Closing date: December 2023-February 2024 Disbursed amount: Official disbursments yet to be annouced. Partners: JGP Asset Management, Belterra, Fundo Vale Overview: Capital markets offering dedicated to funding a leading company that implements and fosters the expansion of agroforestry systems in the Amazon and Atlantic Forest regions. Structure and terms: The product is a FDIC Fiagro, a Brazilian tax-advantaged agriculture fund, structured as a blended finance facility dedicated to allocating its funds to the execution of a 4,000-hectare agroforestry pilot project to be carried out by Belterra. Expected impact: The project focuses its implementation pilot in 4,000 ha in the Amazon (90%) and Atlantic Forest (10%) within regions that face serious social challenges and high levels of deforestation, adopting a model that relies on long-term leasing contracts that enable technological transfer from Belterra to the landowners without relying on land acquisition, allowing Belterra to expand into other regions after the project is implemented. Therefore, it is expected to have an impact over the region’s Human Development Index (HDI) and the level of deforestation in the selected municipalities. As a result of the project’s substantial socio-environmental additionalities, it is expected that nearly 545 tons of carbon will be captured throughout the implementation and maintenance of the Agroforestry Systems. The pilot expects to generate 680 direct jobs associated with its development. Scale opportunities: The fundraising expectation for the pilot goes up to BRL 125 MM (US$ 25 MM). The full pilot will consist of 4,000 hectares of restoration of degraded areas in the Atlantic Forest and the Amazon, involving about 50 small and medium-sized properties. The collaboration aims to accomplish the restoration of 40,000 hectares of degraded land by 2030 through the implementation of agroforestry systems. It is estimated that R$ 1 billion will be required to achieve this goal.11. FIDC FIAGRO BELTERRA – AGROFORESTRY PRODUCTIVE RESTORATION © TNCamazon ifacc 2022 USD 6 MM 35 IFACC 2023 MARKET REPORT

IFACC 2023 Market Report