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Agenda

Who Will Own the Forest? 6 is a 2.5 day event, beginning with an evening reception on September 20, conference sessions and evening reception on September 21, and conference sessions on September 22.

Monday, September 20, 2010

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

Enjoy cocktails, refreshments and hors d'oeuvres inside one of Portland's major tourist attractions, the World Forestry Center's Discovery Museum.  The opening reception has become a must-attend event, a great way to meet up with clients and old friends before the conference session starts the following day.

8:00-9:00 AM: Registration

9:00-9:10 AM: Welcome

9:10 – 10:30 AM: Session 1: The Big Picture: Economic Outlook, Wood Demand and Forestland Values
As the global and US economies move out of recession, to what degree will wood products demand recover?  How does this outlook for forest products affect buyers and sellers of forestland, and what are the big picture trends investors should be keeping an eye on? 


• Moderator: Jim Rinehart, R&A Investment Forestry
• Timothy Leach, U.S. Bank, "Economic Outlook"
• Mark Wilde, Deutsche Bank, "What’s Ahead? The Economy, Forest Products Markets & Timberland”




10:30-11:00 AM: Break

11:00 AM – 12:30 PM Session 2: Timberland Drivers--Taxes, Lending and Policy
Changes in the lending environment, tax law, and policies can impose constraints or open new opportunities.  Has the lending environment really improved since the financial meltdown?  What alternative revenue streams are emerging from regulatory and policy changes in certification, energy, and ecosystem markets? Are proposed changes to tax law likely, and how would they impact forestland investors?

•  Greg Corbin, Stoel Rives, "Environmental and Energy Issues Relevant to US Timberland Owners and Investors"
•  Bill Bradley, Sutherland, "Opening the Door to Foreign Investment”
•  Whit Hill, John Hancock Bond and Corporate Finance, "A Lender’s Perspective on the Credit Environment”
• Joan Lautenschleger, Forest Capital Partners, “What do borrowers want… and has it changed?”



12:30 -1:50 PM: Lunch

1:50 – 3:20 PM Session 3: Appraising Valuations
The forestland appraisal process remains a critical yet challenging component of valuing forestland investments.  This session will examine the parameters used by appraisers as they deal with an evolving asset class, including a discussion of the relationship between log prices and forestland values, the assumptions made regarding HBU and other non-timber values, the management of country risk, and ultimately, the timberland discount rate.

•  Moderator and Panelist: Dennis Neilson, DANA Ltd. on Australia, New Zealand and other South Hemisphere/Asia
•  Rick La Mont, Timberland Appraisal Inc., "Past and Current Appraisal Trends in the Western U.S"
•  Bret Vicary, James W. Sewell Company "Appraising Valuations: US East and Beyond"
•  Jeff Wikle, TerraSource Valuation, "Appraisal Issues in Latin America"

3:20 – 4:40 PM Session 4: Is Forestland Still a Good Investment?
Owning forestland as a long-term investment has been attractive for a number of reasons, including relative yields, and as a hedge against inflation or the equity markets.  This session tracks how well timberland investments have actually performed in various markets, and asks investors for their views on whether this is a good time to be investing in this asset class.

•  Moderator: Tracy Evens, TimberLink
•  Brooks Mendell, Forisk Consulting, "Benchmarking the Financial Performance of US Timberland Investment Vehicles"

•  Brendan Lacey, Irish Forestry Trust, "Irish Pension Fund and Charity Investment in North American Timberland"

• Neil Woods, New Zealand Superannuation Fund, "NZ Superannuation Fund: The Role and Performance of Timber in Our Portfolio"

4:40 - 7:00 PM: Evening Reception

Wednesday, September 22 , 2010

8:00 – 10:30 AM: Session 5: Overseas Investing
There are now over a dozen timberland investment organizations investing overseas, primarily in South America, Oceania, and parts of Asia and Europe.  Where are the most attractive regions for timberland, and why?  How do land productivity and prices compare?  What’s driving investors to seek forestland investments overseas?  What are the regulatory and incentive structures in these regions, and do the potential returns justify the risks?

•  Petri Lehtonen, Indufor Oy, "Timberland Investment Opportunities"
• David Smith, Virgin Forests, "Australian Plantation Investment Outlook"
•  Bob Flynn, RISI, "Timberland Investment Opportunities in South America: Moving Beyond the Traditional Ventures"
•  Richard Standeven, Cogent Partners, "UK Investor Perspectives on Global Forestland Investing"
•  Mads Asprem, Green Resources, "Forest Investments in Africa"

10:30 – 11:00 AM: Break

11:00 AM – 12:00 PM: Session 6: Emerging Forestland Values
While timber remains the primary product for forestland investors, other, non-timber values are playing an increasingly important role in generating additional revenue. This session examines the many non-timber values associated with forestland and their contribution to returns, and risks.

•  Moderator: John Wilkinson, WFC Director & Retired Executive of Weyerhaeuser & Jeld-Wen
•  Connie Best, Pacific Forest Trust, "Taking the Temperature of US Climate Policy"
•  Steve Ruddell, CarbonVerde, "Weighing the Risks and Uncertainties of Forest Carbon Offset Projects”

 

12:00 – 1:20 PM: Lunch

1:20 – 2:20 PM Session 6 continued

•  David Brand, New Forests, "Ecosystem-based Markets in the USA"
•  Eric Bober, Nexant, "Emerging Markets for Tree-based Energy and Chemicals"

2:20 - 4:20 PM Session 7: Lessons From the Frontlines

While institutional investments in forestland remain an evolving field, more than a decade of land transactions have taken place.  This session will highlight actual "case studies" or examples of investments, the analysis that went into its development, and ultimately how it turned out and what lessons can be learned from them.  What were the projections for end use markets, timber supply contracts and IRR, and how did they turn out?  Were there any complex tax-motivated sales in this project?  Were there any unexpected regulatory issues that came up and how were they dealt with? How did the HBU transactions compare to the projections?   What would timberland managers do differently today, and why?

 

•  Moderator: Steve Chercover, D.A. Davidson & Co.
•  Brent Keefer, Hancock Timber Resource Group
•  Tony Cascio, Resource Management Service, "Gaining Insight Into Drivers of Return on the
Performance of Plantation Pine Properties in Southern Brazil"
•  John Rosenthal, Realty Marketing/NW, "HBU . . . The Myth and Reality in Portfolio Sales and Evaluation"
•  Chung-Hong Fu, Timberland Investment Resources, "The Tortoise or the Hare? A Strategic Case Study of a Large Timberland Investment"


4:20: Adjourn

Continuing Education Credits:

Foresters:
12.0 CFE Contact Hours, Category 1 for Society of American Foresters. Please locate sign-in sheet and obtain certificate of attendance at end of event.

CPAs:
12.0 CPE General Review Hours for Oregon Certified Public Accountants.  Please locate sign-in sheet and obtain certificate of attendance at end of event.  Check with your state rules to determine eligibility.

Attorneys:
12.0 general credits for Oregon State Bar.  Please locate sign-in sheet and submit bar numbers at end of event.

Appraisers:
12.0 hours of continuing education credits for Oregon Appraiser Certification and Licensure.

12.0 hours of continuing education credits for WA State Real Estate Appraisers Department of Licensing.