Mixed Species 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.
Mixed Species (Cocobolo, Teak, Sable, Acacia, Mahogany, Spanish Cedar, Purple Heart)
This is a mix of various local species such as Cocobolo, Teak, Sable, Acacia, Mahogany, Spanish Cedar, Purple Heart and many
others. By including various species in your planting you gain access to hardwoods, so valuable, they are sold by weight.
Mahogany and Cocobolo for instance are almost unavailable to buy by the board foot and are more commonly sold by the ounce.
The following projections will help illustrate the likely harvest schedule and yields from growing 200 mixed species trees on the
plantations. The projections are based on a starting price of £0.55 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.
Mixed Species projections – 200 trees
Tree age 7 9 11 13 15 17 19 21 23 25
Number of trees
40 58 24 20 12 10 10 8 6 12
harvested
Marketable wood per
28.56 82.66 179.68 331.72 551.21 646.88 861.25 1106.28 1381.88 1688.06
tree – board feet
Care and
£56 £272 £280 £494 £564 £632 £962 £1,130 £1,214 £3,392
management fee
Net proceeds of
£864 £4,252 £4,376 £7,726 £8,832 £9,908 £15,058 £17,718 £19,018 £53,128
each harvest
Cumulative Total £864 £5,116 £9,492 £17,218 £26,050 £35,958 £51,016 £68,734 £87,752 £140,880
Table 1: This table shows the projected growth, harvests and yields from planting 200 trees. These projections are based upon a conservative lumber
price of £0.55 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 7 9 11 13 15 17 19 21 23 25
Marketable wood per tree
28.56 82.66 179.68 331.72 551.21 646.88 861.25 1106.28 1381.88 1688.06
– board foot
Care and management fee £56 £272 £280 £494 £564 £632 £962 £1,130 £1,214 £3,392
Net proceeds of each
£864 £4,252 £4,376 £7,726 £8,832 £9,908 £15,058 £17,718 £19,018 £53,128
harvest
Cumulative total £864 £5,116 £9,492 £17,218 £26,050 £35,958 £51,016 £68,734 £87,752 £140,880
Tree value £23 £78 £194 £411 £783 £1,054 £1,602 £2,356 £3,372 £4,710
Investment value £4,324 £12,596 £23,716 £39,626 £59,908 £71,624 £90,170 £108,596 £125,788 £140,880
INDIVIDUAL TREE VALUE
Return on investment -64% 5% 98% 230% 399% 497% 651% 805% 948% 1074%
CUMULATIVE HARVEST VALUE
CUMULATIVE HARVEST VALUE INDIVIDUAL TREE VALUE
£150,000 £140,880 £5,000
£10,000 £4,710
£120,000 £4,000
£8,000
£3,372
£90,000 £87,752
£3,000
£6,000
£68,734 £2,356
£60,000 £51,016 £2,000
£4,000
£1,602
£35,958
£1,054
£30,000 £26,050
£17,218
£1,000
£2,000 £783
£9,492 £411
£5,116 £78 £194
£864 £23
£0
£0 £0
£0
7
7 9
9 11
11 13
13 15
15 17
17 19
19 21
21 23
23 25
25 77 99 11
11 13
13 15
15 17
17 19
19 21
21 23
23 25
25
TREE AGE TREE AGE
CUMULATIVE HARVEST VALUE – Shows the projected cumulative totals from the INDIVIDUAL TREE VALUE – Shows the projected value of each tree at specific
returns of your investment. e.g. By year 17 your projected returns should be years throughout your investment. These projections are based on a timber price
£35,958. (You would have received £864 in year 7, £4,252 in year 9, £4,376 in increase of 7%. e.g. At year 15 your trees are projected to be worth £783 each and
year 11, £7,726 in year 13, £8,832 in year 15 and £9,908 in year 17). at year 21 £2,356 each. Investment Value
MARKETABLE WOOD PER TREE
MARKETABLE WOOD PER TREE INVESTMENT VALUE
2000
4000 £160,000
MARKETABLE TIMBER - - BOARD FOOT
MARKETABLE TIMBER BOARD FOOT
£140,880
1688
£125,788
3000
1500 1382 £120,000 £108,596
1106 £90,170
2000
1000 861 £80,000 £71,624
£59,908
647
551
£39,626
500
1000 £40,000
332 £23,716
180 £12,596
29 83 £4,324
00 0
£0
7
7 9
9 11
11 13
13 15
15 17
17 19
19 21
21 23
23 25
25 7
7 9
9 11
11 13
13 15
15 17
17 19
19 21
21 23
23 25
25
TREE AGE TREE AGE
MARKETABLE WOOD PER TREE – Shows the projected volume of timber INVESTMENT VALUE – Shows the projected returns if your whole investment
produced from each of your trees at different stages of your investment. is cashed in early. e.g. If you chose to harvest your remaining trees in year 15, your
e.g. A 15 year old tree is projected to yield 551 board foot of marketable timber. projected returns from the previous harvests AND the year 15 harvest (of all your
remaining trees) would be £59,908.

RETURN ON INVESTMENT
INDIVIDUAL HARVEST VALUES
INDIVIDUAL HARVEST VALUE RETURN ON INVESTMENT
£60,000 1200%
1200%
£53,128 1074%
£50,000 1000%
1000% 948%
805%
800%
£40,000
651%
600%
497%
£30,000
399%
400%
£20,000 £19,018 230%
£17,718
£15,058 200%
98%
£10,000 £8,832 £9,908 5%
£10,000 £7,726 0%
£4,252 £4,376 0%
£864
£0
£0 -200% -64%
77 99 11
11 13
13 15
15 17
17 19
19 21
21 23
23 25
25 77 99 11
11 13
13 15
15 17
17 19
19 21
21 23
23 25
25
TREE AGE TREE AGE
INDIVIDUAL HARVEST VALUE – Shows the projected values of each harvest. e.g. RETURN ON INVESTMENT – Shows the projected returns on investment. e.g.
Your harvest in year 11 is projected to return £4,376 and your harvest in year If you chose to harvest your remaining trees in year 15, your projected
21 is projected to return £17,718. percentage return would be 399% after your initial £12,000 has been
deducted.

Notes to Mixed Species 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.