Acacia projections
The following charts and projections have been constructed to give clear and precise
information about our investments. These projections are specific to our plantations
and our siviculture practices.
Acacia
This timber is good for furniture, cabinets, turning and floors. It is also suitable for particleboard, plywood, veneer, pulp, fence
posts, firewood and charcoal. Acacia is one of the major fast-growing species used in plantation forestry programs throughout
Asia, the Pacific, and the humid tropics.
Due to its rapid growth and tolerance of very poor soils, Acacia is playing an increasingly important role in efforts to sustain
a commercial supply of tree products while reducing pressure on natural forest ecosystems.
The following projections will help illustrate the likely harvest schedule and yields from growing 200 Acacia trees on the
plantations. The projections are based on a starting price of £0.30 per board foot. If, after you review these projections,
you have any questions about us growing trees for you, please feel free to call or email us.
The harvest dates are for projections only, the actual dates will be up to you, the tree owner. We do not harvest any of your trees
without your express permission to do so.
Acacia projections – 200 trees
Tree age 4 5 6 7 8 9 10 11 12 13 14 15
Number
of trees 44 34 26 20 16 12 10 8 6 4 4 16
harvested
Marketable
wood per
36.71 81.65 153.13 257.12 400.26 587.92 826.73 1123.00 1482.26 1910.50 2415.67 3000.98
tree - board
feet
Care and
management £35 £65 £100 £139 £184 £216 £273 £318 £336 £307 £417 £2,218
fee
Net
proceeds
£537 £1,023 £1,564 £2,181 £2,888 £3,384 £4,277 £4,986 £5,268 £4,813 £6,539 £34,758
of each
harvest
Cumulative
£537 £1,560 £3,124 £5,305 £8,193 £11,577 £15,854 £20,840 £26,108 £30,921 £37,460 £72,218
Total
Table 1: This table shows the projected growth, harvests and yields from planting 200 Acacia trees. These projections are based upon a conservative
lumber price of £0.30 increasing at an annual rate of 7% for the subsequent thinnings and the final harvest.
The Care and Management fees (6%) are the fees we charge for growing and managing your trees, should you so choose us to do so.
Harvests can be performed for any number of trees at any time you choose.
ETHICAL FORESTRY Ltd, Bristol and West House, Post Office Road, Bournemouth, Dorset BH1 1BL Tel: 0800 075 3010 Fax: 01202 366913
Email: enquiries@ethicalforestry.com www.ethicalforestry.com
Company registration no. 6455149. Incorporated in England and Wales.

Projection charts
The following charts have been produced for you to clearly see what your projected returns could be. The projections in these charts are based
upon a timber price increase of 7% p.a. Timber prices have been exceeding 7% p.a. due to the increased demand. Costa Rica has recently had to
start importing timber as local demand outstrips supply. For more details on how the projections are calculated, please see the detailed notes. Past
performance of timber prices does not guarantee future values. Ethical Forestry does not give investment advise, Investments may go down as well as
up and you should be aware of all the risks involved, however small.
Tree age 4 5 6 7 8 9 10 11 12 13 14 15
Marketable wood per tree –
36.71 81.65 153.13 257.12 400.26 587.92 826.73 1123.00 1482.26 1910.50 2415.67 3000.98
board feet
Care and management fee £35 £65 £100 £139 £184 £216 £273 £318 £336 £307 £417 £2,218
Net proceeds of each harvest £537 £1,023 £1,564 £2,181 £2,888 £3,384 £4,277 £4,986 £5,268 £4,813 £6,539 £34,758
Cumulative total £537 £1,560 £3,124 £5,305 £8,193 £11,577 £15,854 £20,840 £26,108 £30,921 £37,460 £72,218
Tree value £13 £32 £64 £116 £192 £300 £455 £663 £934 £1,280 £1,739 £2,311
Investment value £2,444 £5,229 £8,900 £13,592 £19,021 £25,113 £32,107 £39,536 £47,179 £54,985 £63,614
INDIVIDUAL TREE VALUE £72,218
Return on investment -80% -56% -26% 13% 59% 109% 168% 229% 293% 358% 430% 502%
CUMULATIVE HARVEST VALUE
CUMULATIVE HARVEST VALUE INDIVIDUAL TREE VALUE
£2,500
£5,000
£80,000
£80,000 £2,311
£72,218
£2,000
£4,000
£60,000 £1,739
£60,000
£1,500
£3,000
£1,280
£40,000 £37,460
£40,000
£30,921 £1,000
£2,000 £934
£26,108
£20,840 £663
£20,000 £15,854 £455
£20,000 £11,577
£500
£1,000
£8,193 £300
£5,305 £192
£116
£1,560 £3,124 £13 £32 £64
£537
£0 £0
0 4 5 6 7 8 9 10 11 12 13 14 15
4 5 6 7 8 9 10 11 12 13 14 15 44 55 66 77 88 99 10
10 11
11 12
12 13
13 14
14 15
15
TREE AGE TREE AGE
CUMULATIVE HARVEST VALUE – Shows the projected cumulative totals from INDIVIDUAL TREE VALUE – Shows the projected value of each tree on specific
the returns of your investment. e.g. By year 8 your projected returns are £8,193. years throughout your investment. These projections are based on a timber
(You would have received £537 in year 4, £1,023 in year 5, £1,564 in year 6, £2,181 price increase of 7%. e.g. At year 9, your trees are projected to be worth £300 each
in year 7 and £2,888 in year 8).
MARKETABLE WOOD PER TREE and at year 12 £934 each.
Investment Value
MARKETABLE WOOD PER TREE INVESTMENT VALUE
3500
7000 £80,000
BOARD FOOT OF TIMBER PRODUCED
£72,218
BOARD FOOT OF TIMBER PRODUCED
3,001
6000
3000
£63,614
2,416 £60,000
5000
2500 £54,985
£47,179
2000
4000 1,910
£39,536
£40,000
1,482
1500
3000 £32,107
1,123 £25,113
2000
1000 827 £19,021
£20,000
588 £13,592
1000
500 400 £8,900
257 £5,229
82 153 £2,444
37
0 £0
0
44 5
5 6
6 7
7 8
8 99 10
10 11
11 12
12 13
13 14
14 15
15 44 5
5 6
6 7
7 8
8 9
9 10
10 11
11 12
12 13
13 14
14 15
15
TREE AGE TREE AGE
MARKETABLE WOOD PER TREE – Shows the projected volume of timber produced INVESTMENT VALUE – Shows the projected returns if your whole investment is
from each of your trees (in board foot - 12" x 12" x 1") at different stages of your cashed in early. e.g. If you chose to harvest your remaining trees in year 8, your
investment. e.g. An 8 year old tree is projected to yield 400 board foot of projected returns from the previous harvests AND the year 8 harvest (of all your
marketable timber. remaining trees) would be £19,021.

INDIVIDUAL HARVEST VALUES RETURN ON INVESTMENT
INDIVIDUAL HARVEST VALUE RETURN ON INVESTMENT
£40,000
£40,000 600%
£34,758 502%
500%
430%
£30,000
£30,000 400% 358%
293%
300%
229%
£20,000
£20,000 200% 168%
109%
100% 59%
13%
£10,000
£10,000 0%
£6,539
£4,986 £5,268 £4,813
£3,384 £4,277 -26%
£2,181 £2,888 -100% -56%
£1,023 £1,564 -80%
£537
£00 -200%
44 5
5 6
6 7
7 8
8 9
9 10
10 11
11 12
12 13
13 14
14 15
15 4 5 6 7 8 9 10 11 12 13 14 15
TREE AGE TREE AGE
INDIVIDUAL HARVEST VALUE – Shows the projected values of each harvest. RETURN ON INVESTMENT – Shows the projected returns on investment. e.g. If
e.g. Your harvest in year 8 is projected to return £2,888 and your harvest in year 10 you chose to harvest your remaining trees in year 8, your projected percentage
is projected to return £4,277. return would be 59% after your initial £12,000 has been deducted.

Notes to Acacia projections
The projections in these tables, and the explanatory notes, are 7. The amount of marketable wood per tree is stated in board feet,
provided for you to better understand the process of growing and a standard measure of wood used. One board foot of wood is one foot
harvesting trees. While we believe these estimates of growth, costs square by one inch thick (1'x 1' x 1"). There are 12 board feet in a cubic
and yields to be fair and reasonable, we cannot guarantee the future foot of lumber and 424 board feet in a cubic meter of lumber.
value of your trees, nor the lumber proceeds you will receive from the The estimated amounts of marketable wood are based upon the
harvest. We encourage you to seek the counsel of an independent estimated volume per tree in cubic feet, multiplied times 12 to obtain
professional who can evaluate the accuracy of these projections. the number of board feet, and then reduced by 30% to allow for
1. The projections above are based upon a conservative lumber price processing waste, which is sawing losses and damage to the logs
per board foot for the first thinning, increasing at an annual rate of 7% while being harvested, transported and processed. We are likely
for the subsequent thinnings and the final harvest. to achieve far more efficient yields than those projected since
everything is milled right on the farms, using the latest thin-kerf,
2. The projections in Table 1 are based upon the price of timber
high yield bandmill technology.
increasing at 7% per year. However, according to the ONF (Costa
Rican National Forestry Office) prices for timber are increasing at a 8. Gross harvest proceeds – The estimated gross value of the lumber
rate far higher. Costa Rica has recently had to start importing timber from each harvest is arrived at by multiplying the estimated value per
as local producers cannot keep up with the demand. tree times the number of trees harvested in that thinning or harvest.
3. Both the timing and number of trees harvested are your choice. 9. Care and Management Fees are the costs of harvesting your trees,
This is based on a combination of our experience and the latest milling your logs into marketable lumber, drying your lumber, Care,
published silviculture practices derived from years of experience in maintenance and sale of your trees. If someone-else is harvesting/
plantation management. managing your trees, these fees will not apply. However a 6% charge
Our professional foresters, who monitor the growth profiles of your would be applied at harvest as we would need to supervise the
trees in the plantations, will report on their condition and help you harvest to ensure no damage is caused to others trees.
determine the actual harvest dates and number of trees harvested. 10. There is currently a 15% Withholding tax applied by the Costa Rican
Several additional months may be required after any thinning or Government on all money taken out of Costa Rica for which you are
harvest to mill, dry and grade your lumber and prepare it for the liable. This is taken at source and NOT accounted for in the projections.
international export market if it is to be sold as boards. An additional You should speak to your financial advisor for legitimate means of
year or more may be required for the earliest thinnings, because offsetting this against your UK Tax.
young tropical hardwoods are less known, or even unknown, in the
world markets.
4. The most likely period of mortality or cull loss is during the first
year after field planting. Our foresters will examine your trees
frequently during this period and will promptly replace, at no charge
to you, any tree that is not healthy or in any way not growing
properly. We will also replace any tree that in our opinion is not
growing properly for the next 2 years. Once the trees are past approx
3 years, the mortality and cull loss will essentially be 0% because
if a tree is lost, we can simply mill it into lumber to be sold.
5. The useable height and diameter growth estimates are based upon
growth rates obtained in our plantations, plantations in the
Caribbean and Central America. Our actual growth rates exceed
these projections, we have removed 1.5 inches in diameter and
one third in height to allow for wastage and a more simple
calculation to be used.
6. Our estimated volume per tree is calculated by multiplying the
diameter of the tree x the diameter of the tree (diameter2) times the
usable height of the tree. These projections are based upon the
volume of the trunk and include the additional wood volume that
may be obtained from the larger branches in the later harvests.
ETHICAL FORESTRY Ltd, Bristol and West House, Post Office Road, Bournemouth, Dorset BH1 1BL Tel: 0800 075 3010 Fax: 01202 366913
Email: enquiries@ethicalforestry.com www.ethicalforestry.com
Company registration no. 6455149. Incorporated in England and Wales.