Iqpc’S Timberland Investment World Summit

1. proudly presents... Access complimentary articles, speaker interviews, podcasts,
and much more by visiting our online learning Center at
10th
www.timberlandinvestmentsummit.com!
WORlD SUMMIT
GlObAl Opportunities and Strategies for January 30 – February 1, 2012
Timberland Investors as Growth Shifts from New York, NY
Developed to Emerging Markets
Featuring International Industry Don’t Miss:
A Snapshot of Our Outstanding
leaders and Experts, including: Speaker Faculty: ✓ Cash flow generation
opportunities in
James Davies, Head of Funds Management, Keith Argow, President, Don MacKay, Forest
international markets
National Woodlands Economist and Appraiser,
New Forests Association Forest Research, LLC
Henrique Rodrigues Alves Aretz, Managing Partner, Alvery A. Bartlett Jr., Jack Lutz; Forest Economist, ✓ Perspectives on the future
VbI Timberland
President and Founder,
Alvery Bartlett Group
Forest Research Group of global demand for
Christina L. Conners,
Jefferson B. Mendes, Director – CEO, Pöyry Danielle DiMartino, Analyst, Investment Consultant, timber
Federal Reserve Bank of Alvery Bartlett Group
Silviconsult Engenharia Dallas Teddy Reynolds, President, ✓ China’s plan: How long
Daniel Mitchell, CEO, Grandis Timber limited
Hollis Greenlaw, Co-founder
and Chief Executive Officer,
Reynolds Forestry
Consulting and Real Estate
will the demand continue
United Development Tim Corriero, Managing to out pace developed
Keta Kosman, Publisher, Madison’s lumber Reporter Funding
Chung-Hong Fu, Managing
Director, FIA Timber Partners nations?
Sandy Lebaugh, Director of
Don Roberts, Vice Chairman, CIbC World Director, Economic Alternative Investments, ✓ The impact of housing
Markets Inc. Investment Analysis, TIAA-CREF
Timberland Investment
Stephan Viederman, Advisor starts and how North
Resources
Peter Vind Larsen, Director of Investment Development,
Scott Jones, CEO,
and Board of Directors,
The Christopher Reynolds
American Timberland
The International Woodland Company Forestland Owners
Association
Foundation investors and developers
Dennis Neilson, Director, DANA
Jeff Wikle, MAI;
Manish Kapoor, Managing
Director, West Wheelock
can benefit
TerraSource Valuation, LLC Capital
Workshops can be booked separately What others are saying about IQPC’s Timberland Investment Summit Series:
See pages 3 & 6
“Presenters showed their depth of knowledge and presented interesting
Unique and unmatched opportunities for
ideas succinctly” - Senior Partner, Timberland Investment Management Organization
networking bringing together senior decision-makers
from the entire timberland investments value chain “This hit the issues right in the nose – great selection of speakers!”
- Senior Vice President, Timberland Investments, Asset Management Company
The most important meeting of the year as
timberland experts discuss global timberland “Insightful. Relevant. I will look forward to IQPC’s future timberland
investment opportunities events!” - Managing Director, TIMO
Our Sponsor Our Media Partners:
Where Hedge Funds and Investors Come Together
www.timberlandworldsummit.com | Call: 1-800-882-8684 | Email: info@iqpc.com

2. 10th Who will you meet?
Chief Investment Officers, Senior Investment Officers and
WORlD SUMMIT Equities Strategists for:
• Pension Funds and Endowments
GlObAl Opportunities and Strategies for January 30 – February 1, 2012
• Insurance Companies and Hedge Funds
Timberland Investors as Growth Shifts from New York, NY
• Corporations and Charitable Trusts
Developed to Emerging Markets • Family Offices and Private Banks
• Consulting Risk Management Companies
• Carbon Credit Companies
natives • Valuation Companies
institutional investors as part of an alter
“Timber is increasingly attractive for tion-hedging. To date most
sification and infla
exposure, with benefits including diver rt predicts this will move to
CEOs and VPs of Business Development for:
of the investme nts have been in the US, but a new repo spread • Timber Investment Management Organizations (TIMOs)
Asia, with consultants advising investors
emerging countries including those in – Top1000funds.com June 15, 2011 • Agribusiness Investment Companies
th opportunities.”
their timber exposures to capture grow
• Asset Management Firms
Law Firms Specializing in Timberland Transactions
Dear Colleague,
Welcome to the 10th Timberland Investment World Summit – the most important event of
the year for investors involved in the timberland space. In this era of market volatility an and
About the
uncertainty, now is the time to examine the unique opportunities presented by the Timber asset Organizer
class
At the premier Timberland Investment Summit, you can expect to benefit from three days of expert Finance IQ, the financial division of IQPC, produces the world’s
presentations delivered via a series of focused workshops and interactive conference sessions.
This Summit will bring together the most successful timberland investors, world’s top analysts, most cutting edge and strategic financial conferences across
and industry pioneers to help you make sense of this challenging, yet potentially lucrative asset the US, Europe, Asia and the Middle East every year, educating
class. The US Housing Market downturn and China’s impact on the domestic timber value chain almost 5,000 high-level executives annually. Our comprehensive
are central topics covered in this program. You cannot afford to miss discussion of these critical
topics when assessing your position in the Timber market.
events provide an unbiased, specialized forum where you can
discuss the issues most important to you and network with
The 10th Timberland Investment World Summit will provide insight on:
industry leaders.
✓ International and North American timberland investment markets
✓ United States Housing dynamics and strategies for the timber sector during a period of low
housing starts Sponsorship and Exhibition
✓ Investing in Global Frontier Markets and the diverse competition for offshore timberland Opportunities
✓ Employing Portfolio Diversification as a tool to manage volatility
Sponsorships and exhibits are excellent opportunities for
✓ Institutional Perspectives on how timberland compares to other alternative assets
your company to showcase its products and services to
The 10th Timberland Investment World Summit is the best tool available in 2012 to explore high-level, targeted decision makers attending the 10th
the most attractive timberland investment opportunities and learn how to position your portfolio
effectively in this challenging market. Timberland Investment World Summit. IQPC and Finance IQ help
companies like yours achieve important sales, marketing and
Whether you are an existing investor, or new to the asset class, this event delivers the specific
insights required to invest with confidence. Please take a moment to look at this agenda and book branding objectives by setting aside a limited number of event
you place at the most important Timberland Investment conference of the year. I look forward to sponsorships and exhibit spaces – all of which are tailored to
meeting you in New York! assist your organization in creating a platform to maximize its
Kind regards, exposure at the event.
IQPC Finance Division For more information on sponsoring or exhibiting at this
or upcoming events, please contact Georgia Foster at
1-212-885-2799 or sponsorship@iqpc.com.
Sponsor
Timberlands serve an increasingly important role in providing raw material for modern biomanufacturing processes. The sustainable
use of wood resources requires optimization of the whole value chain from the forest to the production plant. Computational
expertise combined with deep knowledge of forests and forestry provides a sound basis for decision support in forestry. Simosol
Oy has created Iptim to help its clients to make better decisions about their timberland assets by reducing operation costs and
increasing the value of the investment. Iptim is based on the SIMO simulation and optimization framework used extensively by
the Finnish forest industry companies, forestry organizations and academia. Besides the adaptive management tool, we provide
www.iptim.com consultation service for computationally intensive timberland resource utilization planning.
2 www.timberlandworldsummit.com | Call: 1-800-882-8684 | Email: info@iqpc.com

3. Pre-Conference WORKSHOPS MONDAY
January 30, 2012
WORKSHOPS
can be booked
separately
See page 6
A
8:30am: Registration & Coffee • 9:00am – 11:00am
The Impact of Emerging Markets Investments on a Diversified Timber Investment Portfolio Our workshops are
(Real and Perceived Risks and Rewards) designed specifically to
translate winning strategies
from leading experts and
Overseas investments are becoming more and more attractive as finding a good value for your investment How you will benefit: develop them into tangible
is becoming increasingly difficult. Learn how foreign governments are parceling and auctioning lands, benefits you can take away
• Establish appropriate benchmarks for risk adjusted returns and
what kind of risks and expectations are associated with foreign investments in timberland and how you and implement within your
strategies for hedging currency volatility
can take advantage of new global opportunities. own company’s procedures.
• Address macroeconomic models about the global timber market
What will be covered:
• Identify and quantify political risk in due diligence paradigms
• Why emerging markets are a critical part of a well-diversified portfolio
• Ways to analyze country risk characteristics
Daniel Mitchell, CEO, Grandis Timber Limited
• Investor strategies for high risk adjusted returns through investments in emerging markets
b 11:30am: Registration (Lunch will be served.)
Comparing the US Standards of Appraisal Practice to International Valuation Standards
Timberland valuation is more important than ever in when it comes to buying and selling divestitures, throughout the US and various international countries, particularly South and Central
timberlands. Successful timberland investors must understand the appraisal prices including America, including a wide variety of both natural and plantation forests.
B
the correlation between timber prices and timberland values. This workshop provides a
What will be covered:
the important and rapidly evolving differences between USPAP and IVS
standard as they apply to current timberland investment valuation.
In his early career, he played a key role in managing consulting forestry operations in southern New
complete analysis ofModeling Therapeutic Intervention in Product Development: A England, developing a knowledge of hardwood silviculture and economics.
Commercial Perspective
In the 80’s, he became a commercial real estate appraiser, helping set up Fleet Bank’s (now Bank of
America) appraisal groups in Springfield, MA and Albany, NY, focused on a wide variety of commercial real
• Review of information required to competently analyze a timberland investment estate.
• Walk-through of the three core valuation approaches used in timberland analysis In 1995, he returned to forestry practice, establishing the timberland appraisal group at Canal Forest
Resources, now American Forest Management, a consulting forestry firm based in Charlotte, NC. In 2002,
• Step-by-step lesson in how the analytics are reconciled to form a credible conclusion Jeff joined the James W. Sewall Company and established its southern forestry group.
• A comparison of the differences between USPAP, the US appraisal standards, and the In 2005, Jeff, along with Phil Bailey, formed TerraSource Valuation, a consulting company based in
developing International Valuation Standards, as applied to timberland investments. Waxhaw, North Carolina. TerraSource specializes in the valuation of timberland and related assets
throughout the US and various international locations.
How you will benefit:
• Gain a more sophisticated view of the timberland valuation process Don MacKay Ph.D.; Forest Economist and Appraiser, Forest Research, LLC
• Learn how to anticipate the coming conflicts between USPAP and IVS in timberland Don MacKay has 20 years experience in forestry and forest economics, and ten years of appraisal
valuation. experience. He holds a Ph.D. in Forestry from the University of Minnesota, an MBA from Duke University,
• Enhance ability to review timberland offerings and appraisals and a B.A. in Economics from the College of William and Mary. Don has earned the right to hold the
Chartered Financial Analyst designation, and he is a faculty associate in the School of Forest Resources at
• Improve understanding of timberland appraisers’ role in this asset class the University of Maine, Orono.
His professional work background includes forest economics and policy research at the University of
Jeff Wikle, Manager and Principal; TerraSource Valuation, LLC Minnesota, four years as an analyst at the Hancock Timber Resource Group in Boston, and appraisal and
Jeff Wikle has a forestry degree from the U. of Michigan. He is a MAI, member of the Appraisal economics positions with two appraisal and consulting firms. He has helped to found four businesses,
Institute, the most sought after appraisal designation. With over 30 years of broad and diversified real including Cerahelix, Inc., Forest Research, LLC, Pelletco, LLC, and Zeomatrix, LLC.
estate appraisal and forestry consulting experience, he has been involved in timberland management, Don is a Certified General Appraiser in Maine, New Hampshire, and Pennsylvania, and a Maine Licensed
acquisitions and Forester.
C 2:30pm: Registration • 3:00pm-5:00pm
Identifying and Managing Timberland Investment Risk
Successful timberland investing requires a comprehensive knowledge of the dangers • Understand the near-term risks for your timberland investment program
involved – together with a detailed grasp of due diligence activities and risk mitigation
strategies. What are the biggest risks and uncertainties in investing in timberland? How • Understand the long-term risks for your timberland investment program
do macroeconomic factors impact timberland returns? How can these risks be controlled or
reduced? Jack lutz; Forest Economist, Forest Research Group
What will be covered: Dr. Jack Lutz is Principal and Forest Economist of the Forest Research Group (founded in 2004) and has
over 25 years of experience in timberland investments in academic, industry, research and consulting
• The biggest risks and uncertainties in timberland investing and what can be done about positions. He is editor of Forest Research Notes, a quarterly newsletter on timberland investments and
them. market dynamics and is adjunct faculty at the Warnell School of Forestry and Natural Resources at the
• Volatility, uncertainty and losses in timberland investing. University of Georgia and the School of Forest Resources at the University of Maine. Dr. Lutz worked as
Director, Global Research and Valuations for FourWinds Capital Management (2007-2010), as a Resource
• How changes in demand for wood-based products can impact timberland returns. Economist for James W. Sewall Company (1998-2004), and as Senior Forest Economist at Hancock Timber
• How near-term economic turmoil in Europe and the US might impact timberland returns. Resource Group (1994-1998). He was a natural resources consultant (1990-1994) and a research forester
at the University of New Hampshire (1985-1990). Dr. Lutz received his PhD in Natural Resources and his BS
How you will benefit: in Forestry from the University of New Hampshire. He has an MBA from the Kellogg Graduate School of
Management at Northwestern University.
• Learn what the biggest risk is that timberland investors face and how to manage that risk
• Learn what to watch for as your timberland investment program progresses
www.timberlandworldsummit.com | Call: 1-800-882-8684 | Email: info@iqpc.com 3

4. Main Conference DAY 1 TUESDAY
January 31, 2012
7:50am Coffee & Registration
8:50am Chairman’s Opening Remarks 12:45pm Networking luncheon
9:00am The State of the Current North American Timberland 1:45pm Alternative Timber Focus: The World Fiber Market
Investment Market: • Entrance of new players in the biomass market seeking long-term
Re-Examining the Factors Affecting North American Supply supply agreements.
• Who is growing what and why? • Which of the new and traditional players have the ability to pay
• USA/International Competition for Timber the most?
• Pine Beetle, Emerald Ash Borer: the impact on North American • How does our answer vary as we segment the fiber supply?
Wood Supply — Sawmill and forest residues?
• How the economy is affecting the production of sawmills and — Pulp & OSB logs?
logging companies? — Sawlogs and Peelers?
• Stumpage delays: When an uptick in demand occurs, will there be Don Roberts, Vice Chairman, CIBC World Markets Inc.
an over-supply?
Keith Argow, President, National Woodlands Association 2:30pm The Integration of Asia Pacific Forestry and its impact on
Timberland Investment
9:45am An International Timberland Investment Market Study • An examination of the Asia-Pacific forest sector experiencing
• A detailed study focused on the most attractive timberland unprecedented changes as economies grow and demands on
investment opportunities forests increase
• Drivers of the international supply chain • A detailed study of Malaysia, Vietnam and Indonesia and their
• Quantifying and addressing the various risks associated with impact on traditional forestry markets
global investments • How to play into China as it continues to drive strong demand in
• How cultural differences may impact the investment process the Asia Pacific region
Dennis Neilson, Director, DANA James Davies, Head of Funds Management, New Forests
10:30am Networking break 3:15pm Networking break
11:15am PANEl DISCUSSION: United States Housing Market 4:00pm Context and Trends of the brazilian Forest-based Industry
Dynamics • Understanding the country’s supply and demand-markets from an
• Focus on real estate: Examining the future of housing investment point of view
• Strategies for the timber sector during a period of low housing • What do the main consumers look for in partnerships with
starts institutional investors in the different timber markets?
• When will the housing market recover and lead the United States • The best method of creating a well-balanced portfolio of timber
out of recession? investments in Brazil?
• The direct impact of housing developments on the North Henrique Rodrigues Alves Aretz, Managing Partner, VBI
American timber market Timberland
Danielle DiMartino, Analyst, Federal Reserve Bank of Dallas Jefferson b. Mendes, Director – CEO, Pöyry Silviconsult
Engenharia
Alvery A. bartlett Jr., President and Founder, Alvery Bartlett Group
Hollis Greenlaw, Co-founder and Chief Executive Officer, 4:45pm China’s Ravenous Demand for Timber
United Development Funding • China is harvesting Timber at an alarming pace as the Chinese
Moderator Jack lutz demand for wood is ever increasing
• How long will this demand continue to out pace developed
12:00pm The Direct Relationship of lumber Prices to Timberland
nations? A study of China’s five year plan.
Value
• The affect of China’s demand on Pacific Northwest timber
• This session will feature an examination of the discrepancies
producers
between lumber prices and timberland value
Dennis Neilson, Director, DANA
• Using the lumber market as a forward indicator of timberland
value 5:30pm End of Main Conference Day 1
• Considering the impact of global markets on lumber prices
Keta Kosman, Publisher, Madison’s Lumber Reporter
4 www.timberlandworldsummit.com | Call: 1-800-882-8684 | Email: info@iqpc.com

5. Main Conference DAY 2 WEDNESDAY
February 1, 2012
8:30am Coffee & Registration 1:45pm Employing Timberland Portfolio Diversification as a Tool to
Reduce Risk
8:55am Chairman’s Opening Remarks
• Diversification options to measure and manage volatility within a
9:00am Investing in Global Frontier Markets: The Diverse timberland portfolio
Competition for Offshore Timberland • How many countries should a timberland portfolio cover to
• Distinguish various TIMOs as investors turn to global markets effectively reduce risk?
• Gain visibility over the full range of factors that distinguish • What other ways beyond geographic diversification can one
Timberland Investment Management Organizations: employ to manage risk?
• Which global TIMO will provide will provide the best value for Chong – Hong Fu, Managing Director, Timberland Investment
personal objectives Resources
Peter Vind larsen, Director of Investment Development, The 2:30pm Policy Implication to Profitable Timberland Investments
International Woodland Company
• An examination of foreign and domestic policy involved with
9:45am International Market Selection based on Investment Needs timberland investment
• Legal perspectives when structuring foreign investments • Implications of policy developments to the forest sector
• A discussion of the factors that appeal to investors when Scott Jones, CEO, Forestland Owners Association
investing overseas
3:15pm Afternoon Networking & Refreshment break
• Quantifying the various risks involved with global investments
• Specific tax policy assessments applicable to timber ownership 4:00pm PANEl DISCUSSION: Institutional Perspectives on the
Alternative Asset Class
Morrison & Foster
• For investors: Learn how timberland compares to other alternative
10:30am Networking break assets, the pros and cons
• An investors perspective: Issues in risk management
11:15am The Variance between Public REIT and Private TIMO
Valuations • For timberland investment managers: Learn more about these
assets that compete for your investors’ investment dollars
• Analyzing the relative valuations of similar asset bases
• Considerations on the size of timberland allocations within an
• An in-depth discussion of the various factors resulting in the
institutional portfolio and risk management strategies for that mix
valuation discrepancy
• Case study examples of investments, the analysis behind them
• Understand the relative benefits, and risks, of investing via the
and lessons learned as a result of how they turned out
public or private markets.
Sandy lebaugh, Director of Alternative Investments, TIAA-CREF
Tim Corriero, Managing Director, FIA Timber Partners
Stephan Viederman, Advisor and Board of Directors, The
12:00pm US Timberland Investment Forecast Variables; and their Christopher Reynolds Foundation
impact on Net Present Value Manish Kapoor, Managing Director, West Wheelock Capital
• A look at the timberland investment world from a US perspective Christina l. Conners, Investment Consultant, Alvery Bartlett Group
• A study of the new emerging variables in timber supply and
demand in relation to US timberland investments 4:45pm End of Main Conference Day 1
• Evaluation of new emerging variables and their influence on short
and mid-term timberland returns
Teddy Reynolds, President, Reynolds Forestry Consulting and Real
Estate
12:45pm Networking luncheon
www.timberlandworldsummit.com | Call: 1-800-882-8684 | Email: info@iqpc.com 5

6. proudly presents...
10th
WORlD SUMMIT
GlObAl Opportunities and Strategies for January 30 – February 1, 2012
Timberland Investors as Growth Shifts from New York, NY
Developed to Emerging Markets
YES Register me for: (Email this form to info@iqpc.com or fax to 646-378-6025)
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6 www.timberlandworldsummit.com | Call: 1-800-882-8684 | Email: info@iqpc.com