Timberland and agriculture

Sustainable
investing framework
Philosophy
Our timberland and agriculture businesses create value through thesustainable management of natural resource investments. Our guiding
principle is that good stewardship is good business. As managers of major
forest and agricultural holdings throughout the world, we create value
through our stewardship of people and the environment. We’re stewards of
our employees and their families, contractors with whom we work, and thecommunities in which we operate. We’re also stewards of the environment—
the water, soil, air, plants, and animals entrusted to our care. We seek tomanage farmland and timberland to maintain and enhance their ecologicalhealth and productivity well into the future.
As a registered investment adviser and fiduciary, we have a duty to manage
investments in the long-term best interests of our clients. This requires fullconsideration of all factors that may have material financial implications for
those investments, including environmental, social, and governance (ESG)
factors. We believe ESG factors are particularly salient for land-based real
asset investments, which is why, we believe, investing responsibly demands
that sustainability be core to our investment strategy.

Roles and responsibilities
Various internal and external representatives keep thetimberland and agriculture executive committee apprisedof sustainability risks and opportunities. Internally, our risk,
economic research, operations, and investment teams identify
sustainability risks and opportunities, while externally wecollaborate on many business initiatives and with academic
institutions focused on addressing sustainable investing.

Our seven-member sustainability office, led by our chiefsustainability officer, is charged with implementing this integration
with a focus on the key priorities of our sustainability program:Sustainable investing for us means integrating sustainability
into both acquisition due diligence and asset management.

We work closely with our investment and operations teams tobuild tools and adapt approaches for ensuring we execute onthese priorities.

•Climate stability•

People empowerment•

Ecosystem resiliency•

Community prosperity•

Watershed protection

ESG integration
To ensure that all relevant ESG risks and opportunities are
considered in a standardized way across every possible deal,
our timberland and agriculture acquisition teams use oursustainability and responsible investment (SRI) tool kit, which has
been developed to enable a consistent and structured approachto assessing the characteristics of an investment opportunity.

SRI tool kit: how we incorporate sustainability into the investment process
SRI tool kit: how we incorporate sustainability into the investment process

Preliminary
Preliminary
due diligencedue diligenceandvaluationand valuation

Final
Final
valuation,
valuation,offer, and closeoffer, and close

Feasibility andFeasibility andconfirmatory
confirmatory
diligence
diligence

Acquisition
Acquisition
teams
teams

Investment
Investmentcommittee
committee

Multipleteams:
teams:
Multipleacquisitions,sustainability,sustainability,acquisitions,value-addedservices,services,value-added
environmentalpolicy
policyenvironmental

Naturalresources
Naturalresources
investmentcommittee
investmentcommittee

SRI
kit: evaluation
evaluationof
ofsustainability
sustainabilityrisks
risksandandopportunities
opportunities
SRI duedue diligence tool kit:
SRI
SRItheme
theme

ClimateClimatestability
stability

Ecosystem resiliency
resiliency

Watershedprotection
protection
WatershedPeopleempowerment
empowerment
PeopleCommunity
prosperity
Community
prosperity

RisksandandRisks
opportunities
opportunities

2Exclusions
Deforestation. Our timberland businessfollows a strict zero-deforestationcommitment, and as a signatory to
the 2019 “Investor statement on
deforestation and forest fires in theAmazon,” we fully participate in the
global effort to halt deforestation. We
ensure that investments we make don’t
contribute, directly or indirectly, todeforestation—we would not encourage,
for example, clearing forested areas
in anticipation of a land transaction towhich we are a party. Our commitment
further aligns with globally acceptedbiome- and geography-specificdeforestation protocols.
Tobacco. In view of the scientificconsensus that regular tobacco
consumption is unsafe at any level,
we’ve determined that growing tobacco
is inconsistent with our commitment tosustainability. Therefore, as of January
1, 2020, we neither grow tobacco norenter leases that allow it to be grownon our managed properties unless it’s
explicitly for nonconsumptive uses (e.g.,
biodegradable structural material).

Investors
We’re committed to making a positive impact with every investment
we manage, even as we aim to expand our strategies to include
pure play impact-first investments. These investments may offer
opportunities to prioritize environmental and social impacts overfinancial returns. While these kinds of investments may not fit theportfolio needs of every investor, we believe they can meet theneeds of those who are committed to addressing their carbon
footprint and who may value other positive environmental or social
impacts while also receiving a financial return.

Collaboration and engagement
Get it done together is one of our values, and collaboration
is a cornerstone of our business. We recognize that we can’t
specialize in everything, and we seek to establish mutually
beneficial relationships with organizations and companies thatcan complement our strengths and that have a similar culture
and values. These relationships not only help us improve oursustainability performance, but they also reflect our conviction thatwhen it comes to solving global challenges, we’re all in this together.

Peers and industry associations
We support, actively participate in, or are a member of severalsustainability organizations, including:•American Bird Conservancy•

Global Impact Investing Network•

Leading Harvest•MIT Joint Program on the Science and Policy of Global Change•

Michigan State University Forest Carbon and Climate Program•Sustainable Forestry Initiative®

•

The Conservation Fund•World Business Council for Sustainable Development
3Manulife Investment Management
Manulife Investment Management is the global wealth and asset management segment of Manulife Financial
Corporation. We draw on more than a century of financial stewardship to partner with clients across our institutional,retail, and retirement businesses globally. Our specialist approach to money management includes the highlydifferentiated strategies of our fixed-income, specialized equity, multi-asset solutions, and private markets teams—
along with access to specialized, unaffiliated asset managers from around the world through our multimanager model.
This material has not been reviewed by, is not registered with any securities or other regulatory authority, and may,where appropriate, be distributed by the following Manulife entities in their respective jurisdictions. Additional
information about Manulife Investment Management may be found at manulifeim.com/institutional.
Australia: Manulife Investment Management Timberland and Agriculture (Australasia) Pty Ltd., Manulife
Investment Management (Hong Kong) Limited. Canada: Manulife Investment Management Limited, Manulife
Investment Management Distributors Inc., Manulife Investment Management (North America) Limited, Manulife
Investment Management Private Markets (Canada) Corp. China: Manulife Overseas Investment Fund Management(Shanghai) Limited Company. European Economic Area Manulife Investment Management (Ireland) Ltd.
which is authorised and regulated by the Central Bank of Ireland Hong Kong: Manulife Investment Management(Hong Kong) Limited. Indonesia: PT Manulife Aset Manajemen Indonesia. Japan: Manulife Investment
Management (Japan) Limited. Malaysia: Manulife Investment Management (M) Berhad 200801033087(834424-U) Philippines: Manulife Investment Management and Trust Corporation. Singapore: Manulife
Investment Management (Singapore) Pte. Ltd. (Company Registration No. 200709952G) South Korea: Manulife
Investment Management (Hong Kong) Limited. Switzerland: Manulife IM (Switzerland) LLC. Taiwan: Manulife
Investment Management (Taiwan) Co. Ltd. United Kingdom: Manulife Investment Management (Europe) Ltd.
which is authorised and regulated by the Financial Conduct Authority United States: John Hancock Investment
Management LLC, Manulife Investment Management (US) LLC, Manulife Investment Management Private Markets(US) LLC and Manulife Investment Management Timberland and Agriculture Inc. Vietnam: Manulife Investment
Fund Management (Vietnam) Company Limited. Hancock Natural Resource Group, Inc. became Manulife
Investment Management Timberland and Agriculture Inc. on November 15, 2021.
Manulife, Manulife Investment Management, Stylized M Design, and Manulife Investment Management & Stylized M
Design are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates under license.

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Effective as of November 2021