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The International Timberland Ownership & Investment Review 2011, 6th Edition Product Image

The International Timberland Ownership & Investment Review 2011, 6th Edition

  • ID: 1938113
  • October 2011
  • Region: Global
  • 370 Pages +
  • DANA Limited

FEATURED COMPANIES

  • Abegweit First Nation
  • Columbia Land Trust
  • Forever Wild Land Trust
  • LandVest Timberlands
  • Petros Pension Fund
  • SLV Bolivia SRL
  • MORE

This 370+ page review is the sixth edition of the DANA Timberland (T/L) Review series. It is a major expansion and update on the 2010 edition. It highlights recent changes in T/L ownership in North America and an increasing number of international players with their resources, recent transactions with buyers, sellers and (mostly) prices, and other material, to provide a comprehensive analysis of this important and rapidly growing investment sector.

The 2011 review is an essential information resource for investors, banks and other financial institutions, timberland (forest-land) owners, managers, advisors and consultants, universities, researchers and government departments involved with timberland investment, ownership and management.

Key topics covered:

- Introduction: Statistics. Numerous tables and charts illustrate the T/L industry performance and trends. The reasons why so many new investors have been enamored by T/L investment in the last decade. Is T/L a good bet in recessionary times? Table of > 190 transactions 2010-2011 and pending.

- North America: Almost 300 owner profiles. Rise in TIMO/Private owner sales and conservation "investment" transactions READ MORE >

Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Abegweit First Nation
  • Columbia Land Trust
  • Forever Wild Land Trust
  • LandVest Timberlands
  • Petros Pension Fund
  • SLV Bolivia SRL
  • MORE

CHAPTER 1: INTRODUCTION
Types of Timberland Ownership
Traditional Ownership
Alternative Investors
What is a REIT?
The Tax on Qualified Timber Gains
Why the Attraction?
Superior Returns
Non Timberland Values: Especially Higher & Better Land Use
The Major Players
Overseas Investment
Impact of Global Financial Crisis
Climate Change
Timberland Transactions 2010-2

CHAPTER 2: NORTH AMERICAN OWNERS OF TIMBERLAND
US Timberlands
Major Timberland Owners
AbitibiConsolidated
Abitibi River forest Management Inc
Abegweit First Nation
ABV Gold Inc
Aequus Wealth Management Resources - Aequus Asset Management
Acadian Timber Corp
Allegheny Wood Products
American Industrial Partners
American Timberlands Company
Ames Foundation
Anthony Forest Products
Bamboo Global Industries
Barrett Lumber
Barrs
Baskahegan Company
BBC Land LLC
Benchmark Plus Management LLC
Bennett Lumber Products
Big Creek Lumber
Bonavia (Emily)
Bonner Family
Boo-shoot Gardens LLC
Brinton Eaton Wealth Advisors (BEWA)
Brookfield Asset Management (ex Brascan)
Butler Land and Timber
California Redwood Company
Cambium Timber Fund
Cambridge Associates
The Campbell Group
Canada Resurgence Developments
Canfor
Carbon Friendly Solutions
Carlyle Group
Cascade Timberlands LLC
Cassidy Heirs
Cathay Forest
Clayton Lake Woodlands LLC
Clenergen Corporation
Cliffs Natural Resources Inc
Coast Tsimshian Resources
Coastal Lumber Company
Collins Companies
Columbia Land Trust
Confederated Tribes of the Colville Reservation
Conifex timber Inc
Conservation Forestry LLC
Conservation Fund, The
Convexity Capital Management
Coos County
Copper Station Holdings #3
Couloir Global Investments
Cowee, WJ
Cranberry Lumber
Crosby Land & Resources
DANA Commercial
Danzer Forestlands
Davis New York Venture Fund
Deltic Timber
Deschutes Land Trust
Domtar Inc
Downeast Lakes Land Trust
Dubea Investments
Dunkley Lumber Ltd
Dunn Family
EACOMTimber Corporation
ECO2 Forests
EcoPlanet Bamboo
Ecotrust LLC
EKO Asset Managements Partners
Emerald Energy
Enligna Canada
ERA Carbon Offsets
Equator LLC
FH Stoltze Land & Lumber
Finch Paper LLC
Finite Carbon Corp
Florida Forever
Forbes Timber
Forestar
Forest Capital Partners
Forest Investment Associates
Forestland Group, The
Forest Legacy Investments
Forest Solutions Inc
Forest Systems
Forever Wild Land Trust
Fort Apache Timber Company
Fort Lewis Military Installation
Fort William First Nation
Fountain Forestry
Fruit Growers Supply Company
Gardner Land Company
Georgia DNR
Georgia Fall Line Properties LLC
Giustina Land & Timber Co
PH Glatfelter Company
Global Environment Fund
Global Forest Partners
GMO Renewable Resources
Goodwood Virginia LLC
Grandy Lake Forests
Green Bay Packaging Inc
Green Crow
Green Diamond Resource Company
Greenwood Tree Farm Fund LP
Greif Inc
Guggenheim Timber ETF
Gutchess Lumber Company
Hampton Affiliates
Hancock Timber Resources Group
Hankins Lumber Company
Hannahville Indian Community
Hawaiian Legacy Hardwood
Hawthorne Timber Company
HHP Inc
High Heavens Timberland
Hill Timber Limited Partnership
Holland MWare Charitable Foundation/Holland Ware
Hooper Valley Tribe
Huber, JM
Hul'qumi'num Treaty Group
Iisaak Forest Resources
Indian Hill LLC
Ingram Entities
Inland Empire Paper
International Forest Products (Interfor)
International Paper
International Wood Fuels
Irving, JD
Jeffrey MSeagrist & Company
Jamestown Management
Janus Capital Group
JML Heirs LLC
Jordan Lumber Corp
Joshua Timberlands Ltd
Justice companies, James C
JWTR- AFR - IFG - Jeld Wen - US Timberlands
Jeld Wen - JWTR
Kamehameha Schools Honaunau Mgt
Kaul and Hall Oil and Gas Co
Keewanaw Land Association Limited
Klamath Tribes
LandVest Timberlands
Langdale Forest Products
Lassiter Properties Inc
Liila Forest Products
Loncala Inc
Lone Rock Resources
Longpine Plantation
Louisiana Timber Partners
Lyme Timber Company
Maderas Sostensibles
MagIndustries
Maine (State of)
Manitoba Government
Maple Leaf Reforestation
Marlow timberland
Massachusetts Woodlands Cooperative
Mayhew AssetManagement
McClendon, Aubrey
McDonald Investments Inc
Meadowsend Timberland
MeadWestvaco
Menasha
Mendocino Redwood Company
Menominee Tribal Enterprise
Mercer Investment Consulting
Merrill Ring
Metcalf & Company
Miami Corp
Michigan California Lumber Company
Mid Atlantic Timberland Group
Mississippi School Trust
Molpus Woodlands Group
Montana Fish Wildlife and Parks
MSC Capital LP, Perry Capital LLC, York Capital Management LLC
Muckleshoot Tribe
National Fuel Gas Company
National Timber Partners
Nature Conservancy, The
Neenah Paper
Neucel Specialty Cellulose
New England Forestry Foundation
Nicolet Hardwoods Corporation
Nile Trading &Development
Nipissing Forest Resource Management
Norfolk Southern Corp
North Cascades Timberland LLC
Northern Pulp Nova Scotia
Nova Scotia (State of)
Nyah Resources Corp
Oaky Woods Property LLC
Ochoco Lumber
Oregon Board of Forestry
ORG Portfolio Management LLC
Pacific Forest Trust
Packaging Corporation of America
Paper Excellence
Passamaquoddy Tribal Lands
Pee Dee Land Trust
Penn Virginia Operating Company
Pike Lumber
Pinnacle Forest Investments
Pioneer Forest
Plum Creek
Pope Resources LP - Olympic Resource Management
Port Blakely Tree Farms LP
Potlatch Corp
Prentice and Carlisle
Prima Colombia Hardwood
Quimby, Roxanne
Quinault Indian Nation
Rayonier
Red River Forests
Redwood Forest Foundation
Regions Morgan Keegan Timberland Group (RMK)
RE Gold Financial Holding Company
Relay Timber LLC
Resource Land Holdings
Resource Management Service
River West Forest Products
Robbins Lumber
Rock Creek Capital
Rosboro Lumber Company
Roseburg Forest Products Company
Rotation Renewables
Roy O Martin Lumber Management, LLC
Rutland Lumber Company
Saint Johns Abbey - Order of Saint Benedict
Salient Partners
Scioto Land Company
SDS Lumber Company
Sempervirens Fund
Seneca Jones Timber Company
Seven Islands Management Company
Shasta Forests
Sierra Pacific Industries
Siletz Confederated Tribes
Sinixt First Nation
Sino Forest Corp
Solidarity Fund QFL
Sonoma Land Trust
Soper Wheeler Company
South Alabama Land & Timber Company (SALTCO)
South Coast Lumber
Southern Bamboo Inc
Southern Cross Resource Group
Southern Pine Plantations
Southern Timber Venture LLC
St Joe Company, The
St Regis Paper Company LLC
Starker Forests Inc
State of Indiana
State of Massachusetts
Stetson Timberlands Inc
Stimson Lumber Company
Strategic Timber Inc
Superior Pine Products
Swanson Group, OR
Swanton Pacific Ranch
Taan Forest Ltd Partnership
Taku River Tlingit First Nation
Tall Timbers Land Conservancy
Tall Timbers Trust
Taylor Ramsey Corp
Teak Savings
Tembec
Tensaw Land & Lumber
Third Avenue Management
Three Dimensional Timberlands LLC
Timberland Harvesters Inc
Timberland Investment Resources
Timber Products Corp
TimberSTAR
TimberVest
Timberwest Forest Corporation
Timiskaming Forest Alliance
Tk'emlupsemc Forestry Development Corp
Trilogy Green Forest Fund
Trillium Corp
Trinorth Capital
Trust for Public Land, The
Turner, Ted
United Investment Managers
United States Forest Service
UPMNorth America
Verdis Investment Management
Vermillion Forest Management Company
Vulcan Corp
Wagner Forest Management
Wagner Companies, The
Warm Springs Forest Products Industries
Wausau Paper
Wellington Management Company
Wells Timber Real Estate Investment Trust Inc
Western Forest Products
Western Pacific Timber - T Blixseth
Westervelt Co (ex Gulf States Paper Corp)
West Fork Timber
West Fraser
Weyerhaeuser
Yakama Forest Products
YaleMeyers School of Forestry
Yaorun Wood
Yurok Tribe

CHAPTER 3: SELECTED OVERSEAS TIMBERLAND FUNDS AND DIRECT OWNERS
AFRICA
MULTI COUNTRY
ActisAfricaAgribusiness Fund
Afrwood Timberland Partners LLC
Better Globe Group
Couloir Global Investors
FinnFund
Global Environment Fund
Green Resources AS
Komatiland Forests
Malonda Foundation
New Forests Company, The
ANGOLA
Responsible Wood Angola
Portucel-Empresa Produtora de Pasta e Papel - Portucel
Tenga International
CAMEROON
Anix Global Forests Cameroon
CENTRAL AFRICAN REPUBLIC
CONGO, THE DEMOCRATIC REPUBLIC OF
Sodefor Group
Soforma- Forabola-CFT Group
Siforco
Sedaf
TRANS-M
SAFBOIS
SICOBOIS
Parcafrique
SCIBOIS
ITB
ENRA
SEFOCO
OLAM-Congo
Yang Shushan
Ambasssadeur Nkema Liloo
NovaCel
CONGO, THE REPUBLIC OF
Société Industrielle et Forestière du Congo
Industrie Forestiere d'Quesso
Rougier Group
VicWood
ITBL
Likouala Timber
SIFCO
BPL
Foralac Company
Taman
Man Fai Tai
Asian Congo Industries
Trabec
Mag Forestry
THE GABON
Rougier Ocean Gabon
Precious Woods
Rimbunan Hijau
International Forestry Group Corporation
SONAE
Cora Domenico & Figh spa
Basso Legnami
Societe Forestie de Makokou
Swiss Tropical Timber Group
Shenyang Group
COFCO - China Timber
Honest Timber
SBL
Lutexfo-Soforga
CBG
IFK
SEEF (Ricordeau brothers)
LAFICO Gabon
SHM
EUCGABON
GHANA
Samartex
Ghana Primewood
Mini Ltd
Coppon Wood Processing
John Bitar & Company
Logs & Lumber
Swiss Lumber Company
Africa Renewables
Triton Logging
Ghana Teak Plantation Owners
IVORY COAST
Inprobois
Thanry Group
IGD
SOFIBEX
Tranchivoire
Tropical Bois
SNG
CIB
SIFCI
TBT
Biokala Project
Société Africaine de Plantations d'Hévéas
Teak Plantation Owners
KENYA
KOMOZA
LIBERIA
Buchanan Renewables
Natural Resources Development Corp
MALAWI
Dzalanyama Watershed Conservation Trust
MOZAMBIQUE
Chekweti Forest Project, The
Chikweti Forests of Niassa SA
Florestal de Messangulo
Ntacua Florestas da Zambezia
Tecnota Forest of Zambezia
Floresta de Niassa Project
Global Environment Fund
Green Resources AS
Malonda Tree Farms
Lurio Green Resources
Grupo Madal
Indùstrias Florestais de Manica (IFLOMA):
Investimento Florestal De Mocambique
LevasFlor
New Forests Malonda
Ntacua Florestas de Zambezia
Portucel
Sappi
TCT Indùstrias Florestais Ltda
UPM
RWANDA
SIERRA LEONE
EcoTech Timber
SOUTH AFRICA
Amathole Forestry Company
Central Timber Cooperative
Hans Merensky Timber
Komatiland Forests
Lereco Metier Capital Growth Fund
Masonite (Africa) Ltd
Mondi
Mondi Shandakuka Newsprint
MTO Forestry
NCT Forestry Cooperative
PG Bison
Realtim
SAFIND
SAPPI Paper and Forests
SiyaQhubeka Forests
The Industrial Development Corporation of South Africa
TWK Agriculture
York Timber Holdings
SUDAN
Equatoria Teak
Green Environ Teak Company
Green Resources AS
Moi (Gideon)
SWAZILAND
TANZANIA
The New Forests Company
Green Resources AS
Southern Highlands
Tanga
Lindi
Kilombero Valley Teak Co
Oji Paper Co
TUNISIA
Global Wood Holding SA
UGANDA
Green Resources AS
International Woodlands Company
National Forestry Authority
The New Forests Company
ZIMBABWE
Border Timbers
Wattle Company, The
ASIA
CAMBODIA
CamAgra
International Woodlands Group
Marubeni – Oji Paper
Touchwood Investments
CHINA
American Sanyuan
Asia Pulp & Paper China
Asia Pacific Resources International (APRIL)
Cathay Forest
Celadon Forestry
China Environmental Resources Group
China Forestry Group Corp
China Forest Holdings
China Forestry Inc
China Forest Industry Group
China Forest Industry Holdings
China Grand Forestry Resources Group
China National State Forest Farm Development Corporation
China Timber
China Timber Resources Group
China Yantai Northwest Forestry Co
China Zhong Heng Tai Investment (Suriname) NV
Conservation Finance International
Eastmark International Ltd
Evergreen Industries Group
Fujian Nanping Paper
Fujian Qingshan Paper
Fujian Yongan Forestry Group
Gengma Forestry Co
Gao Qing Jin Yuan Wood Company
Greenheart Resources Holdings Co
Greenwood Resources China Ltd
Guangdong Weihua Group
Guangxi Fenglin Forestry Group
Guangzhao Industrial Forest Biotech Group
Guizhou ChiTianHua Bamboo Company
Huajia Wood Stock Co
Hunan Tiger Forest and Paper Group
International Forest Company
Jiangsu Suhui Wood Co
Jilian Wood
Jujiann Jianou Zhenxing Bamboo Wood
LJ Resources Co
Maple Leaf Reforestation
Maowusu Biomass
Nanping Xihou Forestry Development Co
New Horizon Forest Ltd
Ningxia Meili Paper
North Asia Resources Holdings
Oji Paper Company
Orient Global Mandolin Fund
Phaunos Timber Fund
Resource Management Services
Shandong Chenming Paper
Shandong Huatai Paper Industry Co
Shandong Longshen Group
Shandong Sun Paper Co
Shanghai Xin Gaochao Group
Shengyang Group
SinoForest
SRP International
Stora Enso Guangxi Forestry
Sustainable Forest Holdings
United China Forestry Resources Development Corporation
Venture International Investment Holdings
Weyerhaeuser Company
Yaorun Wood
Yueshou Environmental Holdings
Yunjing Forestry Development Co (YFD
Yunnan Jinggu Forestry Co
Zaozhuang Mining Industry Group
ZLNZ Consulting Services
INDONESIA
Asia Pulp & Paper
Gerakan Masyarakat Pelestari Lingkungan Hidup
Korindo Group (The)
Marubeni Corporation
Norway Sovereign Wealth Fund
Phaunos Timber Fund
PT Djarum
PT Amindo Wana Persada
PT Balikpapan Forest Industries
PT Belayan River Timber
PT CivikaWana Lestari
PT Kemakmuran Berka Timber
PT Narkata Rimba Timber
PT Ratah Timber
PT Roda Mas Timber
PT Sumalindo Lestari Jaya II
PT Tirta Mahakam Resources
PT Timberdana
Riau Andalan Pulp & Paper
Sumitomo Forestry
SST Biomass Technologies
United Fibre Systems
JAPAN
Japan Forestry Fund
Asahi Breweries
Foreign Ownership
Japanese Overseas Investments
LAOS
Aditya Birla
Oji Paper
SEE Corporation
Shandong Sun Paper
Siam Forestry
Stora Enso
Withus Lao
MALAYSIA
Asian forestry Co
Concord Pacific
SABAH:
Ballapur Industries
Global Environmental Fund
New Forests
Sabah Softwoods
SAFODA
SARAWAK:Grand Perfect Sdn Bhd
Lingui Developments Berhad
Rhino and Forest Fund
MYANMAR
PAPUA NEW GUINEA
Cloudy Bay Sustainable Forest
JANT
National Forest Service of the PNG Forest Authority
Open Bay Timber
Teak
PHILIPPINES
Bukidnon Forest Industries
Clenergen Corp
Global Biomass Plc
Industries Corporation of the Philippines (PICOP)
Philippine Tree Farm Inc
Provident Tree Farms
Yueshou Environmental Holdings
SOLOMON ISLANDS
Eagon Pacific Plantation Ltd
Kolombangara Forest Products Ltd
SRI LANKA
Africasia Sustainable Forestry Fund
Asia Plantation Capital
Bangkok Forestry Investment Company
Emerging Property
Ethical and Sustainable Teak Investment
The Green Investment Company, The
Hapugastenne Plantations PLC
Richard Pieris & Co
Sadahairtha Forest Plantations
Touchwood Investments
Willow Rivers Wealth
THAILAND
AGI Agarwood Group International
The Asia Forestry Management Fund
Asia Plantation Capital
EUROPE
BULGARIA
Dentongate Holdings
Kobarelov Ecopolis
DENMARK
Greenwood Management ApS
International Woodland Company AS (The)
FINLAND
Dasos Capital Oy
Metsaliitto Group
Metsahallitus
Nordea Foresta Fund
Stora Enso
Tornator
UPM
FRANCE
BNP Paribas
Caisse des Depots
Forêt Investissement
GERMANY
AgroEnergy AG
Aquila Capital Concepts GmbH
Baum Invest GmbH
Biomasse-Agentur
Catella Real Estate AG Kapitalanlagegesellschaft
Caudex Capital GmbH
Choren Industries GmbH
Deutsche BankAG
DFH Deutsche Fonds Holding AG
DWS Investment GmbH
First Forest GmbH
Forest Carbon Group, The
Forest Finance Service GmbH
German Pellets GmbH
GlenSilva GmbH
Global-Woods International AG
IGB AG
KGAL GmbH & Co KG
KTG Agrar AG
LIGNUM Holding AG
Miller forest Investment AG
Nordcapital Holding GmbH
P&P Dienstleistungs GmbH & Co
Rainforest-Invest GmbH
Robinia Invest
RWE AG
UFC Holding NV
IRELAND
Coillte Farm Forest Investment Services
GreenWood Investments
International Forestry Fund
Irish Forestry Fund
Tectona Capital
LUXEMBOURG
Global Forestry Capital SARL
MONACO
World Forestry Monaco
NETHERLANDS
Dutch Timberland Funds
Eco-Direct
Face the Future
Floresteca Holding NV
NORWAY
Foran Real Estate SIA
Firest Forest
Green Resources AS (ex TreeFarms AS)
Industrifinas AS
Orkla ASA
POLAND
Dalkia
Green Resources LLC
PORTUGAL
Altri Forestal SA
Portucel
ROMANIA
Harvard Management Company
Holzindustrie Schweighofer
Nistor Property
Oculul Silvic Lignum
Porsche Family
Swedish Investor Group
Tornator SRL
RUSSIA
AS Hekotek
Cathay Forest
ILIM Group
International Pulp & Paper Companies
International Sawmilling Companies
International Woodlands Company
Kostomukshskiy Lespromhoz OOO
Kraslesinvest
Mondi
Muyezerskly Lespromhoz OAO
OOO PechoraEnergoResurs
Renaissance Capital
Russian Timber Group
RusForest AB
Russo Forest
Strumtech Limited
Tsar Timber Group
Vologda Project
Zabaikalskaya Lesnaya Kompania
SPAIN
Cultivos Agroforestales EccoWood SA
Ecobosques
Grupo ENCE
Expertos Forestales
SWEDEN
Bergvik Skog AB
Catella AB
Global Solidarity Fund, The
Greengold Investment Group AB
Real Fonder Forest Fund
Swedbank Robur A
Vattenfall
SWITZERLAND
Church of Sweden
Danzer Group
Global Wood Holdings SA
Helvetia Wealth
Life Forestry Switzerland AG
Pictet Asset Management
Precious Woods Holding AG
SAM Private Equity AG
UNITED KINGDOM
Africasia Fund
Barclays Capital Global Carbon Index
Cambium Global Timberland Limited
Canopy Capital
Carbon Harvesting Corp
Charmont Investments
Clenergen Corporation
Close Asset Management
Conservation Finance International
Earth Capital Partners
Emerald Knight
Emerging Property
Ethical Investment
FIM Services Limited & Similar UK Investment Companies and Advisors
Forest Company (The)
Generation Investment Management
Global Forestry Investments
Green Gold Forestry
Green Oil Plantations
Greenside Management
Greenworld BVI
Industry Re
International Corporate Services
KMS Baltics
MSS Capital
Oxigen Plantations Plc
Pan European Farmland Fund
Phaunos Timber Fund Limited (The)
Plantation Capital
QUADRIS Environmental Fund Plc
Scottish Woodlands
Southern Hemisphere Investment Partners
Stellar Asset Management
Stonehage Investment Partners
Sustainable Forestry Management
Sustainable Investment Boutiques
UK Forestry Commission Update
UPM Tillhill
Viceroy Invest
Willow Rivers Wealth Investors
Woodland Trust
LATIN AMERICA
ARGENTINA
Albrecht, Douglas
Alto Parana
Benetton Italy
Bosques del Plata
Danzer Forestacion SA
EcoForests
Eidico
Emprendimientos del Litoral
Empresas Verdes Argentina SA
Fiplasto SA
FJW (Wilpringer)
Forestal Argentina SA
Forestal y Ganadera Indumarca SA
Forestal Santa Barbara
Global Forest Partners
Hartman-PPM Argentina SR
Harvard Management Company
Kimberley-Clark Arg SA
Las Marias
Lipsia SA
Masisa SA
Papel Misionero
Pindo SA
Pomera Maderas
Serenity SA
Tapebicua Group, The
Ushay Forestal
Witcel SA
BELIZE
The Forestland Group
BOLIVIA
Multiagro
SLV Bolivia SRL
BRAZIL
AgroBrazil Florestal
Amapa Florestal e Celulose Ltda
AMATA
Arauco do Brasil Ltda
ArcelorMittal BioEnergia
Big Lands Brazil
Biotimber Ltda
Brazil Agrilogic
BR Woods
Caceres Florestal
Camargo Family
Cambium Global Timberlands Fund
Camsortio Paulistade Papel e Celulose
Cargill Agricola SA
Carvovale
Celulose Irani
Celulose Nipo Brasileira SA
Claritas Investments
CMPC Celulose Riograndense
Comfloresta
Companhia do Vale do Araguaia
Cotrene
Duratex
Eco Brasil Florestas
Emaflor Agro Florestal
Empressa Interagricola SA
Energias Renovaveis do Brasil
Eucatex
Fazenda Jotoba
Fibria
FIT Manejo Florestal
Florestal Brasil SA
Florestal do Brasil Investimentos
Floresteca Agrofloresta
Gerdau Florestal SA
Global Forest Partners
GMR Florestal
Green Participacoes
Greenwood Management
Groupo Bertin
Guardiam
Guavira Industria deMadeiras
Hancock Timber Resource Group
Iguacu Celulose e Papel
International Paper do Brazil
Jamp Industries Ltda
Jari Celulosa SA
Jurua Florestal
Klabin
Madem
MASISA SA
Meloramentos Florestal SA
Nemus SA
Norske Skog Pisa
Orsa Florestal
Phaunos Timber Fund
Pinus Brasil Agro florestal Ltda
Plantar S/A Reflorestamentos
Precious Woods Amazon
Ramires Reflorestamento Ltda
Reflora de Brazil
Reflorestar
Regions Morgan Keegan
Replantar
Restauracao Florestal-Agroindustria de Reflorestamento Nativo
RGE Group
Rigesa SA
RIMA Industria SA
Rio Concern Industrial
RMS do Brasil Administracao de Florestas
Rondobel
Satipel Florestal
SETA
Sguaria Florestal SA
Soroteca Agroflorestal
Stora Enso Brasil Ltda
Strategic Timber International
Sustainable Forest Holdings Ltd (SFH)
Suzano
TANAC
Teca do Brasil Florestal Ltda
Tectona Agrofloresta
(The) Forest Company
The Timber Group
TIBA Agro
Timber Value Administradora de Ativos Florestais Ltda
Vale Florestal
Veracel SA
Verdant Energy Solutions
V&M Florestal
CHILE
Bosques Cautin
Celulose Arauco y Constitucion
Empresas CMPC SA
Fondo de Inversion Forestal Lignum (Lignum Fund)
Forestal Anchile
Forestal Comaco
Forestal Los Lagos
Forestal Tiera Chileana
Garfonac
Global Environment Fund
Global forest Partners
GMO RR
Industrias Forestales SA
Masisa SA
Orion Capital
Volterra SA
COLOMBIA
Americas Global Foundation
Centro Gaviotas
Cipreses y Forestal
Colombia Forest Fund
Dona Maria Forest Industry
Forest First:
Forestal Comaca SA
Future Forest Group
Florestadora Guasimo SA
Monterrey Forestal SA
Prima Colombia
Procuenca Initiative, The
Reforestadora San Sebastian SA
Reforestation Coast
Reforestadora San Sebastián SA
SA Smurfit Carton de Colombia
(The) Forest Company
COSTA RICA
Finca Leola
Flor y Fauna SA
Investment Group Colombia
Global Green Services
GMO RR
Maderas Cultivadas de Costa Rica
Panamerican Woods
Sylva Tree
Teak Savings
Tecnoforest del Norte
(The) Forestland Group
ECUADOR
Bhandora Teak Wood Investments
Ecuador Teak Investing Co
Eucalyptus del Pacifico
Life Forestry Group
Pacific Products Ecuador
Worldwide Green Foundation LLC
GUATEMALA
Global Forest Partners
Pantaleon Sugar Holding Group
GUYANA
Clenergen
MEXICO
Agropecuaria Santa Genoveva
Ejido Sanjeronimo Zacapexco
Ejido Tlalmanalco Estado de Mexico
Proteak Uni SA de CV
NICARAGUA
Cultured Wood SA Central America
EcoPlanet Bamboo
Futuro Forestal Nicaragua
Maderas Sostenibles
PANAMA
Apical Reforestadora SA
Brinkman Asociados Reforestadores Centro America
Ecoforest Panama
EcoTopica Teak Incorporated
ForestFinance Panama
Forests for Friends Panama
Forwood Forestry Panama SA
Futuro Forestal SA
Geo Forestal SA
Jones Forestry and Development Corp, The
Panama Teak Forestry
Pan American Properties
Panamerican Wood
Silva Tree Panama SA
United Nature
United Teak
Verenice Development Corp
PERU
Bozovich Group SAC
El Consorcio Forestal Amazónico SAC
Forestal Otorongo
Green Gold Forestry
Proyectos Forestales
Reforestadora Amazonica
SURINAME
Ansoe NV
Bruynzeel Suriname Houtmaatschappij
China Zhong Heng Tai Investment (Suriname) NV
Greenheart Resources Group
URUGUAY
Andrighetti
Bosques del Sur SA
Bulgueroni (Carlos Alberto)
Caja de Jubilaciones y Pensiones Bancaria
Caja Notarial de Jubilaciones
Compania Forestal Uruguaya SA
El Paraiso SG
Euskar Forestal Uruguaya SA
Fábrica Nacional de Papel SA
Forestal Oriental
FYMNSA
Global Forest Partners
GMO Renewable Resources
Groupo Bosque Australes SH
Groupo Madelur
Guanare SA
Harvard Management Company
Iberpapal SA
IDAL SA
Industria Forestales Arazati
Mario Zylberberg & Associates
Montes del Plata SA
Phaunos Timber Fund
Rivermol SA
RMK Timberland
Productos Forestales del Este
Ralten SA
Saps Krazemblum
Uruguay Forestal SRL
Weyerhaeuser
VENEZUELA
Compania Nacional de Reforestacion
CVG-PROFORCA
Masisa SA
Smurfit-Kappa Group, Cartones de Venezuela
OCEANIA
AUSTRALIA
Carbon Conscious
Colonial First
Elders Forestry
Environinvest
First Growth Funds
Forest Enterprises Australia
Forest NSW
Forestry Plantations Queensland
Forestry South Australia
Global Forests
Global Forest Partners
GMO RR
Great Southern Plantations
Gunns Limited
Hancock Timber Resources Group
Hastings Hancock International Timberland Fund
James Fielding Funds Management
Macquarie Alternative Assets Management Ltd
Midway
National Australia Asset Management and Utilities Trust of Australia
New Forests Asset Management
Origin Energy
Perpetual Diversified Infrastructure Fund
Rewards Group
Rothschild Australia AssetManagement
RREEF infrastructure Investments
RuralAus Investments
Stafford Timberland Limited
Tropical Forestry Services
WAPRES Plantations
West Australia Forest Products Commission
West Australia Sandalwood Plantations
Willmott Forests
NEW ZEALAND
Australasia Timber Fund
Blakely Pacific
Carter Holt Harvey
City Forest
Craigpine
Ernslaw One
Forest Enterprises
Forestry InvestmentsNZ
Gleneally - Hikurangi Forest Farms
Global Forest Partners
GMO Renewable Resources
Grandy Forest Lake
Greenheart Resources
Greenplan
Hancock Timber Resource Group
Hyde Investments
Juken New Zealand
Lake Taupo Forest Trust
MAF Managed Forests
Matariki Forest
Middlemount Forestry
Monte Forestry
Nelson Pine industries
New Forests Asset Management
New Zealand Forestland
New Zealand Superannuation Fund
Pan Pac forest Products
Perpetual Diversified Infrastructure Fund
Rangitatau NZ Limited
Roger Dickie NZ
Selwyn Plantation Board
Sinotrans
Southern Hemisphere Investment Partners
Southland Plantation Management
Timbergrow Limited
FIJI
Fiji Hardwood Corporation
Fiji Pine
Future Forest Fiji

CHAPTER 4: SWF-PENSION-ENDOWMENT FUNDS
Introduction
Sovereign Wealth Funds
Pension-Endowment Funds
NORTH AMERICAN PENSION FUNDS
Introduction
AIMCo
Alaska Electrical Trust Fund
Alaskan Retirement Management Board
Alexandria VA Firefighters & Police Officers Pension Fund
Arkansas Public Employees Retirement Fund
Arkansas Teacher Retirement System
Army Air Force Exchange Service Retirees Plan (AAFES)
Attleboro Contributory Retirement System
Bell South Pension Fund
Boeing Pension Fund
Boston University Investment Office
British Columbia Investment Management Corporation
CalPERS
California State Teachers Retirement System
Carnegie Pension Fund
CaseWestern Reserve University Endowment Fund
City of Ann Arbor Employees Retirement System
City of Aurora (Colo) General Employees Retirement Board
City of Austin Police Retirement System
City of Baltimore Fire & Police Pension Fund
Connecticut Retirement Plans and Trust Fund
Dallas Police and Fire Group Trust
Davie Police Pension Fund
Delta Airline Pension Fund
Denver Employees Retirement Plan
Detroit General Retirement System
District of Columbia Retirement Board
Duke University Endowment Fund
Eastment Chemical
Florida Board of Administration
Fort Lauderdale General Employees Retirement System
General Motors Pension Fund
Harvard Endowment Fund
Howard Hughes Medical Institute
Illinois Teacher Retirement System
Iowa Public employees Retirement System
Kansas Public Employees Retirement System
Kentucky Teachers Retirement System
Kodak (Now Eastman Kodak) Pension Fund
Labourers' Pension Fund of Central and Eastern Canada
Louisiana State Police Retirement System
Manchester (NH) Employees Contributory Retirement Scheme:
Marquette University Endowment Fund
Maryland State Retirement and Pension System
Massachusetts Pension Reserves InvestmentManagement (PRIM)
Maynard Contributory Retirement System
Mississippi Local Government Employees Retirement System
Mississippi Public Employees Retirement System
Missouri Department of Transportation & Patrol Employees' Retirement System
Missouri Local Government Employees Retirement System
Missouri State Employees Retirement System
Montana Board of Investments
Mount Holyoke College
New Hampshire Retirement System
New Jersey Division of Investment
New Mexico Educational Retirement Board
New Orleans Employees' Retirement System
New York State and Local Retirement Systems
New York State Teachers Retirement System
North Carolina Retirement System
North Dakota State Investment Board
Ohio Pension Funds
Omaha Police and Fire Retirement System
Orange County (CA) Employee Retirement System
Oregon Investment Council
Ontario Teachers Pension Plan of Canada (OTPP)
Pennsylvania Public Employees Retirement System
Pomona College Endowment Fund
Presbyterian Foundation
Public Employees Retirement Association of CO
Public Sector Pension Investment Board
Robert Wood Johnson Foundation, The
San Antonio Fire & Police Pension Fund
San Bernardino County Employees Retirement Association
San Diego County Employees Retirement Fund
San Francisco City and County Pension Fund
Shelby County (TN) Retirement System
Stanford University Endowment Fund
State of Idaho Endowment Fund Investment Board
State of Michigan Retirement Systems
State of Wisconsin Investment Board
Target Corporation
Taunton (Mass) Contributory Retirement System
Teachers Retirement System of Texas
TIAA-CREF
United Parcel Service Pension Fund
University of California Retirement Plan
University of Minnesota Endowment Fund
Virginia Retirement System
Washington State Investment Board
Washington University St Louis
Western Union Financial Services Pension Plan
Wichita Retirement Funds
Worchester (City of) Retirement System
Yale Endowment Fund
OVERSEAS PENSION FUNDS
EUROPE
AMF
AP Pension
Apteekkien Elakekassa
ASGA Pensionskasse
ATP (Danish Supplementary Pension Fund)
Bankpension
Bayerische Versorgskammer
Bedrijfstakpensioenfonds voor de Metalektro
Bpf GIL
British Broadcasting Corporation Pension Plan
British Steel Pension Fund
BT Pension Fund
Essex County Council Pension Fund
Clerical Medical/Lassiter UK
Danske Civil-og Akademiingeniorers Pensionskasse DiP
Ilmarinen Mutual Pension Insurance Company
Ireland Post Office Pension Fund
JOP Pension
Kapan Pensioner
KEVA
Kommunernes Pensionsforsikring A/S
Laerernes Pension A/S
Lansforsakringar
Leicestershire County Council Pension Fund
London Pension Fund Authority, The
Nestle Pension Fund
Norwegian Government Pension Fund
Oxford University Pension Fund
Pensioenfonds Metalektro (PME)
Pensionskassen for Magistre & Psykologer
Pensionskassernes Administration A/S
Pensioenfonds Vervoer
PFA Pension Fund
RAFP
Retraite Additionnelle de la Fonction Publique
SAMPENSION
Sampo Group
Skandia Liv
Sofnunarsjodur Lifeyarisrettindia
Sparinstitutens Pensionskassa
Stichting Pensioenfonds ABP
Stichting Pensioenfonds PGGM
Tjänstepensionsförbunde
Tredje AP-fonden
Universities Superannuation Scheme
UK Environment Agency Pension Fund
Valtion Elakerahasto
VARMA
Verband Der Bayerischen Metall- Und Elektro-Industrie Kapitalanlagen
Württembergische Lebensversicherung
LATIN AMERICA
BRAZIL
Brazilian Savings Bank Funcef Pension Fund
Funcef
Petros Pension Fund
Previ
SOUTH KOREA
National Pension Service
MALAYSIA
Employees Provident Fund
MEXICO
OCEANIA
Australia Future Fund
Australia Post Superannuation Scheme, The (APSS)
HESTA Super Fund
New Zealand Superannuation Fund, The
UniSuper

CHAPTER 5: “INTERESTING” TIMBERLAND INVESTMENT REGIONS - PRODUCTS
Introduction
Interesting Timberland Investment Countries/Regions
AFRICA
Angola
Mozambique
South Africa
Tanzania
West Africa
ASIA
China
South East Asia
Cambodia
Indonesia
Laos
Malaysia
Philippines
Vietnam
EUROPE
Central/Eastern European Rural Land and Timberlands
Russia
LATIN AMERICA
Central-Latin America-Teak
Colombia
Cuba
North East Brazil
OCEANIA
Australia
Australia - North/Northwest/High Value Sawlog - Scent Crops
INTERESTING SPECIES
Freeze Resistant Eucalyptus Clones
Mahogany
Non Splitting Eucalyptus Clones
Paulownia
Pulpwood (and some sawlog) Clones
E globulus - E camaldulensis
E Pelita Hybrids
Acacia Hybrids
Sandalwood - Indian and Australian
Teak

CHAPTER 6: TREE BASED CARBON OFFSETS, BIOMASS AND TIMBERLANDS
Introduction
TREE BASED CARBON OFFSET TRADING
Afforestation-Reforestation
New Zealand ETS Update
Australian ETS Update
USA Federal Tree Based Carbon Trading (Voluntary and Regulatory) ETS Update
Canada Update
Reduced Emissions from Deafforestation Scheme REDD
Biomass Timberlands

CHAPTER 7: TIMBERLAND INVESTMENT RETURNS
Caveat
United States
Discount Rates
International
UK
Oceania and Chile
Other International
International Timberlands Premia Risk

CHAPTER 8: CONCLUSIONS
North America
The China Card
Non North America
Illegal Logging
Climate Change
Carbon Forestry

Appendix 1 Summary of Transactions 2006-2
Appendix II BC AAC's Areas

Note: Product cover images may vary from those shown

- (The) Forest Company
- (The) Forestland Group
- Abegweit First Nation
- Abitibi River forest Management Inc
- AbitibiConsolidated
- ABV Gold Inc
- Acadian Timber Corp
- ActisAfricaAgribusiness Fund
- Aditya Birla
- Aequus Wealth Management Resources - Aequus Asset Management
- Africa Renewables
- Africasia Fund
- Africasia Sustainable Forestry Fund
- Afrwood Timberland Partners LLC
- AGI Agarwood Group International
- AgroBrazil Florestal
- AgroEnergy AG
- Agropecuaria Santa Genoveva
- AIMCo
- Alaska Electrical Trust Fund
- Alaskan Retirement Management Board
- Albrecht, Douglas
- Alexandria VA Firefighters & Police Officers Pension Fund
- Allegheny Wood Products
- Alto Parana
- Altri Forestal SA
- Amapa Florestal e Celulose Ltda
- Amathole Forestry Company
- Ambasssadeur Nkema Liloo
- American Industrial Partners
- American Sanyuan
- American Timberlands Company
- Americas Global Foundation
- Ames Foundation
- Andrighetti
- Anix Global Forests Cameroon
- Ansoe NV
- Anthony Forest Products
- AP Pension
- Apical Reforestadora SA
- Apteekkien Elakekassa
- Aquila Capital Concepts GmbH
- Arauco do Brasil Ltda
- ArcelorMittal BioEnergia
- Arkansas Public Employees Retirement Fund
- Arkansas Teacher Retirement System
- Army Air Force Exchange Service Retirees Plan (AAFES)
- AS Hekotek
- Asahi Breweries
- ASGA Pensionskasse
- Asia Pacific Resources International (APRIL)
- Asia Plantation Capital
- Asia Pulp & Paper China
- Asian Congo Industries
- Asian forestry Co
- ATP (Danish Supplementary Pension Fund)
- Attleboro Contributory Retirement System
- Australasia Timber Fund
- Australia Future Fund
- Australia Post Superannuation Scheme, The (APSS)
- Ballapur Industries
- Bamboo Global Industries
- Bangkok Forestry Investment Company
- Bankpension
- Barclays Capital Global Carbon Index
- Barrett Lumber
- Barrs
- Baskahegan Company
- Basso Legnami
- Baum Invest GmbH
- Bayerische Versorgskammer
- BBC Land LLC
- Bedrijfstakpensioenfonds voor de Metalektro
- Bell South Pension Fund
- Benchmark Plus Management LLC
- Benetton Italy
- Bennett Lumber Products
- Bergvik Skog AB
- Better Globe Group
- Bhandora Teak Wood Investments
- Big Creek Lumber
- Big Lands Brazil
- Biokala Project
- Biomasse-Agentur
- Biotimber Ltda
- Blakely Pacific
- BNP Paribas
- Boeing Pension Fund
- Bonavia (Emily)
- Bonner Family
- Boo-shoot Gardens LLC
- Border Timbers
- Bosques Cautin
- Bosques del Plata
- Bosques del Sur SA
- Boston University Investment Office
- Bozovich Group SAC
- Bpf GIL
- BR Woods
- Brazil Agrilogic
- Brazilian Savings Bank Funcef Pension Fund
- Brinkman Asociados Reforestadores Centro America
- Brinton Eaton Wealth Advisors (BEWA)
- British Broadcasting Corporation Pension Plan
- British Columbia Investment Management Corporation
- British Steel Pension Fund
- Brookfield Asset Management (ex Brascan)
- Bruynzeel Suriname Houtmaatschappij
- BT Pension Fund
- Buchanan Renewables
- Bukidnon Forest Industries
- Bulgueroni (Carlos Alberto)
- Butler Land and Timber
- Caceres Florestal
- Caisse des Depots
- Caja de Jubilaciones y Pensiones Bancaria
- Caja Notarial de Jubilaciones
- California Redwood Company
- California State Teachers Retirement System
- CalPERS
- CamAgra
- Camargo Family
- Cambium Global Timberland Limited
- Cambium Global Timberlands Fund
- Cambium Timber Fund
- Cambridge Associates
- Camsortio Paulistade Papel e Celulose
- Canada Resurgence Developments
- Canfor
- Canopy Capital
- Carbon Conscious
- Carbon Friendly Solutions
- Carbon Harvesting Corp
- Cargill Agricola SA
- Carlyle Group
- Carnegie Pension Fund
- Carter Holt Harvey
- Carvovale
- Cascade Timberlands LLC
- CaseWestern Reserve University Endowment Fund
- Cassidy Heirs
- Catella AB
- Catella Real Estate AG Kapitalanlagegesellschaft
- Cathay Forest
- Caudex Capital GmbH
- CBG
- Celadon Forestry
- Celulose Arauco y Constitucion
- Celulose Irani
- Celulose Nipo Brasileira SA
- Central Timber Cooperative
- Centro Gaviotas
- Charmont Investments
- Chekweti Forest Project, The
- Chikweti Forests of Niassa SA
- China Environmental Resources Group
- China Forest Holdings
- China Forest Industry Group
- China Forest Industry Holdings
- China Forestry Group Corp
- China Grand Forestry Resources Group
- China National State Forest Farm Development Corporation
- China Timber Resources Group
- China Yantai Northwest Forestry Co
- China Zhong Heng Tai Investment (Suriname) NV
- Choren Industries GmbH
- Church of Sweden
- Cipreses y Forestal
- City Forest
- City of Ann Arbor Employees Retirement System
- City of Aurora (Colo) General Employees Retirement Board
- City of Austin Police Retirement System
- City of Baltimore Fire & Police Pension Fund
- Claritas Investments
- Clayton Lake Woodlands LLC
- Clenergen
- Clenergen Corp
- Clenergen Corporation
- Clenergen Corporation
- Clerical Medical/Lassiter UK
- Cliffs Natural Resources Inc
- Close Asset Management
- Cloudy Bay Sustainable Forest
- CMPC Celulose Riograndense
- Coast Tsimshian Resources
- Coastal Lumber Company
- COFCO - China Timber
- Coillte Farm Forest Investment Services
- Collins Companies
- Colombia Forest Fund
- Colonial First
- Columbia Land Trust
- Comfloresta
- Companhia do Vale do Araguaia
- Compania Forestal Uruguaya SA
- Compania Nacional de Reforestacion
- Concord Pacific
- Confederated Tribes of the Colville Reservation
- Conifex timber Inc
- Connecticut Retirement Plans and Trust Fund
- Conservation Finance International
- Conservation Forestry LLC
- Conservation Fund, The
- Convexity Capital Management
- Coos County
- Copper Station Holdings #3
- Coppon Wood Processing
- Cora Domenico & Figh spa
- Cotrene
- Couloir Global Investments
- Couloir Global Investors
- Cowee, WJ
- Craigpine
- Cranberry Lumber
- Crosby Land & Resources
- Cultivos Agroforestales EccoWood SA
- Cultured Wood SA Central America
- Dalkia
- Dallas Police and Fire Group Trust
- DANA Commercial
- Danske Civil-og Akademiingeniorers Pensionskasse DiP
- Danzer Forestacion SA
- Danzer Forestlands
- Danzer Group
- Dasos Capital Oy
- Davie Police Pension Fund
- Davis New York Venture Fund
- Delta Airline Pension Fund
- Deltic Timber
- Dentongate Holdings
- Denver Employees Retirement Plan
- Deschutes Land Trust
- Detroit General Retirement System
- Deutsche BankAG
- DFH Deutsche Fonds Holding AG
- District of Columbia Retirement Board
- Domtar Inc
- Dona Maria Forest Industry
- Downeast Lakes Land Trust
- Dubea Investments
- Duke University Endowment Fund
- Dunkley Lumber Ltd
- Dunn Family
- Duratex
- Dutch Timberland Funds
- DWS Investment GmbH
- Dzalanyama Watershed Conservation Trust
- EACOMTimber Corporation
- Eagon Pacific Plantation Ltd
- Earth Capital Partners
- Eastmark International Ltd
- Eastment Chemical
- Eco Brasil Florestas
- ECO2 Forests
- Ecobosques
- Eco-Direct
- Ecoforest Panama
- EcoPlanet Bamboo
- EcoTech Timber
- EcoTopica Teak Incorporated
- Ecotrust LLC
- Ecuador Teak Investing Co
- Eidico
- Ejido Sanjeronimo Zacapexco
- Ejido Tlalmanalco Estado de Mexico
- EKO Asset Managements Partners
- El Consorcio Forestal Amazónico SAC
- El Paraiso SG
- Elders Forestry
- Emaflor Agro Florestal
- Emerald Energy
- Emerald Knight
- Emerging Property
- Emerging Property
- Employees Provident Fund
- Emprendimientos del Litoral
- Empresas CMPC SA
- Empresas Verdes Argentina SA
- Empressa Interagricola SA
- Energias Renovaveis do Brasil
- Enligna Canada
- Environinvest
- Equator LLC
- Equatoria Teak
- ERA Carbon Offsets
- Ernslaw One
- Essex County Council Pension Fund
- Ethical and Sustainable Teak Investment
- Ethical Investment
- Eucalyptus del Pacifico
- Eucatex
- Euskar Forestal Uruguaya SA
- Evergreen Industries Group
- Expertos Forestales
- Fábrica Nacional de Papel SA
- Face the Future
- Fazenda Jotoba
- FH Stoltze Land & Lumber
- Fibria
- Fiji Hardwood Corporation
- Fiji Pine
- FIM Services Limited & Similar UK Investment Companies and Advisors
- Finca Leola
- Finch Paper LLC
- Finite Carbon Corp
- FinnFund
- Fiplasto SA
- Firest Forest
- First Forest GmbH
- First Growth Funds
- FIT Manejo Florestal
- FJW (Wilpringer)
- Flor y Fauna SA
- Floresta de Niassa Project
- Florestadora Guasimo SA
- Florestal Brasil SA
- Florestal de Messangulo
- Florestal do Brasil Investimentos
- Floresteca Agrofloresta
- Floresteca Holding NV
- Florida Board of Administration
- Florida Forever
- Fondo de Inversion Forestal Lignum (Lignum Fund)
- Foralac Company
- Foran Real Estate SIA
- Forbes Timber
- Foreign Ownership
- Forest Capital Partners
- Forest Carbon Group, The
- Forest Company (The)
- Forest Enterprises
- Forest Enterprises Australia
- Forest Finance Service GmbH
- Forest Investment Associates
- Forest Legacy Investments
- Forest NSW
- Forest Solutions Inc
- Forest Systems
- Forestal Anchile
- Forestal Argentina SA
- Forestal Comaca SA
- Forestal Comaco
- Forestal Los Lagos
- Forestal Oriental
- Forestal Otorongo
- Forestal Santa Barbara
- Forestal Tiera Chileana
- Forestal y Ganadera Indumarca SA
- Forestar
- ForestFinance Panama
- Forestland Group, The
- Forestry InvestmentsNZ
- Forestry Plantations Queensland
- Forestry South Australia
- Forests for Friends Panama
- Forêt Investissement
- Forever Wild Land Trust
- Fort Apache Timber Company
- Fort Lauderdale General Employees Retirement System
- Fort Lewis Military Installation
- Fort William First Nation
- Forwood Forestry Panama SA
- Fountain Forestry
- Fruit Growers Supply Company
- Fujian Nanping Paper
- Fujian Qingshan Paper
- Fujian Yongan Forestry Group
- Funcef
- Future Forest Fiji
- Future Forest Group
- Futuro Forestal Nicaragua
- Futuro Forestal SA
- Gao Qing Jin Yuan Wood Company
- Gardner Land Company
- Garfonac
- General Motors Pension Fund
- Generation Investment Management
- Gengma Forestry Co
- Geo Forestal SA
- Georgia DNR
- Georgia Fall Line Properties LLC
- Gerakan Masyarakat Pelestari Lingkungan Hidup
- Gerdau Florestal SA
- German Pellets GmbH
- Ghana Primewood
- Ghana Teak Plantation Owners
- Giustina Land & Timber Co
- Gleneally - Hikurangi Forest Farms
- GlenSilva GmbH
- Global Biomass Plc
- Global Environment Fund
- Global Forest Partners
- Global Forestry Capital SARL
- Global Forestry Investments
- Global Forests
- Global Green Services
- Global Solidarity Fund, The
- Global Wood Holdings SA
- Global-Woods International AG
- GMO Renewable Resources
- GMO RR
- GMR Florestal
- Goodwood Virginia LLC
- Grandy Forest Lake
- Grandy Lake Forests
- Great Southern Plantations
- Green Bay Packaging Inc
- Green Crow
- Green Diamond Resource Company
- Green Environ Teak Company
- Green Gold Forestry
- Green Oil Plantations
- Green Participacoes
- Green Resources AS (ex TreeFarms AS)
- Green Resources LLC
- Greengold Investment Group AB
- Greenheart Resources Holdings Co
- Greenplan
- Greenside Management
- Greenwood Management ApS
- Greenwood Resources China Ltd
- Greenwood Tree Farm Fund LP
- Greenworld BVI
- Greif Inc
- Groupo Bertin
- Groupo Bosque Australes SH
- Groupo Madelur
- Grupo ENCE
- Grupo Madal
- Guanare SA
- Guangdong Weihua Group
- Guangxi Fenglin Forestry Group
- Guangzhao Industrial Forest Biotech Group
- Guardiam
- Guavira Industria deMadeiras
- Guggenheim Timber ETF
- Guizhou ChiTianHua Bamboo Company
- Gunns Limited
- Gutchess Lumber Company
- Hampton Affiliates
- Hancock Timber Resource Group
- Hancock Timber Resources Group
- Hankins Lumber Company
- Hannahville Indian Community
- Hans Merensky Timber
- Hapugastenne Plantations PLC
- Hartman-PPM Argentina SR
- Harvard Endowment Fund
- Harvard Management Company
- Hastings Hancock International Timberland Fund
- Hawaiian Legacy Hardwood
- Hawthorne Timber Company
- Helvetia Wealth
- HESTA Super Fund
- HHP Inc
- High Heavens Timberland
- Hill Timber Limited Partnership
- Holland MWare Charitable Foundation/Holland Ware
- Holzindustrie Schweighofer
- Honest Timber
- Hooper Valley Tribe
- Howard Hughes Medical Institute
- Huajia Wood Stock Co
- Huber, JM
- Hul'qumi'num Treaty Group
- Hunan Tiger Forest and Paper Group
- Hyde Investments
- Iberpapal SA
- IFK
- IGB AG
- Iguacu Celulose e Papel
- Iisaak Forest Resources
- ILIM Group
- Illinois Teacher Retirement System
- Ilmarinen Mutual Pension Insurance Company
- Indian Hill LLC
- Industria Forestales Arazati
- Indùstrias Florestais de Manica (IFLOMA):
- Industrias Forestales SA
- Industrie Forestiere d'Quesso
- Industries Corporation of the Philippines (PICOP)
- Industrifinas AS
- Industry Re
- Ingram Entities
- Inland Empire Paper
- Inprobois
- International Corporate Services
- International Forest Products (Interfor)
- International Forestry Fund
- International Forestry Group Corporation
- International Paper
- International Paper do Brazil
- International Pulp & Paper Companies
- International Sawmilling Companies
- International Wood Fuels
- International Woodland Company AS (The)
- Investimento Florestal De Mocambique
- Investment Group Colombia
- Iowa Public employees Retirement System
- Ireland Post Office Pension Fund
- Irish Forestry Fund
- Irving, JD
- James Fielding Funds Management
- Jamestown Management
- Jamp Industries Ltda
- Janus Capital Group
- Japan Forestry Fund
- Japanese Overseas Investments
- Jari Celulosa SA
- Jeffrey MSeagrist & Company
- Jeld Wen - JWTR
- Jiangsu Suhui Wood Co
- Jilian Wood
- JML Heirs LLC
- John Bitar & Company
- Jones Forestry and Development Corp, The
- JOP Pension
- Jordan Lumber Corp
- Joshua Timberlands Ltd
- Jujiann Jianou Zhenxing Bamboo Wood
- Juken New Zealand
- Jurua Florestal
- Justice companies, James C
- JWTR- AFR - IFG - Jeld Wen - US Timberlands
- Kamehameha Schools Honaunau Mgt
- Kansas Public Employees Retirement System
- Kapan Pensioner
- Kaul and Hall Oil and Gas Co
- Keewanaw Land Association Limited
- Kentucky Teachers Retirement System
- KGAL GmbH & Co KG
- Kilombero Valley Teak Co
- Kimberley-Clark Arg SA
- Klabin
- Klamath Tribes
- KMS Baltics
- Kobarelov Ecopolis
- Kodak (Now Eastman Kodak) Pension Fund
- Kolombangara Forest Products Ltd
- Komatiland Forests
- Kommunernes Pensionsforsikring A/S
- Korindo Group (The)
- Kostomukshskiy Lespromhoz OOO
- Kraslesinvest
- KTG Agrar AG
- Labourers' Pension Fund of Central and Eastern Canada
- Laerernes Pension A/S
- Lake Taupo Forest Trust
- LandVest Timberlands
- Langdale Forest Products
- Lansforsakringar
- Las Marias
- Lassiter Properties Inc
- Leicestershire County Council Pension Fund
- Lereco Metier Capital Growth Fund
- LevasFlor
- Life Forestry Group
- Life Forestry Switzerland AG
- LIGNUM Holding AG
- Liila Forest Products
- Likouala Timber
- Lindi
- Lingui Developments Berhad
- Lipsia SA
- LJ Resources Co
- Logs & Lumber
- Loncala Inc
- London Pension Fund Authority, The
- Lone Rock Resources
- Longpine Plantation
- Louisiana State Police Retirement System
- Louisiana Timber Partners
- Lurio Green Resources
- Lutexfo-Soforga
- Lyme Timber Company
- Macquarie Alternative Assets Management Ltd
- Madem
- Maderas Cultivadas de Costa Rica
- Maderas Sostenibles
- Maderas Sostensibles
- MAF Managed Forests
- Mag Forestry
- MagIndustries
- Maine (State of)
- Malonda Foundation
- Malonda Tree Farms
- Man Fai Tai
- Manchester (NH) Employees Contributory Retirement Scheme:
- Manitoba Government
- Maowusu Biomass
- Maple Leaf Reforestation
- Mario Zylberberg & Associates
- Marlow timberland
- Marquette University Endowment Fund
- Marubeni – Oji Paper
- Marubeni Corporation
- Maryland State Retirement and Pension System
- Masisa SA
- Masonite (Africa) Ltd
- Massachusetts Pension Reserves Investment Management (PRIM)
- Massachusetts Woodlands Cooperative
- Matariki Forest
- Mayhew AssetManagement
- Maynard Contributory Retirement System
- McClendon, Aubrey
- McDonald Investments Inc
- Meadowsend Timberland
- MeadWestvaco
- Meloramentos Florestal SA
- Menasha
- Mendocino Redwood Company
- Menominee Tribal Enterprise
- Mercer Investment Consulting
- Merrill Ring
- Metcalf & Company
- Metsahallitus
- Metsaliitto Group
- Miami Corp
- Michigan California Lumber Company
- Mid Atlantic Timberland Group
- Middlemount Forestry
- Midway
- Miller forest Investment AG
- Mini Ltd
- Mississippi Local Government Employees Retirement System
- Mississippi Public Employees Retirement System
- Mississippi School Trust
- Missouri Department of Transportation & Patrol Employees' Retirement System
- Missouri Local Government Employees Retirement System
- Missouri State Employees Retirement System
- Moi (Gideon)
- Molpus Woodlands Group
- Mondi Shandakuka Newsprint
- Montana Board of Investments
- Montana Fish Wildlife and Parks
- Monte Forestry
- Monterrey Forestal SA
- Montes del Plata SA
- Mount Holyoke College
- MSC Capital LP, Perry Capital LLC, York Capital Management LLC
- MSS Capital
- MTO Forestry
- Muckleshoot Tribe
- Multiagro
- Muyezerskly Lespromhoz OAO
- Nanping Xihou Forestry Development Co
- National Australia Asset Management and Utilities Trust of Australia
- National Forest Service of the PNG Forest Authority
- National Forestry Authority
- National Fuel Gas Company
- National Pension Service
- National Timber Partners
- Natural Resources Development Corp
- Nature Conservancy, The
- NCT Forestry Cooperative
- Neenah Paper
- Nelson Pine industries
- Nemus SA
- Nestle Pension Fund
- Neucel Specialty Cellulose
- New England Forestry Foundation
- New Forests Asset Management
- New Forests Company, The
- New Forests Malonda
- New Hampshire Retirement System
- New Horizon Forest Ltd
- New Jersey Division of Investment
- New Mexico Educational Retirement Board
- New Orleans Employees' Retirement System
- New York State and Local Retirement Systems
- New York State Teachers Retirement System
- New Zealand Forestland
- New Zealand Superannuation Fund, The
- Nicolet Hardwoods Corporation
- Nile Trading &Development
- Ningxia Meili Paper
- Nipissing Forest Resource Management
- Nistor Property
- Nordcapital Holding GmbH
- Nordea Foresta Fund
- Norfolk Southern Corp
- Norske Skog Pisa
- North Asia Resources Holdings
- North Carolina Retirement System
- North Cascades Timberland LLC
- North Dakota State Investment Board
- Northern Pulp Nova Scotia
- Norway Sovereign Wealth Fund
- Norwegian Government Pension Fund
- Nova Scotia (State of)
- NovaCel
- Ntacua Florestas de Zambezia
- Nyah Resources Corp
- Oaky Woods Property LLC
- Ochoco Lumber
- Oculul Silvic Lignum
- Ohio Pension Funds
- Oji Paper Company
- Omaha Police and Fire Retirement System
- Ontario Teachers Pension Plan of Canada (OTPP)
- OOO PechoraEnergoResurs
- Open Bay Timber
- Orange County (CA) Employee Retirement System
- Oregon Board of Forestry
- Oregon Investment Council
- ORG Portfolio Management LLC
- Orient Global Mandolin Fund
- Origin Energy
- Orion Capital
- Orkla ASA
- Orsa Florestal
- Oxford University Pension Fund
- Oxigen Plantations Plc
- P&P Dienstleistungs GmbH & Co
- Pacific Forest Trust
- Pacific Products Ecuador
- Packaging Corporation of America
- Pan American Properties
- Pan European Farmland Fund
- Pan Pac forest Products
- Panama Teak Forestry
- Panamerican Wood
- Panamerican Woods
- Pantaleon Sugar Holding Group
- Papel Misionero
- Paper Excellence
- Parcafrique
- Passamaquoddy Tribal Lands
- Pee Dee Land Trust
- Penn Virginia Operating Company
- Pennsylvania Public Employees Retirement System
- Pensioenfonds Metalektro (PME)
- Pensioenfonds Vervoer
- Pensionskassen for Magistre & Psykologer
- Pensionskassernes Administration A/S
- Perpetual Diversified Infrastructure Fund
- Petros Pension Fund
- PFA Pension Fund
- PG Bison
- PH Glatfelter Company
- Phaunos Timber Fund Limited (The)
- Philippine Tree Farm Inc
- Pictet Asset Management
- Pike Lumber
- Pindo SA
- Pinnacle Forest Investments
- Pinus Brasil Agro florestal Ltda
- Pioneer Forest
- Plantar S/A Reflorestamentos
- Plantation Capital
- Plum Creek
- Pomera Maderas
- Pomona College Endowment Fund
- Pope Resources LP - Olympic Resource Management
- Porsche Family
- Port Blakely Tree Farms LP
- Portucel-Empresa Produtora de Pasta e Papel - Portucel
- Potlatch Corp
- Precious Woods Amazon
- Precious Woods Holding AG
- Prentice and Carlisle
- Presbyterian Foundation
- Previ
- Prima Colombia
- Prima Colombia Hardwood
- Procuenca Initiative, The
- Productos Forestales del Este
- Proteak Uni SA de CV
- Provident Tree Farms
- Proyectos Forestales
- PT Amindo Wana Persada
- PT Balikpapan Forest Industries
- PT Belayan River Timber
- PT CivikaWana Lestari
- PT Djarum
- PT Kemakmuran Berka Timber
- PT Narkata Rimba Timber
- PT Ratah Timber
- PT Roda Mas Timber
- PT Sumalindo Lestari Jaya II
- PT Timberdana
- PT Tirta Mahakam Resources
- Public Employees Retirement Association of CO
- Public Sector Pension Investment Board
- QUADRIS Environmental Fund Plc
- Quimby, Roxanne
- Quinault Indian Nation
- Rainforest-Invest GmbH
- Ralten SA
- Ramires Reflorestamento Ltda
- Rangitatau NZ Limited
- Rayonier
- RE Gold Financial Holding Company
- Real Fonder Forest Fund
- Realtim
- Red River Forests
- Redwood Forest Foundation
- Reflora de Brazil
- Reflorestar
- Reforestadora Amazonica
- Reforestadora San Sebastián SA
- Reforestation Coast
- Regions Morgan Keegan Timberland Group (RMK)
- Relay Timber LLC
- Renaissance Capital
- Replantar
- Resource Land Holdings
- Resource Management Services
- Responsible Wood Angola
- Restauracao Florestal-Agroindustria de Reflorestamento Nativo
- Retraite Additionnelle de la Fonction Publique
- Rewards Group
- RGE Group
- Rhino and Forest Fund
- Riau Andalan Pulp & Paper
- Richard Pieris & Co
- Rigesa SA
- RIMA Industria SA
- Rimbunan Hijau
- Rio Concern Industrial
- River West Forest Products
- Rivermol SA
- RMK Timberland
- RMS do Brasil Administracao de Florestas
- Robbins Lumber
- Robert Wood Johnson Foundation, The
- Robinia Invest
- Rock Creek Capital
- Roger Dickie NZ
- Rondobel
- Rosboro Lumber Company
- Roseburg Forest Products Company
- Rotation Renewables
- Rothschild Australia AssetManagement
- Rougier Group
- Rougier Ocean Gabon
- Roy O Martin Lumber Management, LLC
- RREEF infrastructure Investments
- RuralAus Investments
- RusForest AB
- Russian Timber Group
- Russo Forest
- Rutland Lumber Company
- RWE AG
- SA Smurfit Carton de Colombia
- Sabah Softwoods
- Sadahairtha Forest Plantations
- SAFIND
- SAFODA
- Saint Johns Abbey - Order of Saint Benedict
- Salient Partners
- SAM Private Equity AG
- Samartex
- Sampo Group
- San Antonio Fire & Police Pension Fund
- San Bernardino County Employees Retirement Association
- San Diego County Employees Retirement Fund
- San Francisco City and County Pension Fund
- Sappi
- SAPPI Paper and Forests
- Saps Krazemblum
- SARAWAK:Grand Perfect Sdn Bhd
- Satipel Florestal
- SBL
- Scioto Land Company
- Scottish Woodlands
- SDS Lumber Company
- Sedaf
- SEE Corporation
- SEEF (Ricordeau brothers)
- Selwyn Plantation Board
- Sempervirens Fund
- Seneca Jones Timber Company
- Serenity SA
- SETA
- Seven Islands Management Company
- Sguaria Florestal SA
- Shandong Chenming Paper
- Shandong Huatai Paper Industry Co
- Shandong Longshen Group
- Shandong Sun Paper
- Shandong Sun Paper Co
- Shanghai Xin Gaochao Group
- Shasta Forests
- Shelby County (TN) Retirement System
- Shengyang Group
- Shenyang Group
- Siam Forestry
- Sierra Pacific Industries
- Siforco
- Siletz Confederated Tribes
- Silva Tree Panama SA
- Sinixt First Nation
- Sino Forest Corp
- Sinotrans
- SiyaQhubeka Forests
- Skandia Liv
- SLV Bolivia SRL
- Smurfit-Kappa Group, Cartones de Venezuela
- Société Africaine de Plantations d'Hévéas
- Societe Forestie de Makokou
- Société Industrielle et Forestière du Congo
- Sodefor Group
- Sofnunarsjodur Lifeyarisrettindia
- Soforma- Forabola-CFT Group
- Solidarity Fund QFL
- Sonoma Land Trust
- Soper Wheeler Company
- Soroteca Agroflorestal
- South Alabama Land & Timber Company (SALTCO)
- South Coast Lumber
- Southern Bamboo Inc
- Southern Cross Resource Group
- Southern Hemisphere Investment Partners
- Southern Highlands
- Southern Pine Plantations
- Southern Timber Venture LLC
- Southland Plantation Management
- Sparinstitutens Pensionskassa
- SRP International
- SST Biomass Technologies
- St Joe Company, The
- St Regis Paper Company LLC
- Stafford Timberland Limited
- Stanford University Endowment Fund
- Starker Forests Inc
- State of Idaho Endowment Fund Investment Board
- State of Indiana
- State of Massachusetts
- State of Michigan Retirement Systems
- State of Wisconsin Investment Board
- Stellar Asset Management
- Stetson Timberlands Inc
- Stichting Pensioenfonds ABP
- Stichting Pensioenfonds PGGM
- Stimson Lumber Company
- Stonehage Investment Partners
- Stora Enso Brasil Ltda
- Stora Enso Guangxi Forestry
- Strategic Timber Inc
- Strategic Timber International
- Strumtech Limited
- Sumitomo Forestry
- Superior Pine Products
- Sustainable Forest Holdings Ltd (SFH)
- Sustainable Forestry Management
- Sustainable Investment Boutiques
- Suzano
- Swanson Group, OR
- Swanton Pacific Ranch
- Swedbank Robur A
- Swedish Investor Group
- Swiss Lumber Company
- Swiss Tropical Timber Group
- Sylva Tree
- Taan Forest Ltd Partnership
- Taku River Tlingit First Nation
- Tall Timbers Land Conservancy
- Tall Timbers Trust
- Taman
- Tanga
- Tapebicua Group, The
- Target Corporation
- Taunton (Mass) Contributory Retirement System
- Taylor Ramsey Corp
- TCT Indùstrias Florestais Ltda
- Teachers Retirement System of Texas
- Teak Plantation Owners
- Teak Savings
- Teca do Brasil Florestal Ltda
- Tecnoforest del Norte
- Tecnota Forest of Zambezia
- Tectona Agrofloresta
- Tectona Capital
- Tembec
- Tenga International
- Tensaw Land & Lumber
- Thanry Group
- The Asia Forestry Management Fund
- The Campbell Group
- The Forestland Group
- The Green Investment Company, The
- The Industrial Development Corporation of South Africa
- The New Forests Company
- The Timber Group
- Third Avenue Management
- Three Dimensional Timberlands LLC
- TIBA Agro
- Timber Products Corp
- Timber Value Administradora de Ativos Florestais Ltda
- Timbergrow Limited
- Timberland Harvesters Inc
- Timberland Investment Resources
- TimberSTAR
- TimberVest
- Timberwest Forest Corporation
- Timiskaming Forest Alliance
- Tjänstepensionsförbunde
- Tk'emlupsemc Forestry Development Corp
- Tornator SRL
- Touchwood Investments
- Trabec
- Tranchivoire
- Tredje AP-fonden
- Trillium Corp
- Trilogy Green Forest Fund
- Trinorth Capital
- Triton Logging
- Tropical Bois
- Tropical Forestry Services
- Trust for Public Land, The
- Tsar Timber Group
- Turner, Ted
- TWK Agriculture
- UFC Holding NV
- UK Environment Agency Pension Fund
- UK Forestry Commission Update
- UniSuper
- United China Forestry Resources Development Corporation
- United Fibre Systems
- United Investment Managers
- United Nature
- United Parcel Service Pension Fund
- United States Forest Service
- United Teak
- Universities Superannuation Scheme
- University of California Retirement Plan
- University of Minnesota Endowment Fund
- UPM
- UPM Tillhill
- UPMNorth America
- Uruguay Forestal SRL
- Ushay Forestal
- V&M Florestal
- Vale Florestal
- Valtion Elakerahasto
- VARMA
- Vattenfall
- Venture International Investment Holdings
- Veracel SA
- Verband Der Bayerischen Metall- Und Elektro-Industrie Kapitalanlagen
- Verdant Energy Solutions
- Verdis Investment Management
- Verenice Development Corp
- Vermillion Forest Management Company
- Viceroy Invest
- VicWood
- Virginia Retirement System
- Vologda Project
- Volterra SA
- Vulcan Corp
- Wagner Companies, The
- Wagner Forest Management
- WAPRES Plantations
- Warm Springs Forest Products Industries
- Washington State Investment Board
- Washington University St Louis
- Wattle Company, The
- Wausau Paper
- Wellington Management Company
- Wells Timber Real Estate Investment Trust Inc
- West Australia Forest Products Commission
- West Australia Sandalwood Plantations
- West Fork Timber
- West Fraser
- Western Pacific Timber - T Blixseth
- Western Union Financial Services Pension Plan
- Westervelt Co (ex Gulf States Paper Corp)
- Weyerhaeuser Company
- Wichita Retirement Funds
- Willmott Forests
- Willow Rivers Wealth
- Willow Rivers Wealth Investors
- Witcel SA
- Withus Lao
- Woodland Trust
- Worchester (City of) Retirement System
- World Forestry Monaco
- Worldwide Green Foundation LLC
- Württembergische Lebensversicherung
- Yakama Forest Products
- Yale Endowment Fund
- YaleMeyers School of Forestry
- Yang Shushan
- Yaorun Wood
- Yaorun Wood
- York Timber Holdings
- Yueshou Environmental Holdings
- Yunjing Forestry Development Co (YFD
- Yunnan Jinggu Forestry Co
- Yurok Tribe
- Zabaikalskaya Lesnaya Kompania
- Zaozhuang Mining Industry Group
- ZLNZ Consulting Services

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