ethical times autumn newsletter 2013

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

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Ethical Forestry is a leading asset management company helping you in timber investment. It assures that investors get consistent returns for their investment.

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2,173 72,000acres currently new trees plantedprotected in our per week duringForestry Easement peak season

Trust

Ethical Timestm

Autumn newsletter 2013

this issue...Operations update

With our 2013 expansion plansunderway, we show you a mapof our Costa Rican operations

Costa Rican diaryMeet our photographer and findout why doing justice to ourplantations is a tricky business

Being transparentFind out why the exhibitionswe attend are important to usand our investors

New kiln infrastructure

Sustainable forestry equalsa sustainable futureIt’s an undeniable fact that as global population andthe economy rise, so does deforestation

The GlobalForestResourcesAssessment2010

As part of our ongoing development,our new kiln provides yet anotherexit route for our products

Plantations at nightOur recent bat study reveals thebat species in one of our protectedzones and how they help keepour forests healthy

Investor’s storyInvestor, Michael Wadham, explainswhy an ethical investment in treesis so important to him

In the past decade alone, around 130 million hectaresof forest were lost.

Throughout history, reliance on the world’s natural forestshas gone hand-in-hand with economic development.Wood has, after all, been the primary building materialand fuel since prehistoric times. But with worldpopulation expected to reach 9 billion by 2050 and theeconomy having almost tripled in the last two decades,continuing dependence on the unethical degradation offorests is not only lethal to the economy at large, but alsothe future of the planet and its inhabitants.

In an eco-friendly economy, more wood will be used forenergy as the use of fossil fuels decreases. But if woodproducts are produced from non-sustainable sources,the result will be deforestation, which is bad news for theplanet. The emergence of alternative, sustainable supplychains for the timber industry are clearly vital if we’re toalleviate the pressure on our natural rainforests.

In countries like Costa Rica where sound forest practices

are backed by political and social commitment, sustainableforestry has become a priority. But sustainable forestry mustcontinue to evolve if it’s to have a profound impact on thefuture of the world’s economy and the environment.

The good news is that the estimated loss of forest areaat the global level declined from 16 million hectares peryear in the 1990s to an estimated 13 million hectares peryear between 2000 and 2010. Clearly, the importanceof protecting our natural forests is becoming more andmore accepted, and we’re passionate about being partof the progress.

We’re committed to managing our plantations sustainablyfor the benefit of the environment, the communityand a greener economy. And by using the very bestforestry practices and employing the finest GovernmentApproved Forestry Engineers to manage them, wecan offer investments that are both commercially andethically sound.

The Ethical Forestry team

Ethical Forestry Ltd, 80 Holdenhurst Road, Bournemouth, Dorset, BH8 8AQ telephone 0800 075 30 10 email [email protected]

Brasilia III345.69 acres

177.66 acres protected

Brasilia II419.87 acres

202.72 acres protected

S M A

S M A

El Encanto207.65 acres

57.41 acres protected

S M

Brasilia I172.03 acres

58.86 acres protected

S M A

Santa Cecilia347.06 acres

145.74 acres protected

M A N

Legacyplantations

192 acres

T A F M

Río Celeste366.12 acres

124.08 acres protected

S M M

Costa Rica operations October 2013Operations:

S Sold

out

M Melina

T TeakA Acacia

F Formaleta

M Mixed species

N Native speciesCocobolo

SableMahoganySpanish CedarPurple HeartPink Ceder

With the successfulimplementation of our

2013 expansion plans, weshare with you our currentoperations map

We’re often asked where our Costa Ricanhead office and plantations are located. Sowe thought we’d publish our October 2013

operations map, which details exactly where ourplantations are located, as well as our Legacyplantations and head office site, which includesour timber mill and nursery. As we continue toacquire more sites we’ll update this map andkeep you informed in future newsletters.

Santa Rita1007.36 acres

326.68 acres protected

M

San Andrés805.56 acres

254.52 acres protected

M

San Carloshead quarters

San Cristobal897.10 acres

320.85 acres protected

S M T A N

Cocobolo339.72 acres

114.60 acres protected

S M A N

Chimurria1050.95 acres

357.32 acres protected

S M A

Patio where harvested logs are stored Nursery and germination houses

Ethical Forestry timber mill Workers in the San Carlos Timber Mill

Plantation updateNew plantations, new protected landand new photo opportunities…

As we purchase more plantations, our Forestry Easement Trust continuesto grow. And as our Forestry Easement Trust grows, we’re given moreopportunities to document its wildlife with stunning photography, which isour 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 Guatusoregion of Costa Rica and with the magnificent Rio Samen River running throughit, 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 plantationshave done. And in order to keep our investors up-to-date with its progress, we’llphotograph every step of the way.

Our photographer, David Roberts (Norbert), was on hand to photograph the newplantation and the beauty of its protected forests, as well as capture the brillianceof the river; the lifeblood of any healthy habitat and a hub for much of Costa Rica’sdiverse wildlife.

Having worked for Ethical Forestry since incorporation, Norbert has the enviabletask of regularly travelling to Costa Rica to photograph and film the story of ouroperations, from the impressive growth rates of our plantations through to theexpansion of our Forestry Easement Trust and the wildlife it protects. But doingjustice to the sheer scale and beauty of our plantations and protected forests isno easy task. When it boils down to it, it’s Norbert’s passion that produces suchspectacular shots.

Top: Out on a limb. Norbert setting up for the long exposure shot of the beautifulRio Celeste river with the resulting image below it

Below: Just some of the wildlife spotted on our land held within ourForestry 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 haematiticus4: Green and black poison dart frog Dendrobates auratus

“Because of the crystal clear river that runs through it, Rio Celesteis an incredibly special plantation and my personal favourite.”

Norbert says: “My trips to Costa Rica are a real adventure. To get the verybest shots of our plantations I’m up at first light dealing with the heat,humidity and biting insects (for some reason the ants love me!), onlystopping when the sun starts to set. It gets dark very quickly, and as thelocals say, “the devil comes out at night”. It can be really challenging,

but I love every minute of it.”

With the hums, squawks and buzzes of the forest around him, Norbertmanaged to capture the beauty of the river and the wildlife includingpoison dart frogs, cat-eyed snakes and stingless bees, to name but a few.

He adds: “Because of the crystal clear river that runs through it, Rio Celesteis an incredibly special plantation and my personal favourite. It was anabsolute dream to explore and photograph what I found.”

And capturing the incredible growth rates of Melina is just as challenging…

As just one example of the impressive growth rates of all our plantations,

we chose to track the progress of Chimmuria, of which readers will

remember from previous newsletters. Having photographed this

plantation from the outset, Norbert visited Chimmuria on the first

anniversary of planting and was impressedby how quickly our investors’ trees havegrown since he last photographed them

7 months previously.

“From walking through shoulder heighttrees to being dwarfed under the canopyof the same trees 7 months later is morethan impressive.

But conveying this in photography andfilm isn’t straightforward. Shoulder heighttrees at 4-months-old are simple to

photograph. But just one year on and they’re over 20ft with closed canopy -not easy for exposure or achieving a bird’s eye view. In order to do justice to thegrowth I have to get creative with my resources - the top of our Land Rover

helps!”

As with all our plantations, Chimmuria is a fantastic example of how quickly ourtrees grow with expert care and management. Norbert’s latest photographsare a testament to this, and it’s safe to say he’s succeeded in conveying its sheerscale. However, this extraordinary growth will continue, culminating in fully

mature trees with an average height of over 95ft…

So standing on top of a Land Rover may not cut it!

We’re keen to constantly update our investors on the development of all ouroperations in Costa Rica, and will continue to do so with the best photographyand information available. Looking at our latest shots, you will appreciate whywe’ve chosen our fast growing tree species and why this stunning country

attracts so many nature-loving tourists every year.

To see more photographs of our plantations and protected zones, visit ourwebsite’s gallery at: www.ethicalforestry.com

Top: Norbert filming with directorRobert Brown on Rio Celeste

Left: Always looking for the perfectshot, however it is achievedRight: Director Robert Brown standsnext to 1-year-old Melina trees

Bottom: Directors Robert and GeriBrown discussing the new infrastructure

being carried out on our Santa Ritaplantation prior to field plantingPanoramic: Rio Celeste prior to planting

Join us…At Ethical Forestry we believe in being totally

transparent about our business, which is why ourdoors are always open in the UK and Costa Ricafor those who wish to drop in to discuss anyfacet of our operations.

But we know it isn’t always feasible to visit our headoffice 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, startingin October with the Property Investor Show at ExCeL,London and the London Investor Show at OlympiaCentral, Hammersmith. If you would like to visit us atone of our up-and-coming shows, please contact usfor the latest exhibition information.

New kiln boosts our export tradeThe exportation of pallets is an integral part of our operationsand it’s vital we follow international regulations

As part of our continuous investment into Ethical Forestryinfrastructure and development, we’ve recently purchased a new kilnfor the treatment of our pallets for exportation. This new additionto our operations will boost our pallet export trade significantly,providing yet another robust exit route for our products.

In 2006, the International Plant Protection Convention (IPPC)implemented the International Standards for Phytosanitary Measures15 (ISPM15) in Costa Rica - a set of guidelines regulating woodpackaging material for international trade. To put it simply, the strictcontrols reduce the risk of introducing and spreading tree peststhrough the heat treatment of wood, which is exactly what ournew kiln has been designed to do.

Constructed using the latest technology, our kiln heats our wood to aminimum temperature of 56ºC for at least 30 minutes. Only then arewe permitted to display the IPPC certification symbol that shows ourpallets are safe to ship.

Example of the kilns we will be in installing

Dedicated to maintaining environmentally sound operations as wellas commercial efficiency, we chose this particular kiln because of itsspecial features:

• Designed to run on sawdust generated from our timber mill, asustainable process using natural by-products from our operations

• Chosen for both its efficiency and ability to dry Melina for productssuch as flooring, finger joints and panelling for the furniture industry

• Initial kiln space will allow for the treatment of 1,200 pallets overan 8 hour period

• Our boiler has a 500,000 kcal/h capacity, allowing expansion to4 kilns and an output of 2,400 pallets every 4 hours

This is an exciting new acquisition and represents the first phase ofour kiln infrastructure. We’ll be sure to keep you updated on ourkiln development programme in future newsletters.

Construction underway for Kiln location at our San Carlos timber mill

Plantations at night...Bat study reveals the health ofour protected zones

Within the protected zones of our ForestryEasement Trust, there’s an abundance of diverseand fascinating wildlife. Some endangered, others

common, but all crucial to a healthy ecosystem.Baqueano don Orlando and Student Angie Liz VarelaCampos survey one of the protected zones on the Chimmuriaplantation to select suitable sites for the mist nets

We’re always keen to learn more about thehealth of our protected zones and the wildlifewithin them, so when Angie Liz Varela Campos,a student of Forestry Engineering and WildlifeManagement at Costa Rica’s National TechnicalUniversity, asked if she could carry out a studyof the bat population within our Chimmuriaplantation’s protected zones, we were morethan happy to oblige.

Working alongside Ethical Forestry’sDendrologist, Ariel Rodriguez, and supervisedby local Baqueano, don Orlando, who’s intimateknowledge of the area and biodiversity is secondto none, the team set up camp in our protectedforests for eight nights with the sole purpose ofrevealing which of Costa Rica’s 133 bat species arepresent in our protected zones. With a ‘mist net’to catch the bats safely, a gauge to measure batlengths and a ‘Pesola’ to weigh them, three smallsites were selected for sampling, which you cansee in the images provided.

Using natural ink made from the sap of a local treeto ensure the same bat wasn’t recorded more thanonce, 27 individual bats were identified of whichthere were 9 different species: the Jamaican fruitbat, the pygmy fruit-eating bat, the chestnutshort-tailed bat, Seba’s short-tailed bat, thecommon vampire bat, the little yellow-shoulderedbat, the black myotis, the proboscis bat and thewhite-throated round-eared bat.

Not only are bats a natural controller of insects- an individual insectivore eats thousands ofinsects a night - other bat species will eat nectar,pollen and fruit, pollinating several plants anddistributing seeds whilst feeding. Since bats playsuch an important role in maintaining the healthof forests, they show that our protected zonesare rich and thriving ecosystems. As Angie says:“These are very healthy forests.”

We’re keen to continue protecting the manydifferent species within our Forestry EasementTrust. And as part of our support for localenvironmental research, we’ll also continueto enjoy a close relationship with the NationalTechnical University. In the meantime, we’ll keepyou informed of any interesting studies carriedout on our plantations in future newsletters.

Don Orlando and Angie inspecting one of the three mist nets

A black myotis bat

The mist nets used are designed to catch bats without harm

Body and wingspan measurements being taken

An investor’s story Written byMichael Wadham

If you would like to appear inAn investor’s story, please contact

[email protected]

Putting the Elmback 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 ofElmstead, 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 toown 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 ofthe people, complimented by modern cities - a far cry from the typicalnaïve perception of a Third World central American country.

Many factors of the investment appealed to me such as the remarkablerate at which Melina trees grow, producing fully mature trees in just 12years; the process and importance of commercial, sustainable forests andthe vital role they play in providing a sustainable wood source; and EthicalForestry’s transparent approach and how they openly publish information,in particular their Land Registry details on the Costa Rican Land Registrywebsite (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 (whichhas close links with CATIE in Costa Rica - Ethical Forestry’s high-gradeseed supplier) and of course, receiving my investment returns. ”

The Forestry EasementTrust fact fileIn 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 whenpurchasing new plantations. This is just one of the reasons why we set upour Forestry Easement Trust. For every plantation we purchase, we placeprotected wild forest into our expert care.

As well as protecting wild forests, our Dendrologist also surveys the site’splantable area, marking out and registering all the trees he finds, takingspecial note of the rare and endangered species. Far from cutting them

down, we plant our saplings around them, giving them and our commercialtrees plenty of room to grow.

A resident of our San Andrés plantation, this beautiful Kapok tree is justone of the many trees we protect. And there’s a very good reason forit. Regarded as living monuments, their branches are always decoratedwith 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: CeibaSpecies: pentandraHeight: up to 65 metersDiameter: up to 3 meters

Trunk: cylindrical, smooth, greyish

Crown: an open umbrella shape

Special featuresVery large buttresses stabilise thegiant; large spines protrude fromthe trunk to discourage damage;many plants and animals growand live in its branches

abundance of vines and wild fauna.

Considered the most impressive tree species in Costa Rica’s forests becauseof 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.

This Kapok tree is just one inhabitant of our Forestry Easement Trust. Withinthe zones we protect, we have many different species of both fauna andflora, all of which have their own fascinating facts. We’ll be introducing youto the interesting wildlife we come across throughout our newsletters,

and will continue to expand our Forestry Easement Trust in order to helpsafeguard Costa Rica’s wonderful natural environment.