A C o m p a n y O v e r v i e w. H a n c o c k A g r i c u l t u r a l I n v e s t m e n t G r o u p

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1 H a n c o c k A g r i c u l t u r a l I n v e s t m e n t G r o u p A C o m p a n y O v e r v i e w

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3 n Current investment regions n Targeted investment regions As of 9/30/2018 Our Firm: A Global Perspective Founded in 1990, Hancock Agricultural Investment Group (HAIG) is one of the largest managers of farmland investments for institutional investors. Our firm acquires, develops, and manages diversified, high-quality permanent and row crop farmland portfolios located throughout major agricultural regions around the world. Hancock Agricultural Investment Group is a division of Hancock Natural Resource Group, Inc., a registered investment adviser and wholly-owned subsidiary of Manulife Financial Corporation (NYSE: MFC). As of September 30, 2018, we manage approximately USD 3.0 billion of farmland assets. Our investment strategy is to acquire quality farmland in favorable agricultural markets and develop the property to achieve optimal productivity and resource efficiency. We manage our assets as good stewards of the land, the environment, and the community on behalf of our investors. As globalization of the agricultural industry continues amid falling trade barriers, major agricultural producing regions stand to benefit. With an increasing global population and finite amounts of quality property, farmland is likely to remain a valuable asset class with attractive attributes for institutional investors. We are pleased to announce that as of January 1, 2016, HAIG can claim compliance with the Global Investment Performance Standards (GIPS )*. * Hancock Agricultural Investment Group claims compliance with the Global Investment Performance Standards (GIPS ). To receive a list of composite descriptions of HAIG and/or a presentation that complies with the GIPS standards, please request via gipsinfo@hnrg.com. H a n c o c k a g r i c u l t u r a l I n v e s t m e n t G r o u p

4 Australian macadamia nuts Investment Philosophy: Diversification is Key to a Farmland Portfolio For more than 28 years, farmland has generated strong financial results, particularly for investors holding well-diversified farmland portfolios. The asset class has a track record of attractive returns and low to negative correlation advantages relative to financial assets such as equities and fixed income. Our core investment philosophy is to utilize the power of diversification across commodity types, geographies, and management approaches. Over time, diversified farmland portfolios may deliver higher returns with a reduced risk profile as commodity markets, weather, and water sources vary by region. As a result, returns from various regions are not highly correlated. Our approach to portfolio design improves the risk efficiency of an institutional investor s farmland program. Investment returns on farmland come from two sources: income from leasing and operating farmland and appreciation of land and improvements, such as trees, vines, irrigation systems and buildings. Several factors can influence farmland appreciation, such as soil quality, irrigation systems, interest rate HAIG s Diversified Global Farmland Portfolio Walnuts 4% Vegetables 2% Corn/Soybeans 7% Timber 3% Rice/Soybeans 6% Potato 7% Cranberries 4% Macadamias 2% Wine Grapes 10% levels, farm income, farm policy and availability of quality farmland assets. HAIG selects investments from an array of crop types, geographic regions, and management styles to construct a farmland invest ment portfolio that meets the objectives of the institutional investor. Wheat 1% Alfalfa 2% Almonds 20% Apples 3% Other* <1% Corn 5% Cotton 4% Pistachios 18% Table Grapes 1% Peanuts 1% *Consists of barley, cherries, and olives. As of 12/31/ HAIG Company Overview Q3 2018

5 A Vertically Integrated, Globally Focused Farmland Investment Group Our dedicated agricultural investment team includes professionals with graduate degrees in accounting, agriculture, business, economics and finance. Many individuals hold professional designations including the CFA, CPA, and CAIA. In addition, many of our team members have direct farming experience or are only a generation removed from farming families. Our personnel actively manage over 284 individual farmland assets across eighteen U.S. states and three countries. Our integrated platform allows us to readily identify market changes and accurately benchmark risk-adjusted performance between regions. Together, our farming experience and investment expertise create a unique foundation for informed decisions and solid performance. In the U.S., HAIG utilizes an integrated agricultural property manager: Hancock Farmland Services (HFS). HFS oversees the majority of our clients U.S. permanent and row crop assets. HFS team of over 120 farmers and farmland management staff provide oversight, farming operations, lease negotiations, and budgeting. A number of our experienced team of professionals and farmers hold advanced degrees and have completed the American Society of Accredited Farm Managers and Rural Appraisers (ASFMRA) program to obtain the Accredited Farm Manager credential. As exemplified by the strong historical returns of our permanent crop portfolio, we have the capability to profitably manage existing orchards and vineyards, or effectively develop them from bare land. A feature of HAIG s value-add strategy is our ability to develop bare land into a productive perennial asset. We also provide certain midstream processing services such as hulling nuts and cleaning cranberries, which increase the price our crops command from handlers and processors. Our fully integrated investment platform and capabilities are unique in the industry. Together, HAIG and HFS provide our clients transparency right down to the farmgate and create full alignment between the farmer, investment manager, and investor. HAIG s international investments are located in Australia and Canada. Operations in Australia are managed by Hancock Farmland Services Australia (HFSA) and Hancock Farm Company (HFC) which provide operational oversight of our permanent crop portfolio in New South Wales,Victoria, South Australia, and Queensland. Through these two entities, HAIG has been managing and operating assets in Australia since 2000 with an experienced acquisitions and due diligence team with over 80 years in collective asset identification and assessment. Canada was added to our investment platform in 2009 with the acquisition of cranberries in Quebec, and expanded in 2018 with the acquisition of several canola and wheat crop properties in Alberta. Canadian cranberry harvest HAIG Company Overview Q

6 Hay bales Portfolio Management: A Client-Centered Approach Our disciplined approach to portfolio management centers on ongoing dialogue and transparent, detailed reporting to our investors. We work with our clients to establish investment objectives that meet their overall portfolio needs. These objectives form the basis for an investment policy and guidelines that direct our acquisition, management, and ongoing evaluation of their portfolio of farmland properties. We accomplish this by acquiring the right sized properties, in the appropriate locations, actively managing them to the highest standards, and undertaking dispositions at strategic times, all to maximize investor returns. We communicate with our clients regularly through reporting and portfolio reviews. The Client Account Management team provides a valuable liaison between the client and our operations personnel. Portfolio managers and analysts communicate directly with our staff across geographies and functions, from farm managers in California to portfolio accountants in Boston. Portfolio Risk Tolerance Diversification Parameters Low Medium High Geography Commodity Crop Type Management Style Return Risk LOWER Broadly Dispersed Large Assortment 100% Row 0% Permanent 100% Leased 0% Operated The team ensures all client requests are responded to promptly and thoroughly by the appropriate subject matter expert. We strive for top-class client service, inspiring trust through transparent reporting and communications, enabling our clients to implement their mandates effectively. Moderately Dispersed Medium Assortment 50% Row 50% Permanent 50% Leased 50% Operated Narrowly Dispersed Small Assortment 0% Row 100% Permanent 0% Leased 100% Operated HIGHER Leasing Arrangement 100% Fixed Rent 0% Flexed Rent 50% Fixed Rent 50% Flexed Rent 0% Fixed Rent 100% Flexed Rent Operating Arrangement 100% Custom Farm 0% Directly Operate 50% Custom Farm 50% Directly Operate 0% Custom Farm 100% Directly Operate 4 HAIG Company Overview Q3 2018

7 Acquiring Farmland: Sourcing in Key Regions and Commodities In a typical year, we actively pursue over USD 1 billion of farmland investment opportunities deemed eligible to fit our current and prospective clients portfolios. Our investment return requirements and extensive due diligence result in average annual farmland bid volumes of USD 250 to USD 750 million. Acquisition team Our team includes regional, national, and international staff. We employ regional acquisition managers in the Central, Southern, and Western U.S. as well as in Australia. These individuals are responsible for supporting our broad acquisition efforts, from sourcing opportunities to closing transactions. Sourcing farmland opportunities HAIG draws on the network and expertise of our internal acquisitions team in the U.S. and Australia as well as our extensive network of property managers to identify target properties for acquisition. HAIG also sources investments through relationships with a number of strategic partners in key agricultural industries and regions. Valuing potential acquisitions Our valuation procedure is multifaceted and encompasses input from our acquisitions, farm management, asset management, research, and portfolio management teams. Each investment is valued based on reasonably expected crop yields on the property, as well as our outlook on prevailing and anticipated future markets. Due diligence While the most important criteria we consider are soil quality and water supply, other key considerations include location, crop type, capital improvements, current return, appreciation potential, farm unit size, environmental assessment, legal and title considerations, and in the case of permanent crops, tree and vine health. Corn field HAIG Company Overview Q

8 Farmland Stewardship our goal is to improve overall returns, reduce risk, and improve alignment of interests while protecting and enhancing environmental and social aspects of the lands we manage. HAIG and our integrated property management firm, Hancock Farmland Services (HFS) along with Hancock Farm Company (HFC), are committed to providing best-in-class farm management and stewardship. Our goal is to improve overall returns, reduce risk, and improve alignment of interests while protecting and enhancing environmental and social aspects of the lands we manage. Our program ensures quality and consistency in managing the farms of our investors. We recognize these high standards require continuous improvement in all aspects of our farm operations. We adhere to the Equator Principles and, through our parent company, Manulife, are a signatory of the United Nations Principles of Responsible Investment. HAIG was an active member of the working group that developed Key Performance Indicators to support reporting of the United Nations Principles for Responsible Investment in Farmland. Where economically feasible, we strive to achieve the objectives outlined in the Global Good Agricultural Practices (GAP) and operate a number of organic farming operations. Sustainability is a critical factor in the management of long-term assets such as farmland. Throughout our integrated farmland investment platform, we strive to implement a land stewardship ethic that harmonizes the growing, managing, and harvesting of agricultural products with consideration for soil, air, and water quality; biological diversity; wildlife and aquatic habitats; and aesthetics. Stewardship in Action: Stories from the Field n Planting Pollinator Habitats. Over ninety U.S. crops are pollinated by honeybees. In order to pollinate, bees go in search of pollen and nectar before and after a crop s bloom. HNRG provides ten acres of supplemental forage on almond properties in California and three acres of perennial wildflowers on cranberry marshes in Wisconsin. This additional food leads to abundant native bee communities which create a productive system that enhances biodiversity. n Capturing Flood Flows to Replenish Aquifers. 350 acres of a nut property in California is dry farmed and flood flows are spread on the land during wet years. There isn t enough storage capacity in the state to hold excess water for use in a drought. The ground serves as a free storage facility, helping offset subsidence the sinking of land due to lack of water. The recharge activity raises the groundwater level which lowers pumping costs. n Sustainably Managing Pests on Macadamia Orchards in Australia. Hancock Farm Company implemented an Integrated Pest Management program to use less chemicals managing farm pests. IPM began with MacTrix, a wasp that preys on eggs of the Macadamia nutborer. The nutborer is an insect that causes significant damage to macadamia nut crops. Biological controls are one of the most effective tactics in crop protection and will play a greater role in the future. 6 HAIG Company Overview Q3 2018

9 Harvested almonds Effective Sell Discipline: Timely Disposition for Premium Value Disposition strategies In an effort to maximize returns, we undertake a detailed hold/sell analysis of a client s portfolio. This enables us to assess the value that each farmland asset adds to the entire portfolio. Beyond these hold/ sell reviews that identify assets for liquidation, dispositions may occur under additional scenarios including: n Sales of non-strategic parcels This strategy typically begins during the acquisition process, but is specifically addressed in our operating plan shortly after acquisition. Examples of non-strategic sale parcels are those with unfavorable access, poor site quality or terrain, or non-critical buildings. n Sales of higher-and-better-use (HBU) parcels To the extent possible, these are also identified in the acquisition and operation planning stages. While alternative uses may occasionally include commercial real estate, more typically, parcels are used for recreation, rural homes, or mineral development. n Opportunistic sales In addition to the above examples, another major disposition tool is our responsiveness to unsolicited offers. Robust information systems, valuation discipline, and solid judgment allow us to determine the parcel s agricultural production value. in an effort to maximize returns, we undertake a detailed hold/sell analysis of a client s portfolio. HAIG Company Overview Q

10 Proprietary Research Helps Lead Us to Investment Success Grain barge We emphasize research throughout our acquisition, portfolio management, and asset management processes. One function of the research process is to determine the investment potential of new markets. Our commodity market research typically begins with a thorough analysis of global supply and demand, as well as international trade flows. After establishing the global competitiveness of the commodity, our research group may generate price forecasts and cost of production estimates using data from commodity organizations, service companies, land grant institutions, the Foreign Agriculture Organization, and the United States Department of Agriculture. Another function of HAIG s research group is to assess how changes in agricultural policies and the global economy will affect the profitability of the U.S., Australian and Canadian farm sectors and international trade. Our regularly published research includes: n Hancock Farmland Investor: quarterly research newsletter n Research Notes: longer discussions of general topics and quantitative analysis of specific agricultural issues n Research Briefs: summaries of topical in-house research and current agricultural news The farmland asset class: a global investment Farmland is an investment opportunity that can offer the institutional investor exposure to global diversification and broad macroeconomic and demographic trends including population growth, an expanding middle class, and evolving dietary standards and preferences in developed and developing countries. These trends are complex and both directly and indirectly impact long term demand for farm products. For example, China relies on grains for their ever growing poultry and pork industries. Much of that grain is imported from large agricultural countries, such as the U.S., Australia, and Brazil. As another example, increased consumer emphasis on healthy snacking is a demand driver of nut products. California almonds and pistachios are exported to countries throughout the world to support this demand. As populations continue to grow and change, so too will demand for a reliable, high quality supply of food, fuel, and fiber products. Farmland fundamentals remain solid We believe the outlook for farmland investments has never been better. Global population growth and changing diets in developing countries are increasing the demand for agricultural commodities and value-added food products. While the ability to bring additional productive farmland into production appears limited, equity ownership of farmland assets enables investors to participate in the continuing growth of the agricultural sector. To learn more about the Hancock Agricultural Investment Group and access our research, visit our website at 8 HAIG Company Overview Q3 2018

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12 197 Clarendon St., C Boston, MA Hancock Agricultural Investment Group is a division of Hancock Natural Resource Group, Inc., a registered investment adviser and wholly-owned subsidiary of Manulife Financial Corporation. Hancock Agricultural Investment Group A founding member of the National Council of Real Estate Investment Fiduciaries (NCREIF) Farmland Index, we are one of the leading providers of farmland investment management services to institutions. We offer a variety of investment structures, including individually managed separate accounts and advisory relationships. Investment vehicles may include limited liability companies and group annuity contracts, based on each client s needs. Please contact us to learn more about how an investment in farmland can help your organization achieve its financial goals. 11/18