BJF Annual Report 2021 (English)

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BLACK JAGUAR FOUNDATION ANNUAL REPORT 2021

TABLE OF CONTENTS 1. MISSION & VALUES 2. MESSAGE FROM THE BOARD 3. 2021 ROUND-UP 4. COMMUNITY 5. FUNDRAISING 6. LANDRAISING 7. RESTORATION 8. THE TEAM 9. FINANCIALS 10. PLANS FOR 2022 3 4 8 12 16 25 32 36 40 52

MISSION

& VALUES

It is too late to be a pessimist.

The Black Jaguar Foundation is driven by a deep commitment to the environment, determination, passion, and innovation.

Our objective is ambitious: to plant over 1.7 billion native trees to realize the Araguaia Biodiversity Corridor. This will revitalise the ecosystem and contribute to the preservation of our planet for future generations.

The impact for each of us will be magnificent and so is the scope of this project. We cannot achieve it alone.

Realizing the Araguaia Biodiversity Corridor is only possible with the support of like-minded individuals, global partners and local farmers who share our values.

That’s why we are grateful for all of your continuous support!
CARLOS EDUARDO OLIVEIRA BJF FIELD COORDINATOR DIMITRIO SCHIEVENIN
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BJF PROJECT COORDINATOR

MESSAGE FROM THE BOARD

This year has seen an astonishing increase in attention for biodiversity, with the hosting of the COP26, the release of the 6th report by the Intergovernmental Panel on Climate Change (IPCC) IPCC, and the launch of the UN Decade of Restoration, among others. We are proud to announce that we are now an official actor for the Decade of Restoration, and that we are thrilled to see what this decade will bring for biodiversity and restoration.

In 2021, we focused on building our Platform for Growth in Santana do Araguaia. In this spirit, we expanded our core team in Brazil and the Netherlands, together with our planting activities in three more municipalities. We are currently buildina a large-scale nursery in Santana do Araguaia, with the capacity to produce at least 500,000 native seedlings annually. Further, we have improved our abilities to partner with landowners by growing our articulation team, and expanding our community of partner farmers.

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Five key partnerships have been monumental milestones for us this year. The first is our continued partnership with Movida, a publically traded Brazilian car rental company that is supporting us in planting our first million native trees. The second is the partnership with Royal De Heus, a company committed to making food production more sustainable. Our continued partnerships with the bank EFG Wealth Solutions, TreeLove, and One Tree Planted have also been essential to our operations in 2021 and beyond. Together with these new and continued partnerships, our growing community of landowners, and local partners along the corridor, we are excited to grow our impact and expand our reach.

Last but not least, a BIG THANK YOU to our amazing team for making it all happen. Our artists of restoration in the field, working in Santana do Araguaia, inspire us every day with their passion and knowledge, and our dedicated teams in São Paulo and Amsterdam make sure that they are able to do what they do best: restore nature. Our grand project and people offer a positive story to the world that it is not too late to act and give nature the chance to revive itself. For us, this year has been a reminder that together, there is more hope, and more life!

Join us in growing many more millions of native trees!

Ben Valks

Initiator & Board member

BJF Brasil

Flavia da Cruz Carneiro

Board member

BJF Brasil

Camila Lefèvre Board member

BJF Brasil

Drs. Ingomar Klaui

Board member

BJF Netherlands

Bart Jaspers Board member

BJF Netherlands

BJF Netherlnads

Drs . Jerry Griep Board member
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ANNUAL REPORT 2021
...AND
REALIZE THE LONGEST BIODIVERSITY CORRIDOR ON EARTH IN THE HEART OF BRAZIL
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TOGETHER WE WILL RESTORE THE BALANCE BETWEEN NATURE AND HUMANKIND

Biodiversity Corridor

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2021 ROUND-UP

BJF ARTICULATION
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MARCELLE GRUMBERG
COORDINATOR

2021 was a remarkable year. In a year presenting countless challenges, the unwavering support we received from our ever-growing community gave us the confidence we need to face and adapt to these challenges and create opportunities.

KEY MILESTONES

CORE PARTNERSHIPS

DEVELOPED FOR THE NEXT MILLION TREES

We continued to modify how we worked in light of the COVID-19 Pandemic, and emphasized the use of safety protocols.

As the scope of the project increases, so does our team. To accomodate increasing demands, our core team grew by 9 members this year, while our field team grew by 30 planters.

EXPANDING OUR COMMUNITY OF LANDOWNERS

CONSTRUCTION OF OUR FIRST LARGE-SCALE NURSERY
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ARAGUAIA BIODIVERSITY CORRIDOR: MORE THAN PLANTING TREES

Realizing the Araguaia Biodiversity Corridor requires a lot more than planting trees.

The following are some of the steps in our restoration process:

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COMMUNITY

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OUTREACH

ONE TREE PLANTED VISITS

OUR CORRIDOR

In the beginning of this year, Alaine Ball, Project Manager at One Tree Planted visited our project sites in Santana do Araguaia.

While she was there, she recorded some of her adventures with us, so that you can all experience what it’s like at our project sites.

TARCILA URSINI: BJF’S FIRST FEMALE BRAZILIAN AMBASSADOR

BJF PRESENTED AT IUCN WORLD NATURE CONGRESS

We are thrilled to be able to share with you the video testimonial of Tarcila Ursini, our first female Brazilian Ambassadori.

With an impressive career trajectory in sustainability and astonishing list of achievements, Tarcila serves as an inspiring example for women all over the world to take the lead in the transition towards a more sustainable planet.

On the 9th of September, the Black Jaguar Foundation had the opportunity to present our project and ambitions at the IUCN World Congress in Marseille, the largest nature congress in the world.

It was an honor to present our work in front of such an inspiring and renowned audience. A big thank you to IUCN Netherlands and World Congress for making this possible.

THE BJF WAS MENTIONED IN MOVIDA’S SPEECH AT THE UNITED NATIONS SUMMIT

Movida’s CEO, Renato Franklin, presented the company’s Carbon Free Project at the COP26.

His speech highlighted Movida’s commitment to planting 1 million native trees in the Araguaia Biodiversity Corridor with the Black Jaguar Foundation by the end of 2022.

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ACTOR FOR THE UN DECADE ON ECOSYSTEM RESTORATION

COMMUNITY ENGAGEMENT

The UN Decade on Ecosystem Restoration was created to lead and unite international cooperation for the effective restoration of natural ecosystems, ensuring a sustainable future for all future generations.

As an official partner to the UN Decade, the BJF acts as a valuable contributor to the initiative, with an ambition to restore the Amazon and Cerrado biomes by realizing the Araguaia Biodiversity Corridor.

FIRE BRIGADE COURSE IN SANTANA DO ARAGUAIA

The BJF provided a Fire Brigade course for the local firefighters of Santana do Araguaia. This course took place at the end of July, and focused on combatting and preventing, fires in the region.

During the dry season, knowledge on successfully combatting and preventing fires is crucial, as the environment is at an increased risk of catching fire.

SELECTED FOR BTG’S ACCELERATION PROGRAM

We are extremely proud to have been selected for BTG’s acceleration programme. BTG Pactual is the largest investment bank in Latin America, and has developed a program to support the professionalization and acceleration of social organizations.

This initiative includes 100 hours of training and aims to foster a more sustainable, independent and better performing ecosystem, contributing to social transformation.

EASTER TULIP DELIVERY WITH TULPEN VAN SAM

In cooperation with Tulpen van Sam, based in The Netherlands, we were able to surprise some of our valued partners and sponsors just in time for the Easter Holiday.

Tulpen van Sam aims to produce tulips with the smallest carbon footprint possible and we are happy to support them in this mission. With each visit we personally delivered beautiful bouquets of tulips and an Easter card.

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IN THE PRESS

Building on the growing public interest and the progress we are making with our project, we are keen to raise our public profile and recognition. As more people are learning about our mission, it is also catching the interest of numerous news outlets. Over the past few months, our story has been shared on several different global news platforms:

We were featured in Mongabay magazine with a full-length feature about our mission.

Our mission was also featured in the World Economic Forum, an international publication that brings together political and business leaders every year to discuss major issues that impact the global economy.

In other news, the BJF was also featured in the Financial Times, in which our message that Brazil‘s farmers can become the heroes of ecological restoration, was shared.

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FUNDRAISING

KEY PARTNERSHIPS FUNDRAISING A special thank you to some of our key partners in 2021 17

CORPORATE PARTNERSHIPS

Movida started its partnership with the Black Jaguar Foundation in 2019, becoming the first publicly traded Brazilian company to support the realization of the Araguaia Biodiversity Corridor.

This monumental partnership will result in 1 million native trees being planted from 2020 to 2022.

We are incredibly grateful for Movida’s support as we work together towards a brighter future for Brazil and for the world!

FUNDRAISING
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MOVIDA CONTINUES MONUMENTAL PARTNERSHIP WITH THE BJF

CORPORATE PARTNERSHIPS

DE HEUS ANIMAL NUTRITION SIGNS

LONG-TERM PARTNERSHIP WITH THE BJF

De Heus will lend its long-term support and dedication to our project by providing a yearly contribution to our mission.

We are proud that the 2020 BJF partnership with the Brazilian division of De Heus has now officially been extended to its global headquarters. The majority of this year’s contribution has been used to support in the building of our new large scale nursery in Santana do Araguaia.

FUNDRAISING
FROM LEFT TO RIGHT: KOEN DE HEUS, BEN VALKS AND CO DE HEUS
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CORPORATE PARTNERSHIPS

MEET OUR NEW PARTNER: NUNNER LOGISTICS

NUNNER Logistics has joined the Black Jaguar Foundation in its mission to realize the Araguaia Biodiversity Corridor.

NUNNER is a leading provider of logistics services, offering clients an integrated portfolio that covers the total supply chain from source to end user. We are proud to have NUNNER Logistics join us in this mission, and are excited for all that this partnership will bring.

VBC NOTARISSEN START PARTNERSHIP WITH BJF

As a civil-law notary firm VBC Notarissen strives to be a regenerative environment, in which people work together to create new opportunities and to grow.

VBC Notarissen started their partnership with the BJF in March of this year. VBC believes in acknowledging the responsibility we have to take care of the planet in a regenerative manner, and in setting an example for our future generations.

2W ENERGIA GIVES THEIR CLIENTS THE GIFT OF TREES

2W energy is a leading renewable energy company in Brazil, and this year they committed to supporting the Black Jaguar Foundation by planting native trees on behalf of their clients.

Each month, 2WEnergia’s clients will receive a personalised tree planting certificate, letting them know exactly where their tree will be planted.

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NON-PROFIT PARTNERSHIPS

TREELOVE CONTINUES BJF PARTNERSHIP

Mrs. Andrea Dreesmann and her family have been of vital importance to the growth of our mission from the start of our operations in Brazil.

TreeLove’s mission is to “change the future with a present” by showcasing the sustainable work of different artists and artisans. Any purchase on TreeLove’s site is wonderfully matched with a donation to us to plant native trees in the Araguaia Biodiversity Corridor.

GREENFINITY FOUNDATION EXTENDS BJF PARTNERSHIP

We are excited about the contin uation of our partnership with Greenfinity Foundation! Greenfinity Foundation is committed to actively supporting initiatives that promote the preservation of natural habitats.

As one of Greenfinity’s chosen organizations, the Black Jaguar Foundation is honored to be work ing together and receiving support to realize the Araguaia Biodiversity Corridor, part of which will become the Greenfinity Forest.

ONETREE PLANTED RENEW THEIR PARTNERSHIP

OneTreePlanted has decided to extend their partnership with the BJF in the year 2021.

The Black Jaguar Foundation forms part of OneTreePlanted’s Global Community, and OneTreePlanted has committed to helping realise the Araguaia Biodiversity Corridor with the co-financing of our first million trees.

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A SELECTION OF PARTNERSHIPS RENEWED

SCELTA CONTINUES BJF PARTNERSHIP

Scelta is continuing their partner ship with the BJF once again. We are excited to continue this crucial partnership.

As one of the first and founding partners, Scelta Mushrooms has been vital to the success of the project, and we are grateful to be able to count on their continued support.

JAN ZANDBERGEN GROUP RENEW THEIR PARTNERSHIP

We are grateful to the continued, loyal support of the Jan Zandbergen Group.

As one of the earliest supporters of the BJF and its mission, Jan Zandbergen Group is an example to be followed. The company is truly committed to making the world a better, more sustainable place.

SEACON LOGISTICS EXTEND BJF PARTNERSHIP

We are thrilled about the extension of our partnership with Seacon Logistics.

Seacon is focused on the three pillars of corporate social responsi bility: people, planet and prosperity. Therefore, Seacon understands the importance of the Black Jaguar Foundation and its mission.

Their sponsorship is just one way that they’re contributing to a more sustainable future.

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INDIVIDUAL PARTNERSHIPS

Make a difference, all it takes is one tree

DONATE A TREE

As we grow, we aim to reach more and more people and enable them to become part of our huge mission of ecological restoration as well. To make it accessible for anyone to contribute, we launched the Donate a Tree page in July 2022.

For a €5 donation per tree, we are able to cover the full costs of all the seventeen steps in the BJF restoration cycle, including 3 years of post-planting maintenance. The campaign is available in four languages: English, Portuguese, Dutch and German.

In 2021, we sent out 17.404 Tree Certificates!

SPECIAL PROMOTIONS: CHRISTMAS CERTIFICATE

In 2021, we began offering personalized certificates to our our individual sponsors. This included some customized certificates for special occasions, like the Christmas certificate.

To encourage sustainable gift-giving during the holidays, but also year-round, we want to promote the option of gifting trees.

With each donation, the recipient of the gifted tree will receive a personalized tree certificate, showing where their tree is located.

FUNDRAISING
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We are incredibly grateful to all of our wonderful supporters! The progress we have been making would not have been possible without you. A SELECTION OF SOME OF OUR MOST SUPPORTIVE PARTNERS ONE TREE PLANTED JAN ZANDBERGEN ROYAL DE HEUS DE HEUS BRASIL BTG PACTUAL SALESFORCE TREELOVE SWISS RE WELIGHT DATAVARD PLASTIFAMA WATERBEAR PR Ó RESULT KBF CANADA VIEIRA REZENDE FUNDRAISING MOVIDA ALUGUEL DE CARROS ROEMER KAMP & PARTNERS GREENFINITY FOUNDATION KIENBAUM NETHERLANDS EFG WEALTH SOLUTIONS CONSCIOUS CAPITALISM FINISH PROFILES GROUP PLANT FOR THE PLANET SCELTA MUSHROOMS SEACON LOGISTICS PLANT HEALTH CURE JUNIPER NETWORKS NUNNER LOGISTICS HOUSE OF SLEEP VBC NOTARISSEN 24

LANDRAISING

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LANDOWNER PARTNERSHIPS

GROWING OUR ARTICULATION TEAM

The articulation team, led by Marcelle Grumberg, explains the benefits of our project to landowners in the region, and facilitates the sign-up process. This year, we have expanded our articulation operations significantly.

The articulation team is the crucial link between landowners and the BJF.

EXPANDED OPERATIONS TO INCLUDE MARIANOPOLIS

Our network of partner farmers has grown to include 3 municipalities.

With the newly expanded Articulation Team, the valuable help of our local field team, and the support from local authorities, we are now operating in Santana do Araguaia, Caseara and Marianopolis.

NEW BJF OFFICE IN SANTANA DO ARAGUAIA

At the end of 2021, we started renting a small office-building in Santana do Araguaia, Pará, to become our third office. As it needed full renovation, we expect to move in mid ’22.

This office will allow for a strengthened local presence in Santana, as landowners can now visit our office and find out about our work more easily.

OUR LANDOWNER COMMUNITY GROWS

As the implementation of the Corridor focusses exclusively on partnerships with local farmers and settlements, they truly become the protagonists of BJF’s restoration efforts.

In the past months, we started a partnership with over 20 farmers and several settlements in these 3 municipalities.

LANDRAISING

OUR LANDOWNER HEROES: CESAR GONZAGA

We work together with landowners to create a restoration model that works for them. Providing technical, legal, and financial support to incentivise restoration and create a win-win-win partnership.

One of our partners is Mr. Cesar Gonzaga, owner of Fazenda Serra Morena.

Cesar is passionate about spreading the message that farmers can produce food for the world, while also ensuring that we protect and restore it for future generations. He believes that the BJF is the missing link in helping farmers restore their land, if they lack the technical knowledge or tools to do so themselves.

Watch his video testimonial to learn more about him and his partnership with the Black Jaguar Foundation.

“We can produce food for our children, food for the world, and also leave part of it in preserving the environment and the climate.”

Cesar Gonzaga, Fazenda Cedro
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OUR LANDOWNER HEROES: ANDRÉ FELIPE KLEIN

We are happy to have partnered with Mr. André Felipe Klein, owner of Fazendas Santa Izabel, Santa Tereza, Avaré, and Vale do Sol.

André believes that while farmers are often held responsible for the destruction of nature, they have a large responsibility in both feeding the planet and preserving it for future generations. With the right support from partners such as the BJF, André is confident that farmers can and will engage in the restoration of their lands.

Watch his video testimonial to learn more about him and his partnership with the Black Jaguar Foundation.

“The BJF has the best intentions. I believe we need these kind of partners. That fight for us, show our true image, and that help us. Help us to do the right thing.”

REGINA MOLKE, FAZENDA CEDRO

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André Felipe Klein, Presidente do Sindicato dos Produtores Rurais de Santana do Araguaia

THE LANDOWNERS THAT MAKE IT HAPPEN

It was a year of landowner partnerships for the Black Jaguar Foundation. With an increased focus on strengthening our local presence in the project region, our landowner community has become stronger than ever.

We are proud to share that for a fourth year running, contributions in kind were received from landowners who are part of the restoration process, such as Fazenda Santa Fé and Fazenda Cedro, showing a deep committment to the project and a personal investment in the Corridor.

A huge thank you to the teams at:

FAZENDA CANTÃO FAZENDA CEDRO

LANDRAISING
FAZENDA SERRA MORENA AGROPECUARIA BRANDALERO FAZENDA SANTA FE FAZENDA BELA VISTA
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MAPPING

Mapping is the process of determining which parts of land in a given property need to be restored.

At the Black Jaguar Foundation, our mapping Analyst Clarissa Sciarra is in charge of the mapping process.

In Brazil, rural properties fall under the ‘Rural Environmental Register’ (CAR). Under CAR, landowners are required to map and classify their land, with the purpose of integrating environmental information for purposes of monitoring, environmental and economic planning and combating deforestation.

We help landowners conduct, or reconduct, their mapping to determine which parts of their land they are legally required to protect, and how we can help them to restore these parts of their property.

MAPS OF PROPERTY: FAZENDA CASEARA

On the left are illustrative maps of the property Fazenda Caseara.

21 hectares of Fazenda Caseara have been validated, of which 14 hectares will be restored.

LANDRAISING

VALIDATION

Validation is a process that is crucial in allowing for effective restoration. This process helps the field team decide which areas to restore, and how to restore these with the crucial biodiversity planning. Following the completion of the mapping process, our validation team visits each site to validate its restoration potential.

During these visits to the mapped areas in need of restoration, our amazing validation team, consisting of Restoration Analyst Kaléo Pereira and Validation Analyst Ingrid Almeida, assess four main factors:

1. Access to the area

2. Vegetation cover and land use

3. Characteristics of the region: including risk of soil flooding, and the presence of rocks, among others.

4. Biodiversity planning: selecting the right combination of native trees to be replanted to restore the degraded area to its original habitat.

Based on the above factors, validation helps define which of the mapped areas are indeed restorable, and determines which method of restoration is most appropriate.

After validation, there is a calculation of the total restorable area that the BJF can restore using one of its five restoration methods.

LANDRAISING

RESTORATION

SEED COLLECTION COLLECTIVE

This year we started setting up the Araguaia Seed Collection Collective in Santana do Araguaia.

While this collective is mainly aimed at providing our project with native seeds for our new nursery and for ecological restoration via direct seeding, it also brings further socioeconomic and environmental benefits, such as improving local employment and strengthening the preservation of native forests.

Within this pilot project, six seed collectors were indirectly employed, and provided the project with important species, including the jatobá (Hymenaea courbaril), baru (Dipteryx alata) and caju (Anacardium occidentale), demonstrating the potential that this iniciative has.

This Seed Collective will be further developed in 2022.

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NURSERY

The construction of our very own large-scale nursery started this year! Take a look at the progress we have made:

MARCH: PARTNERSHIP WITH THE MUNICIPALITY OF SANTANA DO ARAGUAIA

In March, we embarked on a partnership with the Municipality and the Secretary of Environment (SEMA) of Santana do Araguaia, our focus area of restoration in the Araguaia Biodiversity Corridor in the coming years.

This important partnership will allow BJF to use all the terrain needed for our brand new nursery in Santana do Araguaia. The 3,6 ha terrain dedicated to us by the Municipality is within the city centre limits and just next to their future environmental park.

JULY: LAND HANDOVER CEREMONY FOR OUR NEW NURSERY

On the 15th of July, a beautiful ceremony was hosted by SEMMA (Secretary of Environment of Santana do Araguaia). This ceremony was organized to officially celebrate the handover of 3,6 hectares of land from SEMMA to the BJF for the latest nursery.

The ceremony also celebrated the start of the partnership between the BJF and Santana do Araguaia’s Municipality and Secretary of Environment.

AUGUST: INFRASTRUCTURE CONSTRUCTION BEGINS

Once the land had been carefully levelled and prepared, we started building new infrastructure. This includes: bridges, fences, lighting masts, a water well, and water tower.

Building the infrastructure for our new nursery was an incredible step for us, bringing us one step closer to significantly increasing our production of seedlings!

DECEMBER: CONSTRUCTION OF BUILDINGS

The construction of the warehouse and office / cold seed storage buildings is in full swing. We are proud of how everything is coming together, and are excited for all the seedlings, and the the lasting impact this nursery will make on all our lives.

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PLANTING SEASON 2021-22

PLANTING

BREAKTHROUGH IN SPECIES CULTIVATION

We have reached the end of the planting season in Brazil, and our planting team is gradually starting to carry out maintenance processes for our planted seedlings.

This past rainy season brought with it many valuable learning moments for our technical team, which led us to take new measures to improve restoration techniques, as well as the safety and well-being of mem bers working in the field.

We are excited to announce that we have successfully germinated new species of seedlings in our nursery. Among these is the jequitibá vermelho (Cariniana rubra), which is known to be challenging to cultivate. We are especially thrilled that the cultivation of this species has been a success.

OUR PLANTING TEAM GROWS

This year, to accomodate the growing demand in our planting efforts, we have grown the number of our local and dedicated treeplanting team.

PARTNERSHIP WITH CICLUS

This species will be very valuable for our restoration efforts alongside the river.

While the number of planters varied throughout the two planting seasons, we hired around 30 new planters to accommodate the amount of planting we aimed to achieve.

As the size of our restoration is increasing significantly, our need for labour is also increasing. This is why the BJF has partnered with Ciclus Engenharia. Ciclus is helping to improve the management of the restoration labour force in the field.

Ciclus provides safety trainings for the field team, as well as providing ways to measure productivity and ensure restoration is conducted in the best way possible.

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A SELECTION OF OUR TEAM

MEET THE GREEN TEAM

Since 2018, the BJF has been growing its core team and was able to start paying cash as remuneration for their full-time services. Both the expansion of the core team and the ability to pay remuneration has greatly improved the quality of the team as a whole. The multitude of tasks, initially taken on by a few core members who showed immense commitment are now distributed amongst a larger team of full-time professionals that are specialized and can focus on what they do best: restore nature!

NEW TO THE CORE TEAM IN 2021...

Norivania Diniz: Seedling Production Analyst, Santana do Araguaia

Marcelle Grumberg: Articulation Coordinator, Santana do Araguaia

Kaleo

Erivelto Carvalho : Field Supervisor, Santana do Araguaia Pereira: Restoration Analyst, Santana do Araguaia Ingrid Almeida: Validation Analyst, Santana do Araguaia Michelle Bade: Communications Coordinator, Amsterdam Andre Lopes: HR Coordinator, São Paulo
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Clarissa Sciarra: Geoprocessing Analyst, São Paulo

THE BRAZILIAN ADVISORY BOARD

In Brazil, our restoration practices are governed by our Brazilian Advisory Board consisting of renowned experts from prominent institutions such as WRI Brasil and the Brazilian Agribusiness Association (ABAG). It provides strategic support for long-term and current challenges, through in-depth, quarterly meetings and focused commitee sessions. In addition, given the country’s complex bureaucracy, the Advisory Board supports our credibility and transparency.

THE TECHNICAL ECOLOGICAL RESTORATION COMMITTEE

In September, the Black Jaguar Foundation’s newly created Technical Committee had its first meeting. The committee is composed of four qualified specialists from different areas, and two of BJF’s forest engineers. They are currently giving their input and advice on our plans to drastically scale up our operations in the field during the rainy / planting seasons for the next 5 years. With their expertise and the time they are willing to dedicate to the Black Jaguar Foundation’s mission, we believe their input will be of great value.

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OUR ExTENDED TEAM

We would be nowhere without the support we recieve from our amazing extended team, which consists of an army of professional volunteers, landowners and suppliers.

THE AMBASSADORS

We are honoured to be supported by a dedicated group of seven diverse ambassadors. Knowledgeable and experienced in their fields, they serve as role models for our society. They all play an active role in supporting us, promoting our project, and providing us with their expert advice. BJF Board Members and Ambassadors do not receive any cash renumeration. They are only reimbursed for basic expenses such as transport to attend BJF meetings.

GLOBAL VOLUNTEER TEAM

The growth and continuous support from of our amazing team of professionals volunteers from all over the world has been instrumental. Contributing their time, talent and services free of charge or at charitable rates. Their unstoppable support has helped us to grow in all areas of our foundation. A special thanks to Randy Mc.Namara (Mission Coach) and Ricardo Imachita (Agronomist).

OFFICIAL SUPPLIERS

We’re honoured to have an amazing community of loyal Official Suppliers who donate to our foundation in kind with their products and services. Examples are Salesforce (CRM), PróResult (Accountancy Brazil), AmstelStad (Accountancy Netherlands), Vigics ( Video productions) Elevate (web design), Endeavour Group, Hillenaar (Outdoor) WeAreBrain (site maintenance), ScaleHub (Office supplier) , CreativeColors (print), Mat-Zet BV (book editing and printing), LaserChief (engraving) and so many others.

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FINANCIALS

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8.1 GENERAL

This is the second year that the Black Jaguar Foundation is presenting its combined financial statements in a single report. The Dutch and Brazilian entities administer their finances separately, but because we are a single integrated Foundation, we have decided to present our finances as such.

In 2021 the Black Jaguar Foundation managed the finances for the Dutch organisation internally. The Brazilian entity’s finances were administered by our long-standing partners, Pró Result. They have supported us since the inception of the Brazilian entity in 2016, know our Foundation well and fully support our mission. João Bosco and his team’s expertise have provided us with the comfort needed from a finance team. Many thanks to them.

To ensure we are fully compliant with all rules and regulations and to provide additional reassurance to our existing and future partners, auditors at Baker Tilly, a global top 10 auditing firm, reviewed our Dutch, Brazilian and consolidated Financials before publication. Please find a summary of their reports on pages 44 and 45.

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8.1.1. ACTIVITIES

The goal of the Black Jaguar Foundation, with registered offices in Amsterdam and São Paulo, is to make a tangible contribution to the realisation of the Araguaia Biodiversity Corridor. The Dutch entity is a non-profit organisation registered at the Chamber of Commerce in Amsterdam; registration number 34327956. The Brazilian entity is registered in the Cadastro Federal with CNPJ 24.230.587/0001-93.

8.1.2 ANBI

As per 2009 the Foundation was identified by the Dutch Tax Authority as an ‘Algemeen Nut Beogende Instelling’ (ANBI) - a Public Benefit Organization. All donations are deductible from the taxable income of donors as long as the Foundation maintains its ANBI status.

8.1.3 REMUNERATION OF OUR BOARD MEMBERS

None of our Board Members, Advisory Board Members or Ambassadors received financial compensation for their efforts to support to Black Jaguar Foundation with their time, connections and wisdom. We are very thankful for their selfless contributions.

8.1.4 GENERAL ACCOUNTING PRINCIPLES

The financial statements have been prepared on the historical cost convention. Assets and liabilities are presented at face value less any provisions deemed necessary.

8.1.4.1. TANGIBLE FIXED ASSETS

Tangible fixed assets are prepared at acquisition cost less depreciation and if applicable, impairments in value. Depreciation is based on the estimated useful life and is calculated as a fixed percentage of cost, taking into account any residual value.

8.1.4.2 CASH AND CASH EQUIVALENTS

Cash and cash equivalents are presented at face value. If cash is not freely available, this is taken into account in the valuation.

8.1.4.3 CURRENT LIABILITIES

Current liabilities are stated at fair value.

8.1.4.4 ACCOUNTING PRINCIPLES FOR DETERMINING THE RESULT

Income from donations and grants are recognised when the amounts are received.

8.1.4.5 CURRENCY

The annual accounts are presented in Euros, which is the functional currency of the organisation. Accounting for the Brazilian entity was performed in BRL. All transactions for 2021 were translated into Euros based on the average conversion rate for the year. The Balance Sheet items were converted based on the rate on 31/12/2021. The previous year Income Statement and Balance Sheet items for the Brazilian entity were translated based on the rate on 31/12/2020.

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8.2 INCOME STATEMENT

* Intercompany expenses and intercompany income cancel each other out in the combined statement. Amounts stated in thousands of Euros

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8.3 BALANCE SHEET

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Amounts stated in thousands of Euros

Operational Expenses

8. 4 NOTES TO THE INCOME STATEMENT 2021

Income

The Black Jaguar Foundation’s income in 2021 was more than 3,5 times the value in 2020. The main source of this increase was the restricted funds coming in from our partners Movida and One Tree Planted. These funds are restricted to planting the first million trees. Many existing donors renewed their partnerships, providing a stable base for further restoration efforts.

Net income can be divided into:

• Non-Restricted Donations, which the Black Jaguar Foundation can spend in any manner that fits its mission to create the Araguaia Biodiversity Corridor

• Restricted Donations, which the donor/grantor has earmarked for a specific purpose

• Each of the above can be provided by private sponsors, corporations, and non-profits.

While income increased more than 3,5 times, Operational Expenses only increased by 86%, driven mainly by increases in field supplies and human resources, both in the field and working on promoting the Araguaia Biodiversity Corridor. In the coming years we expect the costs for field supplies and human resources in the field to increase further as our planting efforts gain speed. Note that intercompany expenses and intercompany income cancel each other out in the combined statement. The € 23 thousand in intercompany expenses represent the currency conversion costs and bank fees incurred in transferring funds from the Netherlands to Brazil.

The

purposes for Operational Expenses

were:

• Biodiversity Planning and Reforestation – referring to all expenses and investments made in the field or directly related to the field work for both Biodiversity Planning and Reforestation tasks.

• Proposition Araguaia Biodiversity Corridor – referring to all expenses made related to communicate, promote, share the importance of the Araguaia Biodiversity Corridor, to successfully build a community of landowners, development partners and institutional partners.

• Fundraising – referring to all expenses related to raising the funds required for realising the Araguaia Biodiversity Corridor.

• Overhead – referring to expenses which do not have a direct impact on the realisation or the promotion of the Araguaia Biodiversity Corridor, such as office-rent and utilities.

45

8.5 NOTES TO THE BALANCE SHEET 2021

Property, Plant and Equipment rose to € 341 thousand due to the construction of our large-scale nursery which will enable us to grow 500.000 seedlings for planting each year.

A provision of € 89 thousand has been set aside in 2021 for the use of the Araguaia Biodiversity Corridor concept. This will be paid in kind. The Black Jaguar Foundation, its employees and board are not affiliated in any way with the institute receiving the funds.

The initiator of the Black Jaguar Foundation has kindly provided an interest free loan, to help the foundation start up. The loan totals € 378 thousand. It has been agreed that no more than 15% of the loan can be claimed per year and that the amount is subject to affordability by the Black Jaguar Foundation. In 2021 the total loan decreased by € 7 thousand.

Social Equity strongly improved thanks to increased income in the past year that is set to be spent on Reforestation in the coming year.

8.6 SUBSEQUENT EVENTS

In September 2021, the Black Jaguar Foundation started the development of the Caixa Fundo Socioambiental (FSA) project. The cooperation agreement was approved and signed in March 2022, granting BRL 18.889 thousand to the activities of ecological restoration in the Amazon and Cerrado savanna.

The main objective of this partnership is to provide the majority of funding to grow 1 million native trees, restoring up to 600ha of degraded Permanent Preservation Areas and Legal Reserves in Santana do Araguaia (Pará) and Caseara (Tocantins) in 51 months.

46

To the management of Black Jaguar Foundation Amsterdam

AUDITORS’ REPORT BLACK JAGUAR FOUNDATION

Conclusion

We have reviewed the accompanying financial statements 2021 of Stichting Black Jaguar Foundation based in Amsterdam.

These financial statements comprise:

1. the balance sheet as at 31 December 2021; 2. the profit and loss account for the year then ended; and 3. the notes comprising of a summary of the accounting policies and other explanatory information.

Management’s responsibility

Management is responsible for the preparation and fair presentation of the financial state ments and for the preparation of the management report, both in accordance with Part 9 of Book 2 of the Dutch Civil Code. Furthermore management is responsible for such internal control as it determines is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s responsibility

Our responsibility is to express a conclusion on the financial statements. We conducted our review in accordance with Dutch law, including the Dutch Standard 2400, ‘Opdrachten tot het beoordelen van financiële overzichten’ (Engagements to review financial statements). This requires that we comply with ethical requirements and that we plan and perform the review to be able to conclude whether anything has come to our attention that causes us to believe that the financial statements are not free from material misstatement.

A review in accordance with the Dutch Standard 2400 is a limited assurance engagement. The performed procedures consisted primarily of making inquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with the Dutch Standards on Auditing. Accordingly, we do not express an audit opinion.

Rua Castilho, 392 4º Andar Brooklin - São Paulo - SP CEP 04568-010 São Paulo - Brasi T: +5511 5102-2510

www bakertil ybr com br

Independent auditors' review report

Based on our review, nothing has come to our attention that causes us to believe that the financial statements do not give a true and fair view of the financial position of Stichting Black Jaguar Foundation as at 31 December 2021 and of its result for the year then ended in accordance with Part 9 of Book 2 of the Dutch Civil Code.

To the Management of Black Jaguar Foundation Amsterdam

Amsterdam, May 17, 2022 Baker Tilly (Netherlands) N.V.

We have reviewed the accompanying financial statements of Black Jaguar Foundation (“Foundation”) which comprise the balance sheet at December 31, 2020 and the ents, statements of comprehensive income, statements of atement of cash flow for the year then ended, and a summary policies and other explanatory information.

ponsibility for the financial statements

The management is responsible for the preparation and fair presentation of the financial statements in according with International Financial Reporting Standards for Small and Medium Entities (IFRS for SMEs), and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Independent auditors’ responsibility

Our responsibility is to express a conclusion on the accompanying financial statements. We conducted our review in accordance with the international standard on review engagements (ISRE 2400 (Revised)) These standards require compliance with ethical requirements and that a conclusion is presented if some fact it has come to our attention that causes us to believe that the financial statements, taken as a whole, are not prepared in all material respects in accordance with the applicable financial reporting framework.

A review of financial statements in accordance with these standards is a limited assurance engagement The review procedures, primarily consisting of making inquiries of management and others within the entity, as appropriate, and applying analytical procedures, and evaluates the evidence obtained.

The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with the international standards on auditing. Accordingly, we do not express an audit opinion on these financial statements.

AUDITORS’ REPORT INSTITUTO BLACK JAGUAR

Emphasis of matter

Independent auditors’ report on the financial statements

(Free translation from the original issued in Portuguese. In the event of dis crepancies, the Portuguese language version prevails. See Note 13 to the fi nancial statements.)

To the Management of Instituto Black Jaguar São Paulo – SP

Qualified opinion on the financial statements

We have audited the accompanying financial statements of Instituto Black Jaguar (“Institute”), which comprise the balance sheet as of December 31, 2021 and the related statements of income, comprehensive income, changes in equity and cash flows for the year then ended, as well as a summary of the main accounting practices and other notes to the financial statements.

In our opinion, except for the effects of the matter described in the section “Basis for qualified opinion on the financial statements”, the financial state ments referred to above presente fairly, in all material respects, the equity and financial position of Black Jaguar as of December 31, 2021, the results of its operations and its cash flows for the year then ended in accordance with accounting pratices adopted in Brazil, specially the NBC TG 1000 (R1) –Accounting for Small and Medium–Sized Enterprises, that is alignment with International Financial Reporting Standards for Small and Medium Entities (IFRS for SMEs) non-profit entities (ITG 2002 (R1), issued by International Ac counting Standards Board (IASB) and non-profit entities (ITG 2002 (R1).

Basis of the qualified opinion on the financial statements

As presented in Note 11.2, the Institute hired service providers to carry out activities related to its operation, however, it did not make any provision to cover possible disbursements or contingencies associated with this matter. Consequently, liabilities have been understated and shareholders' equity and income for the year has been overstated by approximately R$616 thousand (R$181 thousand in 2020), related to the estimated social security risk to which the Instituto is exposed.

Our audit was conducted in accordance with Brazilian and international au diting standards. Our responsibilities, in accordance with such standards, are described in the following section entitled "Auditor's Responsibilities for au dit of financial statements." We are independent in relation to the Company in accordance with the relevant ethical principles provided for in the Accoun tant’s Code of Professional Ethics and professional standards issued by the Federal Accounting Council, and we comply with other ethical responsibilities pursuant to these standards.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

As mentioned in note 4.5, the Institute has legal protection for the non-payment of the ITCMD (Tax on transmission of cause of death and donations) on the donations received, and must have to follow the application process from SIMA - Secretariat of the Environment, and SEFAZ - State Secretariat of Finance.

Rua Castilho, 392 4º Andar

Auditor’s responsibilities for the audit of the financial statements-Continued

Brookl n - São Paulo - SP CEP 04568-010

São Paulo - Brasil T: +5511 5102-2510

Independent auditors' review report

For donations received during fiscal year 2021, formal procedures to gether were in progress, where the Institute estimates that their ap proval will take place until the secondhalf of 2022. Our opinion is not qualified as to the situation.

Responsibilities of management and governance for the financial statements

Management is responsible for the preparation and adequate presen tation of the financial statements in accordance with the accounting practices adopted in Brazil, specially the NBC TG 1000 (R1) – Account ing for Small and Medium–Sized Enterprises, that is alignment with International Financial Reporting Standards for Small and Medium Entities (IFRS for SMEs), issued by International Accounting Standards Board (IASB), non-profit entities (ITG 2002 (R1) and the internal con trols it deemed necessary to enable the preparation of these financial statements free of significant distortions, regardless of whether the latter were caused by fraud or error.

As part of the audit conducted in accordance with Brazilian and international auditing standards, we exercise professional judgment and maintain our profes sional skepticism throughout the audit. Moreover:

To the Management of Black Jaguar Foundation Amsterdam

www bakert llybr com br

• We identify and evaluate the risks of material misstatement of financial statements, whether due to fraud or error, plan and perform audit proce dures in response to such risks and obtain sufficient and appropriate audit evidence for expressing our opinion. The risk of not detecting a material misstatement due to fraud is higher than due to error, since a fraud can involve the act of circumventing internal controls, collusion, falsification, omission or intentional misrepresentations;

We have reviewed the accompanying financial statements of Black Jaguar Foundation (“Foundation”), which comprise the balance sheet at December 31, 2020 and the related income statements, statements of comprehensive income, statements of changes in equity and statement of cash flow for the year then ended, and a summary of significant accounting policies and other explanatory information

• We obtain an understanding of the internal controls relevant to the audit to plan the audit procedures appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal con trols of the Company;

Management´s Responsibility for the financial statements

• We evaluate the adequacy of accounting policies used and the reason ableness of accounting estimates and related disclosures made by man agement;

The management is responsible for the preparation and fair presentation of the financial statements in according with International Financial Reporting Standards for Small and Medium Entities (IFRS for SMEs), and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In the preparation of financial statements, management is responsi ble for assessing the ability of the Company to continue as a going concern, disclosing, where applicable, the matters relating to its going concern and the use of this basis of accounting in preparing the finan cial statements, unless management intends to wind-up the Company and its subsidiaries or cease its operations, or has no realistic alterna tive to avoid the closure of operations.

Independent auditors’ responsibility

• We conclude on the appropriateness of the use of the going concern ac counting basis by management, and based on the audit evidence obtained, whether there is significant uncertainty in relation to events or conditions that may cast significant doubt on the ability of the Company to continue as a going concern. If we conclude that there is a material uncertainty, we must highlight the related disclosures in the financial statements in our re port, or include a modification in our opinion if disclosures are inadequate. Our conclusions are based on audit evidence obtained up to the date of our report. However, future events or conditions may lead the Company to no longer remain as a going concern;

Those charged with governance of the Company are the people re sponsible for overseeing the process of preparation of the financial statements.

Our responsibility is to express a conclusion on the accompanying financial statements. We conducted our review in accordance with the international standard on review engagements (ISRE 2400 (Revised)) These standards require compliance with ethical requirements and that a conclusion is presented if some fact it has come to our attention that causes us to believe that the financial statements, taken as a whole, are not prepared in all material respects in accordance with the applicable financial reporting framework.

• We evaluate the overall presentation, structure and content of financial statements, including disclosures, and whether the financial statements represent the underlying transactions and events in a manner consistent with the objective of fair presentation.

Auditor’s responsibilities for the audit of the financial statements

Our purposes are to obtain reasonable assurance that the financial statements, taken as a whole, are free from material misstatement, whether due to fraud or error, and issue the audit report with our opinion. Reasonable assurance means a high level of security, but not a guarantee that an audit conducted in accordance with Brazilian and international auditing standards always detects any existing material misstatements. Misstatements may be due to fraud or error and are considered material when, individually or taken as a whole, can in fluence, within a reasonable perspective, the economic decisions of users taken based on these financial statements.

We communicate with those charged with governance regarding, among oth er issues, the planned scope, the timing of the audit and the significant audit findings, including any significant weaknesses in internal controls that we have identified during our work.

A review of financial statements in accordance with these standards is a limited assurance engagement The review procedures, primarily consisting of making inquiries of management and others within the entity, as appropriate, and applying analytical procedures, and evaluates the evidence obtained.

São Paulo, April 25, 2022.

Baker Tilly 4Partners Auditores Independentes S.S. CRC 2SP-031.269/O-1

The procedures performed in a review are substantially less than those performed in an audit conducted in accordance Accordingly, we do not express an audit opinion on

Baker Tilly 4Partners, operating under the name Baker Tilly, is a member firm of the Baker Tilly International global network, whose members are separate and independent legal entities.

PLANS FOR 2022

LEARN PLANT SCALE-UP REPEAT

50

LOOKING FORWARD TO 2022...

TREES ON THE WAY

From the start of our next planting season in October 2022, into the start of 2023, we will complete the planting of our first million growing our second million of trees.

THE OPERATIONALIZATION OF THE NEW NURSERY

The construction of the nursery is in motion and will soon need to be operationalized. That will happen in the start of the new year.

EXTENDING OUR LANDOWNER COMMUNITY

We’ll be developing our local communications by conducting in-depth research into the landscape governence along the entire corridor. We will use these insights to approach new farmers and build our landowner community.

GROWING OUR TEAM

We’ll be starting off 2022 continuing to grow our core team members. Our seasonal planting team will increase in the coming planting season, so a big focus for the year will be scaling up our employment capacity in the field to source and employ all of these new team members.

PARTNERSHIP WITH FEDERAL BANK

We are looking forward to partnering with CAIXA Federal Bank to support us in planting another 1 million native trees in the Araguaia Biodiversity Corridor!

THERE IS SO MUCH MORE PLANNED FOR 2022 AND WE’RE EXCITED TO SHARE IT ALL WITH YOU!

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WILL YOU JOIN OUR MISSION OF HOPE AND ACTION TOO? WWW.BLACK-JAGUAR.ORG BJF NETHERLANDS Stichting Black Jaguar Foundation Scalehub Amstel Business Park H.J.E. Wenckebachweg 123 1096 AM – Amsterdam partners@black-jaguar.org BJF BRAZIL Alameda Joaquim Eugênio de Lima, 187, conj 11-01403-001 São Paulo – SP contato@black-jaguar.org BJF BRAZIL Rua Pedro Miranda, 75, Qd 4, Lt 14 Santana do Araguaia PA – 68560-000 BJF GERMANY c/o Drehmoment Film GmbH Adi-Maislinger Str. 7 81373 – Munich ANNUAL REPORT 2021 BJF-ANNUAL-REPORT-2021

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