Pre-Conference Workshop: Wednesday, June 23, 2010

8:00 - 10:30 Timberland 101: Gaining Effective Exposure to the Asset Class

Timberland is an attractive investment, but it is also strongly knowledge-based: the most successful investors are those who take the time to develop an in-depth understanding of the asset class. For those new to timberland investments, this breakfast workshop will provide you with essential, practical know-how about accessing the asset class, avoiding common pitfalls, and structuring your investment correctly to maximize returns.

8:00 - 8:45 Part I: Timberland investment: Why, How, When and Where?

Clark S. Binkley, Managing Director of International Forestry Investment Advisors, LLC, and internationally known timberland investment expert will review the traditional reasons for investing in timberland (good returns, low correlation with other assets/diversification, real asset/inflation hedge) with commentary on how these factors have changed, not always favorably, in the current market. He will also discuss alternative investment vehicles with the advantages and disadvantages of each. His remarks will include a discussion of where we are in the investment cycle in the United States and elsewhere. There will be ample opportunity for Q&A.

9:00 - 10:30 Part II: Emerging Opportunities in Timberland Investment

You want me to invest where? Emerging markets in timberland investment. Reid Carter, Managing Partner, Brookfield Asset Management, will provide an overview of global opportunities to invest in timberland, with an emphasis on the opportunities in emerging markets outside the normal purview of investors with commentary on the advantages and disadvantages of each region.

Can trees really grow that fast? Leveraging forestry technologies to generate higher, more reliable returns. Brian Stanton, PhD and Managing Director of Tree Improvement for GreenWood Resources, will introduce the non-specialist to how tree improvement works, how better genetics interact positively with better on-the-ground management, and how all of this translates into higher, more reliable returns for timberland investors. He will provide examples for several key commercial species grown in the US, Latin America, Australasia and elsewhere.

Clark S. Binkley Managing Director International Forestry Investment Advisors, LLC	Reid Carter Managing Partner Brookfield Asset Management
Brian Stanton PhD and Managing Director Tree Improvement for GreenWood Resources

11:00 - 1:30 Workshop B: 360º Risk Management For Timberland Investments: Fireproof Your Timberland Investment Through Comprehensive Due Diligence And Risk Mitigation Strategies

Successful timberland investing requires a comprehensive knowledge of the dangers involved – together with a detailed grasp of due diligence activities and risk mitigation strategies. In this workshop, delegates will be taken through the full range of timberland investment risks, include macro-economic risks, industry specific risks, currency risks and forest management risks.

What you will learn:

• Gain a detailed understanding of the full range of timberland investment risks, including:
• Macroeconomic risks (GDP changes, credit, real estate)
• Industry-specific risks (valuation error, market timing error, etc)
• Regulatory risks (federal policing, tax changes)
• Currency risks (eg. Unfavorable changes to US-Canadian dollar exchange)
• Forest management risks (protection against Pine Beetle and fires)
• Examine the most effective strategies for guarding against each risk – and determine which risk mitigation strategies are ineffective, to avoid wasting time

How you will benefit:

• Minimize the risks associated with your timberland investing
• Create strategies for dealing with investment pitfalls – before they occur
• Dramatically improve your investment confidence

About your workshop leader:

Your workshop leader is Dr Jack Lutz, Director of Global Research and Valuations for FourWinds Capital Management, who brings 25 years of timberland investing experience.

1:30 Registration

2:00 - 4:30 Workshop C: Strategies For Smaller Investors: How The Little Guys Can Beat The Big Guys At Timberland Investing

It’s often been said that timberland investing is a game mainly for the institutional players – those who can buy at significant scales, and diversify among multiple geographies and even countries. But the fact remains that some of the most successful timberland investors of the last 20 years or so have been much smaller players, and that smaller investors actually have a unique set of their own advantages which few have the expertise to capitalize on. In this afternoon workshop, learn how to make the most of being a smaller investor and discover some of the “dirt-smart” strategies for walking away with sizeable returns!

What you will learn:

• Discover how to identify attractively discounted parcels of timberland
• Walk away with reliable strategies for valuing smaller timberland tracts

How you will benefit:

• Remove – as far as possible – the emotion from your investment decision making process
• Make the most of being a smaller investor
• Avoid first-purchase surprises

About your workshop leader:

Your workshop leader is Curtis Seltzer, who has lived and worked in the country for the better part of 35 years. He has helped clients find and buy timberland (both pine and hardwoods), farms, development land and conservation property. He is also the widelypraised author of How to be a Dirt-Smart Buyer of Country Property (2007, Infinity Publishing).

4:30 Registration

Dinner will be served

5:00 - 7:30 Workshop D: Tradable Carbon Credits In The Timberland Market: Maximizing Returns From An Alternative Revenue Stream

This workshop will cover how agreeing to conserve forest rather than converting forest land to other uses may also serve to generate tradable carbon credits. Forest lands offer significant opportunities for sequestering carbon as well as limiting additional emissions to the atmosphere from forest land conversion.

What you will learn:

• Examining how to measure forest carbon
• Exploring new and emerging domestic and international project opportunities
• Analyzing the impact of a globally integrated carbon trading system for forest owners and investors

How you will benefit:

• Getting an essential update on the policy and regulation affecting the timberland sector
• Hearing the pros and cons of creating a global umbrella framework for REDD under the UNFCCC
• Identifying the key funding avenues and finance mechanisms

About your workshop leader:

Your workshop leader is Dr Lloyd Irland, Lecturer and Senior Scientist at the Yale School of Forestry. Dr Irland is widely acknowledged to be one of the world’s leading experts on forestry timberland investment issues, and has more than 30 years’ experience in the sector.