMPANY                   82-0192      5164   HOUGHTON
                                              101 RED JACKET ROAD
                                              CALUMET, MI 49913


57N   31W                 02    SW 1/4        160.0000000000000000       LAKE SUPERIOR LAND
COMPANY                   82-0192      5165   HOUGHTON
                                              101 RED JACKET ROAD
                                              CALUMET, MI 49913


57N   31W   03    NW 1/4       163.7500000000000000     HEARTWOOD FORESTLAND
FUND II, LP 84-0098      16269 HOUGHTON
                               C/O THE FORESTLAND GROUP, LLC
                               RT 1, BOX 198A, HWY M-26
                               ATLANTIC MINE, MI 49905

57N   31W   03    W 1/2 OF NE 1/4   81.92000000000000000    HEARTWOOD
FORESTLAND FUND II, LP 84-0098      16268 HOUGHTON
                              C/O THE FORESTLAND GROUP, LLC
                              RT 1, BOX 198A, HWY M-26
                              ATLANTIC MINE, MI 49905

57N   31W   03    N 1/2 OF SW 1/4                   80.00000000000000000          HEARTWOOD
FORESTLAND FUND II, LP 84-0098                      16270 HOUGHTON



10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                             MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                 Forest Management Division – Commercial Forest Program
                                          LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                       Page 65
                                            C/O THE FORESTLAND GROUP, LLC
                                            RT 1, BOX 198A, HWY M-26
                                            ATLANTIC MINE, MI 49905

57N   31W   03    NW 1/4 OF SE 1/4 40.00000000000000000     HEARTWOOD
FORESTLAND FUND II, LP 84-0098      16271 HOUGHTON
                              C/O THE FORESTLAND GROUP, LLC
                              RT 1, BOX 198A, HWY M-26
                              ATLANTIC MINE, MI 49905

57N                 31W   03    E1/2 OF NE1/4, NE1/4 OF SE1/4 121.9500000000000000
                    HEARTWOOD FORESTLAND FUND II, LP    79-0080      12040 HOUGHTON
                                            C/O THE FORESTLAND GROUP, LLC
                                            RT 1, BOX 198A, HWY M-26
                                            ATLANTIC MINE, MI 49905

57N   31W                 03    S 1/2 OF SE 1/4   80.00000000000000000           LAKE SUPERIOR LAND
COMPANY                   82-0192     5166 HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   31W   04    SE 1/4       160.0000000000000000     HEARTWOOD FORESTLAND
FUND II, LP 84-0098      16272 HOUGHTON
                               C/O THE FORESTLAND GROUP, LLC
                               RT 1, BOX 198A, HWY M-26
                               ATLANTIC MINE, MI 49905

57N   31W   04    S1/2 OF SW1/4, NW1/4 OF SW1/4 120.0000000000000000                                                     LAKE
SUPERIOR LAND COMPANY   75-0059     12041 HOUGHTON
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


57N                 31W   05    W1/2, SE1/4, S1/2 OF NE1/4, NW1/4 OF NE1/4
                    596.5800000000000000    LAKE SUPERIOR LAND COMPANY     75-0059                                       12042
                    HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   31W                 06    ENTIRE       595.2900000000000000       LAKE SUPERIOR LAND
COMPANY                   75-0059      12043 HOUGHTON
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


57N   31W   07    ENTIRE EXC. SW1/4 OF SE1/4    568.8200000000000000                                                     LAKE
SUPERIOR LAND COMPANY   75-0059     12044 HOUGHTON
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


57N   31W   07    N 1/2 OF SW 1/4 OF SE 1/4     20.00000000000000000                                                     LAKE
SUPERIOR LAND COMPANY   87-0153     19719 HOUGHTON
                              101 RED JACKET ROAD



10/04/12 02:22 PM                                                            FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 66
                                              CALUMET, MI   49913


57N   31W                 08    SE 1/4        160.0000000000000000       LAKE SUPERIOR LAND
COMPANY                   83-0196      6113   HOUGHTON
                                              101 RED JACKET ROAD
                                              CALUMET, MI 49913


57N                 31W   08    W 1/2 320.0000000000000000    LAKE SUPERIOR LAND COMPANY
                    81-0092     810   HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   31W                 08    NE 1/4        160.0000000000000000       LAKE SUPERIOR LAND
COMPANY                   81-0092      811    HOUGHTON
                                              101 RED JACKET ROAD
                                              CALUMET, MI 49913


57N   31W   09    S1/2 OF SE1/4     80.00000000000000000    HEARTWOOD
FORESTLAND FUND II, LP 79-0080      12046 HOUGHTON
                              C/O THE FORESTLAND GROUP, LLC
                              RT 1, BOX 198A, HWY M-26
                              ATLANTIC MINE, MI 49905

57N   31W                 09    S 1/2 OF SW 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   82-0192     5168 HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   31W                 09    N 1/2 OF SE 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   82-0192     5169 HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   31W                 09    N 1/2 OF SW 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   83-0196     6115 HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   31W                 09    NW 1/4       160.0000000000000000        LAKE SUPERIOR LAND
COMPANY                   85-0171      18018 HOUGHTON
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


57N   31W                 09    S 1/2 OF NE 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   82-0192     5167 HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913




10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                       MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                            Forest Management Division – Commercial Forest Program
                                     LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                  Page 67

57N   31W   10    SE 1/4 OF SW 1/4 40.00000000000000000     HEARTWOOD
FORESTLAND FUND II, LP 82-0131      4213 HOUGHTON
                              C/O THE FORESTLAND GROUP, LLC
                              RT 1, BOX 198A, HWY M-26
                              ATLANTIC MINE, MI 49905

57N   31W   10    S 1/2 OF SE 1/4   80.00000000000000000    HEARTWOOD
FORESTLAND FUND II, LP 82-0131      4214 HOUGHTON
                              C/O THE FORESTLAND GROUP, LLC
                              RT 1, BOX 198A, HWY M-26
                              ATLANTIC MINE, MI 49905

57N   31W   10    N1/2 OF SW1/4     80.00000000000000000    HEARTWOOD
FORESTLAND FUND II, LP 79-0080      12047 HOUGHTON
                              C/O THE FORESTLAND GROUP, LLC
                              RT 1, BOX 198A, HWY M-26
                              ATLANTIC MINE, MI 49905

57N   31W           10    N 1/2 OF NE 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY             82-0192     5170 HOUGHTON
                                      101 RED JACKET ROAD
                                      CALUMET, MI 49913


57N   31W           10    NW 1/4        160.0000000000000000       LAKE SUPERIOR LAND
COMPANY             82-0192      5171   HOUGHTON
                                        101 RED JACKET ROAD
                                        CALUMET, MI 49913


57N   31W   11    N1/2 OF SW1/4     80.00000000000000000    HEARTWOOD
FORESTLAND FUND II, LP 79-0080      12048 HOUGHTON
                              C/O THE FORESTLAND GROUP, LLC
                              RT 1, BOX 198A, HWY M-26
                              ATLANTIC MINE, MI 49905

57N   31W           11    SW 1/4 OF SW 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY             82-0192     5172 HOUGHTON
                                      101 RED JACKET ROAD
                                      CALUMET, MI 49913


57N   31W           11    SE 1/4 OF SW 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY             83-0196     6116 HOUGHTON
                                      101 RED JACKET ROAD
                                      CALUMET, MI 49913


57N   31W           11    SE 1/4        160.0000000000000000       LAKE SUPERIOR LAND
COMPANY             83-0196      6117   HOUGHTON
                                        101 RED JACKET ROAD
                                        CALUMET, MI 49913




10/04/12 02:22 PM                                                       FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 68
57N   31W   12    ENTIRE EXC. NE1/4 480.0000000000000000    HEARTWOOD
FORESTLAND FUND II, LP 82-0131      27591 HOUGHTON
                              C/O THE FORESTLAND GROUP, LLC
                              RT 1, BOX 198A, HWY M-26
                              ATLANTIC MINE, MI 49905

57N   31W   12    NE1/4 EXCEPT A PARCEL OF LAND IN THE NE1/4 OF NE1/4
DESCRIBED   149.5000000000000000    HEARTWOOD FORESTLAND FUND II, LP     99-
0018 29102 HOUGHTON
                  AS COMMENCING AT THE NE CORNER OF SECTION 12, THENCE S
      C/O THE FORESTLAND GROUP, LLC
                  00 DEG 45' 37" E ALONG THE EAST LINE OF SAID SECTION 12
      RT 1, BOX 198A, HWY M-26
                  A DISTANCE OF 790 FT TO THEPOB; THENCE DUE WEST 900 FT;
      ATLANTIC MINE, MI 49905
                  THENCE S 00 DEG 45' 37" E 508 FT; THENCE DUE EAST 900 FT
                  TO THE EAST LINE OF SAID SECTION 12; THENCE N 00 DEG 45'
                  37" W ALONG EAST LINE A DISTANCE OF 508 FT M/L TO THE POB,
                  CONTAINING 10.5 ACRES M/L

57N                 31W   13    N 1/2 320.0000000000000000    HEARTWOOD FORESTLAND FUND II,
LP                  85-0092     17466 HOUGHTON
                                            C/O THE FORESTLAND GROUP, LLC
                                            RT 1, BOX 198A, HWY M-26
                                            ATLANTIC MINE, MI 49905

57N   31W                 13    N 1/2 OF S 1/2    160.0000000000000000            LAKE SUPERIOR LAND
COMPANY                   82-0192     5173 HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   31W                 13    S 1/2 OF S 1/2    160.0000000000000000            LAKE SUPERIOR LAND
COMPANY                   83-0196     6118 HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N                 31W   14    SW1/4 160.0000000000000000    HEARTWOOD FORESTLAND FUND II,
LP                  79-0080     12049 HOUGHTON
                                            C/O THE FORESTLAND GROUP, LLC
                                            RT 1, BOX 198A, HWY M-26
                                            ATLANTIC MINE, MI 49905

57N                 31W   14    N 1/2 320.0000000000000000    LAKE SUPERIOR LAND COMPANY
                    82-0092     5174 HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   31W                 14    SE 1/4       160.0000000000000000        LAKE SUPERIOR LAND
COMPANY                   81-0082      812   HOUGHTON
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913




10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 69
57N   31W   15    N1/2, N1/2 OF S1/2       480.0000000000000000                                       HEARTWOOD
FORESTLAND FUND II, LP 78-0054       12050 HOUGHTON
                              C/O THE FORESTLAND GROUP, LLC
                              RT 1, BOX 198A, HWY M-26
                              ATLANTIC MINE, MI 49905

57N   31W                 15    S 1/2 OF S 1/2    160.0000000000000000            LAKE SUPERIOR LAND
COMPANY                   82-0192     5175 HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N                 31W   16    N 1/2 320.0000000000000000    LAKE SUPERIOR LAND COMPANY
                    82-0192     5176 HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   31W                 16    NW 1/4 OF SW 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                   82-0192     5177 HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   31W                 16    N 1/2 OF SE 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   82-0192     5178 HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   31W                 16    NE 1/4 OF SW 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                   83-0196     6119 HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   31W                 16    S 1/2 OF SW 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   83-0196     6120 HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   31W                 16    S 1/2 OF SE 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   83-0196     6121 HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   31W                 17    NW 1/4       160.0000000000000000        LAKE SUPERIOR LAND
COMPANY                   84-0159      16864 HOUGHTON
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


57N   31W   17    NE 1/4       160.0000000000000000                      LOUISIANA PACIFIC
CORPORATION 84-0149      16905 HOUGHTON



10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 70
                                              P.O. BOX 98
                                              SAGOLA, MI 49881


57N   31W   17    N 1/2 OF SW 1/4   80.00000000000000000                          LOUISIANA PACIFIC
CORPORATION 84-0149     16906 HOUGHTON
                              P.O. BOX 98
                              SAGOLA, MI 49881


57N   31W   17    N 1/2 OF SE 1/4   80.00000000000000000                          LOUISIANA PACIFIC
CORPORATION 84-0149     16908 HOUGHTON
                              P.O. BOX 98
                              SAGOLA, MI 49881


57N   31W   17    SW 1/4 OF SW 1/4 40.00000000000000000                           LOUISIANA PACIFIC
CORPORATION 84-0149     16907 HOUGHTON
                              P.O. BOX 98
                              SAGOLA, MI 49881


57N   31W                 18    SE 1/4        160.0000000000000000       LAKE SUPERIOR LAND
COMPANY                   82-0192      5179   HOUGHTON
                                              101 RED JACKET ROAD
                                              CALUMET, MI 49913


57N                 31W   18    W 1/2 295.5000000000000000    LAKE SUPERIOR LAND COMPANY
                    81-0092     813   HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   31W                 18    NE 1/4        160.0000000000000000       LAKE SUPERIOR LAND
COMPANY                   81-0092      814    HOUGHTON
                                              101 RED JACKET ROAD
                                              CALUMET, MI 49913


57N   31W                 19    N 1/2 OF NE 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   82-0192     5180 HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   31W   19    NE 1/4 OF SE 1/4 OF NW 1/4    10.00000000000000000                                                      LAKE
SUPERIOR LAND COMPANY   88-0111     20654 HOUGHTON
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


57N   31W   19    S 1/2 OF SE 1/4 OF NW 1/4     20.00000000000000000                                                      LAKE
SUPERIOR LAND COMPANY   88-0111     20655 HOUGHTON
                              101 RED JACKET ROAD
                              CALUMET, MI 49913



10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                       MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                           Forest Management Division – Commercial Forest Program
                                    LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                 Page 71



57N   31W   19    SW 1/4 OF NW 1/4 FRL.   33.85000000000000000                                 LOUISIANA
PACIFIC CORPORATION     86-0166     18950 HOUGHTON
                              P.O. BOX 98
                              SAGOLA, MI 49881


57N   31W   19    NW 1/4 OF SW 1/4 FRL.   33.75000000000000000                                 LOUISIANA
PACIFIC CORPORATION     86-0166     18951 HOUGHTON
                              P.O. BOX 98
                              SAGOLA, MI 49881


57N   31W   19    SW1/4 OF SW1/4 FRL.     33.65000000000000000                                 LOUISIANA
PACIFIC CORPORATION     86-0166     18952 HOUGHTON
                              P.O. BOX 98
                              SAGOLA, MI 49881


57N   31W   19    S 1/2 OF NE 1/4   80.00000000000000000                   LOUISIANA PACIFIC
CORPORATION 86-0166     18953 HOUGHTON
                              P.O. BOX 98
                              SAGOLA, MI 49881


57N   31W   19    NW 1/4 OF NW 1/4 FRL.   33.95000000000000512                                 LOUISIANA
PACIFIC CORPORATION     86-0166     18955 HOUGHTON
                              P.O. BOX 98
                              SAGOLA, MI 49881


57N   31W   19    NE 1/4 OF NW 1/4 40.00000000000000000                    LOUISIANA PACIFIC
CORPORATION 86-0166     18956 HOUGHTON
                              P.O. BOX 98
                              SAGOLA, MI 49881


57N   31W   19    E 1/2 OF SW 1/4   80.00000000000000000                   LOUISIANA PACIFIC
CORPORATION 86-0166     18957 HOUGHTON
                              P.O. BOX 98
                              SAGOLA, MI 49881


57N   31W   19    SE 1/4       160.0000000000000000               LOUISIANA PACIFIC
CORPORATION 86-0166      18954 HOUGHTON
                               P.O. BOX 98
                               SAGOLA, MI 49881


57N   31W           20    N 1/2 OF NE 1/4   80.00000000000000000           LAKE SUPERIOR LAND
COMPANY             82-0192     5181 HOUGHTON
                                      101 RED JACKET ROAD
                                      CALUMET, MI 49913




10/04/12 02:22 PM                                                      FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 72
57N   31W                 20    NE 1/4 OF NW 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                   82-0192     5182 HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   31W                 20    S 1/2 OF N 1/2    160.0000000000000000            LAKE SUPERIOR LAND
COMPANY                   82-0192     5183 HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N                 31W   20    S 1/2 320.0000000000000000    LAKE SUPERIOR LAND COMPANY
                    82-0192     5184 HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   31W                 21    NE 1/4        160.0000000000000000       LAKE SUPERIOR LAND
COMPANY                   82-0192      5185   HOUGHTON
                                              101 RED JACKET ROAD
                                              CALUMET, MI 49913


57N   31W                 21    SW 1/4 OF SW 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                   82-0192     5186 HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   31W                 21    NW 1/4        160.0000000000000000       LAKE SUPERIOR LAND
COMPANY                   83-0196      6122   HOUGHTON
                                              101 RED JACKET ROAD
                                              CALUMET, MI 49913


57N   31W                 21    NW 1/4 OF SW 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                   83-0196     6123 HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   31W                 21    SE 1/4        160.0000000000000000       LAKE SUPERIOR LAND
COMPANY                   81-0092      815    HOUGHTON
                                              101 RED JACKET ROAD
                                              CALUMET, MI 49913


57N   31W                 21    E 1/2 OF SW 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   81-0092     816   HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   31W                 22    ENTIRE        640.0000000000000000       LAKE SUPERIOR LAND
COMPANY                   81-0092      817    HOUGHTON



10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 73
                                              101 RED JACKET ROAD
                                              CALUMET, MI 49913


57N   31W                 23    SE 1/4        160.0000000000000000       LAKE SUPERIOR LAND
COMPANY                   83-0196      6124   HOUGHTON
                                              101 RED JACKET ROAD
                                              CALUMET, MI 49913


57N   31W                 23    SE 1/4 OF SW 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                   83-0196     6125 HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N                 31W   23    N 1/2 320.0000000000000000    LAKE SUPERIOR LAND COMPANY
                    81-0092     818   HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   31W                 23    W 1/2 OF SW 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   81-0092     819   HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   31W                 23    NE 1/4 OF SW 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                   81-0092     820   HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   31W                 24    SW 1/4       160.0000000000000000        LAKE SUPERIOR LAND
COMPANY                   84-0159      16865 HOUGHTON
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


57N   31W                 24    NE 1/4        160.0000000000000000       LAKE SUPERIOR LAND
COMPANY                   83-0196      6126   HOUGHTON
                                              101 RED JACKET ROAD
                                              CALUMET, MI 49913


57N   31W                 24    NW 1/4 OF NW 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                   83-0196     6127 HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   31W                 24    S 1/2 OF NW 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   83-0196     6128 HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913



10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 74



57N   31W                 24    SE 1/4        160.0000000000000000       LAKE SUPERIOR LAND
COMPANY                   83-0196      6129   HOUGHTON
                                              101 RED JACKET ROAD
                                              CALUMET, MI 49913


57N   31W                 24    NE 1/4 OF NW 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                   86-0153     19043 HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   30W                 19    NW 1/4 OF NW 1/4 35.42000000000000000             LAKE SUPERIOR LAND
COMPANY                   84-0159     16855 HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 30W   19    E 1/2 320.0000000000000000    LAKE SUPERIOR LAND COMPANY
                    81-0092     784   HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   30W                 19    SW 1/4        151.0900000000000000       LAKE SUPERIOR LAND
COMPANY                   81-0092      785    HOUGHTON
                                              101 RED JACKET ROAD
                                              CALUMET, MI 49913


58N   30W                 19    S 1/2 OF NW 1/4   75.47000000000000000            LAKE SUPERIOR LAND
COMPANY                   81-0092     786   HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   30W                 19    NE 1/4 OF NW 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                   81-0092     787   HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   30W                 30    ENTIRE        621.9800000000000000       LAKE SUPERIOR LAND
COMPANY                   81-0092      794    HOUGHTON
                                              101 RED JACKET ROAD
                                              CALUMET, MI 49913


58N   30W                 31    W 1/2 OF NW 1/4   69.83000000000000000            LAKE SUPERIOR LAND
COMPANY                   81-0092     795   HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913




10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 75
58N   30W   31    N 1/2 OF S 1/2 OF SW 1/4      36.87000000000000000                                                      LAKE
SUPERIOR LAND COMPANY   82-0192     5271 HOUGHTON
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


58N   30W                 31    S 1/2 OF SE 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   82-0192     5272 HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 30W   31    N1/2 OF S1/2 EXCEPT A PARCEL OF LAND IN THE NW1/4 OF SW1/4
                    140.0000000000000000    LAKE SUPERIOR LAND COMPANY    86-0153      28441
                    HOUGHTON
                                OF SECTION 31, T58N, R30W, HOUGHTON TOWNSHIP, KEWEENAW
                    101 RED JACKET ROAD
                                COUNTY, MICHIGAN, DESCRIBED AS FOLLOWS: COMMENCING AT THE
                    CALUMET, MI 49913
                                SOUTHWEST CORNER OF SAID SECTION 31 WHICH IS A COMMON CORNER

                                TO SECTION 36, T58N, R31W; THENCE NORTH ALONG THE SECTION
                                LINE COMMON TO SAID SECTIONS 31 AND 36, 1610.63 FT. TO
                                THE P.O.B. OF THE PARCEL TO BE DESCRIBED; THENCE CONTINUING
                                NORTH ALONG SAID SECTION LINE 518.49 FT; THENCE NORTH 74
                                DEG., 42 MIN., 22 SEC. EAST 313.00 FT; THENCE NORTH 71
                                DEG., 40 MIN., 52 SEC. EAST 732.24 FT; THENCE SOUTH 20
                                DEG., 05 MIN., 03 SEC. EAST337.86 FT; THENCE SOUTH 287.38
                                FT; THENCE SOUTH 78 DEG., 29 MIN., 52 SEC. WEST 1135.88
                                FT. TO THE P.O.B. CONTAINING 14.21 ACRES MORE OR LESS.
                                SUBJECT TO ALL EXCEPTIONS, RESERVATIONS, RESTRICTIONS,
                                AND CONDITIONS CONTAINED IN PRIOR CONVEYANCES OF RECORD.

58N   30W                 31    NE 1/4       160.0000000000000000        LAKE SUPERIOR LAND
COMPANY                   86-0153      18994 HOUGHTON
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


58N   30W                 31    E 1/2 OF NW 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   86-0153     18995 HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 31W   16    S 1/2 320.0000000000000000    LAKE SUPERIOR LAND COMPANY
                    82-0192     5288 HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 31W   16    GOV. LOTS 2, 3, & 4 LYING SOUTHERLY OF ROW OF HWY M-26
                    65.59999999999998976    LAKE SUPERIOR LAND COMPANY   91-0127     23309
                    HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913



10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                             MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                 Forest Management Division – Commercial Forest Program
                                          LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                       Page 76



58N   31W                16    SE 1/4 OF NE 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                  91-0127     23310 HOUGHTON
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913


58N                 31W   17    ENTIRE FRACTIONAL LYING S'LY OF THE RECORDED PLAT OF EAGLE
                    263.6000000000000000    LAKE SUPERIOR LAND COMPANY    91-0127     23311
                    HOUGHTON
                                RIVER EAST        101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 31W   18    S 1/2 OF SE 1/4 LYING S'LY OF THE RECORDED PLAT OF EAGLE
                    52.90000000000000000    LAKE SUPERIOR LAND COMPANY    91-0127     23312
                    HOUGHTON
                                RIVER EAST        101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   31W                19    S 1/2 OF NE 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                  90-0105     22047 HOUGHTON
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913


58N   31W                19    N 1/2 OF SE 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                  90-0105     22048 HOUGHTON
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913


58N   31W                19    NE 1/4 OF NE 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                  87-0153     19778 HOUGHTON
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913


58N   31W   19    E 1/2 OF NW 1/4 OF NE 1/4     20.00000000000000000                                                     LAKE
SUPERIOR LAND COMPANY   87-0153     19779 HOUGHTON
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


58N   31W                19    SE 1/4 OF SE 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                  87-0153     19780 HOUGHTON
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913


58N   31W                20    S 1/2 OF N 1/2    160.0000000000000000            LAKE SUPERIOR LAND
COMPANY                  90-0105     22049 HOUGHTON
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913



10/04/12 02:22 PM                                                            FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 77



58N   31W                 20    NE 1/4 OF SW 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                   90-0105     22050 HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   31W   20    E 1/2 OF NW 1/4 OF SW 1/4     20.00000000000000000                                                      LAKE
SUPERIOR LAND COMPANY   90-0105     22051 HOUGHTON
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


58N   31W                 20    N 1/2 OF N 1/2    160.0000000000000000            LAKE SUPERIOR LAND
COMPANY                   82-0192     5291 HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   31W                 20    S 1/2 OF SW 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   82-0192     5292 HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   31W                 20    SE 1/4        160.0000000000000000       LAKE SUPERIOR LAND
COMPANY                   82-0192      5293   HOUGHTON
                                              101 RED JACKET ROAD
                                              CALUMET, MI 49913


58N                 31W   21    N 1/2 320.0000000000000000    LAKE SUPERIOR LAND COMPANY
                    90-0105     22052 HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 31W   21    S1/2 320.0000000000000000     LAKE SUPERIOR LAND COMPANY
                    75-0059     12111 HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 31W   22    E 1/2 320.0000000000000000    LAKE SUPERIOR LAND COMPANY
                    81-0092     798   HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 31W   22    SW1/4 160.0000000000000000    LAKE SUPERIOR LAND COMPANY
                    75-0059     12112 HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913




10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                             MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                 Forest Management Division – Commercial Forest Program
                                          LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                       Page 78
58N   31W   23    S1/2 OF SW1/4     80.00000000000000000                         CALUMET REAL
ESTATE INC. 91-0127     23684 HOUGHTON
                              101 RED JACKET RD
                              CALUMET, MI 49913


58N   31W                 23    W 1/2 OF NW 1/4   80.00000000000000000           LAKE SUPERIOR LAND
COMPANY                   81-0092     799   HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   31W                 23    NE1/4, E1/2 NW1/4 240.0000000000000000           LAKE SUPERIOR LAND
COMPANY                   75-0059     12113 HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 31W   23    NW1/4 OF SW1/4, W 3/4 OF NE1/4 OF SW1/4
                    70.00000000000000000    LAKE SUPERIOR LAND COMPANY           91-0127                                 23313
                    HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   31W                 24    NW1/4, S1/2 SW1/4 240.0000000000000000           LAKE SUPERIOR LAND
COMPANY                   75-0059     12102 HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 31W   24    SE1/4 EXCEPT THE WEST 250 FT. OF THE NW1/4 OF SE1/4 OF
                    150.0000000000000000    LAKE SUPERIOR LAND COMPANY    81-0092      28439
                    HOUGHTON
                                SE1/4; AND EXCEPT THE EAST 410 FT. OF THE NE1/4 OF SW1/4
                    101 RED JACKET ROAD
                                OF SE1/4.         CALUMET, MI 49913


58N   31W                 24    N 1/2 OF SW 1/4 80.00000000000000000             LAKE SUPERIOR LAND
COMPANY                   85-0171     18013 HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   31W                 24    N 1/2 OF NE 1/4   80.00000000000000000           LAKE SUPERIOR LAND
COMPANY                   83-0196     6171 HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   31W                 24    S 1/2 OF NE 1/4   80.00000000000000000           LAKE SUPERIOR LAND
COMPANY                   81-0092     3381 HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913




10/04/12 02:22 PM                                                            FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                             MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                 Forest Management Division – Commercial Forest Program
                                          LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                       Page 79

58N   31W                25    ENTIRE        640.0000000000000000       LAKE SUPERIOR LAND
COMPANY                  81-0092      801    HOUGHTON
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


58N                 31W   26    NE1/4 EXC. THE N 1/2 OF N1/2 OF NE1/4 OF NE1/4
                    150.0000000000000000    LAKE SUPERIOR LAND COMPANY    91-0126                                        23259
                    HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   31W   26    ENTIRE EXCEPT NE 1/4    480.0000000000000000                                       LAKE
SUPERIOR LAND COMPANY   85-0171     18014 HOUGHTON
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


58N   31W                27    NE 1/4        160.0000000000000000       LAKE SUPERIOR LAND
COMPANY                  82-0192      5294   HOUGHTON
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


58N   31W                27    NW 1/4        160.0000000000000000       LAKE SUPERIOR LAND
COMPANY                  82-0192      5295   HOUGHTON
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


58N   31W                27    W 1/2 OF SW 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                  82-0192     5296 HOUGHTON
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913


58N   31W   27    SE 1/4 AND E 1/2 OF SW 1/4    240.0000000000000000                                                     LAKE
SUPERIOR LAND COMPANY   85-0171     18015 HOUGHTON
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


58N   31W                28    ENTIRE        640.0000000000000000       LAKE SUPERIOR LAND
COMPANY                  81-0092      802    HOUGHTON
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


58N   31W                29    N 1/2 OF NW 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                  82-0192     5297 HOUGHTON
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913




10/04/12 02:22 PM                                                            FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 80
58N                 31W   29    E 1/2 320.0000000000000000    LAKE SUPERIOR LAND COMPANY
                    81-0092     803   HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 31W   30    S1/2 OF SW1/4 OF NE1/4, NW1/4 OF SE1/4, N1/2 OF SW1/4 OF
                    80.00000000000000000    LAKE SUPERIOR LAND COMPANY    94-0050     27107
                    HOUGHTON
                                SE1/4       101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   31W                 30    NW 1/4 OF NW 1/4 29.84000000000000000             LAKE SUPERIOR LAND
COMPANY                   83-0196     6172 HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   31W                 30    S 1/2 OF NW 1/4   69.84999999999998976            LAKE SUPERIOR LAND
COMPANY                   83-0196     6173 HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   31W                 30    SW 1/4        141.4900000000000000       LAKE SUPERIOR LAND
COMPANY                   83-0196      6174   HOUGHTON
                                              101 RED JACKET ROAD
                                              CALUMET, MI 49913


58N   31W                 31    NW 1/4 OF NW 1/4 31.13000000000000000             LAKE SUPERIOR LAND
COMPANY                   91-0126     23260 HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   31W                 31    S 1/2 OF NE 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   91-0126     23262 HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   31W                 31    NE 1/4 OF NE 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                   91-0126     23263 HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N                 31W   31    E1/2 OF SW1/4, SW1/4 OF SW1/4, SE1/4
                    270.9000000000000000    LAKE SUPERIOR LAND COMPANY            75-0059                                 12114
                    HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913




10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                             MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                 Forest Management Division – Commercial Forest Program
                                          LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                       Page 81
58N   31W                31    NW 1/4 OF SW 1/4 33.90000000000000000             LAKE SUPERIOR LAND
COMPANY                  81-0092     807   HOUGHTON
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913


58N   31W                32    ENTIRE       640.0000000000000000        LAKE SUPERIOR LAND
COMPANY                  75-0059      12116 HOUGHTON
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   31W                33    N 1/2 OF NE 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                  82-0192     5300 HOUGHTON
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913


58N   31W   33    S1/2 OF SE1/4, SE1/4 OF SW1/4 120.0000000000000000                                                     LAKE
SUPERIOR LAND COMPANY   75-0059     12117 HOUGHTON
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


58N   31W                34    N 1/2 OF NW 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                  82-0192     5301 HOUGHTON
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913


58N   31W   34    S1/2, S1/2 OF NW1/4     400.0000000000000000                                       LAKE
SUPERIOR LAND COMPANY   75-0059     12118 HOUGHTON
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


58N   31W                35    S1/2, NE1/4 480.0000000000000000         LAKE SUPERIOR LAND
COMPANY                  75-0059     12119 HOUGHTON
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913


58N                 31W   36    W1/2, NE1/4 OF NE1/4, SW1/4 OF NE1/4, SE1/4 OF NE1/4, W1/2
                    520.0000000000000000    LAKE SUPERIOR LAND COMPANY    75-0059     12120
                    HOUGHTON
                                OF SE1/4          101 RED JACKET ROAD
                                            CALUMET, MI 49913


58N   31W                36    NW 1/4 OF NE 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                  81-0092     808   HOUGHTON
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913




10/04/12 02:22 PM                                                            FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 82
58N                 31W   36    E1/2 OF SE1/4 EXCEPT A PARCEL OF LAND IN THE NE1/4 OF SE1/4
                    71.45000000000000000    LAKE SUPERIOR LAND COMPANY    81-0092      28443
                    HOUGHTON
                                OF SECTION 36, T58N, R31W, HOUGHTON TOWNSHIP, KEWEENAW
                    101 RED JACKET ROAD
                                COUNTY, MICHIGAN DESCRIBED AS FOLLOWS: COMMENCING AT THE
                    CALUMET, MI 49913
                                SOUTHEAST CORNER OF SAID SECTION 36 WHICH IS A COMMON CORNER

                                TO SECTION 31, T58N, R30W; THENCE NORTH ALONG THE SECTION
                                LINE COMMON TO SAID SECTIONS 36 AND 31, 1610.63 FT. TO
                                THE P.O.B. OF THE PARCEL TO BE DESCRIBED; THENCE SOUTH66
                                DEG., 29 MIN., 13 SEC. WEST 584.54 FT; THENCE NORTH 45
                                DEG., 27 MIN., 43 SEC. WEST 91.92 FT; THENCE NORTH 67 DEG.,
                                 09 MIN., 37 SEC. WEST 225.70 FT; THENCE NORTH 34 DEG.,
                                39 MIN., 37 SEC. EAST 190.15 FT; THENCE NORTH 24 DEG.,
                                02 MIN., 05 SEC. EAST 167.19 FT; THENCE NORTH 38 DEG.,
                                50 MIN., 25 SEC. EAST 96.84 FT; THENCE NORTH 58 DEG., 23
                                MIN., 21 SEC. EAST 146.77 FT; THENCE NORTH 72 DEG., 18
                                MIN., 21 SEC. EAST 363.12 FT; THENCE NORTH 74 DEG., 42
                                MIN., 22 SEC. EAST 105.36 FT TO A POINT ON THE SECTION
                                LINE COMMON TO SAID SECTIONS 36 AND 31; THENCE SOUTH ALONG
                                SAID SECTION LINE 518.49 FT. TO THE P.O.B. CONTAINING 8.55
                                ACRES MORE OR LESS. SUBJECT TO ALL EXCEPTIONS, RESERVATIONS,
                                RESTRICTIONS,AND CONDITIONS CONTAINED IN PRIOR CONVEYANCES
                                OF RECORD.

56N   30W   04    ENTIRE       640.0000000000000000     HEARTWOOD FORESTLAND
FUND II, LP 91-0092      22888 SHERMAN
                               C/O THE FORESTLAND GROUP, LLC
                               RT 1, BOX 198A, HWY M-26
                               ATLANTIC MINE, MI 49905

56N                 30W   05    E1/2, NW1/4, NW1/4 OF SW1/4, SW1/4 OF SW1/4, SE1/4 OF SW1/4
                    590.0000000000000000    LAKE SUPERIOR LAND COMPANY    75-0059     29317
                    SHERMAN
                                EXCEPT NW1/4 OF SE1/4 OF SW1/4            101 RED JACKET
ROAD
                                             CALUMET, MI    49913


56N   30W                 05    NE1/4 OF SW1/4    40.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   80-0084     11907 SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


56N                 30W   06    E1/2 320.0000000000000000     LAKE SUPERIOR LAND COMPANY
                    75-0059     11908 SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


56N                 30W   06    W1/2 320.0000000000000000     LAKE SUPERIOR LAND COMPANY
                    78-0051     11909 SHERMAN
                                            101 RED JACKET ROAD



10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 83
                                             CALUMET, MI    49913


56N                 30W   07    NW1/4, S1/2 OF SE1/4, E1/2 OF SW1/4 320.0000000000000000
                    LAKE SUPERIOR LAND COMPANY    75-0059     11910 SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


56N                 30W   07    NE1/4, N1/2 OF SE1/4, SW1/4 OF SW1/4
                    280.0000000000000000    LAKE SUPERIOR LAND COMPANY            78-0051                                 11911
                    SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


56N   30W   07    S 1/2 OF NW 1/4 OF SW 1/4     20.00000000000000000                                                      LAKE
SUPERIOR LAND COMPANY   87-0153     19691 SHERMAN
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


56N   30W   07    NW 1/4 OF NW 1/4 OF SW 1/4    10.00000000000000000                                                      LAKE
SUPERIOR LAND COMPANY   87-0153     19692 SHERMAN
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


56N                 30W   08    W1/2 320.0000000000000000     LAKE SUPERIOR LAND COMPANY
                    75-0059     11912 SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


56N   30W   18    E1/2, S1/2 OF SW1/4     400.0000000000000000                                        LAKE
SUPERIOR LAND COMPANY   75-0059     11913 SHERMAN
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


56N   30W   18    NW1/4, N1/2 OF SW1/4    240.0000000000000000                                        LAKE
SUPERIOR LAND COMPANY   77-0078     11914 SHERMAN
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


56N   30W                 19    NW 1/4 OF SE 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                   91-0127     23303 SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


56N                 30W   19    N 1/2 OF SW 1/4 EXC. THAT PART OF NW1/4 OF SW1/4 DESCRIBED
                    78.67000000000000000    LAKE SUPERIOR LAND COMPANY    91-0127     23304
                    SHERMAN




10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 84
                                AS: COMMENCING AT THE SW CORNER OF THE NE1/4 OF SW1/4 OF
                    101 RED JACKET ROAD
                                SECTION 19, RUNNING NORTH 96 FT TO THE POINT OF BEGINNING.
                    CALUMET, MI 49913
                                 FROM THE POB THUS ESTIMATED, RUN WEST 109 FT TO A POINT;

                                THENCE N 40 DEG W 49 FT TO A POINT; THENCE WEST 200 FT
                                M/L TO A POINT; THENCE NORTH 157 FT TO A POINT; THENCE
                                EAST 340 FT TO A POINT; THENCE SOUTH 200 FT TO THE POB.
                                THE ABOVE PARCEL OF LAND IS KNOWN AS LOT "A" AND CONTAINS
                                1.33 ACRES.

56N                 30W   19    NW1/4 160.0000000000000000    LAKE SUPERIOR LAND COMPANY
                    75-0059     11915 SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


56N                 30W   19    NE1/4 160.0000000000000000    LAKE SUPERIOR LAND COMPANY
                    77-0078     11916 SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


56N   31W                 01    ENTIRE FRACTIONAL 638.0000000000000000            LAKE SUPERIOR LAND
COMPANY                   78-0051     11917 SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


56N                 31W   02    SW1/4 160.0000000000000000    LAKE SUPERIOR LAND COMPANY
                    75-0059     11918 SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


56N   31W   02    SE1/4, N1/2 FRACTIONAL 474.7000000000000000                                         LAKE
SUPERIOR LAND COMPANY   78-0051     11919 SHERMAN
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


56N   31W                 03    ENTIRE       638.9600000000000000        LAKE SUPERIOR LAND
COMPANY                   75-0059      11920 SHERMAN
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


56N   31W   04    S 1/2 OF NE 1/4 OF SE 1/4     20.00000000000000000                                                      LAKE
SUPERIOR LAND COMPANY   87-0153     19693 SHERMAN
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


56N   31W   04    NW 1/4 OF NE 1/4 OF SE 1/4    10.00000000000000000                                                      LAKE
SUPERIOR LAND COMPANY   87-0153     19694 SHERMAN



10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                             MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                 Forest Management Division – Commercial Forest Program
                                          LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                       Page 85
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


56N                 31W   04    W1/2, NE1/4, S1/2 OF SE1/4, NW1/4 OF SE1/4
                    605.1500000000000000    LAKE SUPERIOR LAND COMPANY     75-0059                                       11921
                    SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


56N                 31W   05    E1/2 OF NE1/4, SW1/4 OF NE1/4, SE1/4, SE1/4 OF NW1/4
                    320.7500000000000000    LAKE SUPERIOR LAND COMPANY    75-0059                                        11922
                    SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


56N   31W   05    SW1/4 OF NW1/4, SW1/4   200.0000000000000000                                       LAKE
SUPERIOR LAND COMPANY   77-0078     11924 SHERMAN
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


56N                 31W   06    NE1/4, SE1/4 OF NW1/4, W1/2 OF SE1/4, SE1/4 OF SE1/4, E1/2
                    401.4900000000000000    LAKE SUPERIOR LAND COMPANY    75-0059     11926
                    SHERMAN
                                OF SW1/4          101 RED JACKET ROAD
                                            CALUMET, MI 49913


56N   31W                 06    W1/2 OF SW1/4     76.88000000000000000           LAKE SUPERIOR LAND
COMPANY                   77-0078     11927 SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


56N   31W                 06    NE1/4 OF SE1/4    40.00000000000000000           LAKE SUPERIOR LAND
COMPANY                   80-0084     11928 SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


56N   31W                 07    N1/2, SE1/4 478.3900000000000000        LAKE SUPERIOR LAND
COMPANY                   75-0059     11929 SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


56N                 31W   07    ENTIRE FRACTL EXC. S1/2 OF S1/2 & EXC. A PARCEL 167.27
                    159.3100000000000000    LAKE SUPERIOR LAND COMPANY    78-0051      11930
                    SHERMAN
                                ACRES TO KEWEENAW GOLF COURSE RECORDED IN LIBER W REGISTER
                    101 RED JACKET ROAD
                                            CALUMET, MI 49913




10/04/12 02:22 PM                                                            FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 86

56N   31W                 08    N1/2, SE1/4 480.0000000000000000         LAKE SUPERIOR LAND
COMPANY                   75-0059     11931 SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


56N                 31W   08    SW1/4 160.0000000000000000    LAKE SUPERIOR LAND COMPANY
                    78-0051     11932 SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


56N                 31W   09    NW1/4, N1/2 OF NE1/4, SE1/4 OF NE1/4, SE1/4 OF SE1/4, N1/2
                    440.0000000000000000    LAKE SUPERIOR LAND COMPANY    75-0059     11933
                    SHERMAN
                                OF SW1/4, SW1/4 OF SW1/4            101 RED JACKET ROAD
                                            CALUMET, MI 49913


56N   31W   10    E 1/2 OF NW 1/4 OF SW 1/4     20.00000000000000000                                                      LAKE
SUPERIOR LAND COMPANY   87-0153     19695 SHERMAN
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


56N                 31W   10    N1/2, SE1/4, E1/2 OF SW1/4, SW1/4 OF SW1/4
                    600.0000000000000000    LAKE SUPERIOR LAND COMPANY     75-0059                                        11934
                    SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


56N   31W   11    W1/2, SE1/4, S1/2 OF NE1/4    560.0000000000000000                                                      LAKE
SUPERIOR LAND COMPANY   75-0059     11935 SHERMAN
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


56N   31W                 11    N1/2 OF NE1/4     80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   78-0051     11936 SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


56N   31W   12    E1/2, SW1/4, S1/2 OF NW1/4    560.0000000000000000                                                      LAKE
SUPERIOR LAND COMPANY   75-0059     11937 SHERMAN
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


56N   31W                 12    N1/2 OF NW1/4     80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   78-0051     11938 SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913




10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                             MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                 Forest Management Division – Commercial Forest Program
                                          LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                       Page 87

56N   31W   13    N 1/2 OF NW 1/4 OF SE 1/4     20.00000000000000000                                                     LAKE
SUPERIOR LAND COMPANY   87-0153     19696 SHERMAN
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


56N                 31W   13    W1/2, W1/2 OF NE1/4, SW1/4 OF SE1/4 440.0000000000000000
                    LAKE SUPERIOR LAND COMPANY    75-0059     11939 SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


56N   31W                13    E1/2 OF E1/2       160.0000000000000000           LAKE SUPERIOR LAND
COMPANY                  77-0078     11941 SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


56N   31W   13    SE 1/4 OF NW 1/4 OF SE 1/4    10.00000000000000000                                                     LAKE
SUPERIOR LAND COMPANY   88-0111     20653 SHERMAN
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


56N   31W                14    ENTIRE       640.0000000000000000        LAKE SUPERIOR LAND
COMPANY                  75-0059      11942 SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


56N   31W                15    ENTIRE       640.0000000000000000        LAKE SUPERIOR LAND
COMPANY                  75-0059      11943 SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


56N   31W   16    ENTIRE       640.0000000000000000     HEARTWOOD FORESTLAND
FUND II, LP 87-0091      19799 SHERMAN
                               C/O THE FORESTLAND GROUP, LLC
                               RT 1, BOX 198A, HWY M-26
                               ATLANTIC MINE, MI 49905

56N   31W   17    N 1/2 OF SE 1/4 OF SW 1/4     20.00000000000000000                                                     LAKE
SUPERIOR LAND COMPANY   87-0153     19698 SHERMAN
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


56N   31W   17    SW 1/4 OF SE 1/4 OF SW 1/4    10.00000000000000000                                                     LAKE
SUPERIOR LAND COMPANY   87-0153     19699 SHERMAN
                              101 RED JACKET ROAD
                              CALUMET, MI 49913




10/04/12 02:22 PM                                                            FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 88
56N                 31W   17    N1/2 OF NE1/4, W1/2 OF SW1/4, SW1/4 OF SE1/4
                    200.0000000000000000    LAKE SUPERIOR LAND COMPANY    75-0059                                         11944
                    SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


56N   31W   17    NW1/4, E1/2 OF SE1/4    240.0000000000000000                                        LAKE
SUPERIOR LAND COMPANY   77-0078     11945 SHERMAN
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


56N                 31W   17    S1/2 OF NE1/4, NE1/4 OF SW1/4, NW1/4 OF SE1/4
                    160.0000000000000000    LAKE SUPERIOR LAND COMPANY    80-0084                                         11946
                    SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


56N   31W   18    N 1/2 OF SW 1/4 OF SE 1/4     20.00000000000000000                                                      LAKE
SUPERIOR LAND COMPANY   87-0153     19700 SHERMAN
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


56N   31W   18    SE 1/4 OF SW 1/4 OF SE 1/4    10.00000000000000000                                                      LAKE
SUPERIOR LAND COMPANY   87-0153     19703 SHERMAN
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


56N                 31W   18    SW1/4 160.4500000000000000    LAKE SUPERIOR LAND COMPANY
                    75-0059     11947 SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


56N                 31W   18    N1/2 OF SE1/4, SE1/4 OF SE1/4, N1/2 FRL
                    440.0100000000000000    LAKE SUPERIOR LAND COMPANY            78-0051                                 11948
                    SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


56N                 31W   19    W1/2 OF SE1/4, E1/2 OF SW1/4, NW1/4 OF SW1/4
                    200.3000000000000000    LAKE SUPERIOR LAND COMPANY  75-0059                                           11950
                    SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


56N   31W   19    SW1/4 OF SW1/4, N1/2 FRL      360.9200000000000000                                                      LAKE
SUPERIOR LAND COMPANY   78-0051     11951 SHERMAN
                              101 RED JACKET ROAD
                              CALUMET, MI 49913



10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 89



56N   31W                 19    E1/2 OF SE1/4     80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   80-0084     11952 SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


56N                 31W   20    NW1/4, NW1/4 OF SW1/4, SE1/4 OF SW1/4
                    240.0000000000000000    ECOLAND LLC 77-0028     11954 SHERMAN
                                            1408 BAYBERRY
                                            MIDLAND, MI 48640


56N   31W   20    E1/2, NE1/4 OF SW1/4    360.0000000000000000                                        LAKE
SUPERIOR LAND COMPANY   75-0059     11953 SHERMAN
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


56N                 31W   21    N 1/2 320.0000000000000000    HEARTWOOD FORESTLAND FUND II,
LP                  83-0113     5870 SHERMAN
                                            C/O THE FORESTLAND GROUP, LLC
                                            RT 1, BOX 198A, HWY M-26
                                            ATLANTIC MINE, MI 49905

56N                 31W   21    S1/2 320.0000000000000000     LAKE SUPERIOR LAND COMPANY
                    78-0051     11955 SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


56N   31W   22    S1/2 N1/2, NW1/4 NW1/4 200.0000000000000000                                         HEARTWOOD
FORESTLAND FUND II, LP 79-0080      11958 SHERMAN
                              C/O THE FORESTLAND GROUP, LLC
                              RT 1, BOX 198A, HWY M-26
                              ATLANTIC MINE, MI 49905

56N   31W   22    N1/2 OF NE1/4, NE1/4 OF NW1/4 120.0000000000000000                                                      LAKE
SUPERIOR LAND COMPANY   75-0059     11956 SHERMAN
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


56N                 31W   22    S1/2 320.0000000000000000     LAKE SUPERIOR LAND COMPANY
                    78-0051     11957 SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


56N   31W   23    S1/2 N1/2, NE1/4 NE1/4 200.0000000000000000                                         HEARTWOOD
FORESTLAND FUND II, LP 79-0080      11961 SHERMAN
                              C/O THE FORESTLAND GROUP, LLC
                              RT 1, BOX 198A, HWY M-26
                              ATLANTIC MINE, MI 49905




10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 90
56N   31W   23    N1/2 OF NW1/4, NW1/4 OF NE1/4 120.0000000000000000                                                      LAKE
SUPERIOR LAND COMPANY   75-0059     11959 SHERMAN
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


56N                 31W   23    S1/2 320.0000000000000000     LAKE SUPERIOR LAND COMPANY
                    78-0051     11960 SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


56N   31W   24    W1/2 OF NE1/4, E1/2 OF NW1/4 160.0000000000000000                                                       LAKE
SUPERIOR LAND COMPANY   77-0078     11963 SHERMAN
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


56N   31W                 24    NW 1/4 OF SE 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                   85-0171     18025 SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


56N                 31W   24    E1/2 OF NE1/4, W1/2 OF NW1/4, N1/2 OF SW1/4
                    240.0000000000000000    LAKE SUPERIOR LAND COMPANY    75-0059                                         11962
                    SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


56N                 31W   25    W1/2 OF NW1/4, W1/2 OF E1/2 OF NW1/4
                    120.0000000000000000    LAKE SUPERIOR LAND COMPANY            94-0050                                 27108
                    SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


56N   31W                 26    N1/2, SW1/4 480.0000000000000000         LAKE SUPERIOR LAND
COMPANY                   77-0078     11965 SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


56N   31W                 26    SE 1/4       160.0000000000000000        LAKE SUPERIOR LAND
COMPANY                   81-0092      825   SHERMAN
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


56N   31W                 27    ENTIRE       640.0000000000000000        LAKE SUPERIOR LAND
COMPANY                   75-0059      11966 SHERMAN
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913




10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                             MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                 Forest Management Division – Commercial Forest Program
                                          LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                       Page 91
56N                 31W   28    N1/2, NE1/4 OF SE1/4, N1/2 OF SW1/4 440.0000000000000000
                    LAKE SUPERIOR LAND COMPANY    75-0059     11967 SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


56N   31W                28    SE1/4 OF SE1/4    40.00000000000000000            LAKE SUPERIOR LAND
COMPANY                  80-0084     11969 SHERMAN
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913


56N   31W   28    N 1/2 OF SE 1/4 OF SW 1/4     20.00000000000000000                                                     LAKE
SUPERIOR LAND COMPANY   87-0153     19704 SHERMAN
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


56N   31W   28    SE 1/4 OF SE 1/4 OF SW 1/4    10.00000000000000000                                                     LAKE
SUPERIOR LAND COMPANY   87-0153     19705 SHERMAN
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


56N                 31W   29    N1/2 OF SE1/4, N1/2 OF NW1/4, SE1/4 OF NW1/4, S1/2 OF SW1/4
                    280.0000000000000000    LAKE SUPERIOR LAND COMPANY    75-0059     11970
                    SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


56N                 31W   29    NW1/4 OF NE1/4, S1/2 OF NE1/4, SW1/4 OF NW1/4
                    160.0000000000000000    LAKE SUPERIOR LAND COMPANY    77-0078                                        11971
                    SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


56N   31W   29    S 1/2 OF NW 1/4 OF SW 1/4     20.00000000000000000                                                     LAKE
SUPERIOR LAND COMPANY   87-0153     19706 SHERMAN
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


56N   31W   29    NW 1/4 OF NW 1/4 OF SW 1/4    10.00000000000000000                                                     LAKE
SUPERIOR LAND COMPANY   87-0153     19707 SHERMAN
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


56N   31W   29    S 1/2 OF NE 1/4 OF SW 1/4     20.00000000000000000                                                     LAKE
SUPERIOR LAND COMPANY   87-0153     19708 SHERMAN
                              101 RED JACKET ROAD
                              CALUMET, MI 49913




10/04/12 02:22 PM                                                            FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 92
56N   31W   29    NW 1/4 OF NE 1/4 OF SW 1/4    10.00000000000000000                                                      LAKE
SUPERIOR LAND COMPANY   87-0153     19709 SHERMAN
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


56N                 31W   29    SW1/4 OF SE1/4 EXC. THE S1/2 OF SW1/4 OF SE1/4
                    20.00000000000000000    LAKE SUPERIOR LAND COMPANY    87-0153                                         19710
                    SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


56N   31W                 29    SE 1/4 OF SE 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                   87-0153     19711 SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


56N   31W   29    N 1/2 OF NE 1/4 OF NE 1/4     20.00000000000000000                                                      LAKE
SUPERIOR LAND COMPANY   87-0153     19712 SHERMAN
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


56N   31W   29    SW 1/4 OF NE 1/4 OF NE 1/4    10.00000000000000000                                                      LAKE
SUPERIOR LAND COMPANY   87-0153     19713 SHERMAN
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


56N   31W                 30    ENTIRE       643.2000000000000000        LAKE SUPERIOR LAND
COMPANY                   77-0078      11974 SHERMAN
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


56N                 31W   31    SE1/4 160.0000000000000000    LAKE SUPERIOR LAND COMPANY
                    75-0059     11975 SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


56N   31W   31    NE1/4, W1/2 FRACTIONAL 482.6600000000000000                                         LAKE
SUPERIOR LAND COMPANY   77-0078     11976 SHERMAN
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


56N                 31W   32    SW1/4 160.0000000000000000        ECOLAND LLC 77-0028                                     11978
                    SHERMAN
                                             1408 BAYBERRY
                                             MIDLAND, MI 48640




10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 93
56N   31W                 32    N1/2, SE1/4 480.0000000000000000         LAKE SUPERIOR LAND
COMPANY                   75-0059     11977 SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


56N   31W                 33    E1/2 OF E1/2       160.0000000000000000           LAKE SUPERIOR LAND
COMPANY                   75-0059     11979 SHERMAN
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


56N   31W                 33    W1/2 OF E1/2       160.0000000000000000           LAKE SUPERIOR LAND
COMPANY                   94-0050     27109 SHERMAN
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


57N   30W                 19    E 1/2 OF SE 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   81-0092     796   SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   30W                 19    SW 1/4        160.0000000000000000       LAKE SUPERIOR LAND
COMPANY                   83-0196      6111   SHERMAN
                                              101 RED JACKET ROAD
                                              CALUMET, MI 49913


57N   30W                 19    W 1/2 OF SE 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   83-0196     6112 SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N                 30W   19    N 1/2 320.0000000000000000    LAKE SUPERIOR LAND COMPANY
                    85-0171     18017 SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N                 30W   20    E1/2, NE1/4 OF NW1/4, S1/2 OF NW1/4, N1/2 OF SW1/4, SE1/4
                    560.0000000000000000    LAKE SUPERIOR LAND COMPANY    74-0033     12003
                    SHERMAN
                                OF SW1/4          101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   30W   20    S 1/2 OF NW 1/4 OF NW 1/4     20.00000000000000000                                                      LAKE
SUPERIOR LAND COMPANY   87-0153     19717 SHERMAN
                              101 RED JACKET ROAD
                              CALUMET, MI 49913




10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 94
57N   30W   20    NE 1/4 OF NW 1/4 OF NW 1/4    10.00000000000000000                                                      LAKE
SUPERIOR LAND COMPANY   87-0153     19718 SHERMAN
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


57N                 30W   20    SW1/4 OF SW1/4    40.00000000000000000            TURNER PROPERTIES,
INC.                59-0015     12002 SHERMAN
                                            C/O LONGYEAR REALTY
                                            210 N. FRONT ST., 1ST FLR.
                                            MARQUETTE, MI 49855

57N   30W   21    ENTIRE EXC. SW1/4 OF SW1/4    600.0000000000000000                                                      LAKE
SUPERIOR LAND COMPANY   74-0033     12023 SHERMAN
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


57N                 30W   21    SW1/4 OF SW1/4    40.00000000000000000            TURNER PROPERTIES,
INC.                59-0015     12022 SHERMAN
                                            C/O LONGYEAR REALTY
                                            210 N. FRONT ST., 1ST FLR.
                                            MARQUETTE, MI 49855

57N                 30W   28    N1/2 OF NE1/4, SW1/4 OF NE1/4, NE1/4 OF NW1/4, S1/2 OF
                    560.0000000000000000    LAKE SUPERIOR LAND COMPANY    74-0033      12029
                    SHERMAN
                                NW1/4, S1/2       101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   30W                 28    SE1/4 OF NE1/4    40.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   80-0084     12030 SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   30W                 29    ENTIRE       640.0000000000000000        LAKE SUPERIOR LAND
COMPANY                   74-0033      12031 SHERMAN
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


57N   30W                 30    SE 1/4       160.0000000000000000        LAKE SUPERIOR LAND
COMPANY                   81-0092      797   SHERMAN
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


57N                 30W   30    N 1/2 320.0000000000000000    LAKE SUPERIOR LAND COMPANY
                    86-0153     19041 SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913




10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 95
57N   30W                 30    SW 1/4       160.0000000000000000        LAKE SUPERIOR LAND
COMPANY                   86-0153      19042 SHERMAN
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


57N   30W   31    E1/2, NW1/4, N1/2 OF SW1/4    560.0000000000000000                                                      LAKE
SUPERIOR LAND COMPANY   75-0059     12033 SHERMAN
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


57N   30W                 31    S1/2 OF SW1/4     80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   78-0051     12034 SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   30W                 32    ENTIRE       640.0000000000000000        LAKE SUPERIOR LAND
COMPANY                   74-0033      12035 SHERMAN
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


57N   30W   33    W1/2, SE1/4, S1/2 OF NE1/4    560.0000000000000000                                                      LAKE
SUPERIOR LAND COMPANY   75-0059     12036 SHERMAN
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


57N   30W                 33    N1/2 OF NE1/4     80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   77-0078     12037 SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   31W                 25    NW 1/4 OF NE 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                   83-0196     6130 SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   31W                 25    S 1/2 OF NE 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   83-0196     6131 SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   31W                 25    SE 1/4        160.0000000000000000       LAKE SUPERIOR LAND
COMPANY                   83-0196      6132   SHERMAN
                                              101 RED JACKET ROAD
                                              CALUMET, MI 49913


57N                 31W   25    W 1/2 320.0000000000000000        LAKE SUPERIOR LAND COMPANY
                    81-0092     821   SHERMAN



10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 96
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


57N   31W   25    S 1/2 OF NE 1/4 OF NE 1/4     20.00000000000000000                                                      LAKE
SUPERIOR LAND COMPANY   87-0153     19722 SHERMAN
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


57N   31W   25    NW 1/4 OF NE 1/4 OF NE 1/4    10.00000000000000000                                                      LAKE
SUPERIOR LAND COMPANY   87-0153     19723 SHERMAN
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


57N                 31W   26    S1/2 320.0000000000000000     LAKE SUPERIOR LAND COMPANY
                    75-0059     12056 SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N                 31W   26    N1/2 320.0000000000000000     LAKE SUPERIOR LAND COMPANY
                    77-0078     12057 SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N                 31W   27    S1/2 EXC. SW1/4 OF SW1/4, NE1/4, S1/2 OF NW1/4
                    520.0000000000000000    LAKE SUPERIOR LAND COMPANY    75-0059                                         12058
                    SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   31W                 27    N 1/2 OF NW 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                   81-0092     822   SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   31W                 27    SW 1/4 OF SW 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                   87-0153     19724 SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   31W   28    ENTIRE, EXC. NW1/4 OF SW1/4   600.0000000000000000                                                      LAKE
SUPERIOR LAND COMPANY   81-0092     823   SHERMAN
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


57N   31W   28    N 1/2 OF NW 1/4 OF SW 1/4     20.00000000000000000                                                      LAKE
SUPERIOR LAND COMPANY   87-0153     19725 SHERMAN
                              101 RED JACKET ROAD



10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                             MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 97
                                              CALUMET, MI   49913


57N   31W   28    SW 1/4 OF NW 1/4 OF SW 1/4    10.00000000000000000                                                      LAKE
SUPERIOR LAND COMPANY   87-0153     19726 SHERMAN
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


57N                 31W   29    SW1/4, NW1/4, SE1/4 OF SE1/4 EXC. .003 ACRES DESCR. AS:
                    359.9900000000000000    LAKE SUPERIOR LAND COMPANY    82-0192     23537
                    SHERMAN
                                 BEGINNING AT A 1" 0.D. PIPE LOCATED N 6 DEG 39'58"W 1317.78
                          101 RED JACKET ROAD
                                FT FROM THE SE CORNER OF SEC. 29, T 57 N 31 W; THENCE N
                    CALUMET, MI 49913
                                61 DEG 03'38" WEST 23.00FT; THENCE EAST ALONG NORTH LINE

                                OF SE1/4 OF SE1/4 26.28 FT; THENCE SOUTH 28 DEG 56' 22"
                                WEST 12.72FT TO THE POINT OF BEGINNING AND CONTAINING 0.003
                                ACRES MORE OR LESS

57N                 31W   29    SW1/4 OF SE1/4, NE1/4, N1/2 OF SE1/4 EXC. 0.226 AC. DESCR.
                    279.7700000000000000    LAKE SUPERIOR LAND COMPANY    83-0196      23539
                    SHERMAN
                                AS: COMMENCING AT THE SE CORNER OF SECTION 29, T57N R31W;
                    101 RED JACKET ROAD
                                THENCE RUNNING N 6 DEG 39' 58" W 1317.78 FT TO A 1" O.
                    CALUMET, MI 49913
                                D. PIPE; THENCE N 61 DEG 03' 38" W 23.00 FT TO THE POB;

                                THENCE CONTINUE N 61DEG 03' 38" W 77.00 FT;TO A 1" O.D.
                                PIPE THENCE N 28 DEG 56' 22" EAST 100.00 FT TO A 1" O.
                                D. PIPE; TH S 61 DEG 03'38" E 100.00 FT TO A 1" O.D.
PIPE;THENCE
                                S 28 DEG 56' 22" WEST 87.28 FT TO THE SOUTH LINE OF THE
                                NE1/4 OF THE SE1/4; THENCE WEST 26.28FT TO THE POINT OF
                                 BEGINNING AND CONTAINING 0.226 ACRES MORE OR LESS.

57N   31W                 30    SW 1/4 OF NE 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                   82-0192     5191 SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   31W                 30    NW 1/4        147.6399999999999744       LAKE SUPERIOR LAND
COMPANY                   82-0192      5192   SHERMAN
                                              101 RED JACKET ROAD
                                              CALUMET, MI 49913


57N   31W                 30    NW 1/4 OF SW 1/4 34.15000000000000000             LAKE SUPERIOR LAND
COMPANY                   82-0192     5193 SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913




10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                             MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                 Forest Management Division – Commercial Forest Program
                                          LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                       Page 98

57N   31W                30    SE 1/4 OF SW 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                  82-0192     5194 SHERMAN
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913


57N   31W                30    W 1/2 OF SE 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                  82-0192     5195 SHERMAN
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913


57N   31W                30    E 1/2 OF NE 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                  83-0196     6136 SHERMAN
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913


57N   31W                30    NW 1/4 OF NE 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                  83-0196     6137 SHERMAN
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913


57N   31W                30    E 1/2 OF SE 1/4   80.00000000000000000            LAKE SUPERIOR LAND
COMPANY                  86-0153     19047 SHERMAN
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913


57N   31W                30    NE 1/4 OF SW 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                  87-0153     19781 SHERMAN
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913


57N   31W                30    SW 1/4 OF SW 1/4 30.75000000000000000             LAKE SUPERIOR LAND
COMPANY                  87-0153     19782 SHERMAN
                                           101 RED JACKET ROAD
                                           CALUMET, MI 49913


57N                 31W   31    N1/2, SE1/4 EXC. NW1/4 OF SE1/4, N1/2 OF SW1/4
                    511.2500000000000000    LAKE SUPERIOR LAND COMPANY    75-0059                                        12061
                    SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   31W   31    S 1/2 OF NW 1/4 OF SE 1/4     20.00000000000000000                                                     LAKE
SUPERIOR LAND COMPANY   87-0153     19727 SHERMAN
                              101 RED JACKET ROAD
                              CALUMET, MI 49913




10/04/12 02:22 PM                                                            FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                               MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                  Forest Management Division – Commercial Forest Program
                                           LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                        Page 99
57N   31W   31    NE 1/4 OF NW 1/4 OF SE 1/4    10.00000000000000000                                                      LAKE
SUPERIOR LAND COMPANY   87-0153     19728 SHERMAN
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


57N   31W   32    N1/2, W1/2 OF SW1/4     400.0000000000000000                                        LAKE
SUPERIOR LAND COMPANY   75-0059     12062 SHERMAN
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


57N   31W   33    ENTIRE EXC. W1/2 OF SW1/4     560.0000000000000000                                                      LAKE
SUPERIOR LAND COMPANY   75-0059     12063 SHERMAN
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


57N                 31W   34    ENTIRE EXC. SW1/4 OF SE1/4    600.0000000000000000
                    HEARTWOOD FORESTLAND FUND II, LP    78-0054      12065 SHERMAN
                                            C/O THE FORESTLAND GROUP, LLC
                                            RT 1, BOX 198A, HWY M-26
                                            ATLANTIC MINE, MI 49905

57N   31W   34    SW 1/4 OF SE 1/4 40.00000000000000000     HEARTWOOD
FORESTLAND FUND II, LP 87-0091      19802 SHERMAN
                              C/O THE FORESTLAND GROUP, LLC
                              RT 1, BOX 198A, HWY M-26
                              ATLANTIC MINE, MI 49905

57N   31W                 35    ENTIRE       640.0000000000000000        LAKE SUPERIOR LAND
COMPANY                   75-0059      12067 SHERMAN
                                             101 RED JACKET ROAD
                                             CALUMET, MI 49913


57N                 31W   36    N1/2 320.0000000000000000     LAKE SUPERIOR LAND COMPANY
                    75-0059     12068 SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


57N   31W   36    S1/2 EXC. NW1/4 OF SE1/4      280.0000000000000000                                                      LAKE
SUPERIOR LAND COMPANY   78-0051     12069 SHERMAN
                              101 RED JACKET ROAD
                              CALUMET, MI 49913


57N   31W                 36    NW 1/4 OF SE 1/4 40.00000000000000000             LAKE SUPERIOR LAND
COMPANY                   82-0192     5196 SHERMAN
                                            101 RED JACKET ROAD
                                            CALUMET, MI 49913


                                 *** SUMMARY OF TOWNSHIP ACRES ***




10/04/12 02:22 PM                                                             FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12
                            MICHIGAN DEPARTMENT OF NATURAL RESOURCES
                                Forest Management Division – Commercial Forest Program
                                         LANDS LISTED AS OF October 4, 2012

Hunter List                                                                                                   Page 100
                    01         ALLOUEZ            18835.9800    ALLO
                    02         EAGLE HARBOR       21362.3899    EAGL
                    03         GRANT              56848.8600    GRAN
                    04         HOUGHTON           25709.7199    HOUG
                    05         SHERMAN            36223.3899    SHER

                         TOTAL COUNTY ACRES:      158980.3400


Click following link to view the township map for this county: keweenaw.pdf




10/04/12 02:22 PM                                                           FN: 5dfe8d6b-8a45-4cda-8a4f-7e05917b140a.doc Rev. 4-Oct-12

				
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