Elliott Bouillion, Managing Director

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Elliott Bouillion, Managing Director Kevin
Couhig, Managing Director Peter Couhig, Managing
Director Will Donaldson, Vice-President
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What we do

• Resource Conservation Fund (RCF) is a fund
  through which investors can capture returns on
  offset credits
• Example Restoration of Wetlands
• If a developer plans to build within a wetland,
  they must provide an offset to the development
  in the form of restored land
• No Net Loss of Wetlands -1995
• RCF has produced 149mm in offset credits since
  2007

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Who needs these credits?
Our customers are public and private developers
who impact wetlands Federal, State, and Local
Governments Department of Transportation Energy
Transport Services Drilling and Mining
Companies Land developers Individuals
Wetlands exist in 42 states
Government and private sector business cycles are
countercyclical Investors arent subject to boom
and bust cycles
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Industry Data
Annual Market Size 1bb - 3bb
Environmental Law Institute (2007) 21,000 acres
of permitted loss of wetlands 47,000 acre of
compensatory mitigation required
Legislative Updates 1972, 1989, 1990, 1995, 2000,
2001, 2002, 2004, 2007
Characteristics Limited institutional
capital Lack of understanding of the regulatory
process Disconnect from supply and demand
economics
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How can this benefit investors?
Target return between 18 and 26 IRR 27
demonstrated return in 2008 2.24 equity multiple
after only 2.5 years
Environmental Impact 12,000 acres of wildlife
restored so far Recreational value remains in
land
Investment Asset-backed (Land is not sold with
the credit) Cash flow within second year Multiple
income sources
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Where does this fit in a portfolio?
Land-based investment, which investors retain
through life of fund Natural hedge for
inflation Opportunistic upside Protected downside
as credit prices are uncorrelated with the
market
Within Allocations to Real Estate Real
assets Timber Infrastructure Opportunity Natural
Resources
Diversifier and hedge to any land-based
initiatives (infrastructure, timber, natural
resources)
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Will Donaldson Resource Conservation
Fund wdonaldson_at_resmitigation.com Office (225)
612-2583 x225 Cell [phone]