Natural capital
Sustainable investing intimberland and agriculture2023

All information in this report is as of December 31, 2023, unless otherwise indicated.
All currency values are stated in U.S. dollars. Report published June 2024.

What you’ll find
Who we are4

Our natural capital business5

Our governance of sustainability

6

Our operations at a glance

7

What we produce

8

Timberland benefits

10

Agriculture benefits

11

Our approach

14

What’s material

15

Climate17

Nature21

People23

Examples of our work

25

Appendix

33

Our statements, disclosures, and certifications

34

Climate metrics

35

Nature metrics

37

People metrics

39

Manulife’s 1t.org commitment

41

Crosswalks: global reporting frameworks and certification

42

Natural capital 2023

2

Who we are
Our natural capitalbusiness
Our governance ofsustainability
Our operations
at a glance
What we produce
Timberland benefits
Agriculture benefits
Our approach
What’s material
ClimateNaturePeopleExamples of our work
Appendix

Why natural capital?
Natural capital is here to stay.
While it’s not a new concept, the idea that it can be measured and monetized atscale certainly is, and markets are beginning to pay attention. Those words arefrom our sustainable investing report in 2021. Fast forward two years and natural
capital has become a household name in institutional investment portfolios. In
February 2024, we were ranked as the world’s largest natural capital investment
manager by IPE.1
But what is natural capital beyond the hype? Put simply, it’s the world’s stock ofnatural assets, which includes minerals, soil, air, water, and all living things. Theseassets not only have intrinsic value—as if that weren’t important enough—but allof society and the entire global economy depend on them! Think for a moment
about the implications of a world without food and fiber, clean water, carbon
sequestration, pollination, biodiversity, or outdoor recreation. Without natural
assets and ecosystem services, the global economy cannot function.
The same is true for our business. To be clear, natural capital is not just a
new label or a simple rebranding of timberland or agriculture investing. It’s arecognition that the forests and farms we manage on behalf of our investors
create value well beyond that of the physical products they generate. They
help meet basic human needs with products such as nutritious food or building
materials, textiles, or personal care products.

that measurable value, we see clearer price signals and incentives for businesses
and investors, individuals, and governments to direct financial capital toward
natural capital. By that we mean not only natural capital asset classes such as
timberland and agriculture, but the whole natural capital investment universe.
Natural capital themes are embedded in every asset class that impacts ordepends on nature—which is all of them.
Nature is the mispriced asset. We see it as our job to help change that. Ourinvestors, our employees, our communities, and our world stand to benefit. That isgood stewardship. And good stewardship is good business.
We hope you enjoy our 2023 report on sustainable investing in natural capital!
Tom Sarno
Global Head of Timberland Investments, CIO
Manulife Investment Management
Oliver S. Williams IV, CFA
Global Head of Agriculture Investments, CIO
Manulife Investment Management

But they do even more than that. As the market for nature-based solutions
continues to develop and the benefits of biodiversity, carbon sequestration, andother ecosystem services are increasingly realized, we expect them to becomea measurable part of value in both timberland and agriculture investing. And with

1 IPE research, as of February 2024. Ranking is based on total natural capital assets under management (AUM), which includes forestry/timberland and agriculture/farmland AUM.

Natural capital 2023

3

Who we are
Our natural capitalbusiness
Our governance ofsustainability
Our operations
at a glance
What we produce
Timberland benefits
Agriculture benefits
Our approach
What’s material
ClimateNaturePeopleExamples of our work
Appendix

Who we are
Our foundational investment philosophy
Our investment philosophy—good stewardship is goodbusiness—is as relevant and true today as it was when we
started in 1985. Our clients’ financial success directly depends
on the health of the farms and forests we manage on their behalf,and our vertically integrated global farmland and timberland
management teams—from portfolio managers to professionalfarm and forest managers—provide us with the ability tocraft and execute long-term property management plansthat promote ecological health and resilience, which are
intrinsic to generating strong financial returns.

Who we are
Our natural capitalbusiness
Our governance ofsustainability
Our operations
at a glance

Our natural capital business
Founded in 1985 and with our headquarters in Boston, Manulife Investment Management’s (Manulife IM) timberland and agriculture businesses draw on decades of experience andspecialized expertise to create value for investors through the sustainable management of natural resource investments. With over $16.0 billion in assets under management, we’rethe world’s largest natural capital investment manager,2 and we’re committed to investing sustainably across our global portfolio of timberland and agriculture assets.
Where we operate

Headquarters (Boston, Toronto)

Primary field offices (USA: Turlock, CA; Vancouver, WA; Savoy, IL; Charlotte, NC. Australia: Melbourne; Brisbane. New Zealand: Tauranga; Rotorua; Tokoroa)

UnitedStatesUnitedStatesUnitedStatesUnitedStatesUnitedStatesCanadaCanadaCanadaCanadaCanadaAustralia
Australia
Australia
Australia
Australia

New
ZealandNew
ZealandNew
ZealandNew
ZealandNew
ZealandChile
andBrazilChile
andBrazilChile
and Brazil
Chile
and
BrazilChile andBrazilWhat we produce
Timberland benefits
Agriculture benefits
Our approach
What’s material
ClimateNaturePeopleExamples of our work
Appendix

United States

CanadaAustralia

New Zealand

Chile

Brazil$9,899$281$3,007$2,500$295$116

AUM (USD millions)

AUM (USD millions)

AUM (USD millions)

AUM (USD millions)

AUM (USD millions)

AUM (USD millions)

3,510,000

71,0001,451,000

518,000

109,000

138,000

Acres

Acres

Acres

Acres

Acres

Acres

2 IPE research, as of February 2024. Ranking is based on total natural capital assets under management (AUM), which includes forestry/timberland and agriculture/farmland AUM.

Natural capital 2023

5

Who we are
Our natural capitalbusiness
Our governance ofsustainability
Our operations
at a glance
What we produce
Timberland benefits
Agriculture benefits
Our approach
What’s material
ClimateNaturePeopleExamples of our work
Appendix

Our governance of sustainability
Good governance is critical for making good decisions. This is our governancestructure for making sustainability-related decisions in timberland and agriculture.
Timberland strategy team (TST) and agriculture strategy team (AST)—The
TST and AST consist of the most senior representatives in each asset class and are
responsible for developing and implementing investment strategies, including capitalraising, acquisitions, portfolio management, property management, and productdevelopment. The timberland and agriculture sustainability team works closely witheach strategy team to ensure sustainability is a consideration in important businessprocesses and decisions, identifying and developing sustainable investing bestpractices, supporting investment teams to develop tools and methodologies, advisingon product development, and leading the participation in external initiatives orcollaborative industry engagement.
Natural resource investment committee (NRIC)—The NRIC, which includes thechief investment officers and deputy chief investment officers from both timberland
and agriculture, is the final decision-making authority on all agriculture and timberland
investments. It holds responsibility for ensuring that every acquisition made has
undergone extensive sustainability due diligence using our proprietary sustainability
tool kit.

Manulife executive sustainability council (ESC)—This council, which includes
Manulife’s CEO and chief sustainability officer, as well as the CEO of Manulife
Investment Management, is responsible for decisions related to key sustainability
priorities across Manulife’s global enterprise, including insurance and wealthmanagement. Examples of priorities under ESC oversight include Manulife’s Impact
Agenda and Journey to Net Zero.

Organizational structure of sustainability governance acrosstimberland and agriculture
Manulife

Manulife Investment Management
Executive sustainability council

Private markets sustainable
investing committee

Manulife Investment Management private markets sustainable investingcommittee (SIC)—The SIC, which includes Manulife Investment Management’s global
head of private markets and its private markets chief sustainability officer, holds
strategic policy and decision authority over sustainable investing and assessment ofpolicies and programs across all private markets asset classes, including timberland
and agriculture.

Natural resource investmentcommittee
TST and AST

Timberland and agriculture sustainability teamFor further information about our governance structure, please refer to pages 20–28 of Manulife Investment Management’s stewardship report.

Natural capital 2023

6

Who we are
Our natural capitalbusiness
Our governance ofsustainability
Our operations
at a glance
What we produce
Timberland benefits

Our operations at a glanceTimberland• 700+ employees globally• 100+ individual properties managed• 5.4M total acres under management• Integrated property management services: harvest planning and supervision, silviculturalprescriptions, oversight and design of forest roads, timber marketing and merchandising, forest
inventory oversight, property accounting, alternative source income generation, resource information
planning, optimization through biological and financial modeling, health and safety, property inspections

Value-added revenue
generation• High-value land sales• Carbon projects• Carbon captureand storage

Agriculture benefits• Mitigation banks(timberland only)

Our approach• Oil, gas, and mineralagreements

What’s material

Agriculture• Recreation licenses

Climate• 300+ employees globally• 260+ individual properties managed• 400,000+ total acres under management• 3 portfolio company farmland plus investments• Integrated property management services: orchard and vineyard development, site selection
and due diligence, irrigation design, water storage planning, crop marketing and merchandising,tenant sourcing and oversight, lease negotiations, comprehensive agronomic evaluation andmanagement (irrigation, fertility, pest management, etc.), viticultural and horticultural prescriptions,
harvest planning and supervision, farm optimization through financial modeling, property accounting,alternative source income generation, health and safety, property inspections• Cell towers

NaturePeopleExamples of our work
Appendix• Renewable energy• Biofuels• Apiary• Conservation easements• Surface water retention
and water storage(agriculture only)

Agriculture: headcount includes employees working at Manulife Investment Management Agriculture, Manulife Agriculture Services (USA and Australia), Manulife Farmland Services (USA and Australia),
and Manulife Investment Management Timberland and Agriculture. Timberland: headcount includes employees working at Manulife Investment Management Timberland, Manulife Forest Management(USA, New Zealand, South America, and Brazil), Hancock Victorian Plantations, Hancock Queensland Plantations, and Manulife Investment Management Timberland and Agriculture. The methodologies
used to compile total headcount are subject to change.
Natural capital 2023

7

Who we are
Our natural capitalbusiness
Our governance ofsustainability
Our operations
at a glance
What we produce
Timberland benefits
Agriculture benefits
Our approach
What’s material
ClimateNatureWhat we produce
Delivering for clients and broader stakeholders
In addition to financial objectives (such as competitive investment
returns, inflation protection, and portfolio diversification) and impact
objectives (such as carbon sequestration, biodiversity conservation,or recreational opportunities), investments in timberland andagriculture are investments in assets that meet basic human needs.
This section details what those raw materials are and what needs they
meet, with a special focus on how we can produce more food with asmaller footprint through regenerative agriculture.

PeopleExamples of our work
Appendix

Natural capital 2023

8

Who we are

Total portfolio

Our natural capitalbusiness

We manage forests and farms around the globe in key institutional timberland and agriculture investment regions. The following
is a summary of our primary commercial tree species, produce, and processing activities.

Our governance ofsustainability
Our operations
at a glance

United States

Australia

Black cherry•

Timberland benefits•

Loblolly pine•

Agriculture benefits

Longleaf pine•

Ponderosa pine•

NaturePeopleExamples of our work
Appendix•••

Hoop pine

ClimateBrazil•Caribbean pine•

What’s material

Chile

•

Eucalyptus

Our approach

New Zealand

Timberland

Douglas fir

What we produce

Canada•Radiata pine
Slash pine•

Sugar maple•

Western hemlock••

Western red cedar••

Berries••

Citrus•

Cotton

•

Grain

•

•

•

Grapes•••Legume•••Tree fruit••

Tree nut•

Vegetables••

Processing (agriculture only)

•

•

•

•

•

Agriculture
•
•

•
•
•

Species listed are the primary commercial species in each region. Other commercial species exist in smaller volumes.
Natural capital 2023

9

Who we are
Our natural capitalbusiness
Our governance ofsustainability

Timberland benefits
Forests are more than just sources of wood or carbon sinks—sustainably managed forests provide a variety of ecological,
social, and financial benefits to society.
In 2023, our clients’ timberland investment properties:

What we produce• Had over 50 million seedlings planted• Produced enough lumber to build approximately 101,000 houses3• Produced enough fiberwood to make approximately 2.2 million tons of paper4• Yielded enough biomass to produce electricity for the equivalent of 1,500 American homes for a year5

Timberland benefits

Optimizing parts of a harvest tree

Our operations
at a glance

What’s material
ClimateNaturePeopleExamples of our work
Appendix

Forest carbon sequestration

Protect soil, air, and water
quality

Agriculture benefits
Our approach

Renewable raw materials,
providing for basic human needs(housing, furniture, paper)

Tree tops and branches
Soil protection							Renewable energy

Mid tree and medium logs

Protect biodiversity and highconservation value forest

Paper/paper packaging				 Pulp fiber
Wooden packaging						Textiles

Tree base and large logs

Contribute to sustainable
development through economic
growth and rural employment

Building materials
Recreation opportunities
3 Approximately 11.2 million m3 of solid wood at 110 m3 solid wood/house. 4 Approximately 7.7 million m3 of fiberwood at 3.5 m3 fiberwood/ton of paper. 5 Approximately
30,000 tons of biomass harvested equates to approximately 15,000 MWh, and 10 MWh can power one average American home for a year.

Natural capital 2023

10

Who we are
Our natural capitalbusiness
Our governance ofsustainability
Our operations
at a glance
What we produce
Timberland benefits
Agriculture benefits
Our approach
What’s material
ClimateNaturePeopleExamples of our work
Appendix

Agriculture benefits
Sustainable agriculture is essential for providing healthy nutritious food to a growing population. By 2050, the global
population is expected to increase to 10 billion, requiring 56% more calories than were produced in 2010.6 Producing more
food on a finite land base while reducing emissions, increasing soil health, enhancing biodiversity, and protecting water
security will require significant innovation, investment, and commitment to sustainable management.

Healthy nutritious food,contributing to food security

That’s a tall order, but it’s why we’re investing in the latest precision irrigation and fertilizer technologies (to reduce input andenergy usage where possible), constructing recharge basins to support groundwater aquifers in stressed water districts, andmeasuring and testing regenerative agriculture practices to continuously improve soil health.

Soil carbon sequestration

In 2023, our agriculture assets produced:

Pollinator habitat

Over 24 million pounds of almonds

Over 48 million pounds of cranberries

equivalent to 390 million servings7

equivalent to more than 220 million servings9
Recreation opportunities

Over 13 million pounds of walnuts

8 million pounds of grapes

equivalent to more than 210 million servings7

enough to produce almost 19 million bottles of wine10

41 million pounds of pistachios

229,855 bins of apples

equivalent to 660 million servings7

equivalent to more than 505 million apples11

Over 1 million pounds of cherries

5,671 bins of citrus

equivalent to more than 4 million servings8

equivalent to more than 13 million oranges12

Contribute to sustainable
development through economic
growth and employment inrural areas

Renewable energy
opportunities
6 “How to Sustainably Feed 10 Billion People by 2050, in 21 Charts,” World Resources Institute, 2018. 7 Assumes a 1oz serving size. 8 Assumes a 5oz serving size.
9 Assumes a 3.5oz serving size. 10 Assumes 3lbs of grapes needed per 750ml bottle of wine. 11 Assumes 2,200 apples per bin. 12 Assumes 3,000 mandarins and2,200 navels per bin.

Natural capital 2023

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Who we are

Integrating regenerative practices across our agriculture portfolio

Our natural capitalbusiness

While no universal definition for regenerative agriculture exists, we define regenerative agriculture as: “Afarmland management framework by which the goals of soil health and productivity guide management
decisions and in turn lead to optimized farm production, biodiversity, and sequestering atmosphericcarbon into soil.”

Our governance ofsustainability
Our operations
at a glance
What we produce
Timberland benefits
Agriculture benefits
Our approach
What’s material
ClimateNaturePeopleExamples of our work

Maintaining soil health and productivity isn’t new to us. Consistent with our belief that goodstewardship is good business, our farm managers have been using regenerative practices for
decades. As an example, we were one of the first operators in California to adopt the now-common
practice of allowing native vegetation to grow between rows of orchard trees, as well as using
integrated pest management to reduce synthetic pest applications. We also led the development ofwhole tree chipping and reincorporation into the soil (whole orchard recycling) as part of fruit and nut
orchard replacements, practices that add carbon back into the soil and eliminate the need for burning
the old orchard.
We continue to expand our documentation of regenerative farming systems across client properties. In
2023, we found that 100% of properties use at least one regenerative practice. We also began tracking
active and passive cover crops, as well as planted nonproductive vegetation, and we’re beginning tomonitor how these practices influence soil health and organic carbon.
We’ve long known that regenerative agriculture is good for our bottom line. Fewer inputs while
maintaining yields means improved outcomes for our clients, for our tenant farmers, for theenvironment, and for the communities we operate in. We continue to partner with research
universities and agriculture think tanks to prove out both the agronomic benefits as well as the
economic benefits of using regenerative practices at scale.

Appendix78%

of properties use fouror more regenerative
practices100%

of our properties use atleast one regenerative
practice66%

of our properties are using cover cropping
techniques with over 74,000 acres ofplanted cover crops across the platform

Natural capital 2023

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Who we are
Our natural capitalbusiness

Integrating regenerative practices across our agriculture portfolio
Rotationalgrazing

Intercropping

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

MS

•

•

•

NC

•

NE

•

Climate

OH

•

OR

•

Nature

TX

•

WA
WI

Our governance ofsustainability
Our operations
at a glance
What we produce
Timberland benefits
Agriculture benefits
Our approach
What’s material

PeopleExamples of our work
Appendix

Crop
residueCroprotation

Conservation
tillageCovervegetation

Nonproductive
vegetation

Soil
amendment

AR

•

•

•

•

•

•

CA

•

•

•

•

•

FL

•

•

•

•

GA

•

•

•

•

ID

•

•

•

IL

•

•

•

IN

•

•

LA

•

MI

RegionUnites States

Conservation tillage
91%

•
•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

Canada
QC
AB

•

•

•

•

NS

•

•

•

•

•

QL

•

•

•

SA

•

•

•

TS

•

•

•

VI

•

Cover vegetation
66%
Nonproductive vegetation
63%
Soil amendment
56%
Rotational grazing
8%
Intercropping4%••

Crop residues
97%
Crop rotation
97%

•

•

Percentage of ourmanaged farms
using regenerative
practices•

Australia••••

Percentage values represent regenerative
agriculture practices implemented whenpossible for the crop type. For example,
crop rotation is not feasible in orchard crop
systems, so they were removed from thecalculation for that practice.

Natural capital 2023

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Who we are
Our natural capitalbusiness
Our governance ofsustainability
Our operations
at a glance
What we produce
Timberland benefits
Agriculture benefits
Our approach
What’s material
ClimateNaturePeopleExamples of our work
Appendix

Our approachWho we are
Our natural capitalbusiness
Our governance ofsustainability
Our operations
at a glance
What we produce
Timberland benefits
Agriculture benefits
Our approach
What’s material
ClimateNaturePeopleExamples of our work
Appendix

What’s material
Materiality underpins our approach to sustainability and stewardship. Across both timberland and agriculture, we focus on threecore themes: climate, nature, and people. These themes are directly linked to our original materiality assessment, which identified
and communicated sustainability issues that may be financially material to our business. Our goal is to mitigate the risks to theextent we’re able, adapt to the risks that cannot be fully mitigated, and realize as many of the opportunities as we can.
We integrate materiality by considering climate, nature, and people throughout the cycle of an investment, from the establishmentof our strategy through investment due diligence to delivery of our integrated property management services (including both
directly operated and leased properties) throughout our clients’ ownership of the property. And we champion independent
third-party certification because we believe it’s the most comprehensive and credible way to demonstrate our materiality-focused
approach toward sustainable asset management to our stakeholders. The pages that follow summarize our risk management
strategies for each of these three themes.

Management for the long termLong-term thinking is fundamental to timberland and agriculture investment management. Our financial models and asset
management plans are forecasted over 50 years for timberland, while for agriculture we typically look 10 to 30 years ahead,depending on the type of asset. Given the uncertainties that might exist over such extended time periods, we do our best toplan for multiple possible futures through climate scenario analysis using a combination of third-party analytical tools and our
in-house expertise.

Certification status
Timberland—100% of our managed forests were certified under either the Sustainable Forestry Initiative® (SFI) or Forest
Stewardship Council® (FSC) and our forests in Australia and New Zealand carry dual certification to both FSC and the Programme
for the Endorsement of Forest Certification (PEFC) standards.13
Agriculture—100% of our U.S. and Australian agriculture assets, both directly managed and leased, are certified as sustainable
under Leading Harvest.14 Our Canadian assets are participating in Leading Harvest’s Canada pilot project in 2024.
13 As of December 31, 2023. 100% of our forests were certified under either Sustainable Forestry Initiative® (SFI®) (3.6 million acres in the United States and Canada)or Forest Stewardship Council® (FSC®) (2.2 million acres in Australia, New Zealand, and Chile). Most current data shown. 14 Certification as of June 2023, by Leading
Harvest and is based on an annual assessment of the conformation to the Farmland Management Standard. Most current data shown. Please see leadingharvest.org/
certificationdocuments for further information.

Natural capital 2023

15

Who we are

Due diligence

Our natural capitalbusiness

Since 2021, we’ve used a proprietary question-based tool kit co-developed in houseby our sustainability, acquisitions, and operations teams to identify, assess, and scoreenvironmental, social, and governance (ESG) components of every deal we consider.
We call this our sustainability tool kit. This tool kit highlights both potential risks andopportunities, and it enables us to quantify risk using stoplight indicators to rate inherent
risk, risk mitigation potential, and residual risk. We then aggregate these upward to
produce an overall numerical sustainability score for the asset, which can be used in

Our governance ofsustainability
Our operations
at a glance
What we produce
Timberland benefits
Agriculture benefits

our underwriting. The completed tool kit assessment is provided in every deal packagepresented to our NRIC to ensure that investment decisions explicitly consider relevant
sustainability risks and opportunities. Together with our policy on deforestation, carbon
principles, and carbon tool kit (used specifically for forest carbon project evaluation),
this approach is designed to systematically consider all identified material sustainability
considerations in our investment process.

The investment process: using our sustainability tool kit
Due diligence and valuation

Feasibility and confirmatory diligence

Final valuation, offer, and close

Our approach
What’s material
ClimateAcquisition
teams

Timberland and agriculture
investment committee

NatureMultiple teams: acquisitions,sustainability, value-added services,
environmental policy

Natural resource investmentcommittee

Sustainability tool kit: evaluation of ESG risks and opportunities

PeopleExamples of our work
Appendix

Sustainability theme

ClimateNatureMaterial risks and opportunities• Climate change impacts• Emissions• Deforestation• CO2 sequestration• Sensitive lands• Protected areas• Biodiversity• T&E species• Mitigation banking

People• Water quantity/quality• Flood, drought risk
• Groundwater depletion• Water banking• Health and safety• Training and development• Labor practices• Human rights• Community relations• Indigenous peoples• Job creation• Research, internships

Source: Manulife Investment Management. For illustrative purposes only. T&E refers to threatened and endangered.

Natural capital 2023

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Who we are
Our natural capitalbusiness

Climate
The table below lays out material climate-related risks and opportunities, and our strategies for managing them.

Our governance ofsustainability
Our operations
at a glance

Risks

What we produce

Timberland

Agriculture• Climate change can lead to more frequent and severe weather events such as storms,
wildfires, and droughts, which have the potential to negatively impact forests.

• Climate change, temperature fluctuations, and extreme weather events pose risks
for management and longevity of our assets.

• Rising temperatures and changing rainfall patterns can also lead to pest and disease
outbreaks and shifts in growing conditions, altering where species can be grown.

• More frequent heat waves, droughts, and flooding can make farmland
management more challenging (for example, increasing susceptibility to pests ordiseases) and require additional management and risk mitigation strategies.

• Carbon sequestration can be enhanced through silvicultural management
techniques, species selection, and diversification.

• Regenerative agriculture provides opportunities to build more resilient assets;practices that focus on building soil health, like reduced tillage and covercropping, increase water infiltration, reduce the risk of soil erosion, and regulate
soil temperature.

Timberland benefits
Agriculture benefits

Opportunities

Our approach• Shifts in growing conditions will increase growth rates in some areas and operationalinnovation provides opportunities through detailed research and development.

What’s material• Storing excess water as recharge can help maintain and improve aquifer health.
• Development of new crop varieties and rootstocks may enhance adaptation tochanging conditions or open new growing regions.

ClimateNaturePeopleExamples of our work
Appendix

Strategies• We undertake detailed risk assessment and mitigation planning for every investment
we consider and on every property we manage.

• We undertake detailed risk assessment and mitigation planning for every
investment we consider and on every property we manage.

• We implement sustainable management practices, informed by monitoring,
research, and certification.

• We identify the assets at the greatest risk due to climate change, track soil
responses to regenerative practices, and use precision agriculture to reduce
our emissions and water usage.

• Our timberland decarbonization working group is focused on identifying andimplementing practical solutions to reduce our operational carbon footprint.

• We implement sustainable management practices, informed by monitoring,
research, and certification.
• Our agriculture decarbonization working group is focused on identifying andimplementing practical solutions to reduce our operational carbon footprint.

Natural capital 2023

17

Who we are

Timberland emissions 2021–2023

Agriculture emissions 2021–2023

Fluctuations in timberland scope 1 and 3 emissions from year to year are related primarily toincreases or decreases in harvesting and silvicultural operations, which are themselves related to
dynamic timber markets. The large increase in scope 3 emissions from 2021 to 2022 is due toinclusion of emissions associated with shipping logs from our Australasian operations, which had
not previously been accounted for.

Fluctuations in agriculture scope 1 and 3 emissions from year to year are related to several
factors, including global commodity prices, weather patterns, and irrigation requirements, among
others. The large reduction in scope 3 emissions from 2022 to 2023 is due primarily to data
quality improvements.

Our natural capitalbusiness
Our governance ofsustainability
Our operations
at a glance
What we produce
Timberland benefits
Agriculture benefits
Our approach
What’s material
ClimateNaturePeopleExamples of our work
Appendix

Source: Manulife Investment Management. tCO2e refers to tons of carbon dioxide equivalent. Data shown in these graphs is presented in table form on pages 35–36. For detailed explanation of what is included in eachcomponent of the above graphs, see footnotes accompanying the tables on those pages.

Natural capital 2023

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Who we are

Timberland forest carbon flow 2021–2024

Our natural capitalbusiness
Our governance ofsustainability
Our operations
at a glance
What we produce
Timberland benefits
Agriculture benefits
Our approach
What’s material
ClimateNaturePeopleExamples of our work
Appendix

Data shown in this graph is presented in table form on page 35. For detailed explanation of what is included in each component of the above graph, see footnotes accompanying the table on page 35.

Natural capital 2023

19

Who we are

Climate target progress

Our natural capitalbusiness

In 2021, we set short-term targets for both our agriculture and timberland businesses. The following provides brief updates on our progress against these targets in the reporting year.
Our medium-term climate goals, documented in Manulife’s 1t.org commitment (see appendix), are designed to help us take the next steps toward reaching our climate ambitions.

Our governance ofsustainability

Asset class

Short-term target

2023 progress

Status (year-end 2023)

Timberland

Decarbonization strategy launch

We established the timberland decarbonization working
group. This group is global in scope and focused on
identifying and implementing practical solutions to reduce
our timberland portfolio’s emissions.

Strategy is complete, implementation is ongoing

Launch of forest climate strategy focused oncarbon sequestration

Launched in 2022.

Fundraising and capital deployment is ongoing

Net zero commitment partnerships with
Australasian timberland management entities

Partially completed in 2022 and we continue working withpartners to support these commitments.

Ongoing

Improve greenhouse gas (GHG)
quantification methods

We refined our calculation of fertilizer emissions, improved
the tracking of crop types and their acreages, and increased
the quality of estimate values.

Complete

Launch our decarbonization strategy

We’ve developed two working groups for decarbonizationin agriculture, focused on row crops and permanent crops.
These groups focus on identifying and implementing practicalsolutions to reduce our agriculture portfolio’s emissions.

Strategy is complete, implementation is ongoing

Scale regenerative agriculture

We’ve engaged with external experts to help us scale
regenerative practices on both our row crop and permanent
crop operations. As of 2023, 100% of our properties areusing at least one regenerative practice.

Ongoing

Our operations
at a glance
What we produce
Timberland benefits
Agriculture benefits
Our approach
What’s material
ClimateNatureAgriculture

PeopleExamples of our work
Appendix

Natural capital 2023

20

Who we are
Our natural capitalbusiness

Nature
The table below lays out material nature-related risks and opportunities as well as our strategies for managing them.

Our governance ofsustainability
Our operations
at a glanceTimberland

Agriculture• Forest management both depends on and affects nature.

• Agriculture both depends on and affects nature.

• Unsustainable forest management may negatively affect forest and ecosystem
health, eroding value and long-term productivity of the forest asset, and potentiallycontributing to soil degradation, water pollution, and biodiversity loss.

• Unsustainable agricultural management may negatively affect soil andecosystem health, eroding value and long-term productivity of the farm asset,
and potentially contributing to soil erosion, aquifer depletion, water pollution,and biodiversity loss.

Opportunities

Beyond good stewardship and sustainable management, opportunities exist to help
reverse nature loss through ecosystem and habitat restoration projects such as stream
channel rehabilitation.

Beyond good stewardship and sustainable management, opportunities exist to help
reverse nature loss through ecosystem and habitat restoration projects such as
planting habitats for native species and pollinators.

Strategies• We’re committed to sustainable forest management through certification of all
timberland assets• We’re committed to sustainable agriculture through certification of all farmland
assets.

• We manage 100% of our clients’ properties to rigorous third-party certification
standards, which ensures protection of biodiversity and high conservation values.

• As of 2023, 100% of our clients’ properties in the United States and Australia
are certified to the Leading Harvest Farmland Management Standard and we’reparticipating in a pilot in Canada.

Risks

What we produce
Timberland benefits
Agriculture benefits
Our approach
What’s material
ClimateNaturePeopleExamples of our work

• One of our core strategies for measuring our clients’ assets’ impact on thebusiness and society is natural capital accounting, which will inform decisions
that will contribute to a nature-positive future.

• In 2024, we released the Manulife Investment Management water statement,
which recognizes the importance of water to investment decision-making.

Appendix

Natural capital 2023

21

Who we are

Nature target progress

Our natural capitalbusiness

Our nature targets apply across both agriculture and timberland. As signatories to the
Finance for Biodiversity Pledge, we’ve pledged to fulfill the five targets below by the endof 202515 at the latest. As pledge signatories, we’ve taken these commitments (verbatim
from the pledge) as our own and will adapt them as needed. For example, because the

Our governance ofsustainability
Our operations
at a glance
What we produce
Timberland benefits
Agriculture benefits
Our approach
What’s material

Nature targets(set 2021)

Progress

Collaborate and share knowledge on assessment
methodologies, metrics, targets, and financing
approaches

In 2022, we launched our Nature-positive ecosystem, a practical guide to major initiatives focused on protecting
and restoring nature. As members of industry and sustainability organizations, we’re actively part of conversations to
evolve knowledge of nature in sustainable investing.

CompleteEngage with companies and incorporate criteria
for biodiversity in our ESG policies

We incorporate multiple biodiversity-related considerations into our ESG policies, due diligence processes, andmanagement approaches for our real asset and portfolio company investments.

Complete

Assess the impact of our investments on
biodiversity and identify drivers of its loss

We’re building a system of natural capital accounts across our global operations to capture, quantify, and potentiallymonetize the relationship between our operations and nature that will enable us to track how our operations affectbiodiversity, land, and water. In 2023, we completed natural capital balance sheets for our 77 U.S. timberland
assets. We plan to expand the approach globally in 2024.

In progress

Set and disclose science-based targets toincrease positive and reduce negative effects on
biodiversity

We’re engaged in multiple external work streams focused on applying emerging guidance from the Taskforce on
Nature-related Financial Disclosures (TNFD) and science-based targets for nature, and we’ll leverage this work to
inform our nature target-setting process.

In progress

Annual public reporting on the significant positive
and negative contributions of our investments to
global biodiversity goals

We publicly report on progress through our annual sustainable investing reports and in private regulatory disclosures
to individual investors, where applicable. In December 2023, we published our inaugural nature disclosure, whichaligned with the recommendations of the TNFD.

Complete

ClimateNaturePeopleExamples of our work
Appendixinvestments we manage are predominantly real assets rather than companies, we could
adapt “engaging with companies” to “engaging with value-chain partners,” referring tocontractors or purchasers of our products.

Status(year-end 2023)

15 The original pledge implementation deadline was 2024, but in 2023 the Finance for Biodiversity Foundation extended the deadline to 2025 for pre-2024 signatories in order to “encourage more financial institutions to join the biodiversity
movement.” Despite this extension, we believe our commitments will be substantially complete by year-end 2024.

Natural capital 2023

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Who we are
Our natural capitalbusiness

People
The table below lays out material risks and opportunities related to our employees and the communities where we operate as well as our strategies for managing them.

Our governance ofsustainability
Our operations
at a glanceTimberland

Agriculture

Risks

People-related risks in forest management include workplace injuries and accidents,
mental health, and well-being, displacement of local communities, loss of traditional
livelihoods, and conflicts over resource access.

People-related risks in farmland management include workplace injuries andaccidents, mental health, and well-being, exposure to outdoor elements, andpotential human rights concerns.

Opportunities

Our forests provide employment opportunities in rural areas, and they support local
related businesses and timber market infrastructure, creating economic value andopportunities for community engagements and partnerships.

Our farms provide employment opportunities in rural areas, and they support local
related businesses and agricultural market infrastructure, creating economic value
and opportunities for community engagements and partnerships.

Strategies• 100% of our forests are certified under either the SFI or FSC, and our forests inAustralia and New Zealand carry dual FSC and PEFC accreditation.16 Third-party
certification standards provide a framework for and assurance of our commitment
to socially sustainable operation.

• 100% of our U.S. and Australian farmland properties are certified under
Leading Harvest,17 which includes principles on employees and farm labor, local
communities, and tenant-operated operations.

What we produce
Timberland benefits
Agriculture benefits
Our approach
What’s material
ClimateNaturePeopleExamples of our work
Appendix• We undertake staff, contractor, community, and stakeholder engagement.
Human rights and social considerations are an important part of our investment
due diligence.
• An important strategy for mitigating workplace injuries is fostering a culture where
our people’s safety is prioritized. This is done through constant engagement
regarding safety issues, as well as pay incentives correlated directly to how safely
and engaged our operators conduct was throughout the year.

• We engage with our staff, contractors, tenants, and local communities in our
stakeholder engagement processes.
• An important strategy for mitigating workplace injuries is fostering a culture where
our people’s safety is prioritized. This is done through constant engagement
regarding safety issues, as well as pay incentives correlated directly to how safely
and engaged our operators conduct was throughout the year.

16 As of December 31, 2023. 100% of our forests were certified under either Sustainable Forestry Initiative® (SFI®) (3.6 million acres in the United States and Canada) or Forest Stewardship Council® (FSC®) (2.2 million acres inAustralia, New Zealand, and Chile). Most current data shown. 17 Certification as of June 2023, by Leading Harvest and is based on an annual assessment of the conformation to the Farmland Management Standard. Most current data
shown. Please see leadingharvest.org/certificationdocuments for further information.

Natural capital 2023

23

Who we are

People target progress

Our natural capitalbusiness

Our people targets apply across both agriculture and timberland.

Our governance ofsustainability
Our operations
at a glance
What we produce
Timberland benefits

People targets(set 2021)

Status(year-end 2023)

Status(year-end 2022)

70th

60th

-33%18-11%19

Achieve a sector-specific talent pool of 20% racially and ethnically diverse hiring over the next four years(U.S. agricultural and natural resources bachelor’s degrees at 21% racially and ethnically diverse)

19%

14%

Increase the share of women in leadership roles to at least 20% by 2025

15%

15%

Employee engagement
Achieve top quartile employee engagement scores (percentile)
Diversity

Agriculture benefits
Our approach

Increase racially and ethnically diverse representation within our North American leadership by 60% by 2025 relative to 2021 (leadership isdefined as those at VP, AVP, and director levels, approximately 10% to 15% of the company with leadership responsibilities)

What’s material
ClimateNaturePeopleExamples of our work
Appendix

18 -33% represents a decrease from 12% to 8% overall in the proportion of racially and ethnically diverse individuals within our North American leadership relative to 2023. The decrease from 12% to 8% is a -33% change. 19 -11% represents a
decrease from 12% to 11% overall in the proportion of racially and ethnically diverse individuals within our North American leadership relative to 2021. The decrease from 12% to 11% is a -11% change.

Natural capital 2023

24

Who we are
Our natural capitalbusiness
Our governance ofsustainability
Our operations
at a glance
What we produce
Timberland benefits
Agriculture benefits
Our approach
What’s material
ClimateNaturePeopleExamples of our work
Appendix

Examples of our work
Minam River Wildlife Area
In the 37-year history of our sensitive lands program, we’ve helped to conserve over 490 thousand acres of land
best suited to conservation.
We think of sensitive lands as areas that have critical habitat for threatened or endangered species, or highscenic, cultural, historical, or recreational values. We actively seek out and work closely with public agencies andenvironmental groups to protect these lands.
An example of this work is in the Minam River Valley in Oregon where in 2021 we sold 4,600 acres into publicconservation ownership. In late 2023, we completed the second and final Minam Forest sale (Minam II) throughselling a further 10,900 acres. This sale was possible through sustained relationship building and partnershipwith the Rocky Mountain Elk Foundation and the Oregon Department of Fish and Wildlife.
These land sales became the Minam River Wildlife Area with boundaries that include a wild and scenic
designation river, another beautiful but non-designated river, and a public wilderness area with snow-cappedpeaks as the backdrop. It’s one of the most unique blocks of timberland we’ve managed and was very worthy ofpermanent conservation; we’re proud to have moved it into public ownership.

Natural capital 2023

25

Who we are
Our natural capitalbusiness
Our governance ofsustainability
Our operations
at a glance
What we produce
Timberland benefits
Agriculture benefits
Our approach
What’s material
ClimateNaturePeopleExamples of our work
Appendix

Sustainable orchard replanting
systems for fruit and nut crops
We’re testing different systems of regenerative practices on our
Washington apple orchards. Due to changing market preferences, apple
orchards are regularly replaced with new varieties that have higher market
demand. We’re interested in understanding how to support the best
replanting systems for apple crops and are testing five variations of soil
treatments. These include (1) biochar and manure applied directly to thesoil without wood chips; the orchard chipped and incorporated along with(2) manure, (3) sludge, (4) biochar generated from orchard and forestry
waste along with manure, and (5) biochar with sludge. In all cases,
the biochar is being generated using orchard and forestry waste from
Manulife farms and forests that is then reapplied to our farms creating aclosed loop. We’re working closely with Washington State University on
the trial and have received a grant to cover a portion of the costs. We’relooking forward to the results of the trial and the wider implications fororchard recycling practices in tree fruit crops.

Natural capital 2023

26

Who we are
Our natural capitalbusiness
Our governance ofsustainability
Our operations
at a glance
What we produce
Timberland benefits
Agriculture benefits
Our approach
What’s material
ClimateNaturePeopleExamples of our work
Appendix

Historic site management in Alabama
The Manulife Forest Management Central Alabama team has created a valuable relationship with theMuscogee Nation, descendants of sacred lands in Clay County, where some of our forests now stand.
Clay County, Alabama, is in the foothills of the Appalachian Mountains and was home to the Muscogee
Nation before it was forced to cede the area and moved west of the Mississippi River along the Trail ofTears. At that time, vast areas of land were cleared for farming, resulting in the destruction of Native
American village sites. However, the remote location and rugged terrain of portions of Clay County andTalladega National Forest have served to protect some special sites. “Where others may see thesesites as liabilities, we see them as an opportunity to enhance the qualities that make them special,”
said Central Alabama’s region manager.
In 2023, the Central Alabama team hosted a field tour for members of the Muscogee Nation
leadership, where they visited stone mound complexes within our managed forests in Clay County.
The visit focused on discussing:• Ways to improve the protection and preservation of two known mound complexes• The history of Wako Kayi village that was documented on this site in the 1700s/early 1800s• Significant cultural plant species found on this site
The visit concluded with a joint collection of the unique and culturally significant Hillabee Greenstonealong the streambeds on the property. We appreciate our relationship with the Muscogee Nation
leadership, which continues to grow.

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Who we are
Our natural capitalbusiness
Our governance ofsustainability
Our operations
at a glance
What we produce
Timberland benefits
Agriculture benefits
Our approach
What’s material
ClimateNaturePeopleExamples of our work

Continuous improvement with Therizo Farms
We’re proud to partner with top-notch tenants. Therizo Farms is a forward-thinking tenant on one of
our Nebraska farms who is using cover cropping, strip tillage, and precision water management toproduce high-quality crops. All told, the tenant is using seven regenerative practices. These are someof the most important:
The farm currently operates on a corn and soybean rotation, but in 2023/2024 will incorporate
additional crops, including winter wheat, sorghum, and barley; dry peas and lentils, both of which fix
nitrogen, are also being considered.
The property is located next to a pig farm with excess swine effluent that our tenant uses as fertilizer.
The tenant is testing new technologies, including sentinel fertigation, which uses red-edge imagery
to identify nitrogen deficiencies in the crops, and seed priming technologies, which use plantelectrophysiology to increase yields without additional inputs.
Trialing and testing one thing at a time, and taking meticulous notes on inputs, outputs, and soil
health, our tenant can assess what works well and build on that each year.

Appendix

Natural capital 2023

28

Who we are
Our natural capitalbusiness
Our governance ofsustainability

Chain of Ponds aquatic habitat enhancement

Our operations
at a glance

Hancock Victorian Plantations’ (HVP’s) Stockdale plantation in Gippsland, Victoria, is home to a large proportion of the area’s
unique Chain of Ponds ecosystem. Characterizing this ecosystem is a series of interconnected deep pools in the Perry River
catchment, which join together into a continuous river following high rainfall events. Although this type of ecosystem was once
common in southeastern Australia, no fully intact chain of ponds systems now exist. The Perry River system has several intact orrecovering sections, making it of high conservation value, which HVP aims to protect and enhance.

What we produce
Timberland benefits
Agriculture benefits
Our approach
What’s material
ClimateNaturePeopleExamples of our work
Appendix

HVP has been participating in the Protecting Our Ponds project since 2017 in partnership with West Gippsland Catchment
Management Authority and Trust for Nature. The project’s goal is to maintain and enhance ecosystem health, primarily throughrestoration of riparian vegetation. It’s funded through the Victorian Government’s Our Catchments, Our Communities program,and is supplemented by funding contributions from HVP.
In the last six years, the project has identified and worked on improving priority erosion sites, set up conservation covenants
at key native vegetation sites, and removal of wild pine from native vegetation. Guided by the HVP Stockdale Estate 20 Year
Conservation Strategy, whenever plantation is harvested alongside a Chain of Ponds waterway, 20-meter buffers are replantedwith native vegetation.
In 2023, HVP planted six new sites in the Stockdale estate with native riparian vegetation. Additionally, a selection of sites
from previous years were revisited and recovered after damage from flooding and browsing. This totaled nearly 30 hectares ofriparian revegetation, two-thirds of which involved the establishment of new sites. To improve revegetation outcomes, weeds
were controlled at each site, and several new methods for browsing deterrence were trialed. Further works are currently being
undertaken to enhance the quality of native vegetation adjacent to the planting sites.

Natural capital 2023

29

Who we are
Our natural capitalbusiness
Our governance ofsustainability
Our operations
at a glance
What we produce
Timberland benefits
Agriculture benefits
Our approach
What’s material
ClimateNaturePeopleExamples of our work
AppendixFresno Irrigation District
One example of our proactive leadership in the local agricultural community is the 8-acre recharge basin on the Shields
Ranch section of the Fresno Frankwood property. Working in cooperation with Fresno Irrigation District (FID), our local
integrated property management expertise allowed us to develop a water recharge project on a client farmland property.
This project improves the health of the local aquifer and reduces flood risk to our neighbors, benefiting all lands within FID.
Groundwater recharge occurs when surface water is flooded over a specific area of land and percolates into theground to replenish underground aquifers. Recharge at the farm level is considered a crucial aspect of the California
Sustainable Groundwater Management Act implementation and overdraft mitigation.
On completing the acquisition of the property, our farm management team determined that surface water accessand open land provided a beneficial opportunity to collaborate with the local district to develop a recharge basin.
Implementation of the recharge basin will provide more surface water capacity during the irrigation season so theproperty can be less dependent on groundwater wells but, additionally, in years of excess water, the property will
receive excess water from the local water district that will reduce the risk of flooding in other areas of the water district.
To date, our farm management team has completed construction of an 8-acre recharge basin on the property and iscurrently waiting for approval from Pacific Gas and Electric Company for a permit to install a lift pump for the rechargebasin. Once approved and installed, the recharge basin will be able to recharge 11 acre-feet per day. This is equivalent
to approximately 3.6 million gallons of water per day.

Natural capital 2023

30

Who we are
Our natural capitalbusiness
Our governance ofsustainability
Our operations
at a glance
What we produce
Timberland benefits
Agriculture benefits
Our approach
What’s material
ClimateNaturePeopleExamples of our work
AppendixCommunity education initiatives in Brazil
We manage over 79,000 hectares (195,000 acres) of timberland on behalf of our investors in
the Mato Grosso do Sul state of Brazil. Being an active part of the local community is important
wherever we operate, and Brazil is no different. With over 60 neighboring properties, engaging with
our neighbors and stakeholders is essential to our business. To achieve this, all staff and contractors
are actively involved in several social campaigns; examples include Fogo Zero (zero fire) and
Empoderamento Feminino (female empowerment).
Some campaigns are collaborations with our neighbors; others we spearhead. We participate in Fogo
Zero in partnership with Reflore (Mato Grosso do Sul Timber Companies Association) to mitigate highfire risk in the region due to high temperature, low humidity, and the culture of clearing land with fire.
Female empowerment is a campaign that is unique to us. It concentrates on putting empowerment
into practice in everyday life, helping women to understanding their importance in society andencouraging and supporting women in their ambitions.
Other social initiatives include Blue November for men’s healthcare, Yellow September for suicide
prevention, and Pink October for breast cancer awareness. Every month a bull monument in frontof our office receives a special decoration according to the monthly campaign. We appreciate theopportunity to actively grow knowledge and awareness within our business and the wider community
through programs such as these.

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Who we are
Our natural capitalbusiness
Our governance ofsustainability
Our operations
at a glance
What we produce
Timberland benefits
Agriculture benefits
Our approach
What’s material
ClimateDecarbonization working groups
In 2023, both our timberland and agriculture businesses convened global decarbonization
working groups to develop pathways to reduce GHG emissions and increase CO2 removal in amanner consistent with global and corporate decarbonization goals as articulated in the Paris
Agreement and Manulife’s journey to net zero, respectively. More specifically, this will entail
contributing to Manulife’s climate target to reduce scope 1 and 2 emissions by 40% by 2035
relative to a 2019 baseline.
Both groups gathered information on potential opportunities, completed high-levelassessments, and prioritized opportunities for further exploration. They identified focus areasfor 2024 where we’ll progress detailed research, develop project plans, and consider piloting
or scaling the most promising decarbonization pathways.

NaturePotential near-term decarbonization opportunities

People• Forest rotation length• Trucking/machinery telematics• Precision fertilizer• Solar photovoltaic• Biochar

Examples of our work
Appendix

Natural capital 2023

32

Who we are
Our natural capitalbusiness
Our governance ofsustainability
Our operations
at a glance
What we produce
Timberland benefits
Agriculture benefits
Our approach
What’s material
ClimateNaturePeopleExamples of our work
Appendix

AppendixWho we are
Our natural capitalbusiness

Our statements, disclosures, and certifications

Our governance ofsustainability
Our operations
at a glance
What we produce
Timberland benefits

Sustainability reports
and disclosures

Agriculture benefits• Timberland and agriculture
climate disclosure

Our approach• Timberland and agriculture
nature disclosure

What’s material• Manulife Investment
Management stewardship report

ClimateNaturePeopleExamples of our work
Appendix

Statements and policies• Timberland and agriculture
sustainable investing framework• Timberland and agriculturemateriality assessment• Timberland and agriculture policy
on deforestation• Manulife Investment Management
climate statement• Manulife Investment Management
nature statement• Manulife Investment Management
water statement• Manulife global human rights
statement

Third-party certificationand verifications• Leading Harvest audit· Direct operated· Tenant operated· Australia• Forest certification· Australia HQP· Australia HVP· Brazil· Chile· New Zealand· United States—Western division· United States—Southern division• GHG inventory verification· Timberland· Agriculture

Natural capital 2023

34

Who we are
Our natural capitalbusiness

Climate metrics
Timberland

Our governance ofsustainability

MetricOur operations
at a glance
What we produce
Timberland benefits
Agriculture benefits
Our approach
What’s material
ClimateNaturePeopleExamples of our work
Appendix

Source: Manulife Investment Management, 2023.

2023

2022

2021

611,123,524

638,506,302

615,204,003

Scope 1 GHG emissions (tCO2e)20

17,966

11,74427,717of which: fertilizer (N2O) emissions (tCO2e)

14,578

8,642

24,838of which: fuel combustion emissions

3,388

3,102

2,879

Scope 2 GHG emissions (tCO2e)20

0

0

0

Scope 3 GHG emissions (tCO2e)20

413,249

482,445

195,330

1,936,166-1,339,974

3,179,520

46,86237,48952,318Carbon stored in harvested wood products (tCO2e)22

2,426,167

2,557,633

2,943,228

Net sequestration (tCO2; +ve = sequestration; -ve = emissions)23

3,884,256

686,164

5,851,021

5-year average sequestration (tCO2; +ve = sequestration; -ve = emissions)24

1,492,609

1,791,934

2,747,283

Percent net productive area25

82.1%

82.3%

82.9%

Percent of net productive area harvested

2.8%

2.8%

2.9%

Percent of net productive area planted26

2.5%

2.7%

2.6%

Percent of harvest to solid wood

59.1%

63.4%

59.2%

Percent of harvest to fiber

40.7%

35.6%

40.7%

Percent of harvest to biomass

0.2%

1.1%

0%

1,354,509,684

1,304,430,265

1,253,935,422

Total standing forest carbon stock (tCO2e)

Biogenic stock change (tCO2; +ve = sequestration; -ve = emissions)21
Managed fire emissions (tCO2e)38-year history number of trees planted

20 Scope 1: According to the GHG Protocol, scope 1 emissions
are all direct GHG emissions, which are “emissions from sourcesthat are owned or controlled by the reporting entity.” Scope 2:
According to the GHG Protocol, scope 2 emissions are “indirect
GHG emissions from consumption of purchased electricity, heator steam.” Scope 3: According to the GHG Protocol, scope 3
emissions are “other indirect emissions, such as the extraction
and production of purchased materials and fuels, transportrelated activities in vehicles not owned or controlled by thereporting entity, electricity-related activities (e.g. T&D losses)
not covered in Scope 2, outsourced activities, waste disposal,etc.” Fluctuations in scope 1 and 3 emissions from year to year
are related primarily to increases or decreases in harvestingand silvicultural operations, which are themselves related to
dynamic timber markets. Large increase in scope 3 emissions
from 2021 to 2022 is due to inclusion of emissions associatedwith shipping logs from our Australasian operations, which had
not previously been accounted for. 21 Net change in total forest
carbon stocks over calendar year 2023. Positive values indicate
more forest grew than was harvested (net sequestration);negative values indicate more forest was harvested than grew(net emission). 22 Quantity of carbon assumed to be stored inharvested wood products (from trees harvested over calendar
year 2023) after 100 years. Represents long-term storage
and calculated using market-specific (geography/species)
conversion factors. It is a fraction of biogenic stock change, as
only some of the carbon transferred from forest carbon pool
to wood products pool goes into long-lived wood products.
23 Biogenic stock change, plus carbon stored in harvested
wood products, minus scope 1, 2, and 3 emissions. 24 The
average net sequestration per year over the last five years.
25 Fractional area of timberland under management that is
managed for commercial production of wood products. Area
not managed for commercial production of wood products
may include areas with high conservation value, old growthforest, buffer zones, conservation easements, threatened
and endangered species habitat, or areas with historical orcultural significance. 26 Fractional area of timberland undermanagement that is managed for commercial production ofwood products. Area not managed for commercial productionof wood products may include areas with high conservation
value, old growth forest, buffer zones, conservation easements,
threatened and endangered species habitat, or areas withhistorical or cultural significance.

Natural capital 2023

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Who we are
Our natural capitalbusiness

Climate metrics
Agriculture

Our governance ofsustainability

MetricOur operations
at a glance
What we produce
Timberland benefits
Agriculture benefits
Our approach
What’s material
ClimateNature

2023

2022

2021

259

263

269

Scope 1 GHG emissions (tCO2e)27

40,58833,13147,072of which: fertilizer, urea, and lime emissions (tCO2e)18,285

15,421

20,073of which: fuel combustion emissions (tCO2e)22,303

17,71026,999

Scope 2 GHG emissions (tCO2e)27

20,70318,935

17,922

Scope 3 GHG emissions (tCO2e)27

107,432

193,092

195,684

Biogenic removals (tCO2e)28

310,215

329,853

293,046

Net sequestration (tCO2; +ve = sequestration; -ve = emissions)

141,491

84,69532,368

Number of crop types grown

26

24

25

Percent net productive area

84%

87%

88%

Properties managed

PeopleExamples of our work
Appendix

Source: Manulife Investment Management, 2023.
27 Scope 1: According to the GHG Protocol, scope 1 emissions are all direct GHG emissions, which are “emissions from sources that are owned or controlled by
the reporting entity.” Scope 2: According to the GHG Protocol, scope 2 emissions are “indirect GHG emissions from consumption of purchased electricity, heat or
steam.” Scope 3: According to the GHG Protocol, scope 3 emissions are “other indirect emissions, such as the extraction and production of purchased materials andfuels, transport-related activities in vehicles not owned or controlled by the reporting entity, electricity-related activities (e.g. T&D losses) not covered in Scope 2,
outsourced activities, waste disposal, etc. Fluctuations in scope 1 and 3 emissions from year to year are related to several factors including global commodity prices,
weather patterns, and irrigation requirements, among others. Large reduction in scope 3 emissions from 2022 to 2023 is due primarily to data quality improvements.
28 Estimated soil carbon sequestration over the reporting period (calendar year 2023), using publicly available crop-specific soil carbon sequestration rates.

Natural capital 2023

36

Who we are
Our natural capitalbusiness

Nature metrics
Timberland

Our governance ofsustainability

Metric

2023

2022

2021

Our operations
at a glance

Number of tree species grown (plantation I total)29

15 | 63

15 | 63

15 | 63

Forest third-party certified as sustainably managed30

100%

100%

100%

Forests with forest management plan

100%

100%

100%

Forests with biodiversity assessment

100%

100%

100%

Forests with conservation designation31

23.0%

20.9%

20.0%

38-year history sensitive lands program acres conserved32

492K

479K

479K

Number of stream miles protected by BMPs

17.0K

19.2K

20.5K

What we produce
Timberland benefits
Agriculture benefits
Our approach
What’s material
ClimateNaturePeopleExamples of our work
Appendix

Source: Manulife Investment Management, 2023. BMP refers to best management practice.
29 Total includes 48 naturally regenerating species. 30 As of year-end 2023, 100% of our forests were certified under either the SFI or FSC, and our forests in Australia
and New Zealand carry dual FSC and PEFC accreditation. As a condition of certification, forests must have management plans, including consideration of biodiversity.
31 Forests with conservation designation include land bearing one or more of the following designations: old growth forest, forest ecosystem of high conservation value,high-conservation value forest, conservation easements, areas with restricted management due to presence of threatened and endangered species, areas of culture or
historical significance, and buffer areas such as stream management zones and riparian management zones. Year-on-year change may be affected by asset acquisitions
and/or dispositions in addition to new conservation designations on the existing land base. 32 Sensitive lands are defined as lands whose attributes may lend themselves
to management for purposes not related to timber production. They typically are deemed critical habitat for sensitive or endangered species or are lands with high scenic,
historical, cultural, or recreational values. We actively seek out and work closely with public agencies and environmental groups to consummate conservation transactions
and initiatives that will protect these lands. Land preservation transactions are conducted on behalf of clients in accordance with the terms of the investment mandate, andin seeking to generate overall risk-adjusted returns on their assets. Protection may include moving the land into public or conservation group ownership or placing permanent
restrictions on how it can be managed, such as through a conservation easement.

Natural capital 2023

37

Who we are
Our natural capitalbusiness

Nature metrics
Agriculture

Our governance ofsustainability

Metric

2023

2022

2021

Our operations
at a glance

Farms third-party certified as sustainably managed33

94%

91%

78%

Farms with farm management plan

100%

100%

100%

Farms with regenerative agriculture practices34

100%

98%

55%

Farms with biodiversity assessment

100%

100%

100%

Number of acres of pollinator habitat

295

295

295

Number of stream miles protected by BMPs35

0.9K

0.8K

0.6K

Area using integrated pest management

100%

100%

100%

Investments accounting for water risk and opportunity

100%

100%

100%

26

24

25

What we produce
Timberland benefits
Agriculture benefits
Our approach
What’s material
ClimateNumber of crop types grown

NaturePeopleExamples of our work
Appendix

Source: Manulife Investment Management, 2023. BMP refers to best management practice.
33 100% of U.S. and Australian farms are third-party certified sustainable. Certification as of June 2023, by Leading Harvest and is based on an annual assessment of theconformation to the Farmland Management Standard. Most current data shown. Please see leadingharvest.org. 34 Includes farms employing one or more of the following
practices: conservation tillage or no till; cover vegetation/crop; crop residues; crop rotation; intercropping; nonproductive vegetation; rotational grazing; and soil amendment.
35 Includes North America and Australia only.

Natural capital 2023

38

Who we are
Our natural capitalbusiness

People metrics
Timberland

Our governance ofsustainability

MetricOur operations
at a glance
What we produce
Timberland benefits
Agriculture benefits
Our approach
What’s material
ClimateNaturePeopleExamples of our work

2023

2022

2021

Number of employees (timberland)36

706

699

721

Number of employees (total)37

956

947

972

Number of contractors (estimated)38

4,123

4,283

4,542

Percent women

30%

29%

31%

Percent racially and ethnically diverse individuals39

19%

14%

6%

Percent of leadership women39

15%

15%

18%

Percent of leadership racially and ethnically diverse40

8%

11%

14%

Number of new hires41

64

57

50

Percent attrition42

14%

18%

12%

Lost time injury frequency rate43

5.2

4.4

2.9

Percent employees responding to engagement survey44

87%

89%

96%

Percentile employee engagement survey score44

70th

60th

57th

5,034,160

4,963,322

5,365,021

Lands with public access (acres)45

Appendix
Source: Manulife Investment Management, 2023.
36 Includes 91 (2023), 119 (2022), and 93 (2021) employees with timberland and agriculture responsibility. Employees of HVP and HQP are included. 37 Includes
250 (2023), 248 (2022), and 251 (2021) agriculture-only employees. Employees of HVP and HQP are included. 38 Timberland contractors only; full-timeequivalent,
not individuals. 39 Includes North America staff as voluntarily reported in Workday only. 40 Leadership includes all timberland and agriculture staff at the level of director
or higher (including AVP, VP). 41 Includes 11 (2023) employees with timberland and agriculture responsibility. 42 Combined result for timberland and agriculture.
43 Incidents per 1 million hours; timberland only. 44 Combined result for timberland and agriculture in 2023 Gallup employee engagement survey. 45 Access of any
type, including by permit, exclusive recreation lease, or unrestricted open public access.

Natural capital 2023

39

Who we are
Our natural capitalbusiness

People metrics
Agriculture

Our governance ofsustainability

MetricOur operations
at a glance
What we produce
Timberland benefits
Agriculture benefits
Our approach
What’s material
ClimateNaturePeopleExamples of our work

2023

2022

2021

Number of employees (agriculture)46

341

367

344

Number of employees (total)47

956

947

972

Number of contractors (estimated)48

1,666

1,870

1,389

Percent women

24%

29%

20%

Percent racially and ethnically diverse individuals39

19%

14%

28%

Percent of leadership women40

15%

15%

18%

Percent of leadership racially and ethnically diverse40

8%

11%

14%

Number of new hires41

58

54

52

Percent attrition42

14%

18%

12%

Lost time injury frequency rate49

7.3

5.2

20.8

Percent employees responding to engagement survey44

87%

89%

96%

Percentile employee engagement survey score44

70th

60th

57th

90,44181,456

70,837Lands with public access (acres)50

Appendix

Source: Manulife Investment Management, 2023.
46 Includes 91 (2023), 119 (2022), and 93 (2021) employees with agriculture and timberland responsibility. 47 Includes 615 (2023), 580 (2022), and 628 (2021)
timberland-only employees. 48 Agriculture contractors only; full-time equivalent, not individuals. 49 Incidents per 1 million hours; 2021 and 2022 are agriculture only.
50 Refers to public access available for recreation by permit or lease.

Natural capital 2023

40

Who we are
Our natural capitalbusiness
Our governance ofsustainability
Our operations
at a glance

Manulife’s 1t.org commitment
Our medium-term climate goals, documented in Manulife’s 1t.org commitment, are designed to help us take the next steps toward reaching our climate ambitions.
Medium-term objectives (2023–2027)

Supporting actions

Nature-based solutions

Building on Manulife’s existing $100 million commitment, we’ll continue to grow our clients’ investments innature-based climate solutions over the next four years.

Meeting investor's climate-related goals

Grow the scale of the Manulife Investment Management client’s carbon-focused forestry investments we manage,
offering innovative products that meet investors’ climate-related goals.

Carbon sequestration

Increase our sequestration of CO2 in the forests we manage in accordance with Manulife Investment Management’s
carbon principles and leading sustainability certification standards, including the SFI, FSC, and PEFC.

Partnerships and scale• Create additional financial opportunities and incentives for conservation, restoration, and afforestation or
reforestation (e.g., blended financing vehicles)

What we produce
Timberland benefits
Agriculture benefits
Our approach
What’s material
Climate• Support scaling the market for sustainable timber in building construction

Nature• Further the development of high-quality forest-based carbon credit standards

People• Accelerate the development of sustainable investment strategies for companies interested in natural climate
solutions to support their climate goals

Examples of our work

• Partner to pilot new programs and technologies to promote nature-based climate solutions

Appendix

The logos referenced here are registered trademarks of the respective organization represented.

Natural capital 2023

41

Who we are
Our natural capitalbusiness

Crosswalks: global reporting frameworks and certification
Crosswalk: climate (TCFD/ISSB)Our governance ofsustainability

We published our first climate disclosure in 2020 and have included updated climate reporting within subsequent sustainable investing reports. The table below serves to update
our climate reporting by mapping how this report aligns with the TCFD/ISSB framework.

Our operations
at a glance

Recommended disclosures

Response

Governance—Understand the governance processes, controls, andprocedures used to monitor, manage, and oversee climate-related risks andopportunities.

Refer to:Also refer to:

Who we are—our governance of sustainability

Timberland and agriculture sustainable investing
framework

Strategy—Understand a company’s strategy for managing climate-relatedrisks and opportunities.

Refer to:Risk management—Understand the processes to identify, assess,prioritize, and monitor climate-related risks and opportunities, including
whether and how those processes are integrated into and inform thecompany’s overall risk management process.

Refer to:Also refer to:

Our approach—what’s material?

Our materiality assessment

Metrics and targets—Understand a company’s performance in relation
to its climate-related risks and opportunities, including progress toward any
climate-related targets it has set and any targets it’s required to meet by law
or regulation.

Refer to:

What we produce
Timberland benefits

Our approach—climate

Agriculture benefits
Our approach

Our approach—climate

What’s material
ClimateNatureOur approach—climate

PeopleExamples of our work
Appendix

Appendix—climate metrics

TCFD refers to Task Force on Climate related Financial Disclosures ISSB refers to International Sustainability Standards Board.

Natural capital 2023

42

Who we are

Crosswalk: nature (TNFD)

Our natural capitalbusiness

We published our first nature disclosure, aligned with the recommendations of the TNFD, in December 2023. The information in the table below is supplemental to that disclosure,with some data updates, and shows how the TNFD framework is integrated in this report.

Our governance ofsustainability

Recommended disclosures

Response

Our operations
at a glance

Governance—Disclose the organization’s governance of nature-related
dependencies, impacts, risks, and opportunities.

Refer to:Also refer to:

Who we are—our governance of sustainability

Timberland and agriculture sustainable investing
framework

Our approach—climate

What we produce

Our approach—nature
Our approach—people

Timberland benefits
Agriculture benefits
Our approach

Strategy—Disclose the effects of nature-related dependencies, impacts,
risks, and opportunities on the organization’s business model, strategy, andfinancial planning where such information is material.

Refer to:Risk management—Describe the process used by the organization
to identify, assess, prioritize, and monitor nature-related dependencies,
impacts, risk, and opportunities.

Refer to:Also refer to:

Our approach—what’s material?

Our materiality assessment

Our approach—nature

What’s material
ClimateNatureOur approach—climate
Our approach—nature

PeopleOur approach—people

Examples of our work
Appendix

TNFD refers to Taskforce on Nature-related Financial Disclosures.

Natural capital 2023

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Who we are
Our natural capitalbusiness
Our governance ofsustainability

General requirements

Response

The application of materiality

Refer to:Also refer to:

Our approach—what’s material?

Our materiality assessment

Refer to:The scope of the disclosure includes our timberland
and agriculture businesses and the activities withinthose businesses that are within our direct operational
control.

The scope of disclosures

Who we are—our natural capital business

Our operations
at a glance
What we produce

The location of nature-related issues

Who we are—our natural capital business

Timberland benefits
Agriculture benefits
Our approach

Integration with other sustainability-related disclosures

This report serves to integrate our nature, climate, andsustainability reporting.

The time horizons considered

Refer to:Our approach

What’s material
ClimateNature

The engagement of indigenous peoples, local communities, andaffected stakeholders in the identification and assessment of theorganization’s nature-related issues

Appendix

Refer to:Our approach—people
Our approach—climate
Our approach—nature

PeopleExamples of our work

Refer to:Disclosure metrics

Response

Core global metrics

Refer to:Appendix—climate metrics

Additional disclosure and assessment metrics

Appendix—nature metrics
Appendix—people metrics

Natural capital 2023

44

Who we are

Crosswalk: farmland certification, EU SFDR PAIs, and SDGs

Our natural capitalbusiness

The table below illustrates alignment of our agriculture sustainability priorities (MIM themes) with ESG themes as well as principlesof the Leading Harvest Farmland Management Standard, relevant principal adverse impact indicators (PAIs) of the European Union
Sustainable Finance Disclosure Regulation (EU SFDR), and the United Nations Sustainable Development Goals (UN SDGs).

Our governance ofsustainability
Our operations
at a glance
What we produce

LH certification
principles

Timberland benefits

ClimateNaturePeoplePeopleEnvironment

Environment

SocialGovernance

LH 2—Soil health andconservation

LH 3—Protection of water resources

LH 8—Protection of special sites

LH 11—Legal and regulatorycompliance

LH 5—Energy use, air quality,
and climate change

LH 4—Protection of crops

LH 9—Local communities

LH 12—Management review andcontinual improvement

LH 6—Waste and material management

LH 10—Employees and farm labor

LH 13—Tenant-operated operations

3.2—Rate of accidents

1.16—Investee countries subject
to social violations

Agriculture benefits
Our approach
What’s material
Climate

LH 7—Conservation of biodiversity
Applicable SFDR PAIs
(Table number.PAI)

1.1—Greenhouse gas(GHG) emissions

1.7—Activities negatively affecting
biodiversity-sensitive areas

Nature2.8—Exposure to areas of highwater stress

People2.15—Deforestation

Examples of our work

■ MIM themes ■ ESG themes

UN SDGs

SDG 13—Climate action

2.11—Investments in companies
without sustainable land practices

SDG 6—Clean water and sanitation

SDG 2—Zero hunger

SDG 15—Life on land

SDG 11—Sustainable cities
and communities

Appendix

SDG 16—Peace, justice and strong
institutions

SDG 12—Responsible
consumption and production
Manulife Investment Management (MIM). LH principles, SFDR PAIs, and UN SDGs. SFI objectives sit one level below principles and address more specific topics such as climate smart forestry (objective 9), and fire resilience and awareness(objective 10).
Natural capital 2023

45

Who we are

Crosswalk: forest certification, EU SFDR PAIs, and SDGs

Our natural capitalbusiness

The table below illustrates alignment of our agriculture sustainability priorities (MIM themes) with ESG themes as well as certification principlesof the Sustainable Forestry Initiative (SFI) and Forest Stewardship Council (FSC), relevant principal adverse impact indicators (PAIs) of theEuropean Union Sustainable Finance Disclosure Regulation (EU SFDR), and the United Nations Sustainable Development Goals (UN SDGs).

Our governance ofsustainability
Our operations
at a glance
What we produce

SFI certification
principles

ClimateNaturePeoplePeopleEnvironment

Environment

SocialGovernanceSFI 1—Sustainable forestry

SFI 2—Forest productivity and health

SFI 5—Aesthetics and recreation

SFI 7—Legal compliance

SFI 3—Protection of water resources

SFI 8—Research

SFI 11—Transparency

SFI 4—Protection of biological diversity

SFI 9—Training and education

SFI 12—Continual improvement

SFI 6—Protection of special sites

SFI 10—Community involvement
and social responsibility, and respect
for indigenous rights

SFI 13—Responsible fiber sourcing

FSC 5—Benefits from the forest

FSC 2—Workers rights andemployment conditions

FSC 1—Compliance with laws

FSC 6—Environmental values and impacts

FSC 3—Indigenous peoples’ rights

FSC 8—Monitoring and assessment

FSC 9—High conservation values

FSC 4—Community relations

FSC 10—Implementation ofmanagement activities

Timberland benefits
Agriculture benefits
Our approach
What’s material

FSC certification
principles

ClimateNaturePeopleExamples of our work

■ MIM themes ■ ESG themes

FSC 7—Management planning
Applicable SFDR PAIs
(Table number.PAI)

1.1—Greenhouse gas(GHG) emissions

1.7—Activities negatively affecting
biodiversity-sensitive areas

3.2—Rate of accidents

2.8—Exposure to areas of highwater stress

Appendix

1.16—Investee countries subject
to social violations
2.11—Investments in companies
without sustainable land practices

2.15—Deforestation
UN SDGs

SDG 13—Climate action

SDG 6—Clean water and sanitation

SDG 11—Sustainable cities andcommunities

SDG 15—Life on land

SDG 12—Responsible consumption
and production

SDG 16—Peace, justice and strong
institutions

Manulife Investment Management (MIM), SFI principles, FSC principles, SFDR PAIs, and UN SDGs.
Natural capital 2023

46

Who we are
Our natural capitalbusiness
Our governance ofsustainability
Our operations
at a glance
What we produce
Timberland benefits
Agriculture benefits
Our approach
What’s material
ClimateNaturePeopleExamples of our work
Appendix

It should not be assumed that any ESG or sustainability initiatives, standards, or metrics described herein will apply to each asset in which Manulife Investment Management invests or that any ESG or sustainability initiatives, standards, or metrics
described have applied to any individual prior investment of Manulife Investment Management. There is no guarantee that any initiatives or anticipated developments described herein will ultimately be successful or achieve anticipated outcomes.
Environmental, social and governance (ESG) factors are only some of many considerations that Manulife Investment Management takes into account when making investment decisions, and other considerations can be expected in certain
circumstances to outweigh ESG considerations. Any ESG or sustainability initiatives described will be implemented with respect to a portfolio investment solely to the extent Manulife Investment Management determines such initiative is consistent
with its broader investment goals. Individual portfolio management teams may hold different views and make different investment decisions for different clients, and views may change over time. Investors should always read the current investment
services information or fund offering documents before deciding to select an investment manager or to invest in a fund.
The case study/ies shown here are for illustrative purposes only, do not represent all of the investments made, sold, or recommended for client accounts, and should not be considered an indication of the ESG integration, performance, orcharacteristics of any current or future Manulife Investment Management product or investment strategy.
Manulife Investment Management conducts many ESG engagements each year but does not engage on all issues or with all issuers in our portfolios. We also frequently conduct collaborative engagements in which we do not set the termsof engagement but lend our support in order to achieve a desired outcome. Where we own and operate physical assets, we seek to weave sustainability into our operational strategies and execution. The case studies shown are illustrative ofdifferent types of engagements across our in-house investment teams, asset classes and geographies in which we operate. While we conduct outcome-based engagements to enhance long term-financial value for our clients, we recognizethat our engagements may not necessarily result in outcomes which are significant or quantifiable. In addition, we acknowledge that any observed outcomes may be attributable to factors and influences independent of our engagement
activities. The case studies shown are a sampling across issues and geographies. Our approach to ESG investing and incorporation of ESG principles into the investment process differs by investment strategy and investment team. It should
not be assumed that an investment in the company discussed herein was or will be profitable. Actual investments will vary and there is no guarantee that a particular fund or client account will hold the investments or reflect the characteristics
identified herein. Please see our ESG policies for details.
We consider that the integration of sustainability risks in the decision-making process is an important element in determining long-term performance outcomes and is an effective risk mitigation technique. Our approach to sustainability
provides a flexible framework that supports implementation across different asset classes and investment teams. While we believe that sustainable investing will lead to better long-term investment outcomes, there is no guarantee thatsustainable investing will ensure better returns in the longer term. In particular, by limiting the range of investable assets through the exclusionary framework, positive screening and thematic investment, we may forego the opportunity toinvest in an investment which we otherwise believe likely to outperform over time.
Investing involves risks, including the potential loss of principal. Financial markets are volatile and can fluctuate significantly in response to company, industry, political, regulatory, market, or economic developments. These risks are
magnified for investments made in emerging markets. Currency risk is the risk that fluctuations in exchange rates may adversely affect the value of a portfolio’s investments.
The information provided does not take into account the suitability, investment objectives, financial situation, or particular needs of any specific person. You should consider the suitability of any type of investment for your circumstances and,if necessary, seek professional advice.
This material is intended for the exclusive use of recipients in jurisdictions who are allowed to receive the material under their applicable law. The opinions expressed are those of the author(s) and are subject to change without notice. Ourinvestment teams may hold different views and make different investment decisions. These opinions may not necessarily reflect the views of Manulife Investment Management or its affiliates. The information and/or analysis contained in thismaterial has been compiled or arrived at from sources believed to be reliable, but Manulife Investment Management does not make any representation as to their accuracy, correctness, usefulness, or completeness and does not accept
liability for any loss arising from the use of the information and/or analysis contained. The information in this material may contain projections or other forward-looking statements regarding future events, targets, management discipline, orother expectations, and is only current as of the date indicated. The information in this document, including statements concerning financial market trends, are based on current market conditions, which will fluctuate and may be supersededby subsequent market events or for other reasons. Manulife Investment Management disclaims any responsibility to update such information.

Who we are
Our natural capitalbusiness
Our governance ofsustainability
Our operations
at a glance
What we produce
Timberland benefits
Agriculture benefits
Our approach
What’s material
ClimateNaturePeopleExamples of our work
Appendix

About Manulife Investment Management
Manulife Investment Management is the brand for the global wealth and asset management segment of Manulife Financial Corporation. Our mission is to make decisions easier and lives better by empowering investors for a better tomorrow.
Serving more than 17 million individuals, institutions, and retirement plan members, we believe our global reach, complementary businesses, and the strength of our parent company position us to help investors capitalize on today’s
emerging global trends. We provide our clients access to public and private investment solutions across equities, fixed income, multi-asset, alternative, and sustainability-linked strategies, such as natural capital, to help them make more
informed financial decisions and achieve their investment objectives. Not all offerings are available in all jurisdictions. For additional information, please visit manulifeim.com.
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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