A CLOSER LOOK AT: U.S. Equities A CORE ECONOMIC DRIVER. A CORE PART OF YOUR PORTFOLIO.

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1 A CLOSER LOOK AT: U.S. Equities A CORE ECONOMIC DRIVER. A CORE PART OF YOUR PORTFOLIO.

2 Why invest in the U.S. now? Over 40 per cent of the S&P 500 Index s revenues come from overseas. This suggests that U.S. multinational companies are well positioned to benefit from fast-growing non-u.s. economies, and can do so with less risk. 2 Source: S&P Dow Jones Indices, S&P : Global Sales, August Source: Sandy Sanders, Senior Portfolio Manager, Manulife Asset Management.

3 The U.S. opportunity at a glance The world s largest economy Ultra-low interest rates: 0% to 0.25% 2 Growing economic indicators 3 Employment Consumer Confidence Housing Market 40% of revenue from overseas 4 6.9% annualized rate of return over the past 20 years 5 Source: World Bank Ranking's, as at December 2, Source: Board of Governors of the Federal Reserve System, October 24, Consumer Confidence Source: University of Michigan Survey of Consumer Confidence Sentiment, February 203; Employment Source: U.S. Nonfarm Payroll, Bureau of Labor Statistics, U.S. Department of Labor, January 203; Housing Market Source: S&P/Case-Shiller Composite 20-City Home Price Index, December Source: S&P Dow Jones Indices, S&P : Global Sales, August This represents the annualized rate of return in Canadian dollars for the S&P 500 Index over the last 20 years (January, 993 to December 3, 202). Source: Morningstar.

4 Why the U.S.? A RESILIENT ECONOMY While there are risks in all financial markets, the U.S. equity market, as measured by the S&P 500 Index, has been resilient, generating a cumulative return of approximately 278 per cent over the past 20 years.* Despite a number of negative events in recent years, the U.S. is an attractive country in which to invest. Here are some reasons: 2 3 Market Long-term size OPPORTUNITY global DIVERSIFICATION The U.S. is the world s largest economy, offering thousands of opportunities for equity investors. No other market in the world comes close to the size, accessibility, transparency and liquidity of the U.S. equity market. Historical return data for the S&P 500 Index suggests you can today access U.S. equities at an attractive entry point, as the index has returned an annualized rate of 6.9 per cent over the past 20 years. Many U.S. corporations are taking advantage of global business opportunities. With U.S.-based equities, you can access the growth potential of the global economy with the security provided by U.S. financial reporting standards. Cumulative 20-YEAR RETURNS OF the S&P 500 INDEx ( ) * Even in the face of dramatic market corrections, U.S. equities have delivered significant returns over the long term. 500% TECH BUBBLE 278% 9/ 2008 FINANCIAL CRISIS 0% *This represents the cumulative rate of return in Canadian dollars for the S&P 500 Index over the last 20 years (January, 993 to December 3, 202). Source: Morningstar. Source: Morningstar. As at December 3, 202. Performance histories are not indicative of future performance. The index is unmanaged and cannot be purchased directly by investors. For illustration purposes only.

5 Why the U.S. today? STRONG businesses AND LOw INTEREST RATES U.S. equities are a long-term success story. When challenged by economic stresses and boom-and-bust cycles, U.S. equities have rebounded again and again. Today the U.S. is poised for growth. Strong company fundamentals, positive economic trends and a low interest rate environment make investing in U.S. equities more compelling than in recent history. Add attractive and growing dividends, and the case for U.S. equities is all the more clear. Low interest rates in the U.S. are driving corporate and consumer spending. Strong companies are able to secure capital, reinforce their businesses and purchase other businesses, which could result in enhanced returns going forward. ULTRA-LOw INTEREST RATES to 0% 0.25% POSITIVE TRENDS STRONG FUNDAMENTALS Consumer Confidence 3 Housing Market 4 Employment 5 Earnings Per Share In the U.S., employment is improving, consumer confidence is growing and the housing market is recovering. Equity markets may now be poised to return to their average long-term rates of return. After surviving the economic turmoil that began in 2008, U.S. companies fortified. Many of these companies now have improved balance sheets, and are stronger and more efficient than before. Source: Board of Governors of the U.S. Federal Reserve System, October 24, Source: 202 FactSet Research Systems Inc. 3 Source: University of Michigan Survey of Consumer Confidence Sentiment, February Source: U.S. Nonfarm Payroll, Bureau of Labor Statistics, U.S. Department of Labor, January Source: S&P/Case-Shiller Composite 20-City Home Price Index, December 202.

6 Why invest in Manulife U.S. All Cap Equity Fund? A deep knowledge OF OUR NEIGhbOURS TO the SOUTh Our flagship Manulife U.S. All Cap Equity Fund capitalizes on the growth potential of U.S. equity markets, and represents an ideal core holding in your portfolio when you are looking to gain exposure to the world s largest and most dynamic economy. The Fund is managed by the Manulife Asset Management U.S. Core Value Equity team. Led by Walter McCormick and Sandy Sanders, the team invests in both value and growth companies, and evaluates the investment potential of each company with a focus on its ability to achieve long-term success in its core area of business. The U.S. Core Value Equity Team Walter T. McCormick, CFA Senior Portfolio Manager Manulife Asset Management (U.S.), LLC 42 Years Experience Utilities, Energy Emory W. (Sandy) Sanders. Jr., CFA Senior Portfolio Manager Manulife Asset Management (U.S.), LLC 6 Years Experience Technology, Consumer Staples Annual Compound Returns (%) YTD 6 months year 3 years Since Inception* Manulife U.S. All Cap Equity Fund Russell 3000 Index ($ Cdn) CIFSC Category Average *Inception date: August 3, 20. Source: Manulife Mutual Funds, as of February 28, 203. THE SEVEN-STEP INVESTMENT PROCESS The U.S. Core Value Equity team applies a proprietary bottom-up, seven-step fundamental research process on companies they believe have a sustainable competitive advantage. They assess current company valuations based on a range of value analysis, using four discounted cash flow models (best case, base case, bear case and worst case). From this rigorous research process, the team is able to isolate the right price to pay for each company by focusing on downside risk to come up with a margin of safety, which allows the team to be highly opportunistic. IDEA GENERATION Through proprietary research, the investment team identifies companies that have a return on invested capital (ROIC) that is greater than its weighted average cost of capital (WACC). 7-STEP PROCESS FOR RESEARCH & VALIDATION. Competitive advantage validation 2. Growth drivers 3. Industry analysis 4. Financial analysis 5. Management team assessment 6. Range of values evaluation 7. Risk considerations PORTFOLIO CONSTRUCTION RISK MANAGEMENT Portfolio stocks Active inventory of fully vetted candidates

7 About Manulife Mutual Funds Manulife Mutual Funds is a Canadian mutual fund company with asset managers around the globe that offers investment solutions managed by teams with a local market presence. Being on the ground in the U.S. provides our portfolio managers with the opportunity to uncover opportunities others may not be aware of or have overlooked. In addition, Manulife Mutual Funds benefits from its relationship with Manulife Financial, which is among the highest rated life insurers in the world with 25 years of history, a $24.7 billion market capitalization and $532 billion in funds under management. ThE STRENGTh OF MANULIFE FINANCIAL $24 million in charitable donations (20) 25 years of history with Manulife, investors can feel confident that their trust is well placed. Ranked 34 in list of world's 500 largest asset managers 2 27,500+ $24.7 billion employees worldwide 3 $532 billion in funds under management market capitalization As at December 3, P&I/Towers Watson, year end As at December 3, 202.

8 FOR MORE INFORMATION, PLEASE CONTACT YOUR ADVISOR OR VISIT MANULIFEMUTUALFUNDS.CA TODAY The commentary in this publication reflects the views of the sub-advisor of Manulife Mutual Funds. These views are subject to change as market and other conditions warrant. All overviews and commentary are for information purposes only and are not intended to provide specific financial, investment, tax, legal, accounting or other advice and should not be relied upon in that regard. Individuals should seek the advice of professionals to ensure that any action taken with respect to this information is appropriate to their specific situation. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in share/ unit value and reinvestment of all dividends/distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Manulife Funds and Manulife Corporate Classes are managed by Manulife Mutual Funds. Manulife, Manulife Mutual Funds, the Manulife Mutual Funds For Your Future logo, the Block Design, the Four Cubes Design and Strong Reliable Trustworthy Forward-thinking are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates under license. MK2765E 03/3