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Investment updates

2010

The following summarizes recent changes relating to the investment funds offered under the Manulife
Quality & Choice investment program and its respective investment manager(s). For more information,
call us at 1-800-242-1704.

Invesco U.S. Small Cap Value Team changes

Invesco announced changes to select portfolio management teams. A key goal of this effort is to ensure they have deeply resourced and focused teams and to reduce overlap and enhance efficiency across the product line. One of these changes to the portfolio management teams is the Invesco U.S. Small Cap Value Portfolio that will now be managed by Canon Coleman. Canon has been with the firm since 1999. Jonathan Mueller and Jonathan Edwards, Portfolio Managers with Invesco since 2001, are members of this portfolio management team. (July 2010)

International Equity Growth Team Leaves Invesco

Old Mutual Asset Management (OMAM) announced today that it has agreed to acquire one of the international equity funds and associated portfolio management teams from Invesco, led by Hans van den Berg. Under the agreement, the team will form a new OMAM affiliate, Echo Point Investment Management, based in West Conshohocken, Penn. Mr. van den Berg and his team joined Invesco, Ltd. following Invesco's acquisition of Morgan Stanley's retail asset management business on June 1, 2010.

The fund's senior portfolio management team has an average of 20 years of international investment experience. (July 2010)

Invesco acquires select Morgan Stanley Investment Management assets

This transaction will affect Manulife's segregated funds invested in the following Morgan Stanley Funds:

Morgan Stanley International Growth Equity II – this fund will be replaced with Invesco International Growth Equity Fund. The investment objectives and policies of the Invesco International Growth Equity Fund are the same as the Morgan Stanley fund. There will also be no changes to the portfolio management teams as they are transitioning to Invesco. The fees and operating expenses have not changed.

Morgan Stanley Institutional Trust – Morgan Stanley US Small Cap Value Fund will be merged with Invesco U.S. Small Cap Value Fund. The investment objectives and policies of the Invesco U.S. Small Cap Value Fund are the same as the Morgan Stanley fund. There will also be no changes to the portfolio management teams as they are transitioning to Invesco. The fees and operating expenses have not changed.