Transcript of "Iqpc’S Timberland Investment World Summit"
proudly presents... Access complimentary articles, speaker interviews, podcasts, and much more by visiting our online learning Center at 10th www.timberlandinvestmentsummit.com! WORlD SUMMIT GlObAl Opportunities and Strategies for January 30 – February 1, 2012 Timberland Investors as Growth Shifts from New York, NY Developed to Emerging Markets Featuring International Industry Don’t Miss: A Snapshot of Our Outstanding leaders and Experts, including: Speaker Faculty: ✓ Cash flow generation opportunities in James Davies, Head of Funds Management, Keith Argow, President, Don MacKay, Forest international markets National Woodlands Economist and Appraiser, New Forests Association Forest Research, LLC Henrique Rodrigues Alves Aretz, Managing Partner, Alvery A. Bartlett Jr., Jack Lutz; Forest Economist, ✓ Perspectives on the future VbI Timberland President and Founder, Alvery Bartlett Group Forest Research Group of global demand for Christina L. Conners, Jefferson B. Mendes, Director – CEO, Pöyry Danielle DiMartino, Analyst, Investment Consultant, timber Federal Reserve Bank of Alvery Bartlett Group Silviconsult Engenharia Dallas Teddy Reynolds, President, ✓ China’s plan: How long Daniel Mitchell, CEO, Grandis Timber limited Hollis Greenlaw, Co-founder and Chief Executive Officer, Reynolds Forestry Consulting and Real Estate will the demand continue United Development Tim Corriero, Managing to out pace developed Keta Kosman, Publisher, Madison’s lumber Reporter Funding Chung-Hong Fu, Managing Director, FIA Timber Partners nations? Sandy Lebaugh, Director of Don Roberts, Vice Chairman, CIbC World Director, Economic Alternative Investments, ✓ The impact of housing Markets Inc. Investment Analysis, TIAA-CREF Timberland Investment Stephan Viederman, Advisor starts and how North Resources Peter Vind Larsen, Director of Investment Development, Scott Jones, CEO, and Board of Directors, The Christopher Reynolds American Timberland The International Woodland Company Forestland Owners Association Foundation investors and developers Dennis Neilson, Director, DANA Jeff Wikle, MAI; Manish Kapoor, Managing Director, West Wheelock can benefit TerraSource Valuation, LLC Capital Workshops can be booked separately What others are saying about IQPC’s Timberland Investment Summit Series: See pages 3 & 6 “Presenters showed their depth of knowledge and presented interesting Unique and unmatched opportunities for ideas succinctly” - Senior Partner, Timberland Investment Management Organization networking bringing together senior decision-makers from the entire timberland investments value chain “This hit the issues right in the nose – great selection of speakers!” - Senior Vice President, Timberland Investments, Asset Management Company The most important meeting of the year as timberland experts discuss global timberland “Insightful. Relevant. I will look forward to IQPC’s future timberland investment opportunities events!” - Managing Director, TIMOOur Sponsor Our Media Partners: Where Hedge Funds and Investors Come Together www.timberlandworldsummit.com | Call: 1-800-882-8684 | Email: email@example.com
10th Who will you meet? Chief Investment Officers, Senior Investment Officers and WORlD SUMMIT Equities Strategists for: • Pension Funds and EndowmentsGlObAl Opportunities and Strategies for January 30 – February 1, 2012 • Insurance Companies and Hedge FundsTimberland Investors as Growth Shifts from New York, NY • Corporations and Charitable TrustsDeveloped to Emerging Markets • Family Offices and Private Banks • Consulting Risk Management Companies • Carbon Credit Companies natives • Valuation Companies institutional investors as part of an alter “Timber is increasingly attractive for tion-hedging. To date most sification and infla exposure, with benefits including diver rt predicts this will move to CEOs and VPs of Business Development for: of the investme nts have been in the US, but a new repo spread • Timber Investment Management Organizations (TIMOs) Asia, with consultants advising investors emerging countries including those in – Top1000funds.com June 15, 2011 • Agribusiness Investment Companies th opportunities.” their timber exposures to capture grow • Asset Management Firms Law Firms Specializing in Timberland Transactions 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 About the uncertainty, now is the time to examine the unique opportunities presented by the Timber asset Organizer class At the premier Timberland Investment Summit, you can expect to benefit from three days of expert Finance IQ, the financial division of IQPC, produces the world’s 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, most cutting edge and strategic financial conferences across and industry pioneers to help you make sense of this challenging, yet potentially lucrative asset the US, Europe, Asia and the Middle East every year, educating class. The US Housing Market downturn and China’s impact on the domestic timber value chain almost 5,000 high-level executives annually. Our comprehensive 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. events provide an unbiased, specialized forum where you can discuss the issues most important to you and network with The 10th Timberland Investment World Summit will provide insight on: industry leaders. ✓ International and North American timberland investment markets ✓ United States Housing dynamics and strategies for the timber sector during a period of low housing starts Sponsorship and Exhibition ✓ Investing in Global Frontier Markets and the diverse competition for offshore timberland Opportunities ✓ Employing Portfolio Diversification as a tool to manage volatility Sponsorships and exhibits are excellent opportunities for ✓ Institutional Perspectives on how timberland compares to other alternative assets your company to showcase its products and services to The 10th Timberland Investment World Summit is the best tool available in 2012 to explore high-level, targeted decision makers attending the 10th the most attractive timberland investment opportunities and learn how to position your portfolio effectively in this challenging market. Timberland Investment World Summit. IQPC and Finance IQ help companies like yours achieve important sales, marketing and 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 branding objectives by setting aside a limited number of event you place at the most important Timberland Investment conference of the year. I look forward to sponsorships and exhibit spaces – all of which are tailored to meeting you in New York! assist your organization in creating a platform to maximize its Kind regards, exposure at the event. IQPC Finance Division For more information on sponsoring or exhibiting at this or upcoming events, please contact Georgia Foster at 1-212-885-2799 or firstname.lastname@example.org. Sponsor 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 www.iptim.com consultation service for computationally intensive timberland resource utilization planning.2 www.timberlandworldsummit.com | Call: 1-800-882-8684 | Email: email@example.com
Pre-Conference WORKSHOPS MONDAY January 30, 2012 WORKSHOPS can be booked separately See page 6A 8:30am: Registration & Coffee • 9:00am – 11:00am The Impact of Emerging Markets Investments on a Diversified Timber Investment Portfolio Our workshops are (Real and Perceived Risks and Rewards) designed specifically to translate winning strategies from leading experts and Overseas investments are becoming more and more attractive as finding a good value for your investment How you will benefit: develop them into tangible is becoming increasingly difficult. Learn how foreign governments are parceling and auctioning lands, benefits you can take away • Establish appropriate benchmarks for risk adjusted returns and what kind of risks and expectations are associated with foreign investments in timberland and how you and implement within your strategies for hedging currency volatility can take advantage of new global opportunities. own company’s procedures. • Address macroeconomic models about the global timber market What will be covered: • Identify and quantify political risk in due diligence paradigms • Why emerging markets are a critical part of a well-diversified portfolio • Ways to analyze country risk characteristics Daniel Mitchell, CEO, Grandis Timber Limited • Investor strategies for high risk adjusted returns through investments in emerging marketsb 11:30am: Registration (Lunch will be served.) Comparing the US Standards of Appraisal Practice to International Valuation StandardsTimberland valuation is more important than ever in when it comes to buying and selling divestitures, throughout the US and various international countries, particularly South and Centraltimberlands. Successful timberland investors must understand the appraisal prices including America, including a wide variety of both natural and plantation forests. Bthe correlation between timber prices and timberland values. This workshop provides aWhat will be covered: the important and rapidly evolving differences between USPAP and IVSstandard as they apply to current timberland investment valuation. In his early career, he played a key role in managing consulting forestry operations in southern Newcomplete analysis ofModeling Therapeutic Intervention in Product Development: A England, developing a knowledge of hardwood silviculture and economics. Commercial Perspective 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• Review of information required to competently analyze a timberland investment estate.• Walk-through of the three core valuation approaches used in timberland analysis 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,• Step-by-step lesson in how the analytics are reconciled to form a credible conclusion Jeff joined the James W. Sewall Company and established its southern forestry group.• A comparison of the differences between USPAP, the US appraisal standards, and the In 2005, Jeff, along with Phil Bailey, formed TerraSource Valuation, a consulting company based in developing International Valuation Standards, as applied to timberland investments. Waxhaw, North Carolina. TerraSource specializes in the valuation of timberland and related assets throughout the US and various international locations.How you will benefit:• Gain a more sophisticated view of the timberland valuation process Don MacKay Ph.D.; Forest Economist and Appraiser, Forest Research, LLC• Learn how to anticipate the coming conflicts between USPAP and IVS in timberland Don MacKay has 20 years experience in forestry and forest economics, and ten years of appraisal valuation. experience. He holds a Ph.D. in Forestry from the University of Minnesota, an MBA from Duke University,• Enhance ability to review timberland offerings and appraisals 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• Improve understanding of timberland appraisers’ role in this asset class the University of Maine, Orono. His professional work background includes forest economics and policy research at the University ofJeff Wikle, Manager and Principal; TerraSource Valuation, LLC Minnesota, four years as an analyst at the Hancock Timber Resource Group in Boston, and appraisal andJeff Wikle has a forestry degree from the U. of Michigan. He is a MAI, member of the Appraisal economics positions with two appraisal and consulting firms. He has helped to found four businesses,Institute, the most sought after appraisal designation. With over 30 years of broad and diversified real including Cerahelix, Inc., Forest Research, LLC, Pelletco, LLC, and Zeomatrix, LLC.estate appraisal and forestry consulting experience, he has been involved in timberland management, Don is a Certified General Appraiser in Maine, New Hampshire, and Pennsylvania, and a Maine Licensedacquisitions and Forester.C 2:30pm: Registration • 3:00pm-5:00pm Identifying and Managing Timberland Investment Risk Successful timberland investing requires a comprehensive knowledge of the dangers • Understand the near-term risks for your timberland investment program 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 • Understand the long-term risks for your timberland investment program do macroeconomic factors impact timberland returns? How can these risks be controlled or reduced? Jack lutz; Forest Economist, Forest Research Group What will be covered: 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 • The biggest risks and uncertainties in timberland investing and what can be done about positions. He is editor of Forest Research Notes, a quarterly newsletter on timberland investments and them. market dynamics and is adjunct faculty at the Warnell School of Forestry and Natural Resources at the • Volatility, uncertainty and losses in timberland investing. 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 • How changes in demand for wood-based products can impact timberland returns. Economist for James W. Sewall Company (1998-2004), and as Senior Forest Economist at Hancock Timber • How near-term economic turmoil in Europe and the US might impact timberland returns. 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 How you will benefit: in Forestry from the University of New Hampshire. He has an MBA from the Kellogg Graduate School of Management at Northwestern University. • 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 www.timberlandworldsummit.com | Call: 1-800-882-8684 | Email: firstname.lastname@example.org 3
Main Conference DAY 1 TUESDAY January 31, 2012 7:50am Coffee & Registration 8:50am Chairman’s Opening Remarks 12:45pm Networking luncheon 9:00am The State of the Current North American Timberland 1:45pm Alternative Timber Focus: The World Fiber Market Investment Market: • Entrance of new players in the biomass market seeking long-term Re-Examining the Factors Affecting North American Supply supply agreements. • Who is growing what and why? • Which of the new and traditional players have the ability to pay • USA/International Competition for Timber the most? • Pine Beetle, Emerald Ash Borer: the impact on North American • How does our answer vary as we segment the fiber supply? Wood Supply — Sawmill and forest residues? • How the economy is affecting the production of sawmills and — Pulp & OSB logs? logging companies? — Sawlogs and Peelers? • Stumpage delays: When an uptick in demand occurs, will there be Don Roberts, Vice Chairman, CIBC World Markets Inc. an over-supply? Keith Argow, President, National Woodlands Association 2:30pm The Integration of Asia Pacific Forestry and its impact on Timberland Investment 9:45am An International Timberland Investment Market Study • An examination of the Asia-Pacific forest sector experiencing • A detailed study focused on the most attractive timberland unprecedented changes as economies grow and demands on investment opportunities forests increase • Drivers of the international supply chain • A detailed study of Malaysia, Vietnam and Indonesia and their • Quantifying and addressing the various risks associated with impact on traditional forestry markets global investments • How to play into China as it continues to drive strong demand in • How cultural differences may impact the investment process the Asia Pacific region Dennis Neilson, Director, DANA James Davies, Head of Funds Management, New Forests 10:30am Networking break 3:15pm Networking break 11:15am PANEl DISCUSSION: United States Housing Market 4:00pm Context and Trends of the brazilian Forest-based Industry Dynamics • Understanding the country’s supply and demand-markets from an • Focus on real estate: Examining the future of housing investment point of view • Strategies for the timber sector during a period of low housing • What do the main consumers look for in partnerships with starts institutional investors in the different timber markets? • When will the housing market recover and lead the United States • The best method of creating a well-balanced portfolio of timber out of recession? investments in Brazil? • The direct impact of housing developments on the North Henrique Rodrigues Alves Aretz, Managing Partner, VBI American timber market Timberland Danielle DiMartino, Analyst, Federal Reserve Bank of Dallas Jefferson b. Mendes, Director – CEO, Pöyry Silviconsult Engenharia Alvery A. bartlett Jr., President and Founder, Alvery Bartlett Group Hollis Greenlaw, Co-founder and Chief Executive Officer, 4:45pm China’s Ravenous Demand for Timber United Development Funding • China is harvesting Timber at an alarming pace as the Chinese Moderator Jack lutz demand for wood is ever increasing • How long will this demand continue to out pace developed 12:00pm The Direct Relationship of lumber Prices to Timberland nations? A study of China’s five year plan. Value • The affect of China’s demand on Pacific Northwest timber • This session will feature an examination of the discrepancies producers between lumber prices and timberland value Dennis Neilson, Director, DANA • Using the lumber market as a forward indicator of timberland value 5:30pm End of Main Conference Day 1 • Considering the impact of global markets on lumber prices Keta Kosman, Publisher, Madison’s Lumber Reporter4 www.timberlandworldsummit.com | Call: 1-800-882-8684 | Email: email@example.com
Main Conference DAY 2 WEDNESDAY February 1, 20128:30am Coffee & Registration 1:45pm Employing Timberland Portfolio Diversification as a Tool to Reduce Risk8:55am Chairman’s Opening Remarks • Diversification options to measure and manage volatility within a9:00am Investing in Global Frontier Markets: The Diverse timberland portfolio Competition for Offshore Timberland • How many countries should a timberland portfolio cover to • Distinguish various TIMOs as investors turn to global markets effectively reduce risk? • Gain visibility over the full range of factors that distinguish • What other ways beyond geographic diversification can one Timberland Investment Management Organizations: employ to manage risk? • Which global TIMO will provide will provide the best value for Chong – Hong Fu, Managing Director, Timberland Investment personal objectives Resources Peter Vind larsen, Director of Investment Development, The 2:30pm Policy Implication to Profitable Timberland Investments International Woodland Company • An examination of foreign and domestic policy involved with9:45am International Market Selection based on Investment Needs timberland investment • Legal perspectives when structuring foreign investments • Implications of policy developments to the forest sector • A discussion of the factors that appeal to investors when Scott Jones, CEO, Forestland Owners Association investing overseas 3:15pm Afternoon Networking & Refreshment break • Quantifying the various risks involved with global investments • Specific tax policy assessments applicable to timber ownership 4:00pm PANEl DISCUSSION: Institutional Perspectives on the Alternative Asset Class Morrison & Foster • For investors: Learn how timberland compares to other alternative10:30am Networking break assets, the pros and cons • An investors perspective: Issues in risk management11:15am The Variance between Public REIT and Private TIMO Valuations • For timberland investment managers: Learn more about these assets that compete for your investors’ investment dollars • Analyzing the relative valuations of similar asset bases • Considerations on the size of timberland allocations within an • An in-depth discussion of the various factors resulting in the institutional portfolio and risk management strategies for that mix valuation discrepancy • Case study examples of investments, the analysis behind them • Understand the relative benefits, and risks, of investing via the and lessons learned as a result of how they turned out public or private markets. Sandy lebaugh, Director of Alternative Investments, TIAA-CREF Tim Corriero, Managing Director, FIA Timber Partners Stephan Viederman, Advisor and Board of Directors, The12:00pm US Timberland Investment Forecast Variables; and their Christopher Reynolds Foundation impact on Net Present Value Manish Kapoor, Managing Director, West Wheelock Capital • A look at the timberland investment world from a US perspective Christina l. Conners, Investment Consultant, Alvery Bartlett Group • A study of the new emerging variables in timber supply and demand in relation to US timberland investments 4:45pm End of Main Conference Day 1 • Evaluation of new emerging variables and their influence on short and mid-term timberland returns Teddy Reynolds, President, Reynolds Forestry Consulting and Real Estate12:45pm Networking luncheon www.timberlandworldsummit.com | Call: 1-800-882-8684 | Email: firstname.lastname@example.org 5