Hancock Timber Resource Group and Hastings Funds Management Announce Alliance

MELBOURNE, Australia, March 14, 2000 -- Hastings Funds Management (Hastings) and Hancock Timber Resource Group (HTRG) today announced a strategic alliance whereby Hastings will exclusively market HTRG's timberland investment products to Australian institutions. Investors, including large superannuation funds as well as financial services firms and qualifying individuals will be able to access these opportunities through a new pooled vehicle, Hastings Hancock International Timberland (HHIT).

Founded in 1985, the U.S.-based HTRG is the world's leading timberland investment management organization. The firm is an investment unit of John Hancock Financial Services. HTRG develops and manages timberland portfolios for institutional investors and currently oversees 3.1 million acres, worth US$3.0 billion, in the major timber-growing regions of North America -- the Pacific Northwest, the Southeast and the Northeast. HTRG also invests in British Columbia, Canada, and Victoria, Australia, and considers investment opportunities throughout the world.

Established in 1994, Hastings is one of the largest independent managers of alternative assets in Australia (including infrastructure, high yield debt, private equity and timberland), currently managing an investment portfolio in excess of A$1.8 billion.

Funds managed by Hastings have already invested in two HTRG transactions, the 1998 privatisation of the Victorian Plantations Corporation, and last month's acquisition by HTRG of US Alliance's 402,000-acre property in Alabama. This latter asset forms the initial investment of the new fund.

"We are delighted to have formed this alliance with Hancock," said Mike Fitzpatrick, Managing Director of Hastings. "This agreement brings together HTRG's exceptional understanding of the international timberland investment industry and access to quality investment opportunities with Hastings Australian institutional relationships and track record in the management of alternative assets. Our experience has shown that both groups have very similar investment philosophies.

"Our partnership with HTRG complements Hastings' strategy of providing our clients access to a full range of appropriate non-traditional investment products," Mr. Fitzpatrick said.

Dan Christensen, Chief Operations Officer of HTRG, said, "Hancock is pleased to have reached agreement with Hastings to ensure our product receives the widest possible distribution within Australia, and that our joint clients will have access to personalised local service from individuals actively involved in the investment process. This is the first time HTRG has concluded such an arrangement anywhere in the world."

Timberland provides institutional investors with a number of benefits, including attractive long term returns, excellent capital preservation, portfolio diversification and low to moderate risk.

HTRG is a subsidiary of John Hancock Life Insurance Company that is wholly owned by John Hancock Financial Services, Inc. John Hancock is a leading U.S. financial services company, providing a broad array of insurance and investment products and services to retail and institutional customers. As of December 31, 1999, John Hancock and its subsidiaries had total assets under management of $127.3 billion.