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This course is designed to provide both the conceptual and practical knowledge to analyze forest and natural resource investments. Through a series of case studies and traditional classroom lectures, the attendees will develop a basic understanding of investment valuation. Major topics will include:

• Compounding, discounting, and the time value of money
• Investment criteria and natural resources
• Basic annuity and perpetuity formulas and how to apply them to natural resources investments
• The role of discount rates
• Estimating future cash flows for natural resources investments

Examples of discounted cash flow problems will be calculated both by hand and by using Excel. Example spreadsheets will be provided, and we will assume a basic working knowledge of Excel.

This course is designed for foresters, real estate professionals, and natural resource managers who want to strengthen their basic financial decision-making skills. The case studies presented are taken from a variety of "real-world" situations that the instructors have experienced while working with forestry investments.

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 prior to September 3, 2007. Preregistration must be accompanied by a check, purchase order, or credit card number to guarantee a place in the course. Seating is limited.

This course is being held at the University of Georgia Center for Continuing Education in Athens, Georgia. You are encouraged to bring a laptop computer with Microsoft Excel spreadsheet software and a CD-disk drive. In addition, bring a financial calculator or a calculator with exponential and logarithmic functions. Power outlets will be available for all computers.

Harry L. Haney, Jr., is an expert in forest finance, timber income tax, and estate planning and travels throughout the nation teaching these subjects. His courses consistently receive excellent evaluations. Harry has coauthored books on forestry investment analysis, federal income tax, and estate planning and has written numerous technical publications about forestry. His extensive experience in forestry includes working with the forest industry, forestry associations, public agencies, forest landowners, and educational institutions. Harry serves as the Garland Gray Emeritus Professor of Forestry in the Department of Forestry of the College of Natural Resources at Virginia Polytechnic Institute and State University. He manages his family timberland with his wife, Jacqueline, and daughter, J. Lee Haney, Esq.

• 14 Continuing Forestry Education (CFE) hours — Category 1
• 14 Continuing Logger Education (CLE) hours — Business Management
• Georgia Real Estate Appraisers Board credits will be applied for — the Georgia Real Estate Commission accepts these hours when approved
• 13 Continuing Professional Education (CPE) Hours — Accounting

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 2007 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.

Now Available Online! Forestry Ethics Online Course

Now you can complete the one-hour Forestry Ethics Online Course from the comfort of your home or office. Register today for this self-paced, self-study program and earn CFE credit! Go here for more details: www.georgiacenter.uga.edu/is/forestry

The Georgia Center for Continuing Education Conference Center & Hotel, located on the beautiful, historic campus of the University of Georgia in Athens, Georgia, provides outstanding educational programs and services for lifelong learners. A total living and learning environment, the Georgia Center includes a 200-room hotel, restaurants, banquet areas, conference rooms, auditoriums, a fitness center, and a computer lab — 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 17, 2007.

Lodging (Georgia Center Hotel):
A block of rooms is being held for your conference until 5:00 p.m. ET, September 3, 2007. 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 13, 2007. No refunds will be issued thereafter; substitutions will be allowed. (2) If a course 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.