Hearst Acquires 20,000 Acres of Sustainably Managed Timberlands in Siskiyou and Shasta Counties, California, From Manulife Investment Management

NEW YORK and BOSTON- Hearst and Manulife Investment Management today announced the completion of a sale to Hearst of approximately 20,000 acres of sustainably managed forests in Northern California.

The forests, which are centered around McCloud, California, have a rich history of industrial forest management dating back to the initial settlement of the town of McCloud in 1897. These mixed species forests have long since been a source of raw material for many of the region's forest products facilities and in doing so contribute positively to the economy of the area. Manulife Investment Management had been managing these forests on behalf of their investors since 1991.

The forests will be added to Hearst's current timberland ownership of 62,000 acres in the same area operated by Hearst Forests LLC, a subsidiary of Hearst. Hearst owns and sustainably manages a total of 238,000 acres of timber and ranch land in California, including the Hearst Ranch at San Simeon, the Jack Ranch and Hearst Forests in McCloud.

As of Q3 2023, Manulife Investment Management's $11.3 billion timberland investment portfolio spans 5.4 million acres in the United States, Canada, Australia, New Zealand, Chile and Brazil. One hundred percent of its portfolio is certified as sustainable by independent third-party forest certification standards. Manulife IM provides an extensive range of on-the-ground forest management services through its forestry personnel, who have expertise in sustainable forest management and are skilled in customizing management activities to reflect the investment objectives of each client and the unique characteristics of each property.

'We are pleased to announce this transaction as Manulife Investment Management and Hearst have a long history of forest management in Northern California' said Tom Sarno, global head of timberland investments, Manulife Investment Management. 'Both groups share similar views on sustainability, stewardship and the environment while continuing to support local jobs in the region.'

'This strategic acquisition increases Hearst's timberland ownership to 82,000 acres in the productive McCloud, California wood basket,' said Steve Hearst, vice president and general manager of Hearst Western properties. 'Hearst began acquiring land in this area in 1921, and we look forward to stewarding this remarkable property through our sustainable timber management regime.'

A portion of the timberlands have a working forest conservation easement that was established in 2016 to promote forest health and support ongoing sustainable timber management in the region. The Dogwood Butte Working Forest Conservation Easement was secured by Pacific Forest Trust, in cooperation with Manulife Investment Management, with support from the Wildlife Conservation Board, the State of California and private donors for the benefit of regional water resources, wildlife, public recreation and the local timber economy.

'The working forests conserved by Pacific Forest Trust are lasting partnerships in stewardship that provide public benefits in perpetuity. The Dogwood Butte Conservation Easement plays a key role in protecting the water, biodiversity and climate benefits of this highly productive forest region. We welcome this transition in ownership from Manulife Investment Management to Hearst, as both share deep commitments to excellent forest management and community sustainability,' said Laurie Wayburn, president of Pacific Forest Trust.

Read more about Hearst's sustainability efforts in the company's latest Sustainability Overview. The report represents the company's commitment to responsible environmental stewardship and is a coordinated effort to understand, measure and report on Hearst's carbon footprint - outlining a path forward along three strategic pillars: educating the public, lowering Hearst's carbon emissions and investing in B2B solutions that enable other corporations to achieve their climate goals.

About Manulife Investment Management

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

About Hearst

Hearst is one of the nation's largest global, diversified information, services and media companies. Hearst has been innovating for more than a century, leading with purpose, integrity and a culture of care, with a mission to inform audiences and improve lives. The company's diverse portfolio includes global financial services leader Fitch Group; Hearst Health, a group of medical information and services businesses; Hearst Transportation, which includes CAMP Systems International, a major provider of software-as-a-service solutions for managing maintenance of jets and helicopters; ownership in cable television networks such as A&E, HISTORY, Lifetime and ESPN; 35 television stations; 24 daily and 52 weekly newspapers; digital services businesses; and more than 200 magazines around the world.

About Pacific Forest Trust

Founded in 1993, the Pacific Forest Trust (PFT) is dedicated to conserving and sustaining America's vital, productive forest landscapes. Working with forest harvested wood, green jobs, renewable and sustainable energy, fish and wildlife habitat and a livable climate. With an array of stakeholder partners, we advance innovative, incentive-based strategies to safeguard our nation's diverse forest landscapes and the communities they support. Learn more at www.pacificforest.org.

Media Contacts:

Paul Luthringer, Hearst, 212-649-2540, [e-mail]

Elizabeth Bartlett, Manulife Investment US and Europe, 857-210-2286, [e-mail]

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