The Market

• Established ESG Land - market competition is increasing land prices for “protected” or already “enhanced” land with narrower margin for future improvements.

• Competition - wider focus than emerging market competitors which may focus only on BNG or carbon capture solutions.

• Land Available - underutilised land is often overlooked and can be acquired at a lower cost than ESG ‘mature’ land.

• Environment Act 2021 - new and emerging legal obligations for Biodiversity Net Gain (BNG) and development, alongside UK’s Net Zero pledges.

• Global focus - increasing ESG focus across multiple stakeholders such as Investors, consumers and statutory authorities

• Accelerated delivery - Chrysalis can deliver results quickly to meet and exceed BNG and carbon targets.

• Returns - realised through direct sale of ESG benefits e.g. BNG, flood alleviation credits or carbon capture benefits.

• Downside Protection - through conservative assumptions on known revenue streams. Portfolio includes owned assets providing residual value.

• Upside Opportunity - additional revenue streams which are emerging, low cost natural capital and low cost delivery through local partnerships.