Ethical Forestry delivers the exact projected returns through quality timber investment. Your future generations will profit greatly from our investment plans.

1. 2,173
72,000
acres currently
protected in our
Forestry Easement
Trust
new trees planted
per week during
peak season
Ethical Times
tm
Autumn newsletter 2013
this issue...
Operations update
With our 2013 expansion plans
underway, we show you a map
of our Costa Rican operations
Costa Rican diary
Meet our photographer and find
out why doing justice to our
plantations is a tricky business
Being transparent
Sustainable forestry equals
a sustainable future
It‟s an undeniable fact that as global population and
the economy rise, so does deforestation
The Global
Forest
Resources
Assessment
2010
Find out why the exhibitions
we attend are important to us
and our investors
New kiln infrastructure
As part of our ongoing development,
our new kiln provides yet another
In the past decade alone, around 130 million hectares are backed by political and social commitment, sustainable
of forest were lost.
forestry has become a priority. But sustainable forestry must
Throughout history, reliance on the world‟s natural forests
continue to evolve if it‟s to have a profound impact on the
has gone hand-in-hand with economic development.
future of the world‟s economy and the environment.
Wood has, after all, been the primary building material
The good news is that the estimated loss of forest area
and fuel since prehistoric times. But with world
at the global level declined from 16 million hectares per
population expected to reach 9 billion by 2050 and the
year in the 1990s to an estimated 13 million hectares per
Our recent bat study reveals the
economy having almost tripled in the last two decades,
year between 2000 and 2010. Clearly, the importance
bat species in one of our protected
continuing dependence on the unethical degradation of
of protecting our natural forests is becoming more and
zones and how they help keep
forests is not only lethal to the economy at large, but also
more accepted, and we‟re passionate about being part
our forests healthy
the future of the planet and its inhabitants.
of the progress.
In an eco-friendly economy, more wood will be used for
We‟re committed to managing our plantations sustainably
energy as the use of fossil fuels decreases. But if wood
for the benefit of the environment, the community
products are produced from non-sustainable sources,
and a greener economy. And by using the very best
exit route for our products
Plantations at night
Investor’s story
Investor, Michael Wadham, explains the result will be deforestation, which is bad news for the
why an ethical investment in trees
planet. The emergence of alternative, sustainable supply
is so important to him
forestry practices and employing the finest Government
Approved Forestry Engineers to manage them, we
chains for the timber industry are clearly vital if we‟re to
can offer investments that are both commercially and
alleviate the pressure on our natural rainforests.
ethically sound.
In countries like Costa Rica where sound forest practices
The Ethical Forestry team
Ethical Forestry Ltd, 80 Holdenhurst Road, Bournemouth, Dorset, BH8 8AQ telephone 0800 075 30 10 email enquiries@ethicalforestry.com

2. Brasilia III
345.69 acres
177.66 acres protected
S
M A
Santa Cecilia
347.06 acres
145.74 acres protected
M A N
Legacy
plantations
Brasilia II
419.87 acres
202.72 acres protected
S
192 acres
T
M A
A
El Encanto
207.65 acres
57.41 acres protected
S
M
Brasilia I
Río Celeste
172.03 acres
58.86 acres protected
366.12 acres
124.08 acres protected
S
M A
S
M M
Costa Rica operations October 2013
A Acacia
With the successful
implementation of our
2013 expansion plans, we
share with you our current
operations map
F Formaleta
We‟re often asked where our Costa Rican
M Mixed species
head office and plantations are located. So
Operations:
S Sold out
M Melina
T Teak
we thought we‟d publish our October 2013
N Native species
Cocobolo
Sable
Mahogany
Spanish Cedar
Purple Heart
Pink Ceder
operations map, which details exactly where our
plantations are located, as well as our Legacy
plantations and head office site, which includes
our timber mill and nursery. As we continue to
acquire more sites we‟ll update this map and
keep you informed in future newsletters.
F M

3. Santa Rita
San Cristobal
1007.36 acres
acres
320.85 acres protected
326.68 acres protected
897.10
M
S
M
T
A
N
Cocobolo
339.72 acres
114.60 acres protected
S
M A N
San Andrés
805.56 acres
254.52 acres protected
M
Chimurria
1050.95 acres
357.32 acres protected
S
San Carlos
head quarters
M A
Patio where harvested logs are stored
Nursery and germination houses
Ethical Forestry timber mill
Workers in the San Carlos Timber Mill

4. Plantation update
New plantations, new protected land
and new photo opportunities…
As we purchase more plantations, our Forestry Easement Trust continues
to grow. And as our Forestry Easement Trust grows, we’re given more
opportunities to document its wildlife with stunning photography, which is
our chance to create a pictorial story we know our investors are keen to see.
One of our new plantations, Rio Celeste, is no exception. Located in the Guatuso
region of Costa Rica and with the magnificent Rio Samen River running through
it, we‟ve placed its wild forests into the expert care of our Forestry Easement Trust,
bringing the trust‟s total protected land to 2,173 acres.
We‟re excited to see our new acquisition develop and grow as our other plantations
have done. And in order to keep our investors up-to-date with its progress, we‟ll
photograph every step of the way.
Our photographer, David Roberts (Norbert), was on hand to photograph the new
plantation and the beauty of its protected forests, as well as capture the brilliance
of the river; the lifeblood of any healthy habitat and a hub for much of Costa Rica‟s
diverse wildlife.
Having worked for Ethical Forestry since incorporation, Norbert has the enviable
task of regularly travelling to Costa Rica to photograph and film the story of our
operations, from the impressive growth rates of our plantations through to the
expansion of our Forestry Easement Trust and the wildlife it protects. But doing
justice to the sheer scale and beauty of our plantations and protected forests is
no easy task. When it boils down to it, it‟s Norbert‟s passion that produces such
spectacular shots.
Top: Out on a limb. Norbert setting up for the long exposure shot of the beautiful
Rio Celeste river with the resulting image below it
Below: Just some of the wildlife spotted on our land held within our
Forestry Easement Trust on Reo Celeste. 1: Ringed snail-eating snake Sibon annulatus
2: Blue jeans poison-dart frog Oophaga pumilio 3: Leaf-litter toad Rhaebo haematiticus
4: Green and black poison dart frog Dendrobates auratus

5. “Because of the crystal clear river that runs through it, R
is an incredibly special plantation and my personal favou
Norbert says: “My trips to Costa Rica are a real adventure. To get the very
photograph. But just one year on and they‟re over 20ft with closed canopy -
best shots of our plantations I‟m up at first light dealing with the heat,
not easy for exposure or achieving a bird‟s eye view. In order to do justice to the
humidity and biting insects (for some reason the ants love me!), only
growth I have to get creative with my resources - the top of our Land Rover
stopping when the sun starts to set. It gets dark very quickly, and as the
helps!”
locals say, “the devil comes out at night”. It can be really challenging,
As with all our plantations, Chimmuria is a fantastic example of how quickly our
but I love every minute of it.”
trees grow with expert care and management. Norbert‟s latest photographs
With the hums, squawks and buzzes of the forest around him, Norbert
are a testament to this, and it‟s safe to say he‟s succeeded in conveying its sheer
managed to capture the beauty of the river and the wildlife including
scale. However, this extraordinary growth will continue, culminating in fully
poison dart frogs, cat-eyed snakes and stingless bees, to name but a few.
mature trees with an average height of over 95ft…
He adds: “Because of the crystal clear river that runs through it, Rio Celeste
So standing on top of a Land Rover may not cut it!
is an incredibly special plantation and my personal favourite. It was an
We‟re keen to constantly update our investors on the development of all our
absolute dream to explore and photograph what I found.”
operations in Costa Rica, and will continue to do so with the best photography
And capturing the incredible growth rates of Melina is just as challenging…
and information available. Looking at our latest shots, you will appreciate why
As just one example of the impressive growth rates of all our plantations,
we‟ve chosen our fast growing tree species and why this stunning country
we chose to track the progress of Chimmuria, of which readers will
attracts so many nature-loving tourists every year.
remember from previous newsletters. Having photographed this
To see more photographs of our plantations and protected zones, visit our
plantation from the outset, Norbert visited Chimmuria on the first
website‟s gallery at: www.ethicalforestry.com
anniversary of planting and was impressed
by how quickly our investors‟ trees have
grown since he last photographed them
7 months previously.
“From walking through shoulder height
trees to being dwarfed under the canopy
of the same trees 7 months later is more
than impressive.
But conveying this in photography and
film isn‟t straightforward. Shoulder height
trees at 4-months-old are simple to
Top: Norbert filming with director
Robert Brown on Rio Celeste
Left: Always looking for the perfect
shot, however it is achieved
Right: Director Robert Brown stands
next to 1-year-old Melina trees
Bottom: Directors Robert and Geri
Brown discussing the new infrastructure
being carried out on our Santa Rita
plantation prior to field planting
Panoramic: Rio Celeste prior to planting

6. Join us…
At Ethical Forestry we believe in being totally
transparent about our business, which is why our
doors are always open in the UK and Costa Rica
for those who wish to drop in to discuss any
facet of our operations.
But we know it isn‟t always feasible to visit our head
office in Bournemouth and far less so for Costa Rica.
For this reason, over the coming year we will be
exhibiting at many of the UK‟s best venues, starting
in October with the Property Investor Show at ExCeL,
London and the London Investor Show at Olympia
Central, Hammersmith. If you would like to visit us at
one of our up-and-coming shows, please contact us
for the latest exhibition information.
New kiln boosts our export trade
The exportation of pallets is an integral part of our operations
and it‟s vital we follow international regulations
As part of our continuous investment into Ethical Forestry
Dedicated to maintaining environmentally sound operations as well
infrastructure and development, we’ve recently purchased a new kiln as commercial efficiency, we chose this particular kiln because of its
for the treatment of our pallets for exportation. This new addition
special features:
to our operations will boost our pallet export trade significantly,
• Designed to run on sawdust generated from our timber mill, a
providing yet another robust exit route for our products.
In 2006, the International Plant Protection Convention (IPPC)
implemented the International Standards for Phytosanitary Measures
15 (ISPM15) in Costa Rica - a set of guidelines regulating wood
packaging material for international trade. To put it simply, the strict
controls reduce the risk of introducing and spreading tree pests
through the heat treatment of wood, which is exactly what our
new kiln has been designed to do.
sustainable process using natural by-products from our operations
• Chosen for both its efficiency and ability to dry Melina for products
such as flooring, finger joints and panelling for the furniture industry
• Initial kiln space will allow for the treatment of 1,200 pallets over
an 8 hour period
• Our boiler has a 500,000 kcal/h capacity, allowing expansion to
4 kilns and an output of 2,400 pallets every 4 hours
Constructed using the latest technology, our kiln heats our wood to a
This is an exciting new acquisition and represents the first phase of
minimum temperature of 56ºC for at least 30 minutes. Only then are
our kiln infrastructure. We‟ll be sure to keep you updated on our
we permitted to display the IPPC certification symbol that shows our
kiln development programme in future newsletters.
pallets are safe to ship.
Example of the kilns we will be in installing
Construction underway for Kiln location at our San Carlos timber mill

7. Plantations at night...
Bat study reveals the health of
our protected zones
Within the protected zones of our Forestry
Easement Trust, there‟s an abundance of diverse
and fascinating wildlife. Some endangered, others
common, but all crucial to a healthy ecosystem.
We’re always keen to learn more about the
We‟re keen to continue protecting the many
health of our protected zones and the wildlife
different species within our Forestry Easement
within them, so when Angie Liz Varela Campos,
Trust. And as part of our support for local
a student of Forestry Engineering and Wildlife
environmental research, we‟ll also continue
Management at Costa Rica’s National Technical
to enjoy a close relationship with the National
University, asked if she could carry out a study
Technical University. In the meantime, we‟ll keep
of the bat population within our Chimmuria
you informed of any interesting studies carried
plantation’s protected zones, we were more
Baqueano don Orlando and Student Angie Liz Varela
Campos survey one of the protected zones on the Chimmuria
plantation to select suitable sites for the mist nets
out on our plantations in future newsletters.
than happy to oblige.
Working
alongside
The mist nets used are designed to catch bats without harm
Ethical
Forestry‟s
Dendrologist, Ariel Rodriguez, and supervised
by local Baqueano, don Orlando, who‟s intimate
knowledge of the area and biodiversity is second
to none, the team set up camp in our protected
forests for eight nights with the sole purpose of
revealing which of Costa Rica‟s 133 bat species are
present in our protected zones. With a „mist net‟
to catch the bats safely, a gauge to measure bat
lengths and a „Pesola‟ to weigh them, three small
sites were selected for sampling, which you can
see in the images provided.
Using natural ink made from the sap of a local tree
to ensure the same bat wasn‟t recorded more than
once, 27 individual bats were identified of which
there were 9 different species: the Jamaican fruit
bat, the pygmy fruit-eating bat, the chestnut
short-tailed bat, Seba‟s short-tailed bat, the
common vampire bat, the little yellow-shouldered
bat, the black myotis, the proboscis bat and the
Don Orlando and Angie inspecting one of the three mist nets
white-throated round-eared bat.
Not only are bats a natural controller of insects
- an individual insectivore eats thousands of
insects a night - other bat species will eat nectar,
pollen and fruit, pollinating several plants and
distributing seeds whilst feeding. Since bats play
such an important role in maintaining the health
of forests, they show that our protected zones
are rich and thriving ecosystems. As Angie says:
“These are very healthy forests.”
A black myotis bat
Body and wingspan measurements being taken

8. An investor’s story
Written by
Michael Wadham
“
If you would like to appear in
An investor’s story, please contact
newsletter@ethicalforesty.com
Putting the Elm
back into Elmstead
I‟m passionate about trees. As a volunteer for UK woodland charities,
I‟ve been lucky to be involved in some wonderful projects where I‟ve
planted thousands of trees. And as a tree warden for the market village of
Elmstead, I‟ve recently planted Dutch Elm resistant elm trees in a bid to
„Put the elm back into Elmstead‟ - pardon the pun!
Although I live in the UK, I visit Costa Rica annually where I‟m fortunate to
own a house situated on 25 acres of land on the beautiful Osa Peninsula.
Costa Rica is an amazing country steeped in culture and the warmth of
the people, complimented by modern cities - a far cry from the typical
naïve perception of a Third World central American country.
Many factors of the investment appealed to me such as the remarkable
rate at which Melina trees grow, producing fully mature trees in just 12
years; the process and importance of commercial, sustainable forests and
the vital role they play in providing a sustainable wood source; and Ethical
Forestry‟s transparent approach and how they openly publish information,
in particular their Land Registry details on the Costa Rican Land Registry
website (which as a land owner in Costa Rica I‟m familiar with).
As my 18-month project with a US biotech company nears fruition,
I‟m looking forward to starting my MSc in Agroforestry at Bangor (which
has close links with CATIE in Costa Rica - Ethical Forestry‟s high-grade
seed supplier) and of course, receiving my investment returns.
”
The Forestry Easement
Trust fact file
In this edition, we introduce you to the magnificent Kapok tree
We‟re passionate about trees. But we don‟t just grow them for investments,
we also protect the many precious species we come across when
purchasing new plantations. This is just one of the reasons why we set up
our Forestry Easement Trust. For every plantation we purchase, we place
protected wild forest into our expert care.
As well as protecting wild forests, our Dendrologist also surveys the site‟s
plantable area, marking out and registering all the trees he finds, taking
special note of the rare and endangered species. Far from cutting them
down, we plant our saplings around them, giving them and our commercial
trees plenty of room to grow.
A resident of our San Andrés plantation, this beautiful Kapok tree is just
one of the many trees we protect. And there‟s a very good reason for
it. Regarded as living monuments, their branches are always decorated
with dozens of plant species, making them a habitat in themselves.
This particular Kapok tree boasts orchids on its limbs, not to mention an
Kapok fact file
Genus: Ceiba
Species: pentandra
Height: up to 65 meters
Diameter: up to 3 meters
Trunk:
cylindrical, smooth, greyish
Crown:
abundance of vines and wild fauna.
Considered the most impressive tree species in Costa Rica‟s forests because
of its great height and broad crown, this Kapok tree stands approximately
40 metres in height with an impressive 156cm diameter trunk at DBH
(Diameter Breast Height). With our Costa Rican Director, Robert Brown,
standing at its base, you really can appreciate its magnificent scale.
an open umbrella shape
Special features
Very large buttresses stabilise the
giant; large spines protrude from
the trunk to discourage damage;
many plants and animals grow
and live in its branches
This Kapok tree is just one inhabitant of our Forestry Easement Trust. Within
the zones we protect, we have many different species of both fauna and
flora, all of which have their own fascinating facts. We‟ll be introducing you
to the interesting wildlife we come across throughout our newsletters,
and will continue to expand our Forestry Easement Trust in order to help
safeguard Costa Rica‟s wonderful natural environment.