IQPC’s 7th Timberland Investment Summit is the key meeting of the year for investment opportunities in the timberland asset class. Now in its 7th successful year, the conference brings together a comprehensive line-up of decision-makers from the entire timberland investments value chain including pension funds, hedge funds, endowments, family offices, TIMOs, REITs, forestry management companies, law firms, and banks. Here’s a sneak peak at highlights of the 2010 program: Highest ever participation from institutional investors, with speakers confirmed from Mass-PRIM, CPP Investment Board, TIAA CREF, APG, and Dallas Police & Fire Retirement System Dedicated workshops on risk mitigation, carbon credits, and strategies for smaller investors In-depth keynotes on the prospects for the US housing market, the macroeconomic outlook for timberland and the future of timberland values Interactive roundtable discussions on the top 5 timberland investment opportunities

1. Don’t Miss our Interactive
Roundtable Discussions on
the Top 5 North American
Investment Destinations (page 5)
June 23 – 25, 2010 • Vancouver, British Columbia
NAVIGATING THE LANDSCAPE FOR STRATEGIC INVESTMENTS
IN NORTH AMERICAN TIMBERLAND
Learn best practices from top Timberland experts and investors, including:
Tim Schlitzer Clark Binkley Keith Balter
Senior Investment Officer Managing Director Principal
Massachusetts PRIM Board International Forestry Forest Capital Partners
Colin Carlton Investment Advisors
VP, Investment Research Brendan K Lowney
Dennis Neilson
Canada Pension Plan Principal, Macroeconomics
Director
Investment Board Forest Economic Advisors LLC
DANA
Gerald Brown
Chairman Steven Diebenow Steven Chercover
Dallas Police & Principal Senior Research Analyst
Fire Pension System Rock Creek Capital D. A. Davidson & Co
“Very interesting presentations and discussions!” - Jack Lutz, Director of Research, FourWinds Capital Management
New for 2010: Register by March
• Highest ever participation from institutional investors, with speakers confirmed from TIAA- 26th and SAVE
CREF, Mass-PRIM, APG, CPP Investment Board and Dallas Police & Fire Retirement
System
up to $2,096!
See page 7 for details
• Dedicated workshops on risk mitigation, carbon credits and strategies for smaller
investors
• In-depth keynotes on the prospects for the US housing market, the macroeconomic
outlook for timberland and the future of timberland values
• Interactive roundtable discussions on the Top 5 North American Investment
Opportunities
Media Partners:
Sponsors:
www.TimberlandInvestmentSummit.com

2. Our Speaker Faculty:
Tim Schlitzer
Senior Investment Officer, Real Estate and
Timberland
Massachusetts PRIM Board
Colin Carlton
VP, Investment Research
Canada Pension Plan Investment Board
June 23 – 25, 2010 • Vancouver, British Columbia Gerald Brown
Chairman
Dallas Police & Fire Pension System
Sue Ryan Goodman
this
“Lumber prices have climbed 32% on the futures market Portfolio Manager, Real Estate & Timber
year, a sudden and unexpected surge that contrasts with a APG Asset Management
decline in most other commodities, such as fossil fuels Sandy LaBaugh
Director, Alternative Investments
and industrial metals.” TIAA-CREF
The Wall Street Journal, February 16, 2010
Curtis Seltzer
73% of Editor, LandThink & Author, How to Be a Dirt-
Speakers New Smart Buyer of Country Property
Dear Investor,
for 2010!
Joel Shapiro
Welcome to IQPC’s 7th Timberlan CEO
d Investment Summit – the key Timbervest
year for US & Canadian investmen meeting of the
t opportunities in the timberland asset
class. Chung-Hong Fu
Timberland has always been an attra Managing Director, Economic Research &
ctive investment: Since 1970 timb
average of approximately 15% a year, erland has returned an Analysis
easily outperforming the stock mark
averaged 11%. It also has low volat et, which has Forest Investment Resources
ility and returns are enhanced by
continues regardless of wars, econ biological growth – which
omic crises and changes of administr Scott Jones
ation.
CEO
But lumber values are most certainly The Forest Landowners Association
linked to developments in the broa
outlook is far from certain. What der economy, where the
are the prospects for the US hous
driver of lumber demand? How migh ing market, the single biggest Jack Lutz
t the market in woody biomass affec Director of Research
values? What about global demand t overall timberland
for wood and paper products? FourWinds Capital Management
One of the largest question marks Dennis Neilson
relates to inflation. Over the last cent
outperformed inflation by an avera ury, timberland has Director
ge of 3.3% a year, making it one
inflation hedges available. But is infla of the most effective DANA
tion really on the cards? Many
talking up inflation since the beginnin economists have been
g of fiscal stimulus back in January Steven Diebenow
precious little of it so far. One reaso 2009, but we’ve seen
n for the lack of inflation has been Principal
to pass on the effects of fiscal stimu the reluctance of banks
lus in the form of increased lending Rock Creek Capital
see if this picture changes over 2010 – and we shall have to
.
Keith Balter
Overall, then, the investment outlo Principal
ok for timberland is uncertain and
American investors to know whether it’s difficult for North Forest Capital Partners
they’re faced with an outstanding
imperative to sell. Gaining a deeper buying opportunity or an
understanding of the factors that influ Brendan K Lowney
is therefore essential to investors who ence timberland values Principal, Macroeconomics
wish to make money with this asset
Timberland Investment Summit addr class – and the 7th Forest Economic Advisors LLC
esses this need head-on with a num
ber of can’t miss sessions:
•
Steve Chercover, Senior Research Rocky Goodnow
Analyst at D. A. Davidson & Co Director, Timber
top paper & forest products analysts and one of the world’s
will deliver an exclusive keynote addr Forest Economic Advisors LLC
macroeconomic outlook for timberlan ess on the
d investments, with a particular emp
will be affected by possible economic hasis on how values Steven Chercover
scenarios like inflation, deflation, and
recession a double-dip Senior Research Analyst
•
Our largest ever investor roundtab D. A. Davidson & Co
le session will feature speakers from
TIAA-CREF, CPP Investment Boar Mass PRIM, APG,
d and Dallas Police & Fire Retirem Lloyd Irland
•
Keith Balter, Principal of Forest ent System
Capital Partners, will uncover essen Lecturer and Senior Scientist
future prospects of the US housing tial insights about the Yale School of Forestry
market, and examine the precise inter
between lumber prices, housing start relationship
s, and timberland values
•
More C-Level participation from leadi Dr Jeffrey P. Prestemon
ng TIMOs including Rock Creek Capi Research Forester, Forestry Sciences Laboratory
Capital Partners, Timberland Inve tal, Forest
stment Resources and Timberve SRS USDA Forest Service
st, to name a few
Please do take a few minutes to revie Clark Binkley
w the exciting agenda we’ve assem
your place at the 7th Timberland bled and then book Managing Director
Investment Summit.
International Forestry Investment Advisors
I look forward to meeting you in
sunny Vancouver this June! Peter Barynin
Who Wi ll You Meet? Principal Timber Economist
RISI
Sincerely, ■ 22% TIMOs
■ 16% Paper & Forest Products Companie Aldo de Cresci Neto
s
■ 15%Institutional Investors Partner
■ 12%Forest Management Companies FMGCN
■ 10%Hedge Funds & Other Investor
Tim Corriero
Types
Managing Director
Toby Donovan ■ 8% Conservation Organizations
FIA Timber Partners
Program Director ■ 8% Law Firms
7th Timberland ■ 5% Banks Reid Carter
Investment Summit ■ 4% Other Managing Partner
Brookfield Asset Management
Brian Stanton
2 www.TimberlandInvestmentSummit.com | 1-800-882-8684 PhD and Managing Director
Tree Improvement for GreenWood Resources

3. Pre-Conference Workshops
Wednesday, June 23, 2010
8:00 – 10:30 Registration at 7:30 (Coffee will be served)
A Timberland 101: Gaining Effective Exposure to the Asset Class
Timberland is an attractive investment, but it is also strongly knowledge-based: the most 9:00-10:30 Part II: Emerging Opportunities in Timberland Investment
successful investors are those who take the time to develop an in-depth understanding of
the asset class. For those new to timberland investments, this breakfast workshop will You want me to invest where? Emerging markets in timberland investment.
provide you with essential, practical know-how about accessing the asset class, avoiding Reid Carter, Managing Partner, Brookfield Asset Management, will provide an overview
common pitfalls, and structuring your investment correctly to maximize returns. of global opportunities to invest in timberland, with an emphasis on the opportunities in
emerging markets outside the normal purview of investors with commentary on the
8:00-8:45 Part I: Timberland investment: Why, How, When and Where? advantages and disadvantages of each region.
Clark S. Binkley, Managing Director of International Forestry Investment Advisors, LLC, and Can trees really grow that fast? Leveraging forestry technologies to generate higher,
internationally known timberland investment expert will review the traditional reasons for more reliable returns.
investing in timberland (good returns, low correlation with other assets/diversification, real
asset/inflation hedge) with commentary on how these factors have changed, not always Brian Stanton, PhD and Managing Director of Tree Improvement for GreenWood
favorably, in the current market. He will also discuss alternative investment vehicles with Resources, will introduce the non-specialist to how tree improvement works, how better
the advantages and disadvantages of each. His remarks will include a discussion of where genetics interact positively with better on-the-ground management, and how all of this
we are in the investment cycle in the United States and elsewhere. There will be ample translates into higher, more reliable returns for timberland investors. He will provide
opportunity for Q&A. examples for several key commercial species grown in the US, Latin America, Australasia
and elsewhere.
Clark S. Binkley Reid Carter Brian Stanton
Managing Director Managing Partner PhD and Managing Director
International Forestry Investment Advisors, LLC Brookfield Asset Management Tree Improvement for GreenWood Resources
11:00 – 1:30 Registration at 10:30 (Lunch will be served)
B 360º Risk Management for Timberland Investments:
Fireproof Your Timberland Investment through Comprehensive Due Diligence and Risk Mitigation Strategies
Successful timberland investing requires a comprehensive knowledge of the dangers •
Examine the most effective strategies for guarding against each risk – and determine
involved – together with a detailed grasp of due diligence activities and risk mitigation which risk mitigation strategies are ineffective, to avoid wasting time
strategies. In this workshop, delegates will be taken through the full range of How you will benefit:
timberland investment risks, include macro-economic risks, industry specific risks, •
Minimize the risks associated with your timberland investing
currency risks and forest management risks. •
Create strategies for dealing with investment pitfalls – before they occur
What you will learn: •
Dramatically improve your investment confidence
•
Gain a detailed understanding of the full range of timberland investment risks, including:
Jack Lutz
•
Macroeconomic risks (GDP changes, credit, real estate)
•
Industry-specific risks (valuation error, market timing error, etc) Director of Research
•
Regulatory risks (federal policing, tax changes) FourWinds Capital Management
•
Currency risks (eg. Unfavorable changes to US-Canadian dollar exchange) About your workshop leader:
•
Forest management risks (protection against Pine Beetle and fires) Your workshop leader is Dr Jack Lutz, Director of Global Research and Valuations for
FourWinds Capital Management, who brings 25 years of timberland investing experience.
2:00 – 4:30 Registration at 1:30
C Strategies for Smaller Investors:
How the Little Guys can Beat the Big Guys at Timberland Investing
It’s often been said that timberland investing is a game mainly for the institutional players – •
Make the most of being a smaller investor
those who can buy at significant scales, and diversify among multiple geographies and even • Avoid first-purchase surprises
countries. But the fact remains that some of the most successful timberland investors of the
Curtis Seltzer
last 20 years or so have been much smaller players, and that smaller investors actually have a
unique set of their own advantages which few have the expertise to capitalize on. In this Editor, LandThink & Author
afternoon workshop, learn how to make the most of being a smaller investor and discover How to Be a Dirt-Smart Buyer of Country Property
some of the “dirt-smart” strategies for walking away with sizeable returns! About your workshop leader:
What you will learn: Your workshop leader is Curtis Seltzer, who has lived and worked in the country for the
•
Discover how to identify attractively discounted parcels of timberland better part of 35 years. He has helped clients find and buy timberland (both pine and
•
Walk away with reliable strategies for valuing smaller timberland tracts hardwoods), farms, development land and conservation property. He is also the widely-
How you will benefit: praised author of How to be a Dirt-Smart Buyer of Country Property (2007, Infinity
•
Remove – as far as possible – the emotion from your investment decision making process Publishing).
5:00 – 7:30 Registration at 4:30
D Tradable Carbon Credits in the Timberland Market:
Maximizing Returns from an Alternative Revenue Stream
This workshop will cover how agreeing to conserve forest rather than converting forest •
Hearing the pros and cons of creating a global umbrella framework for REDD
land to other uses may also serve to generate tradable carbon credits. Forest lands under the UNFCCC
offer significant opportunities for sequestering carbon as well as limiting additional •
Identifying the key funding avenues and finance mechanisms
emissions to the atmosphere from forest land conversion.
Lloyd Irland
What you will learn: Lecturer and Senior Scientist
•
Examining how to measure forest carbon
Yale School of Forestry
•
Exploring new and emerging domestic and international project opportunities
•
Analyzing the impact of a globally integrated carbon trading system for forest About your workshop leader:
owners and investors Your workshop leader is Dr Lloyd Irland, Lecturer and Senior Scientist at the Yale
School of Forestry. Dr Irland is widely acknowledged to be one of the world’s leading
How you will benefit:
experts on forestry timberland investment issues, and has more than 30 years’
•
Getting an essential update on the policy and regulation affecting the timberland sector
experience in the sector.
Sponsors:
www.TimberlandInvestmentSummit.com | 1-800-882-8684 3

4. Main Conference Day One
Thursday, June 24, 2010
“It was a pleasure to participate in the conference. I enjoyed meeting with colleagues
in the industry and learned a number of new things. I will look forward to IQPC’s future
timberland events!” Chung-Hong Fu, Managing Director, Economic Research & Analysis, Forest
Investment Resources
7:30 Registration & Coffee 10:15 Morning Networking Break
8:30 Chairperson’s Opening Remarks 11:00 Factors Affecting North American Supply:
Mountain Pine Beetle, Harvesting Trends, and
8:45 KEYNOTE ADDRESS: the Health of the Supply Chain
Inflation, Deflation, and the Threat of “Double-Dip”: Several factors are complicating North American supply-side
Examining the Impact of Possible Economic dynamics. On the one hand, due to harvest delays, stumpage
Scenarios on Timberland Values levels are at an all-time high, and some commentators have
Timberland’s effectiveness as an inflation hedge is well speculated on the possibility of a supply-side glut if demand
documented: over the course of the 20th century timberland returns and everyone harvests at the same time. On the other
outperformed inflation by an average of 3.3% a year. But is hand, the supply chain is weakened. How effectively and quickly
inflation really on the cards? Many economists have argued that can harvesting actually take place, even if the will is there? And
deflation is a likelier scenario, and some have raised the finally, the Mountain Pine Beetle continues to lay its disruptive
(admittedly rather horrible) spectre of a double-dip recession. The larvae in the middle of the supply side equation. Brendan Lowney
question is: how will timberland values be affected by each of and Rocky Goodnow – two leading experts in North American
these scenarios? To what extent should economic uncertainty supply-side dynamics – will look at this key issue from a number
influence investment strategies in the asset class? IQPC is honored of directions, including:
to welcome as its keynote speaker Steven Chercover, one of the • Examining the impact of Pine Beetle infestations on North
world’s top forest & paper products analysts, who will focus on: American inventories
• Examining the inflationary pressures in the US economy: dollar • Understanding the effect of the economic downturn on the
weakness and expanded monetary supply health of sawmills and logging companies
• Examining the deflationary pressures: Widespread credit • Quantifying the extent of harvest delays on overall stumpage
contraction and unemployment increases levels: Will the net consequence of an uptick in demand be a
• Indicators as to whether inflationary or deflationary pressures glut of supply?
will triumph over the next few years • Forecasting the impact of regulatory changes on supply dynamics
• Understanding how timberland values respond to inflationary,
Brendan K Lowney
deflationary, and recessionary pressures – and what each of the
Principal, Macroeconomics
scenarios will mean for a given portfolio
Forest Economic Advisors LLC
Steven Chercover
Rocky Goodnow
Senior Research Analyst
Director, Timber
D. A. Davidson & Co
Forest Economic Advisors LLC
9:30 The US Housing Market: 11:45 Taking the Temperature of the North American
Understanding the Future Prospects for the Biomass Market
Major Driver of Future Timberland Demand With a near national consensus on the desirability of renewable
For a timberland discussion to be meaningful, the US housing market
energy sources, the biomass market is increasing in size and
is the 8,000 pound gorilla in the room that needs to be addressed.
importance – and with major implications for timberland
Weakness in the US housing market has traditionally been a
investors. What are the near-term growth prospects? Longer-term,
depressive influence on the lumber market, but recently the situation
what proportion of energy needs might theoretically be met by
has been complicated by a weakened supply chain which has created
woody biomass?
the oddly anomalous spectacle of soaring lumber futures. How will
these forces resolve themselves in the short, medium, and long term • Taking a closer look at the pressures driving the growth of
– and what will be the implications for timberland investments? Keith biomass as a fuel source:
• The demand for renewable energy sources
Balter, Senior Economist of Forest Capital Partners and a longstanding
• The need to reduce energy dependency
commentator on the US housing market, will provide meaningful
• Federal and state assistance, including BCAP (Biomass Crop
insights in the following key areas:
Assistance Program)
• A closer look at the performance of the US housing market • Understanding how the biomass market varies on a state-by-
over previous decades
state basis
• Examining the correlation between housing starts, lumber • How the growth in the biomass market affects the overall
prices, and timberland values
supply-demand equation for timberland
• Gauging the future prospects for the US housing market:
demographics and economics Peter Barynin
• Does US housing matter to the US timber market? Housing and Principal Timber Economist
market fundamentals RISI
Keith Balter
12:30 Networking Luncheon
Principal
Forest Capital Partners
4 www.TimberlandInvestmentSummit.com | 1-800-882-8684

5. 2:00 Timberland Values: Jack Lutz
Time to Buy or Time to Sell? Director of Research
With so much economic uncertainty and so many conflicting FourWinds Capital Management
variables, the future of timberland values may well seem Joel Shapiro
impossible to predict. But for timberland investors the stakes (and CEO
the rewards) are high, and it’s essential that decisions are made Timbervest
with the full complement of available insight. For this extended
panel session, we bring together four heavyweight timberland Jamie Greenough
thinkers to roll up their sleeves and get deep into the topic. A Broker & Analyst
must attend panel for any serious timberland investor. Global Securities Corp
•
What determines the price of timberland? Getting to grips with
3:15 Afternoon Networking Break
the full range of contributing factors
• Examining the historical price record: Do timberland values
4:00 Interactive Roundtable Discussions:
move in cycles?
Where to Invest? The Top 5 Timberland
• A closer look at the prospects for paper, pulp, packaging, wood
Investment Destinations
products – both internationally and at home
The timberland landscape is fragmented and complicated, with a
•
Incorporating supply issues into the value equation: How
variety of attractive investment destinations competing for the
capable is the North American productive base of responding to
attention of the investor. In this exciting, interactive conference
demand? What are the implications for timberland prices?
session, we ask 5 leading TIMOs to nominate their top investment
• Making an informed decision about whether timberland values
opportunity, and share the reasons for their selection with an
are currently near a top, representing a selling opportunity, or
intimate group of delegates from the audience.
near a bottom, representing a buying opportunity
Places on each roundtable will be awarded on a first-come, first-served
Chung-Hong Fu
basis – so make sure you book early to be sure of your first choice!
Managing Director, Economic Research & Analysis
Forest Investment Resources Aldo de Cresci Neto
Partner
FMGCN
5:00 End of Main Conference Day One
“Timberland has gained traction in recent years among large institutional investors such
as state pension funds and university endowments as they look to diversify their
investment portfolios.
As an asset class, timberland outperformed stocks between 1987 and 2007, with the National
Council of Real Estate Investment Fiduciaries' timberland index generating a compounded
annual return of 15.3 percent, versus the S&P 500's 10 percent.” Reuters
Main Conference Day Two
Friday, June 25, 2010
8:30 Pension & Endowment Fund Think Tank 9:40 Chairperson’s Opening Remarks
- 9:30 By Invitation Only
9:50 KEYNOTE ADDRESS:
The Pension & Endowment Think Tank is an hour long discussion
The Changing Investment Landscape:
mini-track limited to 15 participants from pension and
Does the TIMO or the REIT Own the Future?
endowment funds. There are two levels of participation: You can
You asked us to bring back Joel Shapiro. We listened – and
be among a select group of leaders that will bring to the forefront
awarded him his own keynote address on the future of the
one topic of interest or challenge you are facing right now. Or
timberland investments space! This unmissable session will delve
you can be an attendee and take advantage of an exclusive
deep into the factors currently affecting change in the timberland
networking opportunity that is focused on your specific needs.
landscape, including considerations on the structures that will
Attendance is strictly limited to pension and endowment funds,
dominate the future and the ongoing dynamic between TIMOs
and all discussions are off-line and off the record. Key discussion
and REITs. Specific focus areas will include:
areas will include:
• Evaluating the pros and cons of TIMOs and REITs
• Portfolio optimization strategies Back by •
Liquidity considerations
• Market timing and access strategies Popular • Taxation considerations
• Comparisons with other alternative asset classes Demand! • Appropriateness of each structure for differing investment
•
Risk management for timberland investments
horizons
Pension funds confirmed (as of 02/19/10) include: Mass- • Examining the factors that will determine whether the TIMO or
PRIM, Dallas Police & Fire Retirement System, APG, TIAA- REIT structure stands to benefit in the future
CREF & CPP Investment Board
Joel Shapiro
CEO
9:00 Registration & Coffee Timbervest
Sponsors:
www.TimberlandInvestmentSummit.com | 1-800-882-8684 5

6. 10:35 International Trends in Timberland Investments 1:15 Networking Luncheon
The 7th Timberland Investment Summit is focused on North
American investment opportunities. Nevertheless, the audience is 2:15 Maximizing Returns from “Higher Better Use”
international in outlook, and there is strong interest in the global Land
picture for timberland investments. Dennis Neilson of DANA – who Despite (at the time of writing) soaring lumber futures, the long-
has made a name for himself in recent years by publishing the term prospects for timber prices remain uncertain – and many
industry’s pre-eminent report on timberland markets globally – will investors continue to look seriously at alternative strategies for
present the findings of his latest study, with a particular focus on: extracting value from their timberland assets. HBU – Highest Best
Use – a broad term which encompasses numerous alternative
• The size of institutional investment – North America versus
revenue streams, is well understood – but what’s less well
international
understood is precisely how landowners should go about setting
• Historical trends of international investment – scale and players
up alternative revenue streams, which streams they should
• New international investment trends – the sizzle countries and
prioritize, and how they should be maximized. Steven Diebenow
outlook
is one of the world’s top experts in this niche field, and in this
• Changing investment return targets
session he will deliver strategies for:
• International country risk analysis
• Examining the benefits of designating and identifying HBU land
Dennis Neilson • Understanding the most effective valuation techniques for HBU
Director
land
DANA • Prioritizing HBU land: A rural real estate analysis to determine
which variety of HBU will be most valuable
11:20 Morning Networking Break • Incorporating HBU land into your portfolio strategy
12:05 Reassessing the Role of Timberland within Steven Diebenow
Institutional Portfolios: Principal
A Comparison with Alternative Asset Classes Rock Creek Capital
IQPC is honored to unveil its largest and most significant investor
roundtable ever – with senior decision-makers confirmed from 3:00 Exploring the Economics of Harvest Timing:
Mass-PRIM, APG, TIAA-CREF, CPP Investment Board, and Dallas Is Conventional Wisdom Accurate in the Current
Police & Fire Retirement System. This extended panel discussion Environment?
will cover all aspects of the asset class from the viewpoint of The conventional wisdom of industrial timberland management is
institutional investors, including its suitability as an inflation that when timber prices are weak, managers maximize value by
hedge, its role within an alternatives portfolio, and the most harvesting the minimum amount of trees possible, deferring
effective diversification strategies within the asset class itself: further harvest until timber prices recover. The presumption is that
future value – driven by continued biological growth plus higher
• A closer look at the attractiveness of timberland from an
future timber prices – will more than make up for the weak
institutional perspective:
• Biological growth
current cash yields resulting from minimal harvest operations
• Inflation hedging
today. This strategy appears to be widely followed by timberland
• Low volatility
managers during the current period of weak timber prices.
• Reduced stock market correlation In this continuing extraordinary timber price environment,
• Considerations on the size of timberland allocation within an however, it is appropriate to ask: under what set of circumstances
institutional portfolio might the conventional wisdom to defer harvests fail to maximize
• Diversification strategies within the timberland allocation: value? Might the unusual distress of the recession and its profound
determining the optimal mix of geographies, species-types, and impact on timber prices suggest a different approach to harvest
management styles timing? Is there a contrarian opportunity to accelerate harvesting,
• Institutional risk management strategies for timberland maximizing current cash flow in exchange for reduced future
investments potential value? Does the duration of low timber prices suggest
that cutting now might be better than waiting it out?
Tim Schlitzer
Senior Investment Officer, Real Estate and Timberland Tim Corriero
Massachusetts PRIM Board Managing Director
FIA Timber Partners
Colin Carlton
VP, Investment Research 3:45 When Models Disagree:
Canada Pension Plan Investment Board Examining the Extent and Implications of
Gerald Brown Conflicting Forecasting Models
Chairman
• Dissecting forecasting models: how they work, the assumptions
Dallas Police & Fire Pension System they make, how accurate are their predictions
• Understanding the extent to which timberland forecasting
Sue Ryan Goodman models disagree: Quantifying the financial implications of
Portfolio Manager, Real Estate & Timber conflicting models
APG Asset Management • Comparing current forecasts for major North American
timberland regions: SE, NE, West Coast & Canada, etc.
Sandy LaBaugh • Examining strategies for reconciling differences between
Director, Alternative Investments
forecasts
TIAA-CREF • Where do the forecasts agree that timberland investing looks
promising, unpromising and unknowable going forward?
Dr Jeffrey P. Prestemon
Research Forester, Forestry Sciences Laboratory
SRS USDA Forest Service
4:30 End of Conference
6 www.TimberlandInvestmentSummit.com | 1-800-882-8684

7. Registration Information
Team Discounts: For information on team discounts, please contact IQPC Customer
Pricing Register By Register by Register by Standard
March 26, 2010 April 23, 2010 May 21, 2010 Price Service at 1-800-882-8684. Only one discount may be applied per registrant.
Conference Only (save $900) (save $600) (save $300) Special Discounts Available: A limited number of discounts are available for the
$999 $1,299 $1,599 $1,899 non-profit sector, government organizations and academia. For more information,
please contact customer service at 1-800-882-8684.
Conference (save $1,000) (save $600) (save $300)
+ 1 Workshop $1,448 $1,848 $2,148 $2,448 Details for making payment via EFT or wire transfer:
JPMorgan Chase - Penton Learning Systems LLC dba
Conference (save $1,000) (save $600) (save $300) IQPC: 957-097239
+ 2 Workshops $1,997 $2,397 $2,697 $2,997
ABA/Routing #: 021000021
All-Access Pass: (save $1,000) (save $600) (save $300) Reference: Please include the name of the attendee(s) and the event number:
Conference + $1,999 $2,399 $2,699 $2,999 10683.006
all 4 workshops
Payment Policy: Payment is due in full at the time of registration and includes
Workshop(s) Only $549 each $549 each $549 each $549 each lunches and refreshment. Your registration will not be confirmed until payment is
received and may be subject to cancellation.
Please note prices are in Canadian Dollars and are subject to a 5% GST. For IQPC’s Cancellation, Postponement and Substitution Policy, please visit
Please note multiple discounts cannot be combined. www.iqpc.com/cancellation
A $99 processing charge will be assessed to all registrations not accompanied by credit card payment at Special Dietary Needs: If you have a dietary restriction, please contact Customer
the time of registration. Service at 1-800-882-8684 to discuss your specific needs.
MAKE CHECKS PAYABLE IN CANADIAN DOLLARS TO: IQPC ©2010 IQPC. All Rights Reserved. The format, design, content and arrangement of
this brochure constitute a trademark of IQPC. Unauthorized reproduction will be
* CT residents or people employed in the state of CT must add 6% sales tax. actionable under the Lanham Act and common law principles.
Sponsorship And Exhibition Opportunities About the Location: Vancouver, BC
Sponsorships and exhibits are excellent opportunities for your Surrounded by water on three sides and nestled alongside the Coast
company to showcase its products and services to high-level, targeted Mountain Range, Vancouver is the largest city in the province of British
decision-makers attending the 7th Timberland Investment Columbia with over half a million residents and one of the mildest climates in
Summit. IQPC and Finance IQ help companies like yours achieve Canada. Home to spectacular natural scenery and a bustling metropolitan
important sales, marketing and branding objectives by setting aside a core, Vancouver was home to the Olympic and Paralympic Winter Games in
limited number of event sponsorships and exhibit spaces – all of 2010. Timberland delegates are advised to prolong their stay on either side of
which are tailored to assist your organization in creating a platform to the conference, to experience more of what this beautiful city has to offer!
maximize its exposure at the event.
As soon as a specific venue is confirmed we will post the information
For more information on sponsoring or exhibiting at the 7th online. If you would like to be notified via email as soon as the information
Timberland Investment Summit, please contact Mario Matulich becomes available please email info@iqpc.com with the following in the
at 212-885-2719 or sponsorship@iqpc.com. subject line: "7th Timberland Investment Summit Venue Request".
Sponsors:
RISI's mission is to create the highest quality FLEURY MALHEIROS, GASPARINI, DE
information for and about the global forest CRESCI E NOGUEIRA DE LIMA
products industry and deliver it to customers as ADVOGADOS is the law firm in Brazil
part of value-added solutions. We work with that formed a team of lawyers with
clients in the pulp and paper, wood products, timber, tissue and over 7 years of experience in various types of timberland
nonwovens industries to help them make better business decisions. investments in Brazil (sustainable use of natural forests in the North
Website: www.risiinfo.co of Brazil, development of plantations of teak in the West and
plantations of Eucalyptus and Pinus in the Northeast, Southeast and
South). Website: www.fmgcn.com.br
Media Partners
Sponsors:
www.TimberlandInvestmentSummit.com | 1-800-882-8684 7

8. International Quality & Productivity Center
REGISTRATION CARD 535 5th Avenue, 8th Floor
YES! Please register me for: New York, NY 10017
June 23 – 25, 2010 • Vancouver, British Columbia
❑ Conference Only ❑ All Access Pass
❑ Conference + 1 workshop ❑ Workshop(s) ❑ A ❑ B ❑ C ❑ D
❑ Conference + 2 workshops
See Page 5 for pricing details.
Your customer registration code is:
When registering, please provide the code above.
Name__________________________________ Job Title ________________________
Organization____________________________________________________________
Approving Manager______________________________________________________
Address________________________________________________________________
City__________________________________State______________Zip____________
Phone________________________________Fax_______________________________
E-mail__________________________________________________________________ 5 EASY WAYS TO REGISTER:
❑ Please keep me informed via email about this and other related events.
1 Web: www.TimberlandInvestmentSummit.com
❑ Check enclosed for $_________ (Payable to IQPC)
2 Call: 1-800-882-8684
❑ Charge my __Amex __Visa __Mastercard __Diners Club
3 Email: info@iqpc.com
Card #__________________________________Exp. Date___/___ CVM code ______
4 Fax: 1-646-378-6025
Details for making payment via EFT or wire transfer can be found on
preceding page. 5 Mail: IQPC
535 5th Avenue, 8th Floor,
❑ I cannot attend, but please keep me informed of all future events. 10683.006/D/AL New York, NY 10017
Register by March 26th and
SAVE up to $2,096!
See page 7 for details
June 23 – 25, 2010 • Vancouver, British Columbia
NAVIGATING THE LANDSCAPE FOR STRATEGIC INVESTMENTS
IN NORTH AMERICAN TIMBERLAND
Media Partners:
Sponsors:
www.TimberlandInvestmentSummit.com