Monday, September 11

6:00 PM - 8:00 PM
Opening Reception and Hors d'oeuvres at WFC Discovery Museum

Tuesday, September 12

7:30 AM - 8:30 AM
Continental Breakfast and Registration

8:30 am - 10 am Session 1:
Changes in the Forest Products Industry and the Ripple Effect on Timberland Investment and Ownership

• The impact of fundamental changes in the industry on timberland ownership and management.
• How have manufacturing changes and industry globalization affected where and how timber is sourced?
• What are the risks for manufacturers of having less control over raw material supply? What are the benefits of not owning timberland?
• How do supply agreements change the game plan for timberland investors?
• What are the implications of industry divestment for non-timber values?

Speakers:
• Rick Smith, Forest Systems
• Mark Wilde, Deutsche Bank Securities
• George O’Brien, formerly International Paper
• Dennis Neilson, DANA Ltd.

10:30 am - noon Session 2:
Alternatively Speaking—What Investors Need to Know about Timberland as an Investment

• Top Ten Trends in timber investing and what they suggest for the future.
• Why are investors choosing to invest in timberland these days?
• Why are investors choosing NOT to invest in timberland these days?
• What are the opportunities and challenges of investing in the US and of investing overseas?
• What is the menu of investment vehicles and products from which investors may choose?

Speakers:
• Andy Wiltshire, Harvard Management Company
• Kate Robie, TimberLink
• Peter Mertz, Global Forest Partners
• Timothy Fritzinger, Cambridge Associates

LUNCH BREAK

1:15 pm - 2:45 pm Session 3:
Timberland Valuation and Appraisal – The Good, the Bad and the Ugly

• The truth about appraisals–how reliable are they? What are the primary drivers of appraised value?
• What should clients of timber appraisers expect from an appraisal? How non-appraisers should review appraisal reports.
• Why some investors are comfortable with appraisals and some are not.
• Evolution of the art and science – where is the practice of appraisal headed?
• Top complaints of appraisers.
• Top complaints of appraiser clients.

Speakers:
• Kate Robie, TimberLink
• Sam Radcliffe, Prentiss & Carlisle
• David Kimbrough, Hancock Timber Resource Group
• Paul Mier, AEGON

3:00 - 3:30 PM
Buses depart for hosted BBQ at Magness Memorial Tree Farm in Wilsonville, Oregon

7:00 PM
Buses leave for Portland

Wednesday, September 13

8:00 AM - 8:30 AM
Continental Breakfast

8:30 am - 10:00 am Session 4:
Timberland Investing and the Public Good—Issues that Matter to Investors

• What are investors demanding in the way of environmental accountability?
• Conservation Easements and Carbon Credits: How Problems Can Be Opportunities.
• Forest Fragmentation—What impact will this have on the public good and on forestry?

Speakers:
• Scott Wallinger, formerly MeadWestvaco
• Evan Smith, The Conservation Fund
• Leif Olsson, Ecotrust
• Laurie Wayburn, Pacific Forest Trust

10:30 am - noon Session 5:
A New Breed of Forest Owners: Does Intensive Forest Management Have a Future?

• How does this shift in ownership affect forest management? Will we have less intensively managed forests?
• Are TIMOs walking away from silvicultural investments? Who will finance forest research traditionally funded by the forest industry?
• Does the market efficiently value silvicultural treatments, which can increase yields?
• How will fragmentation impact forest health and future investments—will smaller tracts make timber less profitable? What happens after short-term funds close out? Will it stay within forestry?

Speakers:
• John Pait, CellFor
• Barrett McCall, Larson & McGowin
• James Nicol, Forest Systems
• Stephen Hobbs, Oregon State University College of Forestry

noon - 1:15 pm LUNCH BREAK

1:15 pm - 2:15 pm Session 6:
How Do Tax Treatments and Financial Accounting Drive Timberland Transactions?

• Why Integrated Companies are selling timberland or converting to REITs.
• Working through transactions.
• Pending issues in taxation that will impact timberland owners.

Speakers:
• Bill Bradley, Sutherland Asbill & Brennan
• Bret Vicary, James W. Sewall Company

2:15 pm - 3:45 pm Session 7:
Closing Session to synthesize major points of the summit and highlighting 3 speakers

Speakers:
• Gary Hartshorn, World Forestry Center
• James A. Rinehart, R&A Investment Forestry
• Michael R. Wright, The John D. and Catherine T. MacArthur Foundation

3:45 PM
Adjourn for Closing Reception

10.0 SAF CFE Contact Hours, Category 1
10.5 Oregon State Bar General Credits