Hancock Timber Resource Group Names Two Key Executives

BOSTON, JULY 16, 2001 - Michael Morgan has been named director of financial management, a new position, at the Hancock Timber Resource Group (HTRG).

Succeeding him as director of acquisitions is Michael L. Rivard, who joins HTRG from UBS Timber Investors, where he had been portfolio manager for a major client's international investment allocation.

"These key appointments add strength and depth to our organization," said Bill Coleman, president and chief executive officer. "Both of these senior-level executives have rich experience in timberland investment management from a global perspective."

In his new position, Morgan will have overall responsibility for the financial management of client timberland investments and will direct client accounting and reporting, international financial and debt management, and internal systems development.

Rivard will lead HTRG's global acquisition sourcing and negotiating efforts and will be responsible for maintaining business relationships with forest products companies.

Morgan joined HTRG in 1998 after serving as vice president of finance for a publicly traded forest products company. Prior to that he was tax manager and assistant treasurer at a closely held forest products company. His experience also includes service with a major accounting firm where he developed tax strategies for industry clients.

Rivard joined UBS Timber Investors in 1996 and subsequently held increasingly senior portfolio management positions in South America and the United States. He managed portfolio assets of more than $400 million and directed an active timber sales program. Before joining UBS, Rivard was president and chief executive officer of a closely held forest products company in Maine.

The Hancock Timber Resource Group is the world's leading timberland investment management organization for institutional investors, with 2.9 million acres and $2.6 billion in assets under management. HTRG is a unit of the Hancock Natural Resource Group, Inc., a wholly owned subsidiary of John Hancock Financial Services, Inc. (NYSE:JHF).