Who we are
Our approach
ClimateNaturePeopleThe road ahead

Sustainable
investing
Timberland 2022

All information in this report is as of December 31, 2022,
unless otherwise indicated. Report published September 2023.

Who we are
Our approach
ClimateNaturePeopleThe road ahead

Who we are
About Manulife Investment Management
Manulife Investment Management is the brand for the global wealth and asset management segment of Manulife Financial
Corporation (Manulife). 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, complementarybusinesses, 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, andsustainability-linked strategies, such as natural capital, to help them make more informed financial decisions and achieve theirinvestment objectives. Not all offerings are available in all jurisdictions. For additional information, please visit manulifeim.com.

Our natural capital business
Founded in 1985 and with our headquarters in Boston, Manulife Investment Management’s timberland and agriculturebusinesses exist to create value through the sustainable management of natural resource investments. With over $15.2 billion
in assets under management, we’re the world’s largest natural capital investment manager,1 and we’re committed to investingsustainably across our global portfolio of timberland and agriculture assets.

Our timberland investments
As of year-end 2022, our $11.1 billion timberland investment portfolio spans 5.4 million acres in the United States, Canada,
Australia, New Zealand, Chile, and Brazil. One hundred percent of our portfolio is certified sustainable by independent third-party
forest certification standards.2 Sustainable forestry practices allow us to actively manage and protect our clients’ timberlands
in ways that maintain and enhance economic, social, and environmental values. We provide an extensive range of on-the-groundforest management services through our forestry personnel, who have expertise in sustainable forest management and areskilled in customizing management activities to reflect the investment objectives of each client and the unique characteristics ofeach property.
1 IPE research, as of February 5, 2023. Ranking is based on total natural capital assets under management (AUM), which includes forestry/timberland and agriculture/farmland
AUM. Firms were asked to provide AUM, and the as of dates vary from December 31, 2021, to December 31, 2022. Assets shown in U.S. dollars. 2 As of December 31, 2022
100% of our forests were certified under either Sustainable Forestry Initiative® (SFI®) (3.2 million acres in the United States and Canada) or Forest Stewardship Council® (FSC®)(2.2 million acres in Australia, New Zealand, Brazil, and Chile). Most current data shown. Some properties carry dual certification.

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Who we are
Our approach
ClimateNaturePeopleThe road ahead

A message from Tom Sarno
To me and for our timberland business, these are the key themes of 2022: Woodis good. Carbon is complex. Sustainability will withstand scrutiny. And it’s time todeliver on decarbonization.
Wood is good. We often say that sustainability in real assets isn’t just about how you
manage investments, but about what those investments produce. While I’m tremendously
excited about the capital markets’ new appreciation of forests as natural capital
investments, we always do well to remember that wood—a low-carbon, renewable, andrecyclable building material that locks carbon out of the atmosphere—is good. Especiallyas we remain significantly underbuilt in housing across the United States and many otherOECD economies, and even more so as we see mass timber take off in the commercial
and industrial construction sectors.
Carbon is complex. Even as demand grows for trees to produce wood, we’re alsoseeing growing demand for something else provided by trees: carbon sequestration.
While recent timberland values suggest that traditional timberland investing is as (ormore) competitive than it ever has been in our nearly 40-year history, the investable
universe of forests continues to expand. Having sold over 6 million carbon credits andwith five active or pending carbon projects as well as the launch of our forest climate
strategy in 2022, we’re considering new types of opportunities (afforestation, forexample) as well as new geographies that we believe will only grow in importance in the
new carbon economy.
Sustainability will withstand scrutiny. Where there’s market excitement (thinkenvironmental, social, and governance (ESG) investing), there’s froth; where there’s
froth, there will be missteps; where there are missteps, there will be scrutiny. Amid
criticism of the integrity of certain carbon emission reductions standards andclaims of over-crediting, ESG product label backpedaling in 2022, and the level ofpolitical polarization, the rise of the so-called anti-ESG movement has come as no
surprise. In this environment, it’s important to dig beneath the surface rhetoric andconsider how investments are being managed, regardless of the terminology.

We consider ESG factors not because it makes us (or our investors) feel good, but
because it’s our fiduciary duty to consider all factors that may be financially material tothe performance of your investment. Both academic research and experience are morethan sufficient for demonstrating the ESG factors that meet this requirement, and we
firmly believe that, in the long run, sustainable investing will withstand scrutiny.
Decarbonization. It’s time to deliver. If there’s one thing sustainable investing
cannot ignore, it’s the imperative to decarbonize. Climate change poses threats
and opportunities for many types of investments, and timberland investments are
no exception. But to the extent that we can reduce our contribution to climatechange, we—and everyone else—stand to benefit. The risks posed by emissions
in particular, and pollution in general, have long been underpriced, and doing
everything we can to reduce our emissions also reduces our exposure to regulationthat would price them more accurately.
Thank you as always for your business and for traveling on this sustainability journey withus. It’s not without its twists and turns, but we’re excited about the road ahead, and wehope you are too. Stay tuned for more specific material on our commitments to climate
and nature—we look forward to sharing them with you.

Tom Sarno
Global Head of Timberland Investments, CIO

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Who we are
Our approach

Our approach
We manage forests around the globe in key institutional timberland investment regions

ClimateNatureUnited States

UnitedUnitedUnitedUnitedStatesUnitedStatesStatesStatesStatesCanadaAustralia

New Zealand

CanadaCanadaCanadaCanadaCanadaAustralia
Australia
Australia
Australia
Australia

Chile | Brazil

New
New
New
ZealandNew
ZealandNew
Zealand
Zealand
Zealand

Chile
Chile
Chile
Chile
and
and
Chile
and
BrazilandBrazilBrazilandBrazilBrazilPeopleThe road ahead

Black cherry

Caribbean pine

Douglas fir

Eucalyptus

Hoop pine

Loblolly pine

Longleaf pine

Ponderosa pine

Radiata pine

Slash pine

Sugar maple

Western hemlock

Western red cedar■ Our managed forests | Maps shown not to scale. We grow approximately 15 plantation species and approximately 63 species in total; species shown here are the primary commercial species we grow.

Category

United States

CanadaAustralia

New Zealand

Chile

BrazilTotal

Assets under management (USD million)$6,118$57$2,323$2,181$310$80$11,069

Acres (thousands)

3,151

49

1,362

522

180

138

5,402

Source: Manulife Investment Management, 2022.

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Who we are
Our approach
ClimateNaturePeopleThe road ahead

Our foundational investment philosophy
Good stewardship is good business. Our clients’ financial success directly depends on the health of our forests, andour vertically integrated global forest management team—from portfolio managers to professional foresters—gives us
the ability to craft and execute long-term asset management plans that promote forest health and resilience, which are
intrinsic to generating financial returns. From our investment process to our property management, sustainability—
managing assets today in such a way that they can continue providing benefits long into the future—is fundamental to
our investment philosophy.

Our sustainability governance
Even the best sustainability strategies can lie on shaky ground without good governance, which is why ourgovernance of sustainability is both deliberate and comprehensive. There are three key principles interwoven
throughout our governance structure:1
2
3

Integration within business verticals
Integrating the sustainability team(s) with other relevant business verticals, including legal andregulatory, marketing and communications, risk management, and our operations team
Subject matter expertise
Channeling the subject matter expertise of sustainability professionals embedded within ourbusiness units to inform larger whole-of-company sustainability decisions
Global resources
Leveraging the resources of Manulife's global sustainability team to provide coherence to, and aid
in the execution of, our sustainability strategy at an operational level

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Who we are

Our governance of sustainability■ Manulife ■ Manulife Investment Management
Executive sustainability council

Our approach

Centers of expertise (COEs), working groups, and task forces

ClimateNatureSustainability
COE

Climate changetask force

ESG regulatory
working group

SFDR steeringcommittee

ESG legal andcompliance COE

Advisory

Private markets sustainable
investing committee

Policy and decision authority

PeopleChief sustainability officer
Manulife Investment Management, private markets

The road ahead

Timberland and agriculture sustainability teamDirector

Manager(timberland)Manager(agriculture)

AnalystWater resources team, and real estate, infrastructure,and private equity and credit sustainability teams

At the highest level, Manulife’s executive sustainability council, comprising C-suite representatives from across the company, including our global chief sustainability officer,
makes decisions affecting the insurance and global wealth and asset management businesses globally. The council is informed by the work of various task forces, working groups,
and centers of expertise, which are cross-functional collaborative efforts focused on knowledge sharing and strategy across sustainability themes, such as climate change, ESG
regulations, or responding to the EU's Sustainable Finance Disclosure Regulation (SFDR). Governance of sustainability within individual timberland investment entities may include
additional strategy and oversight responsibilities at board level.

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Who we are
Our approach
ClimateNaturePeopleThe road ahead

Within global wealth and asset management, our public markets and private markets businesses each have C-suite-levelsustainable investing committees with policy and decision authority relevant to their respective businesses. Sustainability
teams within each business vertical, and collectively led by a chief sustainability officer, advise the committees anddevelop and execute sustainability strategies for each asset class. In private markets, sustainability teams exist for
timberland and agriculture, real estate and infrastructure, and private equity and credit.
Throughout our timberland and agriculture investment businesses, key sustainability decisions related to businesswide
policy and commitments are taken by the private markets sustainable investing committee, with direction from theprivate markets chief sustainability officer and support from the timberland and agriculture sustainability team (within
our agriculture business, a separate team of water professionals maintains close ties with the sustainability team).
Sustainability decisions affecting individual areas of the business are taken collaboratively through the participationof sustainability team members in decision-making bodies (e.g., through investment committees or strategy working
groups). The sustainability team provides due diligence tools to the timberland acquisitions team, which uses thesetools to prepare investment memos that are voted on by the timberland investment and natural resource investmentcommittees, which, in turn, may also consult the sustainability team for further input when relevant. Once theproperties are brought into the portfolio, the sustainability team works alongside the portfolio managers and forestry
operations team to deliver returns consistent with our commitments.

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Who we are

Investment process

Our approach

Acquisition teams

Sustainable investing
considerations
ClimatePreliminary due diligence and valuation

ClimateNatureTimberland investment committee
Feasibility and confirmatory diligence

PeopleSustainability
tool kit• Climate change impacts• Emissions• Deforestation• CO2 sequestration

Evaluation of ESG risks
and opportunities
using our sustainable
investing considerations

NatureNatural resource investment committee
The road ahead

Final valuation offer and close

Sustainability in our investment process
Sustainability begins where we begin—when we evaluate new investment opportunities. In our investment
process, since 2021 we’ve used a proprietary question-based tool co-developed in house by oursustainability, acquisitions, and operations teams to identify, assess, and score ESG components of every
deal we consider.
This tool kit highlights both potential risks and opportunities, and it enables us to quantify risk throughstoplight indicators used to rate inherent risk, risk mitigation potential, and residual risk. We thenaggregate these upward to produce an overall numerical sustainability score for the asset, which canbe used in our underwriting. The completed tool kit is provided in every deal package presented to our
natural resource investment committee to ensure that investment decisions explicitly consider relevant
sustainability risks and opportunities.
Together with our deforestation policy, carbon principles, and carbon tool kit, this approach ensures
we systematically consider all identified material sustainability factors (see panel at right) in ourinvestment process.

• Sensitive lands• Protected areas• Biodiversity• Threatened and endangered species• Mitigation banking• Water quantity/quality

People• Health and safety• Training and development• Labor practices• Human rights• Community relations• Indigenous peoples• Job creation• Research, internships

For illustrative purposes only.

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Who we are
Our approach
ClimateNaturePeopleThe road ahead

Sustainability in our asset management

Certification

While sustainability is integral to our due diligence, it doesn’t stop there. It continues into our asset
management business where, as of year-end 2022, 100% of our forests were certified under either
the Sustainable Forestry Initiative (SFI) or Forest Stewardship Council (FSC),1 and some of our forests inAustralia and New Zealand carry dual FSC and Programme for the Endorsement of Forest Certification(PEFC) accreditation. We were managing our forests to these rigorous programs—which are essentially
ESG standards for forest management—long before the concept of sustainable or ESG investing
became mainstream.

SFI principles

With the proliferation of ESG standards and regulations over the past few years, and in particular
the advent of the EU’s sustainability finance taxonomy and SFDR, forest certification continues toprove its relevance. Whether it’s our three sustainability themes of climate, nature, and people or thethree ESG themes of environmental, social, and governance issues, or the SFDR’s Principal Adverse
Impacts (PAIs), we believe that forest certification is a comprehensive mechanism for credibly
demonstrating sustainable asset management and, critically, it provides independent assurance toour stakeholders that we are operating sustainably.
Program principles for SFI and FSC are shown in the panel at right, and the following page illustrates
how the principles in each of these standards are aligned with the UN Sustainable Development
Goals, the SFDR’s principal adverse impact indicators, and more general sustainability themes inthe broader market (e.g., environment, social, and governance) or in our own sustainability strategy(e.g., climate, nature, people).

1 As of December 31, 2022, 100% of our forests were certified under either Sustainable Forestry Initiative® (SFI®) (3.2 million
acres in the United States and Canada) or Forest Stewardship Council® (FSC®) (2.2 million acres in Australia, New Zealand, Brazil,
and Chile). Most current data shown.

1 Sustainable forestry
2 Forest productivity and health
3 Protection of water resources
4 Protection of biological diversity
5 Aesthetics and recreation
6 Protection of special sites
7 Legal compliance
8 Research
9 Training and education
10 Community involvement andsocial responsibility and respect
for indigenous rights
11 Transparency
12 Continual improvement
13 Responsible fiber sourcing

FSC principles
1 Compliance with laws
2 Workers’ rights and employment conditions
3 Indigenous peoples’ rights
4 Community relations
5 Benefits from the forest
6 Environmental values and impacts
7 Management planning
8 Monitoring and assessment
9 High conservation values
10 Implementation ofmanagement activities
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Who we are

Crosswalk of certification principles and sustainability themes with SFDR PAIs

Our approach
ClimateSFI 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

NaturePeopleThe road ahead■ MIM themes ■ ESG themes

FSC certification
principles

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

1.16—Investee countries subject
to social violations

2.8—Exposure to areas of highwater stress

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

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

SDG 16—Peace, justice and strong
institutions

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Who we are
Our approach
ClimateNaturePeopleThe road ahead

ClimateOur approach to climate
We take climate change seriously, as it presents material risks—and opportunities—for our forest
investments. Our goal is to mitigate the risks to the extent we’re able, adapt to the risks that cannot
be fully mitigated, and realize as many of the opportunities as we can.
Risks—More specifically, relevant climate-related risk factors include hurricanes, floods,
wildfires, droughts, and pest and disease outbreaks. Well-managed forests are more resilient
forests, and so our foresters’ focus on maintaining and enhancing forest health is critical for
protecting against losses related to these hazards, which are projected to grow in frequency andmagnitude as climate changes intensify. Since we began tracking financial losses related to fires,storms, pests/diseases, and other factors in 1991, our long-term average annual loss due tothese hazards is approximately 11 basis points per year.
Opportunities—On the positive side, climate change also presents opportunities for forest
investments, which have become well known in this context as natural climate solutions for the way
they naturally remove CO2 from the atmosphere. In addition to carbon sequestration, forests may
also provide other ecosystem services, such as wildlife habitat, local cooling effects, and floodattenuation. Some of these can be monetized (in the form of carbon credits or payments for otherecosystem services) and some cannot (or haven’t been to date), but all are beneficial to society
and the environment. We manage our timberland investments so as to realize these opportunities
wherever possible within the mandate of our fiduciary duty.

The importance of active
forest management for climate
adaptation
While a changing climate can affect forest health, so can anexperienced forester, and there are strategies for fostering
an environment that’s conducive to growing healthy andresilient trees. Our silviculture approach is adaptive to bothcurrent and future climate-related risks—and opportunities.
We belong to eight university cooperative research
programs related to forest tree improvement, forest
productivity, forest health, and growth and yield, all ofwhich inform our management practices using current
science. This enables us to tailor our species selection andmanagement approach for each property in order to provide
healthy forests, yielding the highest degree of adaptation
and resilience. It also enables us to take advantage of somepositive aspects of climate change: Evidence suggeststhat forests may benefit from higher CO2 levels (carbon
fertilization) and longer growing seasons.

Scenario analysis—Finally, we recognize that despite these well-known risks and opportunities,
the actual impacts of climate change are far from certain. That’s why we do our best to plan for
multiple possible futures through climate scenario analysis. In 2022, we acquired a tool that will
enable us to conduct scenario analysis across our entire global portfolio, which we look forward tocompleting and updating over time.

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Who we are

Our response to climate change over time

Our approach

While we’ve always managed our forests adaptively to changing conditions, in the past few years we’ve adopted an increasingly explicit focus on responding to climatechange. Since becoming a supporter of the Task Force on Climate-related Financial Disclosures (TCFD) in 2017, we’ve significantly scaled up our internal efforts and external
partnerships to focus on mitigating and adapting to climate change.

ClimateNaturePeople2017
Our parent company, Manulife,
began supporting the TCFD.

2019· Reached cumulative issuance of over 1.2 million
carbon credits from our New Zealand forests,
bringing total carbon credit issuance to over
6 million since inception.
· Signed the “Investor statement on deforestationand forest fires in the Amazon.”2021· Co-led a World Business Council for Sustainable Development (WBCSD) project to develop the Forest Sector Net Zero Roadmap.
· Expanded the qualitative scenario analysis across our entire platform through workshops with our forest operations professionals
from the United States, Chile, Brazil, Australia, and New Zealand.
· Supported our parent company, Manulife, in making its net zero commitment to reduce its absolute scope 1 and scope 2 emissions
by 40% by 2035 and steer its general account investment portfolio toward net zero by 2050.
· Acquired an 89,000-acre forest in the U.S. state of Maine to be managed for Manulife’s general account as a carbon-focusedinvestment underpinning the firm’s net zero journey.
· Joined the Forest Investor Club, an alliance established by the U.S. State Department and managed by WBCSD intending topromote sustainable forestry investment globally.

The road ahead2020· Issued our first TCFD-aligned timberland and agriculture
climate disclosure, which included a pilot scenario
analysis of our New Zealand timberland.
· Began sponsoring Michigan State University Forest
Carbon and Climate Program, an effort to bridge
knowledge, science, management, and communication
gaps related to forests and climate.

2022· Acquired a climate risk tool to assist in carrying out quantitative scenario analyses
systematically across our global portfolio.
· Released our carbon principles, a high-integrity climate benefit methodology, aligned with
the Integrity Council for the Voluntary Carbon Market Core Carbon Principles, which we
integrate into acquisition screening for existing carbon projects and into new carbon project
development processes.
· Launched our forest climate strategy to support our clients’ net zero commitments.
· Supported Manulife’s 1t.org pledge (conserve, restore, and grow 1 trillion trees by 2030) in
order to scale nature-based solutions for mitigating climate change.

Manulife has developed targets in accordance with the methodology for financial institutions outlined by the SBTi, in combination with Partnership for Carbon Accounting Financials methodologies for emissions accounting.

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Who we are
Our approach
ClimateNaturePeopleThe road ahead

Case study—launching our forest climate strategy
As an asset class, timberland provides investors with an opportunity to invest ina manner that contributes to sustainability goals, enables the pursuit of positive
outcomes for the environment and local communities, and contributes to solutions tosome of the greatest challenges facing the world over the long term, including climatechange and nature loss. We launched our forest climate strategy to provide investors
with the opportunity to promote climate change mitigation through sustainably
managed forests, where carbon sequestration is prioritized over timber production.
The strategy seeks to invest in a globally diversified portfolio of sustainably managed
timberland assets with strong carbon sequestration potential and high conservation
value in the United States, Canada, Australia, New Zealand, and select countries in
Europe and South America. The main objectives of the strategy include sequestering
carbon, ensuring long-term protection of sensitive habitats, creating additional
environmental and social impact through non-timber activities, and providing
attractive risk-adjusted returns to investors.
Specifically, the strategy seeks to:• Generate a durable, high-integrity stream of carbon credits, in addition to
implementing sustainable forest management plans• Pursue conservation easement sales where appropriate• Prioritize investment in contiguous tracts of land
• Implement sustainable forestry management and value-added services that
support ecological and social benefits• Maintain long-term climate and impact objectives on asset disposition
One of the core features that sets our climate strategy—and investment philosophy—
apart is our focus on integrity, which is why the forest climate strategy also aligns withthe principles of the GHG Protocol, International Carbon Reduction and Offset Alliance,
the Oxford Principles for Net Zero Aligned Carbon Offsetting, and our proprietary
Integrity Council for the Voluntary Carbon Market Core Carbon Principles-aligned
carbon principles.

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Who we are

Metrics

Our approach

We provide a comprehensive suite of metrics illustrating our timberland portfolio’s impact on the climate, including
emissions, as well as carbon sequestration. For transparency, we also break down the individual components ofthe emissions and sequestration, as well as metrics relating to our tree planting and harvesting activities and theultimate end uses of our harvested wood products.

ClimateNaturePeopleThe road ahead

Metric

2022

2021

GIIN

Source: Manulife Investment Management, 2022. GIIN refers
to Global Impact Investing Network IRIS+ metric codes.

638,506,302

615,204,003

N/A

Scope 1 GHG emissions (tCO2e)149,23380,035

0I4112of which: managed fire emissions (tCO2e)37,48952,3180I4112of which: fertilizer (N2O) emissions (tCO2e)

8,642

24,8380I4112of which: fuel combustion emissions

3,102

2,879

0I4112

Scope 2 GHG emissions (tCO2e)100

OI9604

Scope 3 GHG emissions (tCO2e)1482,445

195,330

PD9427

Biogenic stock change (tCO2; +ve = sequestration; -ve = emissions)2-1,339,974

3,179,520

PI9878Carbon stored in harvested wood products (tCO2e)32,557,633

2,979,656

PI9878686,164

5,883,811

PI9878

1,791,934

2,747,187

PI9878Percent net productive area6

82.3%

82.9%

N/A

Percent of net productive area harvested

2.8%

2.9%

PI3468Percent of net productive area planted

2.7%

2.6%

N/A

Percent of harvest to solid wood

63.4%

59.2%

PD8494

Percent of harvest to fiber

35.6%

40.7%

PD8494

Percent of harvest to biomass

1.1%

0.0%

PD8494

1,304,430,265

1,253,935,422

N/A

1 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 consumptionof purchased electricity, heat or steam.” Scope 3: According
to the GHG Protocol, scope 3 emissions are “other indirectemissions, such as the extraction and production ofpurchased materials and fuels, 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.” 2 Net
change in total forest carbon stocks over calendar year
2022. Positive values indicate more forest grew than was
harvested (net sequestration); negative values indicate moreforest was harvested than grew (net emission). 3 Quantity ofcarbon assumed to be stored in harvested wood products(from trees harvested over calendar year 2022) after
100 years. Represents long-term storage, and calculatedusing 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 towood products pool goes into long-lived wood products.
4 Biogenic stock change, plus carbon stored in harvested
wood products, minus scope 1, 2, and 3 emissions. 5 The
average net sequestration per year over the last five years.
6 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.

Total standing forest carbon stock (tCO2e)

Net sequestration (tCO2; +ve = sequestration; -ve = emissions)4
5-year average sequestration (tCO2; +ve = sequestration; -ve = emissions)5

37-year history number of trees planted

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Who we are
Our approach
ClimateNatureTargets
The table below shows our climate targets, and our progress against them, over time. While we’re tracking well on our 2021 commitments and have achieved what we set out to do, ourwork is just beginning. 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.
Short-term target (set 2021)

2022 progress

Status (year-end 2022)

Decarbonization strategy launch

We began the process of mapping the decarbonization levers at our disposal and piloted new technologies designed to reduce emissions.

Ongoing

We’ll continue this process over the course of 2023 with the intent to begin to meaningfully reduce our timberland portfolio’s emissions assoon as practicable.
Launch of forest climate strategy
focused on carbon sequestration

On behalf of our Manulife general account, we acquired a contiguous 89,000-acre block of timberland in Maine with a diverse mixof naturally regenerated spruce fir and northern hardwood tree species.

Complete

We launched our forest climate strategy centered primarily on storing carbon and generating high-integrity carbon credits, andaiming to offer carbon-focused investments for investors and corporates working toward net zero.

PeopleNet zero commitment partnerships

The road ahead

We partnered with Manulife’s five Australia and New Zealand timberland investment companies to support the net zero commitmentsthat they made in 2021 on behalf of their investors.

Complete

Manulife’s Australia and New Zealand timberland investment companies drafted TCFD-aligned climate disclosures, including
analysis of any modifications to forest management required to achieve these net zero commitments.

OngoingMedium-term objectives (2023 to 2027)

Supporting actions

Nature-based solutions

Building on Manulife’s existing US$100 million commitment, we’ll continue to grow our investments in nature-based climate solutions over the next five years.

Meeting investor's climate-related goals

Grow the scale of the Manulife Investment Management 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)· Support scaling the market for sustainable timber in building construction· Further the development of high-quality forest-based carbon credit standards· Accelerate the development of sustainable investment strategies for companies interested in natural climate solutions to support their climate goals· Partner to pilot new programs and technologies to promote nature-based climate solutions

Source: "Accelerating a Sustainable Future," 1t.org, 2022.

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Who we are
Our approach
ClimateNaturePeopleThe road ahead

NatureOur approach to nature

Key nature concepts

We view nature as our business. The forests we manage are ecosystems, and our job isto keep them healthy and productive over the long term. We aim to manage our forests sothat they contribute to a nature-positive future. According to naturepositive.org, nature
positive means halting and reversing nature loss at a planetary level so that:

Nature is, quite simply, the natural world. It includes
both abiotic (land, soil, water, air) and biotic realms. The
biotic realm comprises ecosystems, species, and genes,
which we refer to collectively as biodiversity.

• From 2020 onward, there’s zero net loss of nature, as measured in terms of“the health, abundance, diversity, and resilience of species, populations, andecosystems.”

Biodiversity is the variety of life on earth—typically ameasure of the variation at the genetic, species, andecosystem levels.

• By 2030, nature is “on the path to recovery,” with human activity benefiting nature
rather than depleting it.

Natural capital is a way of referring to nature as a formof wealth with productive capacities that underpin value
to society. All living things—our woodland, freshwater,
farmland, coastal areas, oceans—are natural capital
assets because they provide the services that makelife possible. Biodiversity is a characteristic of healthy
natural capital assets, and it underpins nature’s capacity
to generate flows of ecosystem services.

• By 2050, nature is fully recovered, with “thriving ecosystems and nature-based
solutions continue to support future generations, the diversity of life, and play a criticalrole in halting runaway climate change.”
What that means in practice can be challenging to determine given the plethora of frameworks
and initiatives that have evolved to spur companies toward action on nature (in collaboration
with the Delphi Group, we produced a guide to these: the “Nature-positive ecosystem”).

Natural capital accounting seeks to quantify(through traditional financial reporting methodology)
the extent to which a company is contributing to, or
detracting from, the natural capital assets under its
management, as well as the extent to which suchcontributions may positively or negatively affect boththe asset owner and society in general.

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Who we are
Our approach

As members of the WBCSD, last year we co-led a project with other forest sector companies
to develop the Forest Sector Nature-Positive Roadmap, which details how the forest sector
can contribute to a nature-positive future. While there are many potential avenues for doing
so, at its heart, nature action is rooted in following the mitigation hierarchy.

Toward nature positive: forest sector actions
ClimateNaturePeopleThe road ahead

Avoid
Avoid deforestation and the conversion of areas of significant biodiversity value tointensively managed forests

Reduce• Reduce water use, waste, and pollution in nurseries and forests• Preserve forest diversity when replanting after harvest• Reduce need for land through land use optimization• Protect water bodies, as well as areas of significant biodiversity and carbon value• Reduce carbon emissions and biodiversity impacts related to harvesting• Reduce impacts related to climate change and invasive species• Reduce occurrence of poaching and illegal logging

Restore/regenerate• Reintroduce native or endangered tree species adapted to climatic conditions• Enhance carbon in soils and forests• Restore areas of significant biodiversity and carbon value• Restore connectivity between habitats

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Who we are
Our approach

Toward nature positive: using the mitigation hierarchy
Principle

Definition

Our planned approach

Avoid

Avoid impacts on nature• Following our deforestation policy• Protecting sensitive lands through our sensitive lands program

ClimateReduceWhen it’s not possible to avoid impacts, minimize them

• Managing high-conservation value forests for ecological value• Developing species management plans to minimize the impact on and preserve
habitat for threatened and endangered species

NatureRestoreRestore affected ecosystems to their preimpacted state

Habitat conservation and restoration (see case studies)

Regenerate

Enable these ecosystems to regenerate themselves

Habitat conservation and restoration (see case studies)

Transform

Contribute to systemwide change

Environmental DNA (eDNA) biodiversity monitoring

PeopleThe road ahead

Our approach may vary from time to time depending on the characteristics of the properties.

Toward nature positive: natural capital accounting
One tool we believe to be invaluable for tracking progress on halting and reversing
nature loss—as well as for informing decisions that will make this possible—it’s natural
capital accounting. And it’s a key component of our evolving approach to nature.
In 2022, we worked with a specialist global consultancy in environmental economics
to pilot a natural capital accounting approach for our timberland investments. The
approach entails construction of a natural capital asset register and materiality
assessment, followed by valuation of natural capital assets and liabilities using a
combination of internal company data and publicly available research.

This approach culminates in a natural capital balance sheet and income statement,
which, together, enables quantitative conclusions to be drawn about the extent towhich a company is contributing to, or detracting from, the natural capital assets under
its management, as well as the extent to which such contributions may positively or
negatively affect both the asset owner and society in general.
We analyzed two pilot properties in 2022, and we plan to expand this approach acrossour timberland and agriculture portfolio in 2023 and beyond.

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Who we are
Our approach
ClimateNaturePeopleThe road ahead

Case study—eDNA sampling in New Zealand forests
Our foresters in New Zealand are using a new tool called environmental DNA(eDNA) to help us better understand the biodiversity in our forests. eDNA
sampling is simple, noninvasive, and fast. It works using water samples,
pushed through a filter to collect cellular material that’s been shed byorganisms in the vicinity of the sample site. The cellular material can be
identified through laboratory analysis to give a list of species that arepresent. eDNA tests can detect thousands of organisms from lessthan one liter of water.
Manulife Forest Management New Zealand has only just started
exploring how eDNA can inform its stewardship and operational
activities. Currently, the technology is being used to confirm thepresence of threatened species and to build up an understandingof biodiversity in forests.
The “Wheel of Life” graphic on this page shows the species
diversity detected using eDNA sampling at three stream sites
in Waituhi Forest. The Wheel of Life provides a snapshot of theecosystem in and around the stream at the time the samples weretaken. The presence of indicator species like koura (freshwater
crayfish), mayflies, stoneflies, and caddisflies suggest that the sites
are in good health. More sampling over time will build up a clearer
picture of the long-term health of the stream and of the species living
in and around it.

Image source: Wilderlab.

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Who we are
Our approach
ClimateNaturePeopleThe road ahead

Case study—protecting native otters in Chile
One of our key responsibilities in consistently managing our forests toward anature-positive future is protecting threatened species and their habitats.
The Huillin are otters native to Chile, where they live in rivers, shallows, and lakes.
Huillin are classified as endangered by the International Union for Conservationof Nature (IUCN) and are listed in Appendix I of the Convention on International
Trade in Endangered Species of Wild Fauna and Flora (CITES) and the Convention
on Migratory Species (CMS). In recent years, the geographic distribution of the
Huillin has decreased drastically due to habitat loss.
Manulife Investment Management Forestal y Agrícola SpA (MFA (CL)) manages
the San Fernando and Los Boldos properties in the Toltén and Quele river basins,
where Huillin are present. These properties are close to the northern limit of the
Huillin distribution in Chile.
Within these properties, MFA (CL) has defined areas of high conservation value
forest to protect the natural habitat of the Huillin. MFA (CL) set up a monitoring
program in these areas, with the aim of preserving their status, observing theexisting population, and defining a work plan that allows the conservation of boththe Huillin and their habitat. The latest monitoring shows that the Huillin are present
in all monitored properties, through evidence of footprints, feces, and camera
recordings. This has been the case since the first Huillin monitoring in 2013.
Prior to this work, the IUCN predicted that habitat loss would wipe out the Huillinpresent in the monitored area. This hasn’t happened because MFA (CL) and otherforestry companies included the Huillin in their conservation priorities and havebeen actively protecting riparian areas through the restoration of prioritizedwatercourses. This action is halting habitat loss and ensuring the Huillin stay inthe northern limit of its distribution.

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Who we are
Our approach
ClimateNaturePeopleThe road ahead

Metrics
Measuring contributions to nature is challenging. While we’re working on developing natural capital accounts for our forests that will provide insight into thosecontributions, the following metrics reflect the broad range of efforts we make to positively affect nature.

Metric

2022

2021

GIIN

Number of tree species grown (plantation I total)1

15 | 63

15 | 63

PD9009Forest third-party certified as sustainably managed2

100%

100%

PI1679Forests with forest management plan

100%

100%

0I2622

Forests with biodiversity assessment

100%

100%

0D0660Forests with conservation designation3

20.9%

20.0%

PD900937-year history sensitive lands program acres conserved4

479K

479K

PD9009Number of stream miles protected by BMPs

19.2K

20.5K

0D4108Source: Manulife Investment Management, 2022. GIIN refers to Global Impact Investing Network IRIS+ metric codes. BMP refers to best management practice.
1 Total includes 48 naturally regenerating species. 2 As of year-end 2022, 100% of our forests were certified under either the SFI or FSC, and some of 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. 3 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. 4 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 habitatfor 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 conservationtransactions 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, and in 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.

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Who we are
Our approach

Targets
Setting targets around nature is challenging because it requires good baseline data and the ability to measure things, such as biodiversity, that have historically been difficult to quantify.
For this reason, our current nature targets are process oriented and focus on establishing the measurement protocols required for monitoring current state and progress.

Our nature targets
ClimateNaturePeopleThe road ahead

As signatories to the Finance for Biodiversity Pledge, we’ve pledged to fulfill the five targets below by 2024 at the latest.
Nature targets (set 2021)

2022 progress

Status (year-end 2022)

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 onprotecting and restoring nature.

CompleteEngage with companies and incorporate criteria forbiodiversity in our ESG policies

Incorporating biodiversity into our ESG policies is directly relevant to our real assets investments.
We have policies on biodiversity and deforestation, and we incorporate multiple biodiversity-related
considerations into both investment due diligence and asset management.		

Complete

Assess the impact of our investments on biodiversity andidentify drivers of its loss

We’re building a system of natural capital accounts across our global operations to capture, quantify,
and potentially monetize the relationship between our operations and nature that will enable us to track
how our timberland operations affect biodiversity, land, and water.

In progress

Set and disclose science-based targets to increase positiveand reduce negative effects on biodiversity

We’re engaged in multiple external work streams focused on applying emerging guidance from theTaskforce on Nature-related Financial Disclosures 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 andnegative 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.

Complete

As pledge signatories, we've taken these commitments, which are verbatim from the pledge, as our own, and will adapt them as needed. For example, because the investments we manage are real assets rather than companies, we could
adapt "engaging with companies" to "engaging with value-chain partners," referring to contractors or purchasers of our products.

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Who we are
Our approach

PeopleOur approach to people and communities

NatureWe value our people, employees, and contractors, and we work to ensure that we’re offering not only safe and healthy
working environments but the tools, training, and support they need to thrive. We’re also committed to supportingand strengthening the local and indigenous communities in which we operate, providing rural employment
opportunities, public use of our land, and support for local causes, as the following detailed description of ourapproach to different issues illustrates.

PeopleSafety first—The most important thing we can do on the job every day is to ensure our people make it home safely. We
have a strong safety culture and our safety performance consistently exceeds forest products industry benchmarks.

ClimateThe road ahead

Rural employment—In addition to our approximately 700 global timberland employees, approximately 4,300
contractors work on our timberland properties around the world. In some smaller rural communities, the scale of ouroperations makes us a key contributor to local economic activity. We prefer to buy locally, and maintain a preferredvendor list. Many of our foresters also participate in forestry education efforts such as Project Learning Tree.
DEI—In 2021, we established a private markets diversity, equity, and inclusion (DEI) council to develop a strategy
for DEI across private asset classes. The council includes representation from all private asset classes with a broad
coverage of our major geographies and has four work streams: DEI best practices and opportunities, education andinitiatives, communications, and data and metrics. Through this activity, we’re seeking to create a culture that’s more
inclusive, better engages every employee, and provides opportunities for advancement regardless of race, ethnicity,age, gender, sexual orientation, religion, ability, economic status, and other aspects of diversity.

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Who we are
Our approach
ClimateNaturePeopleThe road ahead

Recreational access—We allow public access to nearly all our global forest properties (with safety exceptions
during active forest management operations), with opportunities for hunting, fishing, hiking, mountain biking,camping, and more. We extend hunting licenses to nearly 100 separate groups. We also maintain a special site
protection program to safeguard areas of our property that are culturally, historically, or geologically unique.
Indigenous communities—We formally acknowledge the rights of indigenous peoples and employ many First
Nations descendants as contractors in our operations. In our North American operations alone, over half of theforest properties we manage sit within 10 miles of a federally recognized tribal or First Nations landholding, andone in six intersects such landholdings. In some cases, indigenous communities contract with us to manage theforest on their behalf.
Human rights—We adhere to Manulife’s global human rights statement, seeking to uphold human rights andaffirming the UN’s “Guiding Principles on Business and Human Rights” as well as national legislation seeking toeradicate modern slavery. We extend these priorities into our contracting relationships. We require vendors to:• Comply with all applicable antislavery and human trafficking laws, statutes, regulations, and codes• Implement due diligence procedures for subcontractors, suppliers, and other participants in the supply chain
to ensure no slavery or human trafficking• Respect the dignity and human rights of all workers and be committed to fair employment and labor practices• Provide protection against workplace harassment, abuse, discrimination, and violence

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Who we are
Our approach
ClimateNaturePeopleThe road ahead

Case study—fire safety awards in Victoria
Over 200 staff and contractors from Hancock Victorian Plantations (HVP),
Hancock Queensland Plantations (HQP), and Manulife Forest Management New
Zealand (MFM NZ) who were involved with the 2019/2020 bushfire response
have been awarded the National Emergency Medal by the Australian government.
The medal is awarded to those whose service protected life, property, or intereststhat weren’t their own.
HVP was significantly affected by the fires, and the business, staff, andcontractors contributed substantially to the emergency response. Within HVP
alone, 193 staff and contractors were awarded the National Emergency Medalacross four ceremonies in March 2023. The 2019/2020 bushfires burned for
98 days, and more than 1.5 million hectares were burned by over 3,500 fires.
By the time the fires were out, HVP had deployed firefighters over 54 days and29,000 hours. On the busiest day, HVP had 117 people, 25 pieces of plantmachinery, and 38 operators and offsiders fighting the fires. By the end of thefight, HVP lost 5,890 hectares of plantation but, critically, had saved many more.
The HVP team, including support from HQP and MFM NZ, was also involved inprotecting people and assets from adjoining communities, including Cudgewa,
Whorouly, and Buffalo River. The team worked alongside emergency service andcommunity partners doing whatever it took to protect and care for lives andproperty. Everyone played their part in a myriad of ways throughout the fires,
whether on the front line, in incident management teams, or at staging areas.
During the award ceremony, recipients were recognized by Country Fire Authority
representatives, HVP directors, and executive team members, who praised the
medal recipients for their commitment to the community and their courage.

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Who we are

Metrics
The table below documents our status and progress over time on core measures of our contributions to our people and our communities.

Our approach
ClimateMetric

2022

2021

GIIN

Number of employees (timber)1

699

721

N/A

Number of employees (total)2

947

972

OI8869

4,283

4,542

N/A

Percent women

29%

31%

OI2444

Percent racially and ethnically diverse individuals4

14%

6%

OI3236Percent of leadership women5

15%

18%

OI1571

Percent of racially and ethnically diverse leadership5

11%

14%

OI3862

Number of new hires6

57

50

OI5479Percent attrition7

18%

12%

OI1638

Lost time injury frequency rate8

4.4

2.9

OI3757

Percent employees responding to engagement survey7

89%

96%

N/A

Percentile employee engagement survey score7

60

57

N/A

$585K

$649K

FP3774

4,963,322

5,365,021

PD9009Number of contractors (estimated)3

NaturePeopleThe road ahead

Contributions to nonprofits9
Lands with public access (acres)10
Source: Manulife Investment Management, 2022.

1 Includes 93 (2021) and 119 (2022) employees with timberland and agriculture responsibility. Employees of HVP and HQP are included. 2 Includes 251 (2021) and 248 (2022) agriculture-only employees. Employees of
HVP and HQP are included. 3 Timberland contractors only; full-time equivalent, not individuals. 4 Includes North America staff as voluntarily reported in Workday only. 5 Leadership includes all timberland and agriculture staff
at the level of director or higher (including AVP, VP). 6 Includes 9 (2021) employees with timberland and agriculture responsibility. 7 Combined result for timberland and agriculture in 2022 Gallup employee engagement
survey. 8 Incidents per 1 million hours; timberland only. 9 Combined result for timberland and agriculture; does not include Australia timberland operations or South America operations. 10 Access of any type, including bypermit, exclusive recreation lease, or unrestricted open public access.

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Who we are
Our approach
ClimateNatureOur DEI progress
We’re committed to building a culture within our workplace where everyone thrives. Our holistic approach to DEI requires integration of DEI initiatives into every facetof our business—from outreach to education to employee engagement surveys. We use the power of data to track our DEI progress and the efficacy of our programs.
Below we outline the targets we’ve set as we work toward meeting our goals.
People targets (set 2021)

Status (year-end 2022)

Employee engagement
Achieve top quartile employee engagement scores

60%

Diversity

PeopleIncrease racially and ethnically diverse representation within our North American leadership by 60% by 2025 relative to 2021 (leadership is defined as those at
VP, AVP, and director levels, approximately 10% to 15% of the company with leadership responsibilities)-11%1

The road ahead

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)

14%

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

15%

Source: Manulife Investment Management, 2022.

1 -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.

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Who we are
Our approach
ClimateNaturePeopleThe road ahead

The road ahead: an evolving regulatory landscapeSustainable finance disclosure regulation—it’s the name of EU legislation, but it’s also an
accurate description of one of the most important trends we see going forward.
In addition to driving private capital toward investments in sustainable economic activity, one expectation of such regulations is that they
could enhance the rigor and comparability of disclosure. This could be of great import for an ESG investing industry that’s grown more
quickly than the ability to clearly define it. It’s why sustainable finance taxonomies often develop in connection with the requirement for moreregulation. Yet, there are now so many global sustainable finance taxonomies that, in 2021, the Bank for International Settlements released
a paper with a plausibly tongue-in-cheek title, “A taxonomy of sustainable finance taxonomies.” For better or worse, most geographies
we operate in (and those of our investors) are now governed by such taxonomies and regulations. And it’s not only regulation—voluntary
initiatives continue to grow in importance as financial market participants seek guidance for how to direct capital flows toward solutions to
the world’s pressing problems. The GHG Protocol’s work on Land Sector and Removals Guidance and the SBTi’s guidance on setting forests,
land, and agriculture targets are two examples with relevance to our timberland business.
We’re tracking these developments closely as commercial and legal imperatives. And if history is any indicator, they’ll continue to evolve. We’ll stayon our toes to ensure we meet the regulatory and voluntary requirements our clients demand, and we support the global efforts of governments to
set clear ground rules for markets around financing activities that affect the natural world on which we all depend.
And amid an ever-evolving and often confusing patchwork of initiatives, rules, and regulations, we’ll continually returnto our North Star—that good stewardship is good business. We’re long-term investment managers with long-term
investment horizons, and we’ve been around a long time. We offer a variety of sustainable financial products, and we
strive to be as transparent and straightforward as we can about our strategy objectives, processes, and potential
outcomes. We issue carbon credits, and we strive to maintain their high quality so that those purchasing them arepaying for bona fide climate benefits. And we’ll focus on continuous improvement, not relying on carbon removals as
a one-size-fits-all solution to climate change but leveraging them as essential contributors to a solution.
That’s what our investors—and our world—deserve.
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Who we are
Our approach
ClimateNaturePeopleThe road ahead

manulifeim.com/institutional/global/en/sustainability
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 describedhave 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
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Who we are
Our approach
ClimateNaturePeopleThe road ahead

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09/23 | IINV-890-438870