1 | Scenarios assess approximate price per offset to meet return requirements. Examples are for Southern timberlands with Idaho timberlands requiring five times the $/offset for the harvest deferral scenario. Afforestation scenario assumes        bare land purchased for $1,000 per acre with growth solely for carbon storage over a 50 year period. Adding harvest assumption at end of 50 years would reduce price to $140/offset.

2 | Price as of 2/3/2022.

3 | Harvest Deferral Credits are an NCX specific unit of measure and are not equivalent to a “permanent ton” carbon offset. The conversion of Harvest Deferral Credits to carbon offsets results in a carbon offset price less than $8/offset.