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The U.S. forest products and timberland investing sectors operate in global markets; both multinational firms and purely domestic operations manage impacts from changing exchange rates, inflation, relative interest rates, and competing trade flows. This course details relationships between international finance and U.S. forest businesses and summarizes current international timberland investments and markets. Upon completion of this course, you should be able to:

• Read articles about international finance in publications such as The Wall Street Journal and understand the potential implications for forest businesses and U.S. timberlands;
• Assess the impacts of changing exchange rates, interest rates, and inflation on U.S. forest products and wood flows;
• Apply a framework for evaluating and comparing countries and international markets as a basis for adjusting discount rates for investment analysis.

Forest industry professionals, forest business owners, timberland investors, and realtors involved in, and interested in, the buying and selling of forest products, timber, and timberland.

Dr. Brooks Mendell is principal of Forisk Consulting, a forest industry and timber market research firm. Brooks has 15 years of operating, research, and consulting experience in forest business and finance. This includes roles in harvest operations with Weyerhaeuser and in management consulting with Accenture. He also served on the forestry and finance faculties at the University of Georgia. His international experience includes work in Bangladesh and Australia, and teaching and research as a Fulbright Scholar in Uruguay. Brooks earned BS and MS degrees at MIT; an MBA at the University of California, Berkeley; and a PhD in forest finance at UGA.

Dr. Jacek Siry is an assistant professor of forest economics at the Warnell School of Forestry and Natural Resources at UGA. Jacek has been conducting research in the areas of international forestry and conservation, timber market modeling, and forest management efficiency since the mid-1990s at UGA and North Carolina State University. He consults with the World Bank and has studied forest management in Central Europe, Eastern Europe, South America, and Asia. Jacek earned a BS in forest engineering and an MS in forest ecology at the University of Agriculture in Krakow, and a PhD in natural resource economics and forest policy at UGA.

Dr. Tim Sydor joined Forisk Consulting in 2005 as a forest economist. Tim's professional experience includes roles in forest operations research at the University of Arkansas at Monticello and in forest management for the Tsuman State Forest Enterprise in the Ukraine. Currently, his research and consulting include the application of econometric techniques to study factors driving timber and timberland markets. Tim earned a BS in forestry at the National Agriculture University of Ukraine, an MS in forest economics at Purdue University, and a PhD in forest finance at UGA.

The fee for this course is $445, which includes lunches, refreshment breaks, and instructional materials. There is a $50 discount for fees paid by check or credit card and postmarked by September 13, 2006. Preregistration must be accompanied by check, purchase order, or credit card number to guarantee a place in the course. Limited seating is available. Transfer Fee: The Georgia Center will charge a $50 processing fee for a second course transfer, if applicable.

This course follows a seminar format, with the introduction of key concepts and current data followed by class discussion of case studies to reinforce understanding. Students will have opportunities to ask, either as part of group discussions or one-on-one with the instructors, about specific international finance topics of interest. Handouts will be provided that summarize the materials covered, including the most recent research conducted by the instructors.

• 13.5 Continuing Forestry Education (CFE) hours — Category 1
• 13.5 Continuing Logger Education (CLE) hours — Business Management
• 14 Georgia Real Estate Appraisers Board credits are approved; also accepted by the Georgia Real Estate Commission

Full Attendance Is Mandatory to Receive Credit.

If you are not satisfied with this course, we will refund your registration fee. Third Course Free! Attend two forestry courses in 2006 as a paid participant and get the third course (with equal or lower course fee) for free. Contact Nette Penn, at 706-542-6658 or Nette.Penn@georgiacenter.uga.edu, before you register for the third course. Fourth Person Free! Register three people from your organization and the fourth person is free. All registrants must be with the same program (same address and same budget), and the registration fees must be paid in advance by check or credit card.

This optional one-hour course focuses on case studies to illustrate the place of ethics in the practice of forestry. It meets the ethics requirement for registered foresters in Georgia.

The Georgia Center for Continuing Education Conference Center & Hotel, located on the beautiful, historic campus of the University of Georgia in Athens, Georgia, provides innovative lifelong learning opportunities that develop intellectual and human potential. A full-service living and learning environment, the Georgia Center includes a 200-room hotel, restaurants, banquet areas, conference rooms, auditoriums, a fitness center, and computer labs — all under one roof. As a unit of UGA's Office of the Vice President for Public Service and Outreach, the Center brings the University's teaching, research, and service expertise to the people of Georgia and beyond! For more information, visit www.georgiacenter.uga.edu.

Special Needs:
If you require special services, facilities, or dietary considerations, contact your event coordinator, Nette Penn at 706-542-6658 or Nette.Penn@georgiacenter.uga.edu prior to September 27, 2006.

Lodging (Georgia Center Hotel):
A block of rooms is being held for your conference until 5:00 p.m. ET, September 12, 2006. Policies: (1) Tax Exemption — The State of Georgia only allows tax-exempt charges for a payment by a state-issued credit card or check or by a direct bill to a state agency (with a Georgia State Tax Exemption Certificate). (2) Lodging Cancellation — Cancel your reservation by 4:00 p.m. ET the day prior to your scheduled arrival to avoid being charged one night's room and tax. (3) At check-in, you must present your credit card or a completed credit card authorization form (for a copy, call 800-884-1381, Mon.-Fri., 8:00 a.m. to 5:00 p.m. ET). Note: The Georgia Center is a smoke-free building; all lodging rooms are nonsmoking.

Travel Information:
Athens, Georgia, is located about 60 miles northeast of Atlanta. For directions, see www.georgiacenter.uga.edu/conferences/about/directions.phtml. A parking deck is located adjacent to the Center (hourly rates, maximum $8 each 24-hour period; vehicle height limit, 7 feet). Athens is served by two airports. Athens-Ben Epps Airport offers connecting flights to and from Charlotte, NC. Hartsfield-Jackson Atlanta International Airport is located about 90 minutes southwest of Athens, with scheduled ground shuttle service and rental car service available between the airport and the Georgia Center.

Program Cancellation Policies:
(1) Full refunds are available for cancellations made by 5:00 p.m. ET, September 25, 2006. No refunds will be issued thereafter; substitutions will be allowed. (2) If a program is cancelled for any reason, the Georgia Center will not be responsible for any charges related to travel. (3) If for unforeseen and unavoidable circumstances an instructor is unable to attend, the Georgia Center reserves the right to substitute a comparable instructor.