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This report applies the Sustainable Asset Valuation (SAVi) methodology to two infrastructure assets in Manitoba, Canada: Stephenfield Reservoir (a built asset) and Pelly’s Lake (a natural wetland). The study quantifies the economic value of the ecosystem and infrastructure services they provide and compares these to the costs of replacing those services with grey infrastructure. The findings demonstrate that both natural and naturalized built assets are significantly more cost-effective than traditional grey infrastructure for water storage, irrigation, and nutrient removal.