Our commitment

Farms and forests

Definitions

Timberland and agriculture

Policy ondeforestation

Our commitment

Farms and forests

Definitions

We recognize that deforestation is
one of the greatest drivers of climatechange and nature loss globally.
As an investment manager of natural
capital assets, we have an important
opportunity to contribute to global efforts
to mitigate climate change, and to halt
and reverse nature loss. We’re committed
to playing our part in these global
efforts, and this policy details
our commitment.

2Our commitment

Farms and forests

Definitions

Farms and forests both play critical roles in society—not least the provision offood, fiber, and building materials. However, because both land uses have been
associated with deforestation at some times and in some places, we believe it’s
our responsibility to protect forests that are particularly valuable for environmental
or social reasons. These include, but aren’t limited to, high conservation value
forests, forests of exceptional conservation value, forests that are home tothreatened and endangered species, and forests that hold special cultural value.
We won’t engage inor encourage
deforestationof such forests, by which

we mean we won’t:

Clear or convert such forests
Allow such forests to be cleared or converted (insofar as it’s within ourreasonable ability to influence)
Benefit financially through the purchase or sale of land cleared of, orconverted from, such forests in the recent past (unless such benefit
is the result of our restoration of that land to its previous forest type)

We’ll adhere to appropriate deforestation cutoff dates defined by the most relevant biome or geography-specific deforestation protocols
in areas where we invest, and we won’t acquire land that was forested with natural forest vegetation and has subsequently been converted toa planted forest or non-forested land use, unless allowed within the parameters of a regulated no-net-negative impact (or equivalent) program.
We’ll ensure that investments made in countries or regions not explicitly listed below will be treated similarly, with appropriate cutoff dates
determined in the due diligence process.

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Our commitment

Farms and forests

Definitions

Country

Forest typeRegion/biome

Cutoff date

Criteria

BrazilNaturalAmazon
Atlantic forest
Caatinga
CerradoPantanal

July 2008
Dec 2006
Sept 2017
May 2009*Jan 2008

Soy Moratorium Protocol, Graos VerdeProtocol, Roundtable for Responsible Soy,other agreements and international protocols
that seek to curb deforestation in Brazil

Chile

NaturalAll

2003

Joint Solutions Project

Australia

NaturalAll

2012

Global Roundtable for Sustainable Beef1

New Zealand

NaturalAll

2012

Global Roundtable for Sustainable Beef2

Northern HemispherePrimaryAll

Dec 2003

Canadian Boreal Forest Conservation Framework2* May 2009 or later in accordance with criteria set forth by the Roundtable for Responsible Soy.

Where natural forest type or biome is ambiguous, we won’t engage in conversion of natural forests to non-forested land use unlessappropriate stakeholder outreach and consultation, combined with legal due diligence, deem it acceptable.
For planted forests and non-primary natural forests, including those located in the above countries or regions but planted or originated prior
to the cutoff dates specified, harvesting and clearing to higher-and-better land use (such as for renewable energy developments) may bepermitted, subject to compliance with voluntary third-party certification standards.
In cases of forest mortality due to natural disaster (such as wildfire, cyclone, or pest infestation), or of emergency forest operations inanticipation of or in response to such a disaster, salvage harvesting or clearing activities may be permitted provided that appropriate
environmental due diligence is conducted that documents any potential harm to biodiversity, and confirms that such harm is negligible.
We pledge to maintain and update our policy on deforestation as informed by international laws, best practices, and generally acceptedframeworks and/or protocols designed to curb deforestation.

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Our commitmentDefinitions

Farms and forests

All the following definitions are borrowed from the 2015 Forest Resources Assessment (FRA) preparedby the Food and Agricultural Organization of the United Nations,3 with the exception of the term NaturalForest, which isn’t defined in the 2015 FRA and is therefore borrowed from the 2000 FRA.4

Definitions

Deforestation
This means the conversion of forest to other land use or the permanent reduction of the tree canopy
cover below the minimum 10% threshold.
Explanatory notes
1 Deforestation implies the long-term or permanent loss of forest cover and implies transformation
into another land use.
2 It includes areas of forest converted to agriculture, pasture, water reservoirs, and urban areas.
The term specifically excludes areas where the trees have been removed as a result of harvestingor logging, and where the forest is expected to regenerate naturally or with the aid of silviculturalmeasures, unless logging is followed by the clearing of the remaining logged-over forest for theintroduction of alternative land uses. Deforestation also includes areas where, for example, theimpact of disturbance, overutilization, or changing environmental conditions affects the forest to
an extent that it cannot sustain a canopy cover above the 10% threshold.
ForestThis is defined by land spanning more than 0.5 hectares with trees higher than 5 meters and a canopy
cover of more than 10%, or trees able to reach these thresholds in situ. It doesn’t include land that is
predominantly under agricultural or urban land use.
Natural forest
A forest composed of indigenous trees and not classified as a planted forest.
Planted forest
A forest that is predominantly composed of trees established through planting and/or deliberate seeding.
Primary forest
This is a naturally regenerated forest of native species, where there are no clearly visible indicationsof human activities and the ecological processes aren’t significantly disturbed.
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Our commitment

Farms and forests

Definitions

1 2018 Sustainability Report, Global Roundtable for Sustainable Beef. https://grsbeef.org/resources/Documents/
WhoWeAre/GRSB_Sustainability_Report_2018.pdf (accessed 9/9/19) 2 Boreal Forest Conservation Framework, Boreal
Leadership Council, 2003. https://www.borealbirds.org/publications/boreal-forest-conservation-framework (accessed9/9/19) 3 Forest Resources Assessment working paper 180: terms and definitions, Food and Agricultural Organizationof the United Nations (FAO), 2015. http://www.fao.org/3/ap862e/ap862e00.pdf (accessed 9/9/19) 4 Forest
Resources Assessment working paper Appendix 2. Terms and definitions, FAO, 2000. https://www.fao.org/3/Y1997E/
y1997e1m.htm#bm58 (accessed 9/19/19).

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