investment team offices are located in Rotorua, New Zealand and Montevideo, Uruguay.

Since its founding, GMO Renewable Resources (GMORR) has provided investors with opportunities to invest in timberland and related investments through a series of pooled funds and separate accounts. Historically, GMORR has also managed agricultural investments ancillary to its timberland properties as part of a strategy to optimize land use and performance. Recently, GMORR has broadened its real asset investment capability to include dedicated agricultural investing. GMORR's seasoned team of rural land investment professionals is dedicated to the acquisition and sustainable management of globally diversified portfolios of timberland and farmland for the benefit of it clients. (Please see Responsible Investment.) Employing a value-oriented approach, GMORR seeks to invest in assets at prices reflecting biological yield and productive capacity of the land and seeks to manage investments for total return over the long term.