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CONFIDENTIAL DISCUSSION PAPER. DO NOT DISTRIBUTE WITHOUT EXPRESS WRITTEN PERMISSION OF GREENWOOD RESOURCES
A Resource That Lasts Forever™
FRA Fall Meeting Bruce Summers Harvest Manager Greenwood Resources
September 26, 2012
Boardman Tree Farm Greenwood Tree Farm Fund
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CONFIDENTIAL DISCUSSION PAPER. DO NOT DISTRIBUTE WITHOUT EXPRESS WRITTEN PERMISSION OF GREENWOOD RESOURCES
Greenwood Tree Farm Fund L.P.
• A Private Equity Fund
• Greenwood Resources
• Manages the Fund and the LCTF and BTF
• Collins Management Company
• Manages the Upper Columbia Sawmill and sells Pacific Albus lumber
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CONFIDENTIAL DISCUSSION PAPER. DO NOT DISTRIBUTE WITHOUT EXPRESS WRITTEN PERMISSION OF GREENWOOD RESOURCES 3
GreenWood Resources Global Investment and Asset Management Company for
Plantation Forestry and Dedicated Biomass
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• Founded in 1998 and “dedicated to the innovative development and management of sustainable short rotation high yield tree farms and their products”.
• Vertically integrated company executing on a global platform:
• Strong investment management experience and systems.
• Leadership in creating higher returns by deploying improved plant material developed through GWR’s program of continuous tree improvement
• Uniform systems (financial, forestry, etc) for plantation management to improve investment returns and reduce implementation risk.
• US $350 million under management
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CONFIDENTIAL DISCUSSION PAPER. DO NOT DISTRIBUTE WITHOUT EXPRESS WRITTEN PERMISSION OF GREENWOOD RESOURCES
GreenWood Resources: Areas of Focus
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Desert environment Advanced irrigation Technology 20 GT ac/yr
GTFF Boardman Tree Farm Columbia River Basin: 23,500 Acres
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CONFIDENTIAL DISCUSSION PAPER. DO NOT DISTRIBUTE WITHOUT EXPRESS WRITTEN PERMISSION OF GREENWOOD RESOURCES 6
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CONFIDENTIAL DISCUSSION PAPER. DO NOT DISTRIBUTE WITHOUT EXPRESS WRITTEN PERMISSION OF GREENWOOD RESOURCES
Historical Summary
• 1990-1992- Boise and Potlatch purchased property
• 24,800 acres
• 1990-1999-Pulp log management
• 2000-Began saw log management
• thinning, pruning, new clones
• 2000-Began harvesting pulp plantations
• 2005-Chip Mill and Log Merchandiser
• 2007-GreenWood Tree Farm Fund purchased farms
• 2008-Sawmill Constructed
• 2013-Future Veneer mill Construction
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Columbia River Water Intake
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• Pump 222,500 gal/min
• Total of 38,000 hp
• 560 miles buried pipe
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CONFIDENTIAL DISCUSSION PAPER. DO NOT DISTRIBUTE WITHOUT EXPRESS WRITTEN PERMISSION OF GREENWOOD RESOURCES
Filter System
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CONFIDENTIAL DISCUSSION PAPER. DO NOT DISTRIBUTE WITHOUT EXPRESS WRITTEN PERMISSION OF GREENWOOD RESOURCES
Water Distribution Manifold
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Drip Irrigation System
• 19,028 miles of drip tube
• 26,841,278 emitters
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CONFIDENTIAL DISCUSSION PAPER. DO NOT DISTRIBUTE WITHOUT EXPRESS WRITTEN PERMISSION OF GREENWOOD RESOURCES 12
Genetics Tree Improvement Program
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• GWR commitment to long term tree improvement since 1988 to maximize genetic gain in those traits of highest economic importance
• GWR’s efforts have resulted in significant volume growth improvement
• Combination of GWR’s elite varieties and management expertise adds significant value
• Recognized globally as a leader in poplar tree improvement
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CONFIDENTIAL DISCUSSION PAPER. DO NOT DISTRIBUTE WITHOUT EXPRESS WRITTEN PERMISSION OF GREENWOOD RESOURCES 13
Production
Pulp Logs
Biomass
Saw Logs
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Saw/Veneer Log Production
Spacing
145-290 trees/acre
Planting Stock
1 or 2 year old pole
Pruning
Multiple pruning
entries
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CONFIDENTIAL DISCUSSION PAPER. DO NOT DISTRIBUTE WITHOUT EXPRESS WRITTEN PERMISSION OF GREENWOOD RESOURCES 15
Saw Log Harvest
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Pulp Log Production
Spacing
600 Trees/acre
Planting Stock
Non-rooted sticks
Harvest
Cut/Bunch
Skid/Load
Haul to stationary
chipper
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Biomass Production
Spacing
1,100-2,200 Trees/acre
Planting Stock
Non-rooted stick
Harvest
Modified forage harvester to cut & chip
1st cut at 2 years
additional harvest of coppice
at 2 or 3 year increments
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CONFIDENTIAL DISCUSSION PAPER. DO NOT DISTRIBUTE WITHOUT EXPRESS WRITTEN PERMISSION OF GREENWOOD RESOURCES 18
Manufacturing
Lumber Chips
Veneer
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CONFIDENTIAL DISCUSSION PAPER. DO NOT DISTRIBUTE WITHOUT EXPRESS WRITTEN PERMISSION OF GREENWOOD RESOURCES
Biomass Production Greenwood Resources Vision
• Leverage our expertise in genetic tree improvement, plantation management, and harvesting of short rotation woody crops to create the highest quality feedstock for the global biomass industry.
• Focus is on biomass production at a scale and price that will make poplar competitive with other energy crops and ultimately traditional fossil fuels.
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GreenWood Resources Biomass Strategy
Objective: Promote poplar from dedicated energy tree farms as the feedstock of choice for CHP and second generation liquid fuels
• Production Systems
• Silvicultural techniques for multiple coppice cycle rotations – planting density, cultural treatments, cycle length
• Equipment automation – planting, cultivation, and harvesting
• Feedstock Quality
• Utilizing poplar genomics to drive breeding
• Screening tools for high wood density, favorable wood chemistry for liquid fuel conversion
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CONFIDENTIAL DISCUSSION PAPER. DO NOT DISTRIBUTE WITHOUT EXPRESS WRITTEN PERMISSION OF GREENWOOD RESOURCES 21
Wood Chemistry and Quality
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• GWR is a leading researcher in the field of biofuels development
• Traditional breeding to modify the composition and quality of the feedstock for energy (electrical and liquid fuels) conversion
• Developing rapid assessment technologies for lignin and cellulose
• Improving and quantifying the carbon sequestration value
• Completed regional trials for adaptability and commercialization of bioenergy tree farms; currently analyzing yield and cost data
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CONFIDENTIAL DISCUSSION PAPER. DO NOT DISTRIBUTE WITHOUT EXPRESS WRITTEN PERMISSION OF GREENWOOD RESOURCES
Productivity
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CONFIDENTIAL DISCUSSION PAPER. DO NOT DISTRIBUTE WITHOUT EXPRESS WRITTEN PERMISSION OF GREENWOOD RESOURCES
China
Biomass
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CONFIDENTIAL DISCUSSION PAPER. DO NOT DISTRIBUTE WITHOUT EXPRESS WRITTEN PERMISSION OF GREENWOOD RESOURCES
Why Woody Biomass?
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• Cellulosic feedstock lowest cost sugar
• Feedstock typically >50% of operating cost
• High yield sugar conversion matters
Sugar Cost
Raw Material Price
$/Pound $/Bbl
Ethanol
Corn (C6) $7.60/bushel $0.16 $94
Sugarcane (C6) $25/ton $0.09 $55
Cellulosic (C5 &
C6) $60/BDT
$0.04 $18
Why Sugar Cost and Yield Matter
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High Yield / High Density
Low Price Volatility / LT Contract
Resource Availability
Ability to Aggregate Additional Land
Working (JIT) Harvesting Method
Non-GMO Short Cycle Perennial
Store on the stump
Economics
Environment
Social
Biomass Plantation
Benefits
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• Boardman, Oregon, Port of Morrow
• Co-located within a few miles of GreenWood Resources existing poplar plantation
• Barge, rail and truck transportation
• State and federal support
Executing on Deployment Zeachem Demonstration Plant
Schematic of future facility
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CONFIDENTIAL DISCUSSION PAPER. DO NOT DISTRIBUTE WITHOUT EXPRESS WRITTEN PERMISSION OF GREENWOOD RESOURCES
Zeachem Technology
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Biomass Production Focused Research and Development Initiatives
Agriculture Food and Research Initiative
• System for Advanced Biofuels Production from Woody Biomass in the Pacific Northwest
• GWR-Feedstock Team Lead for development of Phase 1 demonstration plantings
Northwest Aviation Renewable Alliance
• A holistic approach to building a supply chain for aviation biofuel with the goal of increasing efficiency from forestry operations to conversion processes.
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CONFIDENTIAL DISCUSSION PAPER. DO NOT DISTRIBUTE WITHOUT EXPRESS WRITTEN PERMISSION OF GREENWOOD RESOURCES
BCAP Project Area
Boardman Tree Farm
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Greenwood Tree Farm Fund has been selected as a BCAP Project area for the purpose of growing hybrid poplar as a intercrop species on 7,000 acres of the GTFF Boardman Tree Farm. Chips will be harvested using modified Forage Harvesters and delivered to Zeachem Boardman facility for conversion to liquid fuel.
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CONFIDENTIAL DISCUSSION PAPER. DO NOT DISTRIBUTE WITHOUT EXPRESS WRITTEN PERMISSION OF GREENWOOD RESOURCES 36
Thank You