Agenda

Monday, September 8, 2008

5:00 - 8:00 PM: Opening Reception at WFC Discovery Museum

Tuesday, September 9, 2008

8:00 - 9:00 AM: Registration Open in Miller Hall

9:00 - 9:10 AM: Welcome and Introductions

9:10 - 10:30 AM
Session 1: Taking Stock - Strategic Perspectives on Forest Ownership.
After 10 years of shifting patterns of forestland ownership, we assess how this shift has affected forestry and the forest products industry, the investment community, and other stakeholders. What have been the biggest changes, and why? Who has benefited, and who has not, and in what ways? What challenges loom and how will the timberland investment arena evolve in the next few years? Can timberland returns be sustained and will investors continue to flock to this asset class?

Session Moderator: Gary Myers, TimberLink
9:10 – 9:50 AM: Jim Rinehart, R & A Investment Forestry
9:50 – 10:30 AM: Dennis Neilson, DANA

10:30 – 11:00 AM: Break

11:00 – 11:20 AM: Kirk Purvis, MetLife "Appraisals - Are They Reliable? A User's Perspective"

11:20 – 12:20 PM: Vic Musselman, Musselman & Associates and Mike Clutter, University of Georgia, “The Market Bubble, Fact or Fiction?”
Moderator: Court Washburn, Hancock Timber Resource Group

12:20 – 1:40 PM: Lunch on the Plaza

1:40 – 3:15 PM
Session 2: Financial and Regulatory Developments
What future regulatory changes might impact the sector? What are the new investment vehicles that could develop? What changes have emerged for the foreign investor? What role can certified forests play in timberland investments?

Dave Tenny, National Alliance of Forest Owners
Kathy Abusow, Sustainable Forestry Initiative
Bill Bradley, Sutherland

3:15 – 3:45 PM: Break

3:45 – 5:00 PM
Session 3: Timber Returns - How Well Have Shareholders and Investors Fared?
There were high expectations from Wall Street and shareholders from the divestiture of forestlands by forestry companies. Now that most of the assets have been sold, how have investors fared? How has the shift in forestland impacted the operations and bottom lines of forestry companies? Have forestry companies and their shareholders benefited since divesting their forestland? How well have investments in forestland performed? With the current equity volatility, and tightened lending, how will investments in alternatives such as forestland be affected? What is the future outlook for forestland investment as an asset class?

Jack Lutz, Forest Research Group
Steve Chercover, DA Davidson & Co
Chris Chun, Deutsche Bank

5:00 – 7:00 PM: Reception on Miller Hall Lawn

Wednesday, September 10, 2008

Session 4: Emerging Markets In Search of Higher Returns (and Higher Risk)

8:00-10:40 AM
Panel 1: Exploring Overseas Investments
Discussion of investment opportunities and challenges either in a particular region or globally. What are the reasons for and against investing in a particular region of the world, how are investments structured? What specific challenges does overseas investing present, where are the markets for wood, and what have the returns been/future outlook?

Moderator: Clark Binkley, International Forestry Investment Advisors
Vince Erasmus, ITC Limited
Craig Taylor, The Fifth Estate
Claudio Ortolan, Klabin and Robert H. Donnelly, RH Donnelly & Associates, “Brazil: Still an Investor’s Paradise?”
Jim Stevens, International Woodland Company, “Timber Investments in ‘New’ Markets”

10:40 – 11:10 AM: Break

11:10 – 12:30 PM
Panel 2: Investing for Climate Change and Ecosystems
How does climate change impact forest investments, both in terms of the challenges it presents to investors, as well as potential opportunities? Can carbon finance and ecosystem investments be profitable? How do these systems work? What are institutional investors saying on this issue? How will eco-investing evolve in the near future?

Bruce Kahn, Deutsche Asset Management
Marisa Meizlish, New Forests Advisory
Rick Smith, Forest Systems

12:30 – 1:40 PM: Lunch on the Plaza

1:40 – 3:00 PM
Session 5: Investor Roundtable
What do you think investors are looking for when they invest in forestland? Which regions of the world interest you, and why? Are investors demanding socially responsible investing? How important are non-timber values such as conservation, carbon, mining or biomass to investors? Where is the capital inflow coming from, and where is it going? Are Sovereign Wealth Funds likely to emerge as major investors? What are the main challenges that you foresee for investors in this asset class?

Reid Carter, Brookfield Asset Management
Susan Ryan Goodman, APG Investments US
Liane Luke, Four Winds Capital Management

3:00 – 4:20 PM
Session 6: Perspectives on Conservation: Private Capital for Public Goods
How has the forestland shift impacted the conservation community? How are land deals best structured to benefit both investors and conservationists? Have conservation values been achieved?

Moderator: Diane Vosick, The Nature Conservancy
Evan Smith, The Conservation Fund
Peter Stein, Lyme Timber Company

4:20 - 4:30 PM: Closing Comments

Continuing Education Credits:
12.0 CFE Contact Hours, Category 1 for Society of American Foresters
12.5 CPE credits, Level 4 for Certified Public Accountants
12.0 CLE general credit hours, Oregon State Bar










	Agenda Monday, September 8, 2008 5:00 - 8:00 PM: Opening Reception at WFC Discovery Museum Tuesday, September 9, 2008 8:00 - 9:00 AM: Registration Open in Miller Hall 9:00 - 9:10 AM: Welcome and Introductions 9:10 - 10:30 AM Session 1: Taking Stock - Strategic Perspectives on Forest Ownership. After 10 years of shifting patterns of forestland ownership, we assess how this shift has affected forestry and the forest products industry, the investment community, and other stakeholders. What have been the biggest changes, and why? Who has benefited, and who has not, and in what ways? What challenges loom and how will the timberland investment arena evolve in the next few years? Can timberland returns be sustained and will investors continue to flock to this asset class? Session Moderator: Gary Myers, TimberLink 9:10 – 9:50 AM: Jim Rinehart, R & A Investment Forestry 9:50 – 10:30 AM: Dennis Neilson, DANA 10:30 – 11:00 AM: Break 11:00 – 11:20 AM: Kirk Purvis, MetLife "Appraisals - Are They Reliable? A User's Perspective" 11:20 – 12:20 PM: Vic Musselman, Musselman & Associates and Mike Clutter, University of Georgia, “The Market Bubble, Fact or Fiction?” Moderator: Court Washburn, Hancock Timber Resource Group 12:20 – 1:40 PM: Lunch on the Plaza 1:40 – 3:15 PM Session 2: Financial and Regulatory Developments What future regulatory changes might impact the sector? What are the new investment vehicles that could develop? What changes have emerged for the foreign investor? What role can certified forests play in timberland investments? Dave Tenny, National Alliance of Forest Owners Kathy Abusow, Sustainable Forestry Initiative Bill Bradley, Sutherland 3:15 – 3:45 PM: Break 3:45 – 5:00 PM Session 3: Timber Returns - How Well Have Shareholders and Investors Fared? There were high expectations from Wall Street and shareholders from the divestiture of forestlands by forestry companies. Now that most of the assets have been sold, how have investors fared? How has the shift in forestland impacted the operations and bottom lines of forestry companies? Have forestry companies and their shareholders benefited since divesting their forestland? How well have investments in forestland performed? With the current equity volatility, and tightened lending, how will investments in alternatives such as forestland be affected? What is the future outlook for forestland investment as an asset class? Jack Lutz, Forest Research Group Steve Chercover, DA Davidson & Co Chris Chun, Deutsche Bank 5:00 – 7:00 PM: Reception on Miller Hall Lawn Wednesday, September 10, 2008 Session 4: Emerging Markets In Search of Higher Returns (and Higher Risk) 8:00-10:40 AM Panel 1: Exploring Overseas Investments Discussion of investment opportunities and challenges either in a particular region or globally. What are the reasons for and against investing in a particular region of the world, how are investments structured? What specific challenges does overseas investing present, where are the markets for wood, and what have the returns been/future outlook? Moderator: Clark Binkley, International Forestry Investment Advisors Vince Erasmus, ITC Limited Craig Taylor, The Fifth Estate Claudio Ortolan, Klabin and Robert H. Donnelly, RH Donnelly & Associates, “Brazil: Still an Investor’s Paradise?” Jim Stevens, International Woodland Company, “Timber Investments in ‘New’ Markets” 10:40 – 11:10 AM: Break 11:10 – 12:30 PM Panel 2: Investing for Climate Change and Ecosystems How does climate change impact forest investments, both in terms of the challenges it presents to investors, as well as potential opportunities? Can carbon finance and ecosystem investments be profitable? How do these systems work? What are institutional investors saying on this issue? How will eco-investing evolve in the near future? Bruce Kahn, Deutsche Asset Management Marisa Meizlish, New Forests Advisory Rick Smith, Forest Systems 12:30 – 1:40 PM: Lunch on the Plaza 1:40 – 3:00 PM Session 5: Investor Roundtable What do you think investors are looking for when they invest in forestland? Which regions of the world interest you, and why? Are investors demanding socially responsible investing? How important are non-timber values such as conservation, carbon, mining or biomass to investors? Where is the capital inflow coming from, and where is it going? Are Sovereign Wealth Funds likely to emerge as major investors? What are the main challenges that you foresee for investors in this asset class? Reid Carter, Brookfield Asset Management Susan Ryan Goodman, APG Investments US Liane Luke, Four Winds Capital Management 3:00 – 4:20 PM Session 6: Perspectives on Conservation: Private Capital for Public Goods How has the forestland shift impacted the conservation community? How are land deals best structured to benefit both investors and conservationists? Have conservation values been achieved? Moderator: Diane Vosick, The Nature Conservancy Evan Smith, The Conservation Fund Peter Stein, Lyme Timber Company 4:20 - 4:30 PM: Closing Comments Continuing Education Credits: 12.0 CFE Contact Hours, Category 1 for Society of American Foresters 12.5 CPE credits, Level 4 for Certified Public Accountants 12.0 CLE general credit hours, Oregon State Bar