This underlines the momentum and growth trajectory of the market, as the new funds search for opportunities to deploy capital to a range of NbS projects in the coming months and years. To provide deeper insight into this evolving market, Capital for Climate, in partnership with Deloitte, undertook a detailed survey of key stakeholders in the Brazilian market throughout 2024. This included in-depth interviews with decision makers and local opinion leaders, as well as an online survey completed by 43 institutions and enterprises in Brazil.Brazil market survey: NbS investment profile Investment Period (Years)510%12%14%16%18%20%22%24% 12 11 10 9 8 7 6Target Return Rates (%) Private Credit/Debt 12%Others 15.7%Venture Capital/Private Equity 21.4%Initial findings from the survey reveal three key insights: 1. Investors targeting returns on NbS that are in line with other asset classes, underlining commercial appeal of the market. 2. Only a third of projects covered in the survey rely on blended finance or philanthropic grants as a funding mechanism, showing that investors view many investments as possible on a commercial returns basis. 3. Investments flowing to a wide range of NbS, with food system transformation a clear priority. 69.77% 60.47%58.14%55.81% 55.81%53.49% 53.49%51.16% Regenerative AgricultureSustainable Intensification for smallholdersAlternative proteinFood Waste ManagementRestoration of Degraded FarmlandNutrient ManagementForm Irrigation EfficiencyAgroforestryBrazil market survey: NbS project priorities % of respondents who reported interest – Private Equity and Venture Capital funds report an average holding period of 10.4 years, and target return rates of 21.4% – Private Credit/Debt has lower average maturity of 6.6 years and 12.0% average interest rate– These returns targeted for NbS projects compare favorably with an average return of 12.7% for Private Equity and Venture Capital in Brazil between 1994 and 2022.50 Source: Capital for Climate & Deloitte, NbS Risk Capital Value Chain Report, 2024.Source: Capital for Climate & Deloitte, NbS Risk Capital Value Chain Report, 2024. 18 Scaling nature finance now 19Foreword References 02 The Brazilian market – accelerating now03 Unlocking the next phase of growth in Brazil and beyond Executive summary01 The opportunity and the imperative

Scaling nature finance now The opportunity for investors in Brazil and beyond