Jan 1, 2024 to Dec 31, 2024

Reporting cycle: annual

Scope: This page outlines the sustainable investment commitments and management standards adopted across Manulife Investment Management’s (Manulife IM’s) real estate advisory operations in North America and the Asia-Pacific region. The environmental performance metrics, including greenhouse gas (GHG) emissions, energy consumption, water usage, waste management, and green building certifications, pertain to Manulife’s general account assets and those managed by Manulife IM and its affiliates. The environmental performance data presented herein (unless otherwise noted) excludes the firm’s credit strategies and some of our separate accounts. Vacant lands, new developments, club investments, and other non-equity assets are also excluded. This represents about 29% of the firm’s real estate assets under management. These assets are excluded for reasons such as joint venture structure limitations, data availability and operational influence, or because they’re in the early stages of development and lack operational activities that generate measurable data.

Greenhouse gas emissions: Methodology for determining GHG is aligned with the ISO 14064-1:2018 and the WRI/WBCSD Greenhouse Gas Protocol standards

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, or characteristics 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 terms of 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 of different 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 recognize that 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 that sustainable 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 to invest 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. Our investment 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 this material 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, or other 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 superseded by subsequent market events or for other reasons. Manulife Investment Management disclaims any responsibility to update such information.