Timberland investors are well positioned to benefit from the uptrend of sawlog prices that is currently underway in many parts of the world. In the U.S., demand for softwood sawlogs has been steadily increasing since 2009 and fundamentals support a positive long-term outlook. While the outlook is positive across the U.S., the Pacific Northwest has outpaced other timberland regions in terms of softwood sawlog demand growth. This is due to demand from China and other Asian countries such as Japan for west coast sawlogs and lumber. We would like to take the opportunity to comment on these market trends and highlight the importance of a geographically diversified timberland portfolio in order to participate in multiple forest products markets.