This presentation by Credit Suisse's Fabian Huwyler was given at a session titled "Unlocking Capital for Land Use and Conservation Projects" at the Global Landscapes Forum: The Investment Case on June 10, 2015. For more, please visit http://www.landscapes.org/london/

1. Global Landscapes Forum
Expert Cluster 1: Unlocking Capital for Land Use and
Conservation Projects: The Business Case for
Investing
Fabian Huwyler, CREDIT SUISSE AG
June 10, 2015

2. 2
Conservation Finance Market View
Growing Demand for Private Sector Conservation Investments
Needed
300–400
80–100
220–300
Gap
250–350
40–60
210–290
Today
42
10
Conservation private investments
Government and philanthropic conservation (e.g., donations)
(USD billion)
The position of this line depends on government funding
(assumed to at least double) and on government regulatory
intervention to enable private sector conservation
investment
×20–30
52
Significant unmet demand for funding of nature conservation globally – to meet global need private sector
investment needs to be scaled up at least 20–30 times to USD 200–300 billion per year
Sufficient capital available if main investor segments allocated 1% of new/reinvested capital to nature conservation
Source: Credit Suisse/WWF/McKinsey (2014)
CREDIT SUISSE AG, Sustainability Affairs (IPA) June 10, 2015

3. 3
Donor
Wealth
preserving
Return
seeking
 Seeks impact as primary
objective while preserving
wealth
 No financial return
expectations
 Seeks to achieve market
outperforming returns
 Considers impact as a secondary
or nonexistent consideration
Conservation impact
Return objective
 Objective is market-level
returns while achieving
superior impact
 No trade-off envisaged
These investor groups
are the most critical ones
in the effort to scale up
conservation finance
‘Lockstep’ Financial alpha
Type of
investor
 Sole demand is to see
conservation impact
 No financial return
expectations
 Seeks to enable pioneer
conservation projects that
unlock a cash flow
 Establishes potential for return
Conservation Finance Market View
Wealth Preservation Structures with Enormous Potential
Source: Credit Suisse/WWF/McKinsey (2014)
CREDIT SUISSE AG, Sustainability Affairs (IPA) June 10, 2015
 Wealth preservation is
underlying objective
 Individual investment
decisions intended to
achieve ‘lockstep’ returns

4. 4
Example: The Nature Conservation Notes
Executive Summary
On December 11, 2014, Credit Suisse launched the Nature Conservation Notes, a new impact investing product focused on
sustainable agriculture and forest protection
The Notes build upon Credit Suisse’s strong commitment to the environment, the positive track record of the Local Currency
Microfinance Notes and the Education Note, as well as a thought-leadership research report co-authored by Credit Suisse, WWF, and
McKinsey on the topic of conservation finance
The Notes provide exposure to:
(i) Althelia Climate Fund, a unique fund focused on sustainable agro-forestry and ecosystem conservation
(ii) Portfolio of selected green bonds with high credit quality
The Notes carry the following terms:
– Market-rate return p.a. in EUR¹
– Yearly repayments composed of (i.) Althelia Climate Fund’s dividends and (ii.) Green Bonds’ interests
– 6.5-year maturity with 60% of the initial investment expected to be repaid after 3.5 years
– Secondary market (option to exit)
– Sovereign guarantee (USAID) covering up to 50% loss on the Althelia Climate Fund
– Min. investment EUR 100,000 (Qualified Investors only)
– Size of EUR 15 million ¹ The target return is not a projection, prediction or guarantee of future performance, and there is no certainty that the target return will be reached.
CREDIT SUISSE AG, Sustainability Affairs (IPA)
SUBSCRIPTION CLOSED - PRODUCT NOT FOR SALE IN THE US
June 10, 2015

5. 5
Example: The Nature Conservation Notes
Investment Mechanism
1 Investors are the purchaser of a Note. The Note is issued by a Credit Suisse-sponsored SPV that is also the limited partner into the Althelia Climate Fund.
Undrawn cash
(Collateral)
Investors1 SPV1
(Issuer)
Note
Investment
Althelia
Climate
Fund
Green
Bond
Portfolio
Bond 1
Bond 2
Bond 3
etc.Investments
Loans Project 1
Project 2
Project 3
etc.
Funding Nature Conservation Notes UnderlyingsInvestments
The Notes allow to support nature conservation in countries such as Kenya, Peru, or Brazil, and economic
development for its local communities through the revenues generated by the projects financed by the Fund
The undrawn cash of the Notes used as collateral against the Fund investment will be invested in a portfolio of
selected green bonds, providing a return enhancement and additional environmental impact to the Notes holder
CREDIT SUISSE AG, Sustainability Affairs (IPA) June 10, 2015
SUBSCRIPTION CLOSED - PRODUCT NOT FOR SALE IN THE US

6. 6
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CREDIT SUISSE AG, Sustainability Affairs (IPA) June 10, 2015
Example: The Nature Conservation Notes
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