iqpc’s timberland investment world summit

Don’t Miss:✓ Cash flow generation

opportunities in international markets

✓ Perspectives on the future of global demand for timber

✓ China’s plan: How long will the demand continue to out pace developed nations?

✓ The impact of housing starts and how North American Timberland investors and developers can benefit

What others are saying about IQPC’s Timberland Investment Summit Series: “ Presenters showed their depth of knowledge and presented interesting

ideas succinctly” - Senior Partner, Timberland Investment Management Organization

“This hit the issues right in the nose – great selection of speakers!”- Senior Vice President, Timberland Investments, Asset Management Company

“ Insightful. Relevant. I will look forward to IQPC’s future timberland events!” - Managing Director, TIMO

Our Media Partners:Our Sponsor

Unique and unmatched opportunities for networking bringing together senior decision-makers from the entire timberland investments value chain

The most important meeting of the year as timberland experts discuss global timberland investment opportunities

GlObAl Opportunities and Strategies for Timberland Investors as Growth Shifts from Developed to Emerging Markets

January 30 – February 1, 2012New York, NY

proudly presents...

W O R l D S U M M I T

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Featuring International Industry leaders and Experts, including:

James Davies, Head of Funds Management, New Forests

Henrique Rodrigues Alves Aretz, Managing Partner, VbI Timberland

Jefferson B. Mendes, Director – CEO, Pöyry Silviconsult Engenharia

Daniel Mitchell, CEO, Grandis Timber limited Keta Kosman, Publisher, Madison’s lumber Reporter

Don Roberts, Vice Chairman, CIbC World Markets Inc.

Peter Vind Larsen, Director of Investment Development, The International Woodland Company

Dennis Neilson, Director, DANA

Access complimentary articles, speaker interviews, podcasts, and much more by visiting our online learning Center at www.timberlandinvestmentsummit.com!

Workshops can be booked separatelySee pages 3 & 6

Keith Argow, President, National Woodlands AssociationAlvery A. Bartlett Jr., President and Founder, Alvery Bartlett GroupDanielle DiMartino, Analyst, Federal Reserve Bank of DallasHollis Greenlaw, Co-founder and Chief Executive Officer, United Development FundingChung-Hong Fu, Managing Director, Economic Investment Analysis, Timberland Investment ResourcesScott Jones, CEO, Forestland Owners AssociationJeff Wikle, MAI; TerraSource Valuation, LLC

Don MacKay, Forest Economist and Appraiser, Forest Research, LLCJack Lutz; Forest Economist, Forest Research Group Christina L. Conners, Investment Consultant, Alvery Bartlett GroupTeddy Reynolds, President, Reynolds Forestry Consulting and Real EstateTim Corriero, Managing Director, FIA Timber PartnersSandy Lebaugh, Director of Alternative Investments, TIAA-CREFStephan Viederman, Advisor and Board of Directors, The Christopher Reynolds FoundationManish Kapoor, Managing Director, West Wheelock Capital

A Snapshot of Our Outstanding Speaker Faculty:

Where Hedge Funds and Investors Come Together

www.timberlandworldsummit.com | Call: 1-800-882-8684 | Email: [email protected]




10th

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 uncertainty, now is the time to examine the unique opportunities presented by the Timber asset class

At the premier Timberland Investment Summit, you can expect to benefit from three days of expert 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, and industry pioneers to help you make sense of this challenging, yet potentially lucrative asset class. The US Housing Market downturn and China’s impact on the domestic timber value chain 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.

The 10th Timberland Investment World Summit will provide insight on:

✓ International and North American timberland investment markets

✓ United States Housing dynamics and strategies for the timber sector during a period of low housing starts

✓ Investing in Global Frontier Markets and the diverse competition for offshore timberland

✓ Employing Portfolio Diversification as a tool to manage volatility

✓ Institutional Perspectives on how timberland compares to other alternative assets

The 10th Timberland Investment World Summit is the best tool available in 2012 to explore the most attractive timberland investment opportunities and learn how to position your portfolio effectively in this challenging market.

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 you place at the most important Timberland Investment conference of the year. I look forward to meeting you in New York!

Kind regards,

IQPC Finance Division

Who will you meet?

Chief Investment Officers, Senior Investment Officers and Equities Strategists for:

• Pension Funds and Endowments • Insurance Companies and Hedge Funds • Corporations and Charitable Trusts • Family Offices and Private Banks • Consulting Risk Management Companies • Carbon Credit Companies • Valuation Companies

CEOs and VPs of Business Development for:• Timber Investment Management Organizations (TIMOs) • Agribusiness Investment Companies • Asset Management Firms

Law Firms Specializing in Timberland Transactions

About the Organizer

Finance IQ, the financial division of IQPC, produces the world’s most cutting edge and strategic financial conferences across the US, Europe, Asia and the Middle East every year, educating almost 5,000 high-level executives annually. Our comprehensive events provide an unbiased, specialized forum where you can discuss the issues most important to you and network with industry leaders.

Sponsorship and Exhibition Opportunities

Sponsorships and exhibits are excellent opportunities for your company to showcase its products and services to high-level, targeted decision makers attending the 10th Timberland Investment World Summit. IQPC and Finance IQ help companies like yours achieve important sales, marketing and branding objectives by setting aside a limited number of event sponsorships and exhibit spaces – all of which are tailored to assist your organization in creating a platform to maximize its exposure at the event.

For more information on sponsoring or exhibiting at this or upcoming events, please contact Georgia Foster at 1-212-885-2799 or [email protected].

“Timber is increasingly attractive for institutional investors as part of an alternatives

exposure, with benefits including diversification and inflation-hedging. To date most

of the investments have been in the US, but a new report predicts this will move to

emerging countries including those in Asia, with consultants advising investors spread

their timber exposures to capture growth opportunities.” – Top1000funds.com June 15, 2011

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 consultation service for computationally intensive timberland resource utilization planning.

Sponsor

www.iptim.com

www.timberlandworldsummit.com | Call: 1-800-882-8684 | Email: [email protected] 2

A

C

b

B

8:30am: Registration & Coffee • 9:00am – 11:00am

2:30pm: Registration • 3:00pm-5:00pm

11:30am: Registration (Lunch will be served.)

The Impact of Emerging Markets Investments on a Diversified Timber Investment Portfolio (Real and Perceived Risks and Rewards)

Identifying and Managing Timberland Investment Risk

Comparing the US Standards of Appraisal Practice to International Valuation Standards

Modeling Therapeutic Intervention in Product Development: A Commercial Perspective

Overseas investments are becoming more and more attractive as finding a good value for your investment is becoming increasingly difficult. Learn how foreign governments are parceling and auctioning lands, what kind of risks and expectations are associated with foreign investments in timberland and how you can take advantage of new global opportunities.

What will be covered:

• Why emerging markets are a critical part of a well-diversified portfolio

• Ways to analyze country risk characteristics

• Investor strategies for high risk adjusted returns through investments in emerging markets

How you will benefit:

• Establish appropriate benchmarks for risk adjusted returns and strategies for hedging currency volatility

• Address macroeconomic models about the global timber market

• Identify and quantify political risk in due diligence paradigms

Daniel Mitchell, CEO, Grandis Timber Limited

Successful timberland investing requires a comprehensive knowledge of the dangers 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 do macroeconomic factors impact timberland returns? How can these risks be controlled or reduced?What will be covered:• The biggest risks and uncertainties in timberland investing and what can be done about

them.• Volatility, uncertainty and losses in timberland investing.• How changes in demand for wood-based products can impact timberland returns.• How near-term economic turmoil in Europe and the US might impact timberland returns.How you will benefit:• 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

• Understand the near-term risks for your timberland investment program• Understand the long-term risks for your timberland investment program Jack lutz; Forest Economist, Forest Research Group 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 positions. He is editor of Forest Research Notes, a quarterly newsletter on timberland investments and market dynamics and is adjunct faculty at the Warnell School of Forestry and Natural Resources at the 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 Economist for James W. Sewall Company (1998-2004), and as Senior Forest Economist at Hancock Timber 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 in Forestry from the University of New Hampshire. He has an MBA from the Kellogg Graduate School of Management at Northwestern University.

Timberland valuation is more important than ever in when it comes to buying and selling timberlands. Successful timberland investors must understand the appraisal prices including the correlation between timber prices and timberland values. This workshop provides a complete analysis of the important and rapidly evolving differences between USPAP and IVS standard as they apply to current timberland investment valuation.What will be covered:• Review of information required to competently analyze a timberland investment• Walk-through of the three core valuation approaches used in timberland analysis• Step-by-step lesson in how the analytics are reconciled to form a credible conclusion • A comparison of the differences between USPAP, the US appraisal standards, and the

developing International Valuation Standards, as applied to timberland investments. How you will benefit: • Gain a more sophisticated view of the timberland valuation process• Learn how to anticipate the coming conflicts between USPAP and IVS in timberland

valuation.• Enhance ability to review timberland offerings and appraisals• Improve understanding of timberland appraisers’ role in this asset class Jeff Wikle, Manager and Principal; TerraSource Valuation, LLCJeff Wikle has a forestry degree from the U. of Michigan. He is a MAI, member of the Appraisal Institute, the most sought after appraisal designation. With over 30 years of broad and diversified real estate appraisal and forestry consulting experience, he has been involved in timberland management, acquisitions and

divestitures, throughout the US and various international countries, particularly South and Central America, including a wide variety of both natural and plantation forests.

In his early career, he played a key role in managing consulting forestry operations in southern New England, developing a knowledge of hardwood silviculture and economics.

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 estate.

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, Jeff joined the James W. Sewall Company and established its southern forestry group.

In 2005, Jeff, along with Phil Bailey, formed TerraSource Valuation, a consulting company based in Waxhaw, North Carolina. TerraSource specializes in the valuation of timberland and related assets throughout the US and various international locations.

Don MacKay Ph.D.; Forest Economist and Appraiser, Forest Research, LLC Don MacKay has 20 years experience in forestry and forest economics, and ten years of appraisal experience. He holds a Ph.D. in Forestry from the University of Minnesota, an MBA from Duke University, 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 the University of Maine, Orono.

His professional work background includes forest economics and policy research at the University of Minnesota, four years as an analyst at the Hancock Timber Resource Group in Boston, and appraisal and economics positions with two appraisal and consulting firms. He has helped to found four businesses, including Cerahelix, Inc., Forest Research, LLC, Pelletco, LLC, and Zeomatrix, LLC.

Don is a Certified General Appraiser in Maine, New Hampshire, and Pennsylvania, and a Maine Licensed Forester.

Pre-Conference WORKSHOPS MONDAYJanuary 30, 2012

WORKSHOPScan be booked

separately

Our workshops are designed specifically to translate winning strategies from leading experts and develop them into tangible benefits you can take away and implement within your own company’s procedures.

See page 6


7:50am Coffee & Registration

8:50am Chairman’s Opening Remarks

9:00am The State of the Current North American Timberland Investment Market:

Re-Examining the Factors Affecting North American Supply

• Who is growing what and why?

• USA/International Competition for Timber

• Pine Beetle, Emerald Ash Borer: the impact on North American Wood Supply

• How the economy is affecting the production of sawmills and logging companies?

• Stumpage delays: When an uptick in demand occurs, will there be an over-supply?

Keith Argow, President, National Woodlands Association

9:45am An International Timberland Investment Market Study

• A detailed study focused on the most attractive timberland investment opportunities

• Drivers of the international supply chain

• Quantifying and addressing the various risks associated with global investments

• How cultural differences may impact the investment process


10:30am Networking break

11:15am PANEl DISCUSSION: United States Housing Market Dynamics

• Focus on real estate: Examining the future of housing

• Strategies for the timber sector during a period of low housing starts

• When will the housing market recover and lead the United States out of recession?

• The direct impact of housing developments on the North American timber market

Danielle DiMartino, Analyst, Federal Reserve Bank of Dallas

Alvery A. bartlett Jr., President and Founder, Alvery Bartlett Group

Hollis Greenlaw, Co-founder and Chief Executive Officer, United Development Funding

Moderator Jack lutz

12:00pm The Direct Relationship of lumber Prices to Timberland Value

• This session will feature an examination of the discrepancies between lumber prices and timberland value

• Using the lumber market as a forward indicator of timberland value

• Considering the impact of global markets on lumber prices

Keta Kosman, Publisher, Madison’s Lumber Reporter

12:45pm Networking luncheon

1:45pm Alternative Timber Focus: The World Fiber Market

• Entrance of new players in the biomass market seeking long-term supply agreements.

• Which of the new and traditional players have the ability to pay the most?

• How does our answer vary as we segment the fiber supply?

— Sawmill and forest residues?

— Pulp & OSB logs?

— Sawlogs and Peelers?

Don Roberts, Vice Chairman, CIBC World Markets Inc.

2:30pm The Integration of Asia Pacific Forestry and its impact on Timberland Investment

• An examination of the Asia-Pacific forest sector experiencing unprecedented changes as economies grow and demands on forests increase

• A detailed study of Malaysia, Vietnam and Indonesia and their impact on traditional forestry markets

• How to play into China as it continues to drive strong demand in the Asia Pacific region

James Davies, Head of Funds Management, New Forests

3:15pm Networking break

4:00pm Context and Trends of the brazilian Forest-based Industry

• Understanding the country’s supply and demand-markets from an investment point of view

• What do the main consumers look for in partnerships with institutional investors in the different timber markets?

• The best method of creating a well-balanced portfolio of timber investments in Brazil?

Henrique Rodrigues Alves Aretz, Managing Partner, VBI Timberland

Jefferson b. Mendes, Director – CEO, Pöyry Silviconsult Engenharia

4:45pm China’s Ravenous Demand for Timber

• China is harvesting Timber at an alarming pace as the Chinese demand for wood is ever increasing

• How long will this demand continue to out pace developed nations? A study of China’s five year plan.

• The affect of China’s demand on Pacific Northwest timber producers


5:30pm End of Main Conference Day 1

Main Conference DAY 1 TUESDAYJanuary 31, 2012


8:30am Coffee & Registration

8:55am Chairman’s Opening Remarks

9:00am Investing in Global Frontier Markets: The Diverse Competition for Offshore Timberland

• Distinguish various TIMOs as investors turn to global markets

• Gain visibility over the full range of factors that distinguish Timberland Investment Management Organizations:

• Which global TIMO will provide will provide the best value for personal objectives

Peter Vind larsen, Director of Investment Development, The International Woodland Company

9:45am International Market Selection based on Investment Needs

• Legal perspectives when structuring foreign investments

• A discussion of the factors that appeal to investors when investing overseas

• Quantifying the various risks involved with global investments

• Specific tax policy assessments applicable to timber ownership

Morrison & Foster

10:30am Networking break

11:15am The Variance between Public REIT and Private TIMO Valuations

• Analyzing the relative valuations of similar asset bases

• An in-depth discussion of the various factors resulting in the valuation discrepancy

• Understand the relative benefits, and risks, of investing via the public or private markets.

Tim Corriero, Managing Director, FIA Timber Partners

12:00pm US Timberland Investment Forecast Variables; and their impact on Net Present Value

• A look at the timberland investment world from a US perspective

• A study of the new emerging variables in timber supply and demand in relation to US timberland investments

• 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

1:45pm Employing Timberland Portfolio Diversification as a Tool to Reduce Risk

• Diversification options to measure and manage volatility within a timberland portfolio

• How many countries should a timberland portfolio cover to effectively reduce risk?

• What other ways beyond geographic diversification can one employ to manage risk?

Chong – Hong Fu, Managing Director, Timberland Investment Resources

2:30pm Policy Implication to Profitable Timberland Investments

• An examination of foreign and domestic policy involved with timberland investment

• Implications of policy developments to the forest sector

Scott Jones, CEO, Forestland Owners Association

3:15pm Afternoon Networking & Refreshment break

4:00pm PANEl DISCUSSION: Institutional Perspectives on the Alternative Asset Class

• For investors: Learn how timberland compares to other alternative assets, the pros and cons

• An investors perspective: Issues in risk management

• For timberland investment managers: Learn more about these assets that compete for your investors’ investment dollars

• Considerations on the size of timberland allocations within an institutional portfolio and risk management strategies for that mix

• Case study examples of investments, the analysis behind them and lessons learned as a result of how they turned out

Sandy lebaugh, Director of Alternative Investments, TIAA-CREF

Stephan Viederman, Advisor and Board of Directors, The Christopher Reynolds Foundation

Manish Kapoor, Managing Director, West Wheelock Capital

Christina l. Conners, Investment Consultant, Alvery Bartlett Group

4:45pm End of Main Conference Day 1

Main Conference DAY 2 WEDNESDAYFebruary 1, 2012




proudly presents...


10th

YES (Email this form to [email protected] or fax to 646-378-6025)Register me for:

❑ All Access ❑ Conference Only Workshop(s): ❑ A ❑ B ❑ C

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Package END USERS* Register & Pay

by 11/18/11Register & Pay

by 12/23/11 Standard Price

All Access$2,099

(Save $900)$2,699

(Save $300)$2,999

(Valued at $3,546)

Summit Only$999

(Save $900)$1,599

(Save $300) $1,899Individual Workshops $549 each

Package VENDORS* (and all others) Register & Pay

by 11/18/11Register & Pay

by 12/23/11 Standard Price

All Access$3,099

(Save $900)$3,699

(Save $300)$3,999

(Valued at $4,546)

Summit Only$1,999

(Save $900)$2,599

(Save $300) $2,899Individual Workshops $549 each

* All access pass includes summit + all workshops. Please note multiple discounts cannot be combined. A $99 processing charge will be assessed to all registrations not accompanied by credit card payment at the time of registration.

Make Checks Payable in U.S. Dollars to: IQPC: *CT residents or people employed in the state of CT must add 6% sales tax.

Team Discounts: For information on team discounts, please contact IQPC Customer Service at 1-800-882-8684. Only one discount may be applied per registrant.

Special Discounts Available: A limited number of discounts are available for the non-profit sector, government organizations and academia. For more information, please contact customer service at 1-800-882-8684.

Details for making payment via EFT or wire transfer:JPMorgan Chase — Penton Learning Systems LLC dba IQPC: 957-097239 ABA/Routing #: 021000021 Reference: Please include the name of the attendee(s) and the event number: 10683.010

Payment Policy: Payment is due in full at the time of registration and includes lunches and refreshment.

Your registration will not be confirmed until payment is received and may be subject to cancellation.

For IQPC’s Cancellation, Postponement and Substitution Policy, please visit www.iqpc.com/cancellation

Special Dietary Needs: If you have a dietary restriction, please contact Customer Service at 1-800-882-8684 to discuss your specific needs.

VENUE & ACCOMMODATION: This event will be held in New York, NY. As soon as the event venue is confirmed, we will post the information online. If you would like to be notified automatically, please email [email protected] with the following in the subject line: “10th Timberland Investment World Summit Venue Request”

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iqpc’s timberland investment world summit

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