SEATTLE, October 7, 2003 -- With guidance from Cascade Land Conservancy and funded by the federal Forest Legacy Program, the largest Forest Legacy transaction to date in Washington state was announced today. The deal will protect nearly 8,000 acres of forestland along the Skykomish River from development.

"The Forest Legacy program provides funding to help conserve important lands," said Senator Patty Murray, "Today's announcement demonstrates how federal funding and grassroots efforts can help to protect working forests for future generations." Murray was instrumental in securing adequate federal funding for the project.

Under the agreement, Hancock Timber Resource Group is selling the property to private individuals who in turn are selling a conservation easement to the Washington State Department of Natural Resources for $2.4 million. The conservation easement will allow continued timber harvest while removing all future development rights on the 8,000 acres and will protect larger buffers along the Skykomish River and its tributaries.

Protection of the property will preserve the view corridor along Highway 2, one of the states' most scenic drives, while also protecting critical habitat for endangered Chinook salmon. This announcement comes on the heels of another transaction, completed in February, in which the Conservancy purchased 410 acres along the "braided reach" of the Skykomish River, across from the City of Goldbar.

During its two-year effort to protect the unique property, Cascade Land Conservancy forged a partnership with a diverse group of parties, including the U.S. Forest Service and Forestland Marketing, an Olympia-based timberland real estate broker that represented Hancock in the negotiations, as well as the Department of Natural Resources and Hancock Timber.

"This project is a model for how private organizations like Cascade Land Conservancy can work with local and federal governments to produce ecological, recreational and economic benefits for the local community," said Bob Drewel, Snohomish County Executive.

"Around the state, forestlands are under increasing pressure from encroaching development. Keeping this land as working forests greatly benefits local communities by continuing to provide jobs, opportunities for recreation and green open space," said Commissioner of Public Lands Doug Sutherland, who leads the Department of Natural Resources.

"The preservation of this property will add to the quality of life for residents of Snohomish County and the tri-county region," states Gene Duvernoy, President of Cascade Land Conservancy. "By working in an entrepreneurial spirit, we're able to protect water quality and habitat for fish and wildlife while maintaining the economic foundation of the forest industry."

"Hancock Timber has a long history of protecting sensitive lands, and it's a pleasure to work with a group that can bring all the parties to the table as successfully as the Cascade Land Conservancy did here," said John Davis, Hancock's Western Regional Manager.

Hancock Timber Resource Group is a division of Hancock Natural Resource Group, Inc., a wholly owned subsidiary of John Hancock Financial Services (NYSE:JHF). John Hancock Financial Services, Inc., and its affiliated companies, including John Hancock Life Insurance Company, provide a broad array of insurance and investment products and services to retail and institutional customers. As of June 30, 2003, John Hancock and its subsidiaries had total assets under management of $139.7 billion.