<SEC-DOCUMENT>0001133228-13-000322.txt : 20130131
<SEC-HEADER>0001133228-13-000322.hdr.sgml : 20130131
<ACCEPTANCE-DATETIME>20130131172029
ACCESSION NUMBER:		0001133228-13-000322
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20130322
FILED AS OF DATE:		20130131
DATE AS OF CHANGE:		20130131
EFFECTIVENESS DATE:		20130131

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JOHN HANCOCK TAX-ADVANTAGED DIVIDEND INCOME FUND
		CENTRAL INDEX KEY:			0001260041
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21416
		FILM NUMBER:		13563690

	BUSINESS ADDRESS:	
		STREET 1:		C/O JOHN HANCOCK FUNDS
		STREET 2:		601 CONGRESS STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02210
		BUSINESS PHONE:		617-663-3000

	MAIL ADDRESS:	
		STREET 1:		C/O JOHN HANCOCK FUNDS
		STREET 2:		601 CONGRESS STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02210

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	JOHN HANCOCK PREFERRED & EQUITY INCOME FUND
		DATE OF NAME CHANGE:	20030814
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>v333384_def14a.htm
<DESCRIPTION>DEF 14A
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 12pt">SCHEDULE
14A</FONT><BR>
(RULE 14a-101)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">INFORMATION REQUIRED IN PROXY STATEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">SCHEDULE 14A INFORMATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Proxy Statement Pursuant to Section 14(a)
of the Securities<BR>
Exchange Act of 1934 (Amendment No. ______)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Filed by the Registrant <FONT STYLE="font-family: Wingdings">&#120;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Filed by Party other than the Registrant
<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Check the appropriate box:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Preliminary Proxy Statement</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify"><B>Confidential, for Use of the Commission Only (as permitted
by Rule 14a-6(e)(2))</B></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD><TD STYLE="text-align: justify">Definitive Proxy Statement</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD><TD STYLE="text-align: justify">Definitive Additional Materials</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Soliciting Material Pursuant to &sect;240.14a-12</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">JOHN HANCOCK TAX-ADVANTAGED DIVIDEND
INCOME FUND</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of Registrant as Specified in Its
Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Payment of Filing Fee (Check the appropriate
box):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="background-color: white; padding: 0; text-indent: 0"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">No fee required.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="background-color: white; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 5%; padding: 0; text-indent: 0">(1)</TD>
    <TD STYLE="width: 91%; padding: 0; text-indent: 0">Title of each class of securities to which transaction applies:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">(2)</TD>
    <TD STYLE="padding: 0; text-indent: 0">Aggregate number of securities to which transaction applies:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">(3)</TD>
    <TD STYLE="padding: 0; text-indent: 0">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11<BR> (Set forth the amount on which the filing fee is calculated and state how it was determined):</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">(4)</TD>
    <TD STYLE="padding: 0; text-indent: 0">Proposed maximum aggregate value of transaction:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">(5)</TD>
    <TD STYLE="padding: 0; text-indent: 0">Total fee paid:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">Fee paid previously with preliminary materials.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">(1)</TD>
    <TD STYLE="padding: 0; text-indent: 0">Amount Previously Paid:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD STYLE="padding: 0; text-indent: 0">(2)</TD>
    <TD STYLE="padding: 0; text-indent: 0">Form, Schedule or Registration Statement No.:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">(3)</TD>
    <TD STYLE="padding: 0; text-indent: 0">Filing Party:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">(4)</TD>
    <TD STYLE="padding: 0; text-indent: 0">Date Filed:</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0pt 0"><IMG SRC="image_001.jpg" ALT="" STYLE="width: 216px; height: 71px"></P>



<P STYLE="margin: 0; text-align: right">January 31, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">John Hancock Tax-Advantaged Dividend Income Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">John Hancock Tax-Advantaged Global Shareholder Yield Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Shareholder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt 0pt 0">I am writing to ask for your assistance with an important
matter involving your investment in one or both of the John Hancock Funds listed above. You are being asked to approve with respect
to your fund(s) a new subadvisory agreement between the funds&rsquo; adviser, John Hancock Advisers, LLC, and Analytic Investors,
LLC (&ldquo;Analytic&rdquo;). The enclosed Proxy Statement includes instructions on how to cast your vote on these proposals. I
encourage you to read the attached materials in their entirety, and if you have any questions, please contact us at 1-855-742-8269.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Approve a New Subadvisory Agreement with Analytic Investors,
LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16pt 0pt 0">Shareholders of each fund are being asked to approve
a new subadvisory agreement with Analytic, which is responsible for formulating and implementing the options strategy for each
fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14pt 0pt 0">Recently, Analytic acquired the controlling interest
in its firm that was previously held by Old Mutual. As a result of this transaction, the subadvisory agreement for each fund terminated
on December 31, 2012, as required under the Investment Company Act of 1940. While Analytic continues to perform subadvisory services
for the funds pursuant to interim agreements, such agreements can continue in effect only for up to 150 days. Accordingly, you
are being asked to approve a new subadvisory agreement for your fund(s).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0">Keep in mind that the funds&rsquo; adviser, and not
the funds, pays the subadvisory fees. In addition, approval of the new subadvisory agreements will not change the annual advisory
fee rates payable by the funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Your Proxy Statement includes a description of these proposals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Your Vote Matters!</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">After careful consideration, the Board of Trustees of each fund
has unanimously approved the relevant proposal and recommends that shareholders vote &ldquo;FOR&rdquo; its approval, but the final
approval requires your vote. No matter how large or small your fund holdings, your vote is important. After you review the proxy
materials, please submit your vote promptly to help us avoid the need for additional mailings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For your convenience, you may vote in one of three ways:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 24pt">1)</TD><TD STYLE="text-align: justify">via telephone by calling the number listed on your proxy card(s),</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 24pt">2)</TD><TD STYLE="text-align: justify">via mail by returning the enclosed proxy card(s) or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 24pt">3)</TD><TD STYLE="text-align: justify">via the Internet by visiting the website on your proxy card(s) and entering your control number.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8pt 0pt 0">If you have questions, please call a John Hancock Funds
Customer Service Representative at 1-855-742-8269, Monday-Friday between 9:30 A.M. and 9:00 P.M., Eastern Time. I thank you for
your time and your prompt vote on these matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 5.75in">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 5.75in"><U>/s/
Andrew G. Arnott&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 5.75in">Andrew
G. Arnott</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 5.75in">Chief
Executive Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 5.75in">John Hancock Advisers, LLC</P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: left; width: 33%">&nbsp;</TD><TD STYLE="text-align: center; width: 34%">&nbsp;</TD><TD STYLE="text-align: right; width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>JOHN HANCOCK TAX-ADVANTAGED DIVIDEND INCOME FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;<B>JOHN HANCOCK
TAX-ADVANTAGED GLOBAL SHAREHOLDER YIELD FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;<B>601 Congress
Street</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;<B>Boston,
Massachusetts 02210</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>NOTICE OF JOINT SPECIAL MEETING OF SHAREHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>To the shareholders of the funds listed above:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt 0pt 0">Notice is hereby given that a joint special meeting
of shareholders of John Hancock Tax-Advantaged Dividend Income Fund and John Hancock Tax-Advantaged Global Shareholder Yield Fund
will be held at 601 Congress Street, Boston, Massachusetts 02210, on <B>Friday, March 22, 2013, at 2:00 P.M., Eastern Time</B>
(the &ldquo;Meeting&rdquo;). A Proxy Statement, which provides information about the purposes of the Meeting, is included with
this notice. The Meeting will be held for the following purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Proposal 1</FONT></TD>
    <TD STYLE="width: 5%; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">(a) </FONT></TD>
    <TD STYLE="width: 85%; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">To approve a new subadvisory agreement for John Hancock Tax-Advantaged Dividend Income Fund between John Hancock Advisers, LLC and Analytic Investors, LLC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-style: italic; text-indent: 0"><FONT STYLE="font-size: 10pt"><I>Shareholders of John Hancock Tax-Advantaged Dividend Income Fund will vote on this proposal.</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Proposal 1</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">(b) </FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">To approve a new subadvisory agreement for John Hancock Tax-Advantaged Global Shareholder Yield Fund between John Hancock Advisers, LLC and Analytic Investors, LLC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><I>Shareholders of John Hancock Tax-Advantaged Global
Shareholder Yield Fund will vote on this proposal.</I></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any other business that may properly come before the Meeting
or any adjournment of the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Board of Trustees recommends that you vote FOR Proposal
1(a) and FOR Proposal 1(b), as applicable.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14pt 0pt 0">Each shareholder of record of the funds as of the close
of business on January 16, 2013 is entitled to receive notice of, and to vote at, the Meeting and at any adjournment thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5pt 0pt 0"><B><I>Whether or not you expect to attend the Meeting,
please complete and return the enclosed proxy card in the accompanying envelope. No postage is necessary if mailed in the United
States.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Important Notice Regarding
the Availability of Proxy Materials for</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>the Shareholder Meeting to Be Held on March 22, 2013:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>The Proxy Statement is available at: www.jhfunds.com/proxy.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 5.75in">By order of the Boards of Trustees,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 5.75in">Thomas M. Kinzler</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 5.75in">Secretary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">January 31, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Boston, Massachusetts</P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: left; width: 33%">&nbsp;</TD><TD STYLE="text-align: center; width: 34%">&nbsp;</TD><TD STYLE="text-align: right; width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Your vote is important &ndash; Please vote your shares promptly.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-indent: 21pt"><B>Shareholders are invited to attend
the Meeting in person. Valid photo identification may be required to attend the Meeting in person. Any shareholder who does not
expect to attend the Meeting is urged to vote by:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 20pt"><B>(i)</B></TD><TD STYLE="text-align: justify; padding-right: 6pt"><B>completing the enclosed proxy card(s), dating and signing it, and returning
it in the envelope provided, which needs no postage if mailed in the United States; </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 20pt"><B>(ii)</B></TD><TD STYLE="text-align: justify"><B>following the touch-tone telephone voting instructions found below; or </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 20pt"><B>(iii)</B></TD><TD STYLE="text-align: justify"><B>following the Internet voting instructions found below. </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21pt"><B>In order to avoid unnecessary expense,
we ask your cooperation in responding promptly, no matter how large or small your holdings may be.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>INSTRUCTIONS FOR EXECUTING PROXY CARDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21pt">The following general rules for executing
proxy cards may be of assistance to you and help avoid the time and expense involved in validating your vote if you fail to execute
your proxy card(s) properly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt"><B><I>Individual Accounts: </I></B>Your name should
be signed exactly as it appears on the proxy card(s).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-indent: 21pt"><B><I>Joint Accounts: </I></B>Either
party may sign, but the name of the party signing should conform exactly to a<B><I> </I></B>name shown on the proxy card(s).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10pt 0pt 0; text-indent: 21pt"><B><I>All other accounts should
show the capacity of the individual signing. This can be shown either in the form of the account registration itself or by the
individual executing the proxy card(s).</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>INSTRUCTIONS FOR VOTING BY TOUCH-TONE TELEPHONE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt">Read the enclosed Proxy Statement, and have your proxy
card(s) handy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt">Call the toll-free number indicated on your proxy card(s).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt">Enter the control number found on the front of your
proxy card(s).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt">Follow the recorded instructions to cast your vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>INSTRUCTIONS FOR VOTING BY INTERNET</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt">Read the enclosed Proxy Statement, and have your proxy
card(s) handy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt">Go to the Web site on the proxy card(s).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt">Enter the control number found on the front of your
proxy card(s).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt">Follow the instructions on the Web site.</P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: left; width: 33%">&nbsp;</TD><TD STYLE="text-align: center; width: 34%">&nbsp;</TD><TD STYLE="text-align: right; width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B><A NAME="a_020" TITLE="TOC"></A>TABLE OF CONTENTS</B></P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="color: blue; font-variant: small-caps; font-weight: bold"><A HREF="#a_001"><FONT STYLE="font-size: 10pt; font-variant: small-caps; color: blue"><B>PROPOSALS 1(A) AND 1(B) &ndash; APPROVAL OF NEW SUBADVISORY AGREEMENTS</B></FONT></A></TD>
    <TD STYLE="color: blue; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><A HREF="#a_001">3</A></B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.25in; color: blue; font-variant: small-caps"><A HREF="#a_002"><FONT STYLE="font-size: 10pt; font-variant: small-caps; color: blue">Introduction</FONT></A></TD>
    <TD STYLE="color: blue; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><A HREF="#a_002">3</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 0.25in; color: blue; font-variant: small-caps"><A HREF="#a_003"><FONT STYLE="font-size: 10pt; font-variant: small-caps; color: blue">Analytic <FONT STYLE="text-transform: uppercase">T</FONT>ransaction</FONT></A></TD>
    <TD STYLE="color: blue; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><A HREF="#a_003">3</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.25in; color: blue; font-variant: small-caps"><A HREF="#a_004"><FONT STYLE="font-size: 10pt; font-variant: small-caps; color: blue">Comparison of the <FONT STYLE="text-transform: uppercase">C</FONT>urrent and <FONT STYLE="text-transform: uppercase">N</FONT>ew <FONT STYLE="text-transform: uppercase">A</FONT>greements</FONT></A></TD>
    <TD STYLE="color: blue; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><A HREF="#a_004">4</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 0.25in; color: blue; font-variant: small-caps"><A HREF="#a_005"><FONT STYLE="font-size: 10pt; font-variant: small-caps; color: blue">Information <FONT STYLE="text-transform: uppercase">A</FONT>bout <FONT STYLE="text-transform: uppercase">A</FONT>nalytic </FONT></A></TD>
    <TD STYLE="color: blue; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><A HREF="#a_005">5</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.25in; color: blue; font-variant: small-caps"><A HREF="#a_006"><FONT STYLE="font-size: 10pt; font-variant: small-caps; color: blue">Other Funds</FONT></A></TD>
    <TD STYLE="color: blue; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><A HREF="#a_006">6</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 0.25in; color: blue; font-variant: small-caps"><A HREF="#a_007"><FONT STYLE="font-size: 10pt; font-variant: small-caps; color: blue">Board&rsquo;s <FONT STYLE="text-transform: uppercase">E</FONT>valuation and <FONT STYLE="text-transform: uppercase">R</FONT>ecommendation </FONT></A></TD>
    <TD STYLE="color: blue; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><A HREF="#a_007">6</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.25in; color: blue; font-variant: small-caps"><A HREF="#a_008"><FONT STYLE="font-size: 10pt; font-variant: small-caps; color: blue">Required <FONT STYLE="text-transform: uppercase">V</FONT>ote for <FONT STYLE="text-transform: uppercase">P</FONT>roposals 1(a) and 1(b)</FONT></A></TD>
    <TD STYLE="color: blue; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><A HREF="#a_008">6</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="color: blue; font-weight: bold"><A HREF="#a_009"><FONT STYLE="font-size: 10pt; color: blue"><B>MISCELLANEOUS </B></FONT></A></TD>
    <TD STYLE="color: blue; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><A HREF="#a_009">8</A></B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 0.25in; color: blue; font-variant: small-caps"><A HREF="#a_010"><FONT STYLE="font-size: 10pt; font-variant: small-caps; color: blue">Voting <FONT STYLE="text-transform: uppercase">P</FONT>rocedures</FONT></A></TD>
    <TD STYLE="color: blue; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><A HREF="#a_010">8</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.25in; color: blue; font-variant: small-caps"><A HREF="#a_011"><FONT STYLE="font-size: 10pt; font-variant: small-caps; color: blue">Telephone <FONT STYLE="text-transform: uppercase">V</FONT>oting</FONT></A></TD>
    <TD STYLE="color: blue; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><A HREF="#a_011">8</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 0.25in; color: blue; font-variant: small-caps"><A HREF="#a_012"><FONT STYLE="font-size: 10pt; font-variant: small-caps; color: blue">Internet <FONT STYLE="text-transform: uppercase">V</FONT>oting </FONT></A></TD>
    <TD STYLE="color: blue; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><A HREF="#a_012">9</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 0.25in; color: blue; font-variant: small-caps"><A HREF="#a_013"><FONT STYLE="font-size: 10pt; font-variant: small-caps; color: blue">Shareholders <FONT STYLE="text-transform: uppercase">S</FONT>haring the <FONT STYLE="text-transform: uppercase">S</FONT>ame <FONT STYLE="text-transform: uppercase">A</FONT>ddress </FONT></A></TD>
    <TD STYLE="color: blue; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><A HREF="#a_013">9</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-left: 0.25in; color: blue; font-variant: small-caps"><A HREF="#a_014"><FONT STYLE="font-size: 10pt; font-variant: small-caps; color: blue">Other <FONT STYLE="text-transform: uppercase">M</FONT>atters</FONT></A></TD>
    <TD STYLE="color: blue; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><A HREF="#a_014">9</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="color: blue; font-weight: bold"><A HREF="#a_015"><FONT STYLE="font-size: 10pt; color: blue"><B>SHAREHOLDER PROPOSALS</B></FONT></A></TD>
    <TD STYLE="color: blue; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><A HREF="#a_015">10</A></B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="color: blue; font-weight: bold"><A HREF="#a_016"><FONT STYLE="font-size: 10pt; color: blue"><B>APPENDIX A </B></FONT></A></TD>
    <TD STYLE="color: blue; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><A HREF="#a_016">A-1</A></B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="color: blue; font-weight: bold"><A HREF="#a_017"><FONT STYLE="font-size: 10pt; color: blue"><B>APPENDIX B </B></FONT></A></TD>
    <TD STYLE="color: blue; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><A HREF="#a_017">B-1</A></B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="color: blue; font-weight: bold"><A HREF="#a_018"><FONT STYLE="font-size: 10pt; color: blue"><B>APPENDIX C</B></FONT></A></TD>
    <TD STYLE="color: blue; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; color: blue"><B><A HREF="#a_018">C-1</A></B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="color: blue; font-weight: bold"><A HREF="#a_019"><FONT STYLE="font-size: 10pt; color: blue"><B>APPENDIX D</B></FONT></A></TD>
    <TD STYLE="color: blue; font-weight: bold; text-align: right"><A HREF="#a_019"><FONT STYLE="font-size: 10pt; color: blue"><B>D-1</B></FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%"><A HREF="#a_020">Table of Contents</A></TD><TD STYLE="text-align: right; width: 50%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>JOHN HANCOCK TAX-ADVANTAGED DIVIDEND
INCOME FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>JOHN HANCOCK TAX-ADVANTAGED GLOBAL SHAREHOLDER YIELD FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>PROXY STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>JOINT SPECIAL
MEETING OF SHAREHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>TO BE HELD ON MARCH 22, 2013</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt 0pt 1pt; text-indent: 21pt">This Proxy Statement contains
the information that a shareholder should know before voting on the proposals described in the notice. <B><I>Each fund will furnish,
without charge, a copy of its Annual Report and/or Semiannual Report to any shareholder upon request by writing to the fund at
601 Congress Street, Boston, Massachusetts 02210 or by calling 1-800-225-6020.&nbsp;</I></B>These reports also are available on
the Internet at<B><I> </I></B>www.jhfunds.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 1pt; text-indent: 21pt">This Proxy Statement is being furnished
in connection with the solicitation of proxies by the Boards of Trustees for use at the joint special meeting of shareholders of
John Hancock Tax-Advantaged Dividend Income Fund (&ldquo;HTD&rdquo;) and John Hancock Tax-Advantaged Global Shareholder Yield Fund
(&ldquo;HTY&rdquo; and, collectively with HTD, the &ldquo;funds&rdquo;). The joint special meeting will be held at 601 Congress
Street, Boston, Massachusetts 02210, on Friday, March 22, 2013, at 2:00 P.M., Eastern Time (the &ldquo;Meeting&rdquo;). Each Board
of Trustees (together, the &ldquo;Board&rdquo;) is soliciting proxies from shareholders with respect to the proposals set forth
in the accompanying notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22pt">The following table summarizes the proposal applicable
to HTD and HTY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 16%; border-bottom: windowtext 1pt solid; padding: 0; font-weight: bold; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Proposal Number</B></FONT></TD>
    <TD STYLE="width: 70%; border-bottom: windowtext 1pt solid; padding: 0; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Description of Proposal</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: windowtext 1pt solid; padding: 0; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Applicable Fund</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Proposal 1(a)</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To approve a new subadvisory agreement for John Hancock</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">HTD</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Tax-Advantaged Dividend Income Fund between John Hancock</FONT></TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Advisers, LLC and Analytic Investors, LLC.</FONT></TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Proposal 1(b)</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To approve a new subadvisory agreement for John Hancock</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">HTY</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Tax-Advantaged Global Shareholder Yield Fund between John Hancock</FONT></TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Advisers, LLC and Analytic Investors, LLC.</FONT></TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 39pt 0pt 1pt; text-indent: 21pt">The Proxy Statement and proxy
card are intended to be first mailed to shareholders on or about February 4, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><B>The Funds&rsquo; Adviser, Administrator and Subadvisers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11pt 0pt 1pt; text-indent: 21pt">John Hancock Advisers, LLC
(the &ldquo;Adviser&rdquo;) serves as each fund&rsquo;s investment adviser and administrator. An affiliate of the Adviser,
John Hancock Asset Management a division of Manulife Asset Management (US) LLC, 101 Huntington Avenue, Boston, Massachusetts
02199, serves as one of two subadvisers to HTD, and Epoch Investment Partners, Inc., 640 Fifth Avenue, 18th Floor, New York,
New York 10019, serves as one of two subadvisers to HTY. Analytic Investors, LLC (&ldquo;Analytic&rdquo;), 555 West Fifth
Street, 50th Floor, Los Angeles, California 90013, serves as a subadviser to both HTD and HTY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><B>Record Ownership</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9pt 0pt 1pt; text-indent: 21pt">The Trustees of each fund have
fixed the close of business on January 16, 2013 as the record date for determining shareholders eligible to vote at the Meeting
(the &ldquo;Record Date&rdquo;). All shareholders of record at the close of business on the Record Date are entitled to one vote
for each share (and fractional votes for fractional shares) on all business of the Meeting or any adjournment of the Meeting. On
the Record Date, the following number of shares of beneficial interest of each fund were outstanding:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 8%; border-bottom: windowtext 1pt solid; padding: 0; font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Fund</B></FONT></TD>
    <TD STYLE="width: 27%; border-bottom: windowtext 1pt solid; padding: 0; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Number of Shares Outstanding</B></FONT></TD>
    <TD STYLE="width: 65%; padding: 0; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">HTD</FONT></TD>
    <TD STYLE="padding: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">37,734,746</FONT></TD>
    <TD STYLE="padding: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">HTY</FONT></TD>
    <TD STYLE="padding: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,503,731</FONT></TD>
    <TD STYLE="padding: 0">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%"><A HREF="#a_020">Table of Contents</A></TD><TD STYLE="text-align: right; width: 50%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5pt 0pt 1pt; text-indent: 21pt">With respect to each fund, as of
the Record Date, none of the Trustees beneficially owned individually, and the Trustees and executive officers of the fund as a
group did not beneficially own, in excess of one percent of the outstanding shares of either fund. To the best knowledge of the
relevant fund, the shareholders listed below owned more than 5% of the fund&rsquo;s shares as of the date indicated. This information
may be different as of the Record Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%; border-bottom: windowtext 1pt solid; padding: 0; font-weight: bold; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Fund</B></FONT></TD>
    <TD STYLE="width: 80%; border-bottom: windowtext 1pt solid; padding: 0; font-weight: bold; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Name and Address of Owner</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: windowtext 1pt solid; padding: 0; font-weight: bold; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Percent</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">HTD</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">First Trust Portfolios LP</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.1%<SUP>1</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Suite 400</FONT></TD>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">120 East Liberty Drive</FONT></TD>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Wheaton, Illinois 60187</FONT></TD>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">HTY</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">First Trust Portfolios LP</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12.5%<SUP>1</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Suite 400</FONT></TD>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">120 East Liberty Drive</FONT></TD>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Wheaton, Illinois 60187</FONT></TD>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>


<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 10%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 3%; padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1</FONT></TD>
    <TD STYLE="width: 97%; padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As of December 31, 2011.</FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%"><A HREF="#a_020">Table of Contents</A></TD><TD STYLE="text-align: right; width: 50%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B><A NAME="a_001"></A>PROPOSALS 1(A) AND 1(B) &ndash; APPROVAL OF NEW
SUBADVISORY AGREEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="a_002"></A>Introduction</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11pt 0pt 0; text-indent: 21pt">Shareholders of HTD and HTY are
being asked to approve new subadvisory agreements between the Adviser and Analytic. <B>Approval of the new subadvisory agreements
will not change the annual advisory</B> <B>fee rates payable by the funds. The subadvisory fees are payable by the Adviser and
not the funds.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt 0pt 0; text-indent: 21pt">At its meeting on December 10-12,
2012, the Board of HTD approved for HTD a new subadvisory agreement between the Adviser and Analytic (the &ldquo;New HTD Agreement&rdquo;)
and an interim subadvisory agreement between the Adviser and Analytic (the &ldquo;Current HTD Agreement&rdquo;). At the same meeting,
the Board of HTY approved for HTY a new subadvisory agreement between the Adviser and Analytic (the &ldquo;New HTY Agreement&rdquo;
and, with the New HTD Agreement, the &ldquo;New Agreements&rdquo;) and an interim subadvisory agreement between the Adviser and
Analytic (the &ldquo;Current HTY Agreement&rdquo; and, collectively with the Current HTD Agreement, the &ldquo;Current Agreements&rdquo;).
The Current Agreements can continue in effect for up to 150 days (until May 30, 2013) and, thus, the Board of each fund recommends
that the shareholders of the applicable fund approve the applicable New Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21pt">Analytic is responsible for formulating and
implementing an options strategy for each of HTD and HTY (the &ldquo;Options Strategy&rdquo;). Analytic was founded in 1970 as
a firm specializing in the creation and continuous management of option strategies of both equity and debt portfolios for fiduciaries
and other long-term investors. Analytic serves mutual funds, pensions, profit-sharing plans, endowments, foundations, corporate
investment portfolios, mutual savings banks and insurance companies. Analytic had approximately $6.1 billion of assets under management
as of September 30, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt 0pt 0; text-indent: 21pt">Analytic has served as a subadviser
to HTD since 2009 pursuant to an investment subadvisory agreement between the Adviser and Analytic dated July 13, 2009 (the &ldquo;Prior
HTD Agreement&rdquo;). The Prior HTD Agreement was last approved by the Board at its June 3-5, 2012 Board meeting and by shareholders
of HTD at an annual meeting of shareholders held on April 28, 2009. Analytic also has served as a subadviser to HTY since 2007
pursuant to an investment subadvisory agreement between the Adviser and Analytic dated August 16, 2007 (the &ldquo;Prior HTY Agreement&rdquo;
and, collectively with the Prior HTD Agreement, the &ldquo;Prior Agreements&rdquo;). The Prior HTY Agreement was last approved
by the Board at its June 3-5, 2012 Board meeting and by the initial shareholder of HTY on August 20, 2007.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="a_003"></A>Analytic Transaction</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5pt 0pt 0; text-indent: 21pt">On December 31, 2012, management of Analytic
acquired a controlling interest in the firm from Old Mutual Intermediary, LLC, a Delaware limited liability company and
Analytic&rsquo;s then-parent company (the &ldquo;Analytic Transaction&rdquo;). Prior to the Analytic Transaction, Old Mutual
Intermediary, LLC held 81.49% of the interests of Analytic and the remaining 18.51% of the interests were held by Analytic
Investment Holdings LP, a Delaware limited partnership. Pursuant to a Purchase Agreement dated December 31, 2012, Old Mutual
Intermediary, LLC sold 99% of its Class A interests to Analytic Investors Holdings, LLC. Upon the closing of the Analytic
Transaction, Analytic Investors Holdings, LLC held 99% of Class A interests and EPSLP, Inc., a Delaware corporation, held the
remaining 1% of Class A interests, whereas Old Mutual Intermediary, LLC held 100% of the Class B interests. The Analytic
Transaction constituted a &ldquo;change of control&rdquo; under the Investment Company Act of 1940, as amended (the
&ldquo;1940 Act&rdquo;), but it did not result in a change in the personnel or operations of Analytic or in any changes in
the investment approach of Analytic with respect to the Options Strategy for HTD and HTY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5pt 0pt 0; text-indent: 21pt">As required by the 1940 Act, the
Prior HTD Agreement and the Prior HTY Agreement were terminated immediately upon the closing of the Analytic Transaction on December
31, 2012. To ensure continuation of the subadvisory services provided by Analytic to both HTD and HTY, the Board of HTD approved
the Current HTD Agreement and the Board of HTY approved the Current HTY Agreement. Rule 15a-4 under the 1940 Act permits a fund
to enter into an interim investment advisory or subadvisory agreement without shareholder approval, provided, among other things,
that such agreement continues in effect for no more than 150 days. Pursuant to Rule 15a-4, the Current Agreements are currently
in effect but will terminate on May 30, 2013. Accordingly, the Boards of Trustees of HTD and HTY recommend that the shareholders
of the applicable fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%"><A HREF="#a_020">Table of Contents</A></TD><TD STYLE="text-align: right; width: 50%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8pt 0pt 0; text-align: justify">approve the applicable New Agreement.
If shareholders approve the New Agreements, these Agreements will remain in effect until March 22, 2015, and may be re-approved
each year with the approval of the applicable Board, including a majority of the Trustees who are not &ldquo;interested persons&rdquo;
(as defined in the 1940 Act) (the &ldquo;Independent Trustees&rdquo;).</P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14pt 0pt 0; text-indent: 21pt">The New Agreements will not affect
the investment approach of the funds or the individuals providing services to the funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="a_004"></A>Comparison of the Current and New Agreements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-indent: 21pt">With the exception of the effective
date and certain provisions required by Rule 15a-4 under the 1940 Act, the New Agreements are substantially the same as the Current
Agreements. The following is a summary of the terms of the Current and New Agreements (each generally, an &ldquo;Agreement&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21pt"><I>Duties. </I>Analytic will manage the Options
Strategy, subject to the supervision of the fund&rsquo;s Board and the<I> </I>Adviser. Analytic will, at its own expense, furnish
all necessary investment and management facilities, including salaries of personnel required for it to execute its duties, as well
as administrative facilities, including bookkeeping, clerical personnel, and equipment necessary for the conduct of the fund&rsquo;s
investment affairs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7pt 0pt 0; text-indent: 21pt"><I>Compensation. </I>As compensation
for its services to HTD, Analytic will receive a fee from the Adviser at<I> </I>an annual rate of 0.10% of the value of the fund&rsquo;s
average daily managed assets that are subject to HTD&rsquo;s Option Strategy. As compensation for its services to HTY, Analytic
will receive a fee from the Adviser at an annual rate of 0.05% of the value of the fund&rsquo;s average daily gross assets. The
compensation payable to Analytic under the New HTD Agreement is the same as under the Prior and Current HTD Agreements, and the
compensation payable to Analytic under the New HTY Agreement is the same as under the Prior and Current HTY Agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11pt 0pt 0; text-indent: 21pt">The aggregate amount of
subadvisory fees that the Adviser paid to Analytic during the fiscal year ended October 31, 2012 was $56,670.92 with respect
to HTY and $151,820.20 with respect to HTD. If the New Agreements had been in effect, the amounts paid to Analytic would have
been the same. As noted above, the Adviser, and not the funds, is responsible for payment of these fees to Analytic.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8pt 0pt 0; text-indent: 21pt">The fees payable to Analytic under
the Current Agreements are the same as under the Prior Agreements. Unlike the Prior Agreements, the Current Agreements include
an additional provision with respect to the compensation payable during the Interim Period (as defined below), as required by Rule
15a-4. Under the Current Agreements, during the Interim Period, compensation must be placed in an interest-bearing escrow account
with the respective fund&rsquo;s custodian bank until the shareholders of that fund approve the relevant New Agreement. If shareholders
approve the New Agreements, Analytic will be paid the amount in such account on the date of such approval. If shareholders fail
to approve the New Agreements, Analytic will be paid out of such account the lesser of: (i) any costs incurred by Analytic in performing
the subadvisory services, plus interest earned on that amount while in the interest-bearing escrow account; and (ii) the total
amount in such interest-bearing escrow account (plus interest accrued thereon).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21pt"><I>Liability. </I>Each Agreement provides
that neither Analytic nor any of its directors, officers, employees,<I> </I>shareholders, partners, or agents will be liable to
the Adviser or the funds for any error of judgment or mistake of law or for any loss suffered by the Adviser or fund in connection
with the matters to which the Agreement relates, except for losses resulting from willful misfeasance, bad faith or gross negligence
in the performance of, or from the reckless disregard of, the duties of Analytic under the Agreement or its directors, officers,
employees, shareholders, partners, or agents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12pt 0pt 0; text-indent: 21pt"><I>Term. </I>The Current
Agreements include additional duration and termination provisions required by<I> </I>Rule 15a-4. Specifically, the Current
Agreements will terminate after 150 days (May 30, 2013) unless the New Agreements are approved prior to May 30, 2013 by vote
of a Majority of the Outstanding Voting Securities (as defined below) of the respective fund. During the period from the
effective date of the Current Agreements (December 31, 2012) until the shareholders&rsquo; approval of the New Agreements
(the &ldquo;Interim Period&rdquo;), the Current Agreements are terminable at any time without payment or penalty on 10
days&rsquo; notice (i) by the Board of Trustees of the respective fund; or (ii) by vote of a majority of the
&ldquo;outstanding voting securities&rdquo; (as defined in the 1940 Act) of the respective fund.</P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%"><A HREF="#a_020">Table of Contents</A></TD><TD STYLE="text-align: right; width: 50%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt 0pt 1pt; text-indent: 21pt">Each New Agreement has an initial
two-year term, and continuance must be specifically approved at least annually either by: (a) the Board of the respective fund;
or (b) a Majority of the Outstanding Voting Securities (as defined below) of the respective fund. Any such continuance also requires
the approval of a majority of the Independent Trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 42pt 0pt 1pt">In this Proxy Statement, the term &ldquo;Majority
of the Outstanding Voting Securities&rdquo; of a fund means the affirmative vote of the lesser of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22pt"></TD><TD STYLE="width: 24pt">(1)</TD><TD STYLE="text-align: justify; padding-right: 3pt">67% or more of the voting securities of the fund, present at the Meeting, if
the holders of more than 50% of the outstanding voting securities of the fund are present in person or by proxy; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22pt"></TD><TD STYLE="width: 24pt">(2)</TD><TD STYLE="text-align: justify">more than 50% of the outstanding voting securities of the fund.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3pt 0pt 1pt; text-indent: 21pt">Any required shareholder approval
of the New Agreements shall be effective with respect to a fund if a Majority of the Outstanding Voting Securities of that fund
votes to approve such continuance, even if such continuance may not have been approved by a Majority of the Outstanding Voting
Securities of the other fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 25pt 0pt 1pt; text-indent: 21pt">As noted above, each Current Agreement
will terminate on the earlier of shareholder approval of the corresponding New Agreement or 150 days after the effective date of
the Current Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3pt 0pt 1pt; text-indent: 21pt"><I>Termination. </I>Each Current
Agreement may be terminated (a) at any time, without payment or penalty,<I> </I>by the Board of Trustees of a fund or by vote of
a Majority of the Outstanding Voting Securities of a fund, on ten days&rsquo; written notice to the Adviser and Analytic, (b) by
the Adviser at any time, without payment of any penalty, upon 60 days&rsquo; prior written notice to Analytic and a fund, (c) by
Analytic in the event of non-payment of its fee by the Adviser, upon notice to the Adviser and 30 days&rsquo; opportunity to cure
during which period the Adviser fails to cure such non-payment, or (d) by Analytic upon 90 days&rsquo; prior written notice to
the Adviser or such additional time requested by a fund or the Adviser not to exceed 90 additional days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt 0pt 1pt; text-indent: 21pt">Each New Agreement may be terminated
(a) at any time, without payment of any penalty, by the Board of Trustees of a fund or by vote of a Majority of the Outstanding
Voting Securities of a fund, on 60 days&rsquo; prior written notice to the Adviser and Analytic, (b) by the Adviser at any time
without payment of any penalty, upon 60 days&rsquo; prior written notice to Analytic and a fund, (c) by Analytic in the event of
non-payment of its fee by the Adviser, upon notice to the Adviser and 30 days&rsquo; opportunity to cure during which period the
Adviser fails to cure such non-payment, or (d) by Analytic upon 90 days&rsquo; prior written notice to the Adviser or such additional
time requested by a fund or the Adviser not to exceed 90 additional days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22pt">Each Agreement will automatically terminate in the
event of its assignment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 26pt 0pt 1pt; text-indent: 21pt"><I>Amendments. </I>Each Agreement
may be amended by the parties thereto provided the amendment is<I> </I>approved by the vote of a majority of the Trustees of the
fund, including a majority of the Independent Trustees. Any required shareholder approval shall be effective with respect to the
fund if a Majority of the Outstanding Voting Securities of the fund vote to approve the amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><B><A NAME="a_005"></A>Information About Analytic</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt 0pt 1pt; text-indent: 21pt">Analytic is a Delaware limited liability company
having its principal offices at 555 West Fifth Street, 50th Floor, Los Angeles, California 90013. It is a subsidiary of
Analytic Investors Holdings, LLC, located at the same address, which holds 99% of the membership interests and 100% of the
controlling interests in Analytic. EPSLP, Inc., located at 200 Clarendon Street, Boston, Massachusetts 02116, has the
remaining 1% interest of the membership interests. Analytic is registered as an investment adviser under the Investment
Advisers Act of 1940, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt 0pt 1pt; text-indent: 21pt">The following
table sets forth the principal executive officer and managers of Analytic. No principal executive officer or manager of Analytic
has a position with the funds. The business address of each such person is 555 West Fifth Street, 50th Floor, Los Angeles, California
90013.</P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 17%; border-bottom: windowtext 1pt solid; padding: 0; font-weight: bold; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Name</B></FONT></TD>
    <TD STYLE="width: 83%; border-bottom: windowtext 1pt solid; padding: 0; font-weight: bold; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Position with Analytic and Principal Occupation</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Harin de Silva</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">President and Manager</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Roger Clarke</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chairman and Manager</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Michael Brogan</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief Financial Officer, General Counsel and Manager</FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%"><A HREF="#a_020">Table of Contents</A></TD><TD STYLE="text-align: right; width: 50%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-indent: 21pt">During the fiscal year ended October
31, 2012, HTD and HTY did not pay brokerage commissions to any affiliated broker-dealer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="a_006"></A>Other Funds</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7pt 0pt 0; text-indent: 21pt">Other than HTD and HTY, Analytic
does not currently manage other funds with an investment objective that is similar to that of these funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="a_007"></A>Board&rsquo;s Evaluation and Recommendation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12pt 0pt 0; text-indent: 21pt">At an in-person meeting on December
10-12, 2012, the Board, including all the Independent Trustees, approved the New Agreements. In considering the approval of the
New Agreements, the Board took into account certain information and materials relating to Analytic that the Board had received
and considered in connection with the annual evaluation of the Prior Agreements between the Adviser and Analytic at the in-person
meetings held on May 6-8 and June 3-5, 2012. Discussions of the bases of the Board&rsquo;s approval of the Prior HTD Agreement
and the Prior HTY Agreement are included in Appendix C and Appendix D, respectively, to this Proxy Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5pt 0pt 0; text-indent: 21pt">At the December 10-12, 2012 meeting,
the Board revisited the factors it previously considered at the May 6-8 and June 3-5, 2012 meetings to the extent relevant to the
New Agreements. The Board also took into account other factors that it considered relevant in its evaluation of the New Agreements,
including its review of the information provided by Analytic with respect to changes since those meetings and information about
the Analytic Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-indent: 21pt">The Board reviewed with
respect to each fund the nature, extent and quality of services provided by Analytic, including the quality and depth of the
investment professionals having principal investment responsibility for managing the Options Strategy and the capability and
the performance record of those professionals. The Board considered Analytic&rsquo;s history and experience providing
services to the funds, including the performance record of the Options Strategy and its effectiveness in reducing the overall
volatility of the funds&rsquo; performance. In evaluating the performance of the Options Strategy with respect to HTD, the
Board noted that it outperformed the options component of the CBOE S&amp;P 500 BuyWrite Index for the year-to-date and one
year periods ended September 30, 2012. With respect to HTY, the Board noted that the Options Strategy outperformed the
options component of the CBOE S&amp;P 500 BuyWrite Index for the year-to-date and the one-year and three-year periods ended
September 30, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21pt">In addition to evaluating the nature, extent
and quality of services provided by Analytic, the Board reviewed the contractual subadvisory fee rates payable to Analytic with
respect to HTD and HTY. The Board noted that the subadvisory fees are paid by the Adviser and not by the funds and that the Board
relies on the ability of the Adviser to negotiate the subadvisory fees at arm&rsquo;s-length. The Board further noted that neither
the advisory fees paid by the funds nor the subadvisory fees paid by the Adviser will change under the New HTD and HTY Agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21pt">In evaluating the impact of the Analytic
Transaction, the Board noted that no changes were planned to the current portfolio management team or investment approach after
the closing of the Analytic Transaction. In addition, the Board considered Analytic&rsquo;s representations that the Analytic Transaction
would provide Analytic with an opportunity to take advantage of full autonomy regarding its business, such as greater latitude
to hire and reward investment and research staff and more freedom to pursue market opportunities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17pt 0pt 0; text-align: justify; text-indent: 21pt">Based on its
review, the Board, including the Independent Trustees, determined that the terms of each New Agreement, including the fee rates,
were fair and reasonable and in the best interests of the respective fund and its shareholders, and unanimously approved each New
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="a_008"></A>Required Vote for Proposals 1(a) and 1(b)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 40pt 0pt 0; text-indent: 21pt">Approval of Proposal 1(a) and Proposal
1(b) will require the affirmative vote of a Majority of the Outstanding Voting Securities of the relevant fund (as defined above).</P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%"><A HREF="#a_020">Table of Contents</A></TD><TD STYLE="text-align: right; width: 50%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 15pt 0pt 0; text-indent: 21pt">If shareholders of HTD do not
approve Proposal 1(a) or if shareholders of HTY do not approve Proposal 1(b), the New Agreement with respect to that fund
will not take effect and the Board will consider what further action to take. If Proposal 1(a) is approved by shareholders of
HTD and Proposal 1(b) is approved by shareholders of HTY, the relevant New Agreement is expected to become effective promptly
thereafter with respect to that fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0; text-indent: 21pt"><B>The Board of each fund, including
all the Independent Trustees, recommends that shareholders vote &ldquo;FOR&rdquo; Proposal 1(a) and &ldquo;FOR&rdquo; Proposal
1(b), as applicable.</B></P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%"><A HREF="#a_020">Table of Contents</A></TD><TD STYLE="text-align: right; width: 50%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B><A NAME="a_009"></A>MISCELLANEOUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="a_010"></A>Voting Procedures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-indent: 21pt">Directions to attend the Meeting
where you may vote in person can be found on our website at www.jhfunds.com/proxy. Valid photo identification may be required to
attend the Meeting in person. <B>All valid</B> <B>proxies will be voted in accordance with specifications thereon, or in the absence
of specifications, for approval of the proposals.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21pt"><B><I>Revocation of Proxies. </I></B>Proxies
may be revoked at any time before the Meeting either: (i) by a written<B><I> </I></B>revocation received by the Secretary of the
fund; (ii) by a properly executed later-dated proxy received by the Secretary of the fund, or (iii) by an in-person vote at the
Meeting. Attendance at the Meeting will not in and of itself revoke a proxy. Shareholders may revoke a proxy as often as they wish
before the Meeting. Only the latest dated, properly executed proxy card received prior to or at the Meeting will be counted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt 0pt 0; text-indent: 21pt"><B><I>Quorum. </I></B>Shareholders
of record at the close of business on the Record Date will be entitled to vote at<B><I> </I></B>the Meeting or any adjournment
of the Meeting. The holders of a majority of the outstanding shares of a fund at the close of business on that date present in
person or by proxy will constitute a quorum for the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14pt 0pt 0; text-indent: 21pt">Shareholders are entitled to one
vote for each share held and fractional votes for fractional shares held. No shares have cumulative voting rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-indent: 21pt">In the event the necessary quorum
to transact business or the vote required to approve a proposal is not obtained at the Meeting, the persons named as proxies may
propose one or more adjournments of the Meeting with respect to any proposal in accordance with applicable law to permit further
solicitation of proxies. Any adjournment of the Meeting will require the affirmative vote of the holders of a majority of the fund&rsquo;s
shares cast at the Meeting, and any adjournment with respect to any proposal will require the affirmative vote of the holders of
a majority of the shares entitled to vote on the proposal cast at the Meeting. The persons named as proxies will vote for or against
any adjournment in their discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-indent: 21pt"><B><I>Abstentions and Broker &ldquo;Non-Votes.&rdquo;
</I></B>Abstentions and broker non-votes (i.e., shares held by brokers or<B><I> </I></B>nominees as to which: (i) instructions
have not been received from the beneficial owners or the persons entitled to vote; and (ii) the broker or nominee indicates on
the proxy that it does not have discretionary voting power on a particular matter) are counted as shares entitled to vote at the
Meeting in determining whether a quorum is present, but do not count as votes cast for a proposal. Therefore, abstentions and broker
non-votes have the same effect as a vote &ldquo;against&rdquo; a proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11pt 0pt 0; text-indent: 21pt"><B><I>Cost of Preparation and Distribution
of Proxy Materials. </I></B>The costs of the preparation of these proxy<B><I> </I></B>materials and their distribution will be
borne by Analytic.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt 0pt 0; text-align: justify; text-indent: 21pt"><B><I>Solicitation
of Proxies. </I></B>In addition to the mailing of these proxy materials, proxies may be solicited by<B><I> </I></B>telephone, by
fax, by e-mail or in person by the Trustees, officers and employees of the fund; by personnel of the Adviser, its affiliates, or
by broker-dealer firms. Broadridge has been retained to assist in the solicitation of proxies at a cost of approximately $52,268.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="a_011"></A>Telephone Voting</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-indent: 21pt">In addition to soliciting proxies
by mail, by fax, by e-mail or in person, the fund may also arrange to have votes recorded by telephone by officers and employees
of the fund or by the personnel of the Adviser, the transfer agent or solicitor. The telephone voting procedure is designed to
verify a shareholder&rsquo;s identity, to allow a shareholder to authorize the voting of shares in accordance with the shareholder&rsquo;s
instructions and to confirm that the voting instructions have been properly recorded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10pt 0pt 0; text-indent: 21pt">A shareholder will be called on
a recorded line at the telephone number in a fund&rsquo;s account records and will be asked to provide certain identifying information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16pt 0pt 0; text-indent: 21pt">The shareholder will then be given
an opportunity to authorize proxies to vote his or her shares at the Meeting in accordance with the shareholder&rsquo;s instructions.</P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%"><A HREF="#a_020">Table of Contents</A></TD><TD STYLE="text-align: right; width: 50%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt">Alternatively, a shareholder may call the fund&rsquo;s
Voice Response Unit to vote by taking the following steps:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 15pt">&bull;</TD><TD STYLE="text-align: justify">Read the Proxy Statement and have your proxy card(s) at hand.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 15pt">&bull;</TD><TD STYLE="text-align: justify">Call the toll-free number located on your proxy card(s).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 15pt">&bull;</TD><TD STYLE="text-align: justify">Enter the &ldquo;control number&rdquo; found on the front of your proxy card(s).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 15pt">&bull;</TD><TD STYLE="text-align: justify">Follow the recorded instructions to cast your vote.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; text-indent: 21pt">With both methods
of telephone voting, to ensure that the shareholder&rsquo;s instructions have been recorded correctly, the shareholder will also
receive a confirmation of the voting instructions. If the shareholder decides after voting by telephone to attend the Meeting,
the shareholder can revoke the proxy at that time and vote the shares at the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="a_012"></A>Internet Voting</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10pt 0pt 0; text-indent: 21pt">You will also have the opportunity
to submit your voting instructions via the Internet by utilizing a program provided through a vendor. Voting via the Internet will
not affect your right to vote in person if you decide to attend the Meeting. Do not mail the proxy card(s) if you are voting via
the Internet. To vote via the Internet, you will need the &ldquo;control number&rdquo; that appears on your proxy card(s). These
Internet voting procedures are designed to authenticate shareholder identities, to allow shareholders to give their voting instructions
and to confirm that shareholders&rsquo; instructions have been recorded properly. If you are voting via the Internet, you should
understand that there may be costs associated with electronic access, such as usage charges from Internet access providers and
telephone companies, which you must bear.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt">To vote via the Internet:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 15pt">&bull;</TD><TD STYLE="text-align: justify">Read the Proxy Statement and have your proxy card(s) at hand.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 15pt">&bull;</TD><TD STYLE="text-align: justify">Go to the Web site on the proxy card(s).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 15pt">&bull;</TD><TD STYLE="text-align: justify">Enter the &ldquo;control number&rdquo; found on the front of your proxy card(s).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 15pt">&bull;</TD><TD STYLE="text-align: justify">Follow the instructions on the Web site.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 19pt 0pt 0; text-indent: 21pt">To ensure that your instructions
have been recorded correctly, you will receive a confirmation of your voting instructions immediately after your submission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="a_013"></A>Shareholders Sharing the Same Address</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt 0pt 0; text-indent: 21pt">As permitted by law, only one copy
of this Proxy Statement may be delivered to shareholders residing at the same address, unless such shareholders have notified the
fund of their desire to receive multiple copies of the shareholder reports and other materials that the fund sends. If you would
like to receive an additional copy, please contact the fund by writing to 601 Congress Street, Boston, Massachusetts 02210, Attn:
Michael Heffernan, or by calling 1-855-742-8269. The fund will then promptly deliver, upon request, a separate copy of this Proxy
Statement to any shareholder residing at an address to which only one copy was mailed. Shareholders wishing to receive separate
copies of the fund&rsquo;s shareholder reports and other materials in the future, and shareholders sharing an address that wish
to receive a single copy if they are receiving multiple copies, also should send a request as indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="a_014"></A>Other Matters</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt 0pt 0; text-indent: 21pt">The Board does not know of any matters to be presented at the Meeting other than those described in this
Proxy Statement. If any other matters properly come before the Meeting, the shares represented by proxies will be voted in accordance
with the best judgment of the person or persons voting the proxies.</P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 14 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%"><A HREF="#a_020">Table of Contents</A></TD><TD STYLE="text-align: right; width: 50%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B><A NAME="a_015"></A>SHAREHOLDER PROPOSALS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt 0pt 0; text-indent: 21pt">Shareholder proposals, including
nominees for Trustee, intended to be presented at the 2014 annual meeting, in accordance with Rule 14a-8 under the Securities Exchange
Act of 1934, as amended, must be received by the fund at its offices at 601 Congress Street, Boston, Massachusetts 02210, by no
later than the close of business on May 22, 2013, for inclusion in the fund&rsquo;s Proxy Statement and form of proxy relating
to that meeting (subject to certain exceptions). Written notice of a shareholder proposal submitted outside of the processes of
Rule 14a-8 must be delivered to the Secretary of the fund at 601 Congress Street, Boston, Massachusetts 02210 by no later than
the close of business on June 21, 2013 and no earlier than May 22, 2013. In order to be included in the fund&rsquo;s Proxy Statement
and form of proxy, a shareholder proposal must comply with all applicable legal requirements. Timely submission of a proposal does
not guarantee that such proposal will be included.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>BY ORDER OF THE BOARDS OF TRUSTEES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">January 31, 2013,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Boston, Massachusetts</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21pt"><B>IT IS IMPORTANT THAT PROXIES BE RETURNED
PROMPTLY. THEREFORE, SHAREHOLDERS WHO DO NOT EXPECT TO ATTEND THE MEETING IN PERSON ARE URGED TO COMPLETE, SIGN, DATE AND RETURN
THE PROXY CARD(S) IN THE ENCLOSED ENVELOPE OR, ALTERNATIVELY, TO VOTE BY TOUCH-TONE TELEPHONE OR THE INTERNET.</B></P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%"><A HREF="#a_020">Table of Contents</A></TD><TD STYLE="text-align: right; width: 50%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B><A NAME="a_016"></A>APPENDIX A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-variant: small-caps"><B><U>John
<FONT STYLE="text-transform: uppercase">H</FONT>ancock <FONT STYLE="text-transform: uppercase">T</FONT>ax-<FONT STYLE="text-transform: uppercase">A</FONT>dvantaged
<FONT STYLE="text-transform: uppercase">D</FONT>ividend <FONT STYLE="text-transform: uppercase">I</FONT>ncome <FONT STYLE="text-transform: uppercase">F</FONT>und</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Investment Sub-Advisory Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Analytic Investors, LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">AGREEMENT made this __ day of ____,
between John Hancock Advisers, LLC, a Delaware limited liability company (the &ldquo;Adviser&rdquo;), and Analytic Investors, LLC,
a Delaware limited liability company (formerly known as Analytic Investors, Inc.) (the &ldquo;Sub-Adviser&rdquo;). In consideration
of the mutual covenants contained herein, the parties agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>1.</B></TD><TD STYLE="text-align: justify"><B>APPOINTMENT OF SUB-ADVISER</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">The Adviser hereby appoints the Sub-Adviser
to act as the investment adviser for and to manage the investment and reinvestment of the assets of the John Hancock Tax-Advantaged
Dividend Income Fund (the &ldquo;Trust&rdquo;) related to the Trust&rsquo;s Option Strategy as approved by the Trust&rsquo;s Board
(the &ldquo;Option Strategy&rdquo;) on the terms set forth in this Agreement. The Sub-Adviser hereby accepts such appointment and
agrees to furnish the services set forth herein for the compensation herein provided. The Sub-Adviser shall not be responsible
for aspects of the Trust&rsquo;s investment program other than its Option Strategy, including without limitation purchases and
sales of investments other than options, selection of brokers to conduct such purchases and sales of investments other than options
and compliance with investment policies and restrictions other than those specifically relating to the Option Strategy and proxy
voting. The Sub-Adviser shall not be responsible for filing claims or taking any other action regarding securities class actions
or other lawsuits or rights involving the Trust or securities held or formerly held by the Trust, or the acts or omissions of the
Adviser or any other sub-adviser that do not relate to the Option Strategy, except the Sub-Adviser shall promptly notify the Trust
in writing if the Sub-Adviser receives information relating to such claims, class actions or other lawsuits. The Sub-Adviser will
be an independent contractor and will have no authority to act for or represent the Trust or the Adviser in any way except as expressly
authorized in this Agreement or in another writing by the Trust and the Adviser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>2.</B></TD><TD STYLE="text-align: justify"><B>SERVICES TO BE RENDERED BY THE SUB-ADVISER TO THE
TRUST</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">a.</TD><TD STYLE="text-align: left">Subject to the oversight and supervision of the Trust&rsquo;s
Board of Trustees (the &ldquo;Board&rdquo;) and the Adviser, and subject to the other provisions of this Agreement, the Sub-Adviser
will provide a continuous investment program relating to the Trust&rsquo;s Option Strategy. Subject to approval of the Board and
notice to the Sub-Adviser, the Adviser, or any of its affiliates, retains complete authority immediately to assume direct responsibility
for any function delegated to the Sub-Adviser under this Agreement. Subject to the foregoing, the Sub-Adviser will provide options
investment research and conduct a continuous program of options evaluation, investment, sales and reinvestment of the Trust&rsquo;s
assets by determining the options strategy that the Trust shall pursue, including which options shall be purchased, entered into,
sold, closed or exchanged for the Trust, when these transactions should be executed, and, consulting with the Adviser and any
other sub-adviser to the Trust, regarding the portion of the assets of the Trust against which options will be written. The Sub-Adviser
will provide the services under this Agreement in accordance with the Trust&rsquo;s investment objective or objectives, policies,
and restrictions as stated in the Trust&rsquo;s Registration Statement filed with the Securities and Exchange Commission (&ldquo;SEC&rdquo;),
as amended (the &ldquo;Registration Statement&rdquo;) as they relate to the Option Strategy, copies of which shall be sent to
the Sub-Adviser by the Adviser prior to the commencement of this Agreement and promptly following any such amendment. In addition,
the Adviser has furnished, or will cause to be furnished (or shall, as such documents become available or are amended, promptly
furnish or cause to be furnished) to the Sub-Adviser copies of each of the following:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">i.</TD><TD STYLE="text-align: left">The Trust&rsquo;s Agreement and Declaration of Trust
and all amendments thereto (such agreement, as presently in effect and as it shall from time to time be amended, is herein called
the &ldquo;Agreement and Declaration of Trust&rdquo;);</TD>
</TR></TABLE>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 16; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%"><A HREF="#a_020">Table of Contents</A></TD><TD STYLE="text-align: right; width: 50%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">ii.</TD><TD STYLE="text-align: left">The Trust&rsquo;s by-laws and all amendments thereto
(such By-laws, as presently in effect and as they shall from time to time be amended, are herein called the &ldquo;By-Laws);</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">iii.</TD><TD STYLE="text-align: left">Resolutions of the Trust&rsquo;s Board of Trustees (the
&ldquo;Trustees&rdquo;) authorizing the appointment of the Adviser as the investment manager and Sub-Adviser as investment sub-adviser
and approving the Investment Advisory Agreement and this Agreement;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">iv.</TD><TD STYLE="text-align: left">The Trust&rsquo;s Registration Statement or Statements
on Form N-2 under the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended (&ldquo;Investment
Company Act&rdquo;), including all exhibits thereto, and all pre- and post-effective amendments thereto;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">v.</TD><TD STYLE="text-align: left">The Trust&rsquo;s most recent prospectus (such prospectus
as presently in effect, and all amendments and supplements thereto are herein called the &ldquo;Prospectus&rdquo;);</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">vi.</TD><TD STYLE="text-align: left">The Trust&rsquo;s most recent statement of additional
information (such statement of additional information, as currently in effect, and all amendments and supplements thereto are
herein called the &ldquo;Statement of Additional Information&rdquo;); and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">vii.</TD><TD STYLE="text-align: justify">The Investment Advisory Agreement.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">The Adviser and the Sub-Adviser further agree that in fulfilling
its obligations, the Sub-Adviser will:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">i.</TD><TD STYLE="text-align: left">formulate and implement a continuous investment program
relating to the Trust&rsquo;s Option Strategy consistent with the investment objectives and related investment policies for the
Trust as described in the Trust&rsquo;s Registration Statement;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">ii.</TD><TD STYLE="text-align: left">regularly consult with the Adviser and any other sub-adviser
of the Trust for purposes of coordinating the Trust&rsquo;s overall investment strategy;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">iii.</TD><TD STYLE="text-align: left">take whatever reasonable steps are necessary to implement
these investment programs by the purchase or sale of options including the placing of orders for such purchases and sales;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">iv.</TD><TD STYLE="text-align: left">regularly report to the Board with respect to the implementation
of the Option Strategy, at such times as the Adviser may reasonably request;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">v.</TD><TD STYLE="text-align: left">in connection with any purchase and sale of options for
the Trust related to the implementation of the Option Strategy, the Sub-Adviser will arrange for the transmission to the custodian
for the Trust (the &ldquo;Custodian&rdquo;) on a daily basis such confirmation, trade tickets, and other documents and information,
including, but not limited to, Cusip, Cedel, or other numbers that identify options to be purchased or sold on behalf of the Trust,
as may be reasonably necessary to enable the Custodian to perform its administrative and recordkeeping responsibilities with respect
to the Trust. With respect to options to be settled through the Trust&rsquo;s Custodian, the Sub-Adviser will arrange for the
prompt transmission of the confirmation of such options trades to the Trust&rsquo;s Custodian; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">vi.</TD><TD STYLE="text-align: left">assist the Custodian in determining or confirming, consistent
with the procedures and policies stated in the Registration Statement or adopted by the Board, the market value of any options
or other assets of the Trust for which the Sub-Adviser is responsible and for which the Custodian seeks assistance from or identifies
for review by the Sub-Adviser; provided that the Sub-Adviser shall provide recommendations in good faith, consistent with the
procedures and policies stated in the Registration Statement or adopted by the Board, concerning the fair value of the Trust&rsquo;s
portfolio of options for which the Sub-Adviser is responsible and shall obtain at its own expense pricing services for the Trust&rsquo;s
portfolio of options to be approved by the Trust, which approval shall not be unreasonably withheld. The parties acknowledge that
the Sub-Adviser is not a custodian of the Trust&rsquo;s assets and will not take possession or custody of such assets. The parties
further acknowledge and agree that the Board and the Fund are ultimately responsible for determining when assets of the Trust
should be fair valued and for making fair value determinations, which may be based on input from the Sub-Adviser and others.</TD>
</TR></TABLE>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 17; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%"><A HREF="#a_020">Table of Contents</A></TD><TD STYLE="text-align: right; width: 50%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">b.</TD><TD STYLE="text-align: left">The Sub-Adviser, at its expense, will furnish (i) all
necessary investment and management facilities, including salaries of personnel required for it to execute its duties faithfully,
and (ii) administrative facilities, including bookkeeping, clerical personnel and equipment necessary for the efficient conduct
of the Sub-Adviser&rsquo;s implementation of the Option Strategy for the Trust.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">c.</TD><TD STYLE="text-align: left">The Sub-Adviser is authorized to make decisions to buy
and sell options for the Trust&rsquo;s portfolio, and to select broker-dealers and to negotiate brokerage commission rates in
effecting option transactions. The Sub-Adviser&rsquo;s primary consideration in effecting an option transaction will be to seek
to obtain the best execution for the Trust, taking into account the factors specified in the Prospectus and/or Statement of Additional
Information. Accordingly, the price to the Trust in any transaction may be less favorable than that available from another broker-dealer
if the difference is reasonably justified, in the judgment of the Sub-Adviser in the exercise of its fiduciary obligations to
the Trust, by other aspects of the portfolio execution services offered. In evaluating the best execution available, and in selecting
the broker-dealer to execute a particular transaction, the Sub-adviser may also consider the brokerage and research services (as
those terms are used in Section 28(e) of the Securities Exchange Act of 1934, as amended (the &ldquo;1934 Act&rdquo;)) provided
by that broker-dealer to the Trust and/or other accounts serviced by the Sub-adviser. The Sub-adviser is authorized to pay a broker-dealer
who provides such brokerage and research services an amount of commission for executing a portfolio transaction for the Trust
which is in excess of the amount of commission another broker-dealer would have charged for effecting that transaction if, but
only if, the Sub-adviser determines in good faith that such amount of commission was reasonable in relation to the value of the
brokerage and research services provided by such broker-dealer viewed in terms of either that particular transaction or in terms
of the Sub-adviser&rsquo;s overall responsibilities with respect to the accounts over which the Sub-adviser exercises investment
discretion. The Sub-Adviser will consult with the Adviser to ensure that portfolio transactions on behalf of the Trust are directed
to broker-dealers on the basis of criteria reasonably considered appropriate by the Adviser. To the extent consistent with these
standards, the Sub-Adviser is further authorized to allocate the orders placed by it on behalf of the Trust to an affiliated broker-dealer.
Such allocation shall be in such amounts and proportions as the Sub-Adviser shall determine consistent with the standards, and
the Sub-Adviser will report on said allocation regularly to the Trust&rsquo;s Board indicating the broker-dealers to which such
allocations have been made and the basis therefor.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">d.</TD><TD STYLE="text-align: left">On occasions when the Sub-Adviser deems the purchase
or sale of an option to be in the best interest of the Trust as well as other clients of the Sub-Adviser, the Sub-Adviser to the
extent permitted by applicable laws and regulations, may, but shall be under no obligation to, aggregate the options to be purchased
or sold to attempt to obtain a more favorable price or lower brokerage commissions and efficient execution. In such event, allocation
of the options so purchased or sold, as well as the allocation of expenses incurred in the transaction, will be made by the Sub-Adviser
in the manner the Sub-Adviser considers to be the most equitable and consistent with its fiduciary obligations to the Trust and
to its other clients.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">e.</TD><TD STYLE="text-align: left">The Sub-Adviser will maintain, with respect to its activities
on behalf of the Fund, all accounts, books and records with respect to the Option Strategy as are required of an investment adviser
of a registered investment company pursuant to the Investment Company Act and Investment Advisers Act of 1940, as amended (the
&ldquo;Investment Advisers Act&rdquo;) and the rules thereunder.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>3.</B></TD><TD STYLE="text-align: justify"><B>COMPENSATION OF SUB-ADVISER</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">For the services provided to the Trust, the
Adviser will pay the Sub-Adviser an annual fee equal to the amount specified in Schedule A hereto, payable monthly in arrears on
the last business day of each month. The fee will be appropriately prorated to reflect any portion of a calendar month that this
Agreement is not in effect among the parties. The Adviser is solely responsible for the payment of fees to the Sub-Adviser, and
the Sub-Adviser agrees to seek payment of its fees solely from the Adviser. The Trust shall have no liability for the Sub-Adviser&rsquo;s
fee hereunder.</P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 18; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%"><A HREF="#a_020">Table of Contents</A></TD><TD STYLE="text-align: right; width: 50%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>4.</B></TD><TD STYLE="text-align: justify"><B>LIABILITY OF SUB-ADVISER</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">Neither the Sub-Adviser nor any of
its directors, officers, employees, shareholders, partners, or agents shall be liable to the Adviser or the Trust for any error
of judgment or mistake of law or for any loss suffered by the Adviser or Trust in connection with the matters to which this Agreement
relates except for losses resulting from willful misfeasance, bad faith or gross negligence in the performance of, or from the
reckless disregard of, the duties of the Sub-Adviser under this Agreement by the Sub-Adviser or any of its directors, officers,
employees, shareholders, partners, or agents. The Sub-Adviser will not be liable for the any acts or omissions made on behalf of
the Trust that are not made by the Sub-Adviser, nor any of its directors, officers, employees, shareholders, partners, or agents
and which are not duties the Sub-Adviser is responsible for under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>5.</B></TD><TD STYLE="text-align: justify"><B>REGULATION</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">The Sub-Adviser shall submit to all
regulatory and administrative bodies having jurisdiction over the services provided pursuant to this Agreement any information,
reports or other material, which any such body by reason of this Agreement may require pursuant to applicable laws and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>6.</B></TD><TD STYLE="text-align: justify"><B>CONFLICTS OF INTEREST</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">It is understood that trustees, officers,
agents and shareholders of the Trust are or may be interested in the Sub-Adviser as trustees, officers, partners or otherwise;
that employees, agents and partners of the Sub-Adviser are or may be interested in the Trust as trustees, officers, shareholders
or otherwise; that the Sub-Adviser may be interested in the Trust; and that the existence of any such dual interest shall not affect
the validity hereof or of any transactions hereunder except as otherwise provided in the Agreement and Declaration of Trust of
the Trust and the articles of incorporation of the Sub-Adviser, respectively, or by specific provision of applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>7.</B></TD><TD STYLE="text-align: justify"><B>DURATION AND TERMINATION OF AGREEMENT</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">This Agreement shall become effective with
respect to the Trust on the later of (i) its execution and (ii) the date of the meeting of the Board of Trustees of the Trust,
at which meeting this Agreement is approved as described below. The Agreement will continue in effect for a period more than two
years from the date of its effectiveness only so long as such continuance is specifically approved at least annually either by
the Trustees of the Trust or by a majority of the outstanding voting securities of the Trust, provided that in either event such
continuance shall also be approved by the vote of a majority of the Trustees of the Trust who are not interested persons (as defined
in the Investment Company Act) of any party to this Agreement cast in person at a meeting called for the purpose of voting on such
approval. Any required shareholder approval of (i) the Agreement or (ii) of any continuance of the Agreement shall be effective
with respect to the Trust if a majority of the outstanding voting securities of that Trust votes to approve the Agreement or its
continuance. If any required shareholder approval of this Agreement or any continuance of the Agreement is not obtained, the Sub-Adviser
will continue to act as investment sub-adviser with respect to the Trust pending the required approval of the Agreement or its
continuance or of a new contract with the Sub-Adviser or a different adviser or sub-adviser or other definitive action; provided,
that the compensation received by the Sub-Adviser in respect of the Trust during such period is in compliance with Rule 15a-4 under
the Investment Company Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">Notwithstanding the foregoing,
this Agreement may be terminated: (a) by the Adviser at any time without payment of any penalty, upon 60 days&rsquo; prior
written notice to the Sub-Adviser and the Trust, (b) at any time without payment of any penalty by the Trust, by the
Trust&rsquo;s Board or a majority of the outstanding voting securities of the Trust, upon 60 days&rsquo; prior written notice
to the Adviser and the Sub-Adviser, (c) by the Sub-Adviser in the event of non-payment of the Sub-Adviser&rsquo;s fee by the
Adviser in accordance with Section 3 of this Agreement, upon notice to the Adviser and 30 days&rsquo; opportunity to cure
during which period the Adviser fails to cure such non-payment, or (d) by the Sub-Adviser upon 90 days&rsquo; prior written
notice to the Adviser unless the Trust or the Adviser requests additional time to find a replacement for the Sub-Adviser, in
which case the Sub-Adviser shall allow the additional time requested by the Trust or Adviser not to exceed 90 additional days
beyond the initial 90 days&rsquo; notice period; provided, however, that the Sub-Adviser may terminate this Agreement at any
time without penalty, effective upon written notice to the Adviser and the Trust, in the event either the Sub-Adviser (acting
in good faith) or the Adviser ceases to be registered as an</P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 19; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%"><A HREF="#a_020">Table of Contents</A></TD><TD STYLE="text-align: right; width: 50%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt 0pt 0">investment adviser under the Investment Advisers Act
or otherwise becomes legally incapable of providing investment management services pursuant to its respective contract with the
Trust. This Agreement will automatically terminate, without the payment of any penalty, in the event of its assignment (as defined
in the Investment Company Act). The foregoing shall not prevent a transfer of this Agreement by the Sub-Adviser in connection with
any reorganization, merger or other transaction, provided that such transfer does not constitute an assignment (as defined in the
Investment Company Act) provided that the Adviser is notified in writing at least 45 days in advance of such transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>8.</B></TD><TD STYLE="text-align: justify"><B>PROVISION OF CERTAIN INFORMATION BY SUB-ADVISER</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">The Sub-Adviser will promptly notify
the Adviser in writing of the occurrence of any of the following events:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">a.</TD><TD STYLE="text-align: left">the Sub-Adviser fails to be registered as an investment
adviser under the Investment Advisers Act or under the laws of any jurisdiction in which the Sub-Adviser is required to be registered
as an investment adviser in order to perform its obligations under this Agreement;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">b.</TD><TD STYLE="text-align: left">the Sub-Adviser is served or otherwise receives notice
of any action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, public board or body,
involving the affairs of the Trust; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">c.</TD><TD STYLE="text-align: left">any material change in actual control or management of
the Sub-Adviser or any change in the principal portfolio manager of the Sub-Adviser with respect to the Trust.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>9.</B></TD><TD STYLE="text-align: justify"><B>SERVICES TO OTHER CLIENTS</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">The Adviser understands, and has advised
the Trust&rsquo;s Board, that the Sub-Adviser now acts, or may in the future act, as an investment adviser to fiduciary and other
managed accounts and as investment adviser or sub-adviser to other investment companies. Further, the Adviser understands, and
has advised the Trust&rsquo;s Board, that the Sub-Adviser and its affiliates may give advice and take action for its accounts,
including investment companies, which is similar to or differs from advice given on the timing or nature of action taken for the
Trust. The Sub-Adviser is not obligated to initiate transactions for the Trust in any investment, which the Sub-Adviser or its
partners, affiliates or employees may purchase or sell for their own accounts or other clients.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>10.</B></TD><TD STYLE="text-align: justify"><B>AMENDMENTS TO THE AGREEMENT</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">This Agreement may be amended by
the parties only if such amendment is specifically approved by the vote of a majority of the Trustees of the Trust and by the vote
of a majority of the Trustees of the Trust who are not interested persons of any party to this Agreement cast in person at a meeting
called for the purpose of voting on such approval. Any required shareholder approval shall be effective with respect to the Trust
if a majority of the outstanding voting securities of the Trust vote to approve the amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>11.</B></TD><TD STYLE="text-align: justify"><B>ENTIRE AGREEMENT</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">This Agreement contains the entire
understanding and agreement of the parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>12.</B></TD><TD STYLE="text-align: justify"><B>HEADINGS</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">The headings in the sections of
this Agreement are inserted for convenience of reference only and shall not constitute a part hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>13.</B></TD><TD STYLE="text-align: justify"><B>NOTICES</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">All notices required to be given
pursuant to this Agreement shall be delivered or mailed to the last known business address of the Trust or applicable party in
person or by registered mail or a private mail or delivery service providing the sender with notice of receipt. Notice shall be
deemed given on the date delivered or mailed in accordance with this paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-indent: 21pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 20; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%"><A HREF="#a_020">Table of Contents</A></TD><TD STYLE="text-align: right; width: 50%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>14.</B></TD><TD STYLE="text-align: justify"><B>SEVERABILITY</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">Should any portion of this Agreement
for any reason be held to be void in law or in equity, the Agreement shall be construed, insofar as is possible, as if such portion
had never been contained herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>15.</B></TD><TD STYLE="text-align: justify"><B>GOVERNING LAW</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">The provisions of this Agreement
shall be construed and interpreted in accordance with the laws of The Commonwealth of Massachusetts, or any of the applicable provisions
of the Investment Company Act. To the extent that the laws of The Commonwealth of Massachusetts, or any of the provisions in this
Agreement, conflict with applicable provisions of the Investment Company Act, the latter shall control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>16.</B></TD><TD STYLE="text-align: justify"><B>LIMITATION OF LIABILITY</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">The Agreement and Declaration of Trust dated
April 23, 2007, a copy of which, together with all amendments thereto (the &ldquo;Declaration&rdquo;), is on file in the office
of the Secretary of The Commonwealth of Massachusetts, provides that the name &ldquo;John Hancock Tax-Advantaged Dividend Income
Fund&rdquo; refers to the Trustees under the Declaration collectively as Trustees, but not as individuals or personally; and no
Trustee, shareholder, officer, employee or agent of the Trust shall be held to any personal liability, nor shall resort be had
to their private property, for the satisfaction of any obligation or claim, in connection with the affairs of the Trust, but only
the assets belonging to the Trust shall be liable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>17.</B></TD><TD STYLE="text-align: justify"><B>CONFIDENTIALITY OF TRUST PORTFOLIO HOLDINGS</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">The Sub-Adviser
agrees to treat Trust portfolio holdings as confidential information in accordance with the Trust&rsquo;s &ldquo;Policy Regarding
Disclosure of Portfolio Holdings,&rdquo; as such policy may be amended from time to time, and to prohibit its employees from trading
on any such confidential information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>18.</B></TD><TD STYLE="text-align: justify"><B>USE OF NAME</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">The
Trust and the Adviser each agrees not to use the name &ldquo;Analytic&rdquo; in any sales material without first presenting
such document to the Sub-Adviser and obtaining its express consent prior to use. No press release that references Analytic
shall be issued with respect to the Trust without the prior consent of the Sub-Adviser other than press releases in the
ordinary course (such as dividend press releases). The Sub-Adviser agrees not to use the names, or any derivatives of the
names &ldquo;John Hancock,&rdquo; &ldquo;John Hancock Advisers, LLC,&rdquo; &ldquo;John Hancock Tax-Advantaged Dividend
Income Fund&rdquo; or the names of any such entity&rsquo;s affiliates without first obtaining the applicable entity&rsquo;s
express, written consent prior to the use of such name. However, by execution of this Agreement, the Adviser hereby grants
consent to Sub-Adviser and permits the disclosure of the Adviser&rsquo;s identity on the Sub-Adviser&rsquo;s Representative
List of Clients.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>19.</B></TD><TD STYLE="text-align: justify"><B>COMPLIANCE</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 0.25in">Upon
execution of this Agreement, the Sub-Adviser shall provide the Adviser with the Sub-Adviser&rsquo;s written policies and
procedures (&ldquo;Compliance Policies&rdquo;) as required by Rule 206(4)-7 under the Investment Advisers Act. Throughout the
term of this Agreement, the Sub-Adviser shall promptly submit to the Adviser: (i) any material changes to the Compliance
Policies, (ii) notification of the commencement of a regulatory examination of the Sub-Adviser relating to the Fund and
documentation describing the results of any such examination and of any periodic testing of the Compliance Policies and (iii)
notification of any material compliance matter that relates to the services provided by the Sub-Adviser to the Trust
including but not limited to any material violation of the Compliance Policies or of the Sub-Adviser&rsquo;s code of ethics
and/or related code. Throughout the term of this Agreement, the Sub-Adviser shall provide the Adviser with any
certifications, information and access to personnel and resources (including those resources that will permit testing of the
Compliance Policies by the Adviser) that the Adviser may reasonably request to enable the Trust to comply with Rule 38a-1
under the Investment Company Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">[THE REMAINDER OF THIS SPACE HAS BEEN INTENTIONALLY
LEFT BLANK]</P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 21; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%"><A HREF="#a_020">Table of Contents</A></TD><TD STYLE="text-align: right; width: 50%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16pt 0pt 0; text-indent: 21pt">IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be executed under seal by their duly authorized officers as of the date first mentioned above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 4.25in"><FONT STYLE="font-size: 10pt">JOHN HANCOCK ADVISERS,
LLC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-left: 4.25in"><FONT STYLE="font-size: 10pt">By:</FONT>___________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 4.25in"><FONT STYLE="font-size: 10pt">Name:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 4.25in"><FONT STYLE="font-size: 10pt">Title:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">ANALYTIC INVESTORS, LLC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">By:___________________________________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Name:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Title:</FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 22; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%"><A HREF="#a_020">Table of Contents</A></TD><TD STYLE="text-align: right; width: 50%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B><U>SCHEDULE A</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Annual Investment Sub-Advisory Fee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21pt">The Adviser shall pay the Sub-Adviser a fee,
computed daily and payable monthly in arrears, at an annual rate of 0.10% of the value of the Fund&rsquo;s average daily managed
assets that are subject to the Trust&rsquo;s option strategy. &ldquo;Managed assets&rdquo; means the total assets of the Fund (including
all assets attributable to any form of investment leverage that may be outstanding) minus the sum of accrued liabilities (other
than any liabilities relating to any form investment leverage). For the elimination of doubt, and without limiting the generality
of the foregoing, liabilities with respect to borrowings used for investment leverage, the principal amount of any debt securities
issued by the Fund, and/or the liquidation preference of any preferred shares issued by the Fund shall not be deducted from total
assets for purposes of determining managed assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 23; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%"><A HREF="#a_020">Table of Contents</A></TD><TD STYLE="text-align: right; width: 50%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>






<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B><A NAME="a_017"></A>APPENDIX B</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-variant: small-caps"><B><U>John
<FONT STYLE="text-transform: uppercase">H</FONT>ancock <FONT STYLE="text-transform: uppercase">T</FONT>ax-<FONT STYLE="text-transform: uppercase">A</FONT>dvantaged
<FONT STYLE="text-transform: uppercase">G</FONT>lobal <FONT STYLE="text-transform: uppercase">S</FONT>hareholder <FONT STYLE="text-transform: uppercase">Y</FONT>ield
<FONT STYLE="text-transform: uppercase">F</FONT>und</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Investment Sub-Advisory Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Analytic Investors, LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 28pt 0pt 0; text-align: justify; text-indent: 21pt">AGREEMENT made
this __ day of____, between John Hancock Advisers, LLC, a Delaware limited liability company (the &ldquo;Adviser&rdquo;), and Analytic
Investors, LLC, a Delaware limited liability company (the &ldquo;Sub-Adviser&rdquo;). In consideration of the mutual covenants
contained herein, the parties agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>1.</B></TD><TD><B>APPOINTMENT OF SUB-ADVISER</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Adviser hereby appoints the Sub-Adviser
to act as the investment adviser for and to manage the investment and reinvestment of the assets of the John Hancock Tax-Advantaged
Global Shareholder Yield Fund (the &ldquo;Trust&rdquo;) related to the Trust&rsquo;s Option Strategy as described in the Prospectus
(the &ldquo;Option Strategy&rdquo;) on the terms set forth in this Agreement. The Sub-Adviser hereby accepts such appointment and
agrees to furnish the services set forth herein for the compensation herein provided. The Sub-Adviser shall not be responsible
for aspects of the Trust&rsquo;s investment program other than its Option Strategy, including without limitation purchases and
sales of investments other than options, selection of brokers to conduct such purchases and sales of investments other than options
and compliance with investment policies and restrictions other than those specifically relating to the Option Strategy and proxy
voting. The Sub-Adviser shall not be responsible for filing claims or taking any other action regarding securities class actions
or other lawsuits or rights involving the Trust or securities held or formerly held by the Trust, or the acts or omissions of the
Adviser or any other sub-adviser that do not relate to the Option Strategy, except the Sub-Adviser shall promptly notify the Trust
in writing if the Sub-Adviser receives information relating to such claims, class actions or other lawsuits. The Sub-Adviser will
be an independent contractor and will have no authority to act for or represent the Trust or the Adviser in any way except as expressly
authorized in this Agreement or in another writing by the Trust and the Adviser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>2.</B></TD><TD><B>SERVICES TO BE RENDERED BY THE SUB-ADVISER TO THE
TRUST</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">a.</TD><TD>Subject to the oversight and supervision of the Trust&rsquo;s
Board of Trustees (the &ldquo;Board&rdquo;) and the Adviser, and subject to the other provisions of this Agreement, the Sub-Adviser
will provide a continuous investment program relating to the Trust&rsquo;s Option Strategy. Subject to approval of the Board and
notice to the Sub-Adviser, the Adviser, or any of its affiliates, retains complete authority immediately to assume direct responsibility
for any function delegated to the Sub-Adviser under this Agreement. Subject to the foregoing, the Sub-Adviser will provide options
investment research and conduct a continuous program of options evaluation, investment, sales and reinvestment of the Trust&rsquo;s
assets by determining the options strategy that the Trust shall pursue, including which options shall be purchased, entered into,
sold, closed or exchanged for the Trust, when these transactions should be executed, and, consulting with the Adviser and any
other sub-adviser to the Trust, regarding the portion of the assets of the Trust against which options will be written. The Sub-Adviser
will provide the services under this Agreement in accordance with the Trust&rsquo;s investment objective or objectives, policies,
and restrictions as stated in the Trust&rsquo;s Registration Statement filed with the Securities and Exchange Commission (&ldquo;SEC&rdquo;),
as amended (the &ldquo;Registration Statement&rdquo;) as they relate to the Option Strategy, copies of which shall be sent to
the Sub-Adviser by the Adviser prior to the commencement of this Agreement and promptly following any such amendment. In addition,
the Adviser has furnished, or will cause to be furnished (or shall, as such documents become available or are amended, promptly
furnish or cause to be furnished) to the Sub-Adviser copies of each of the following:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">i.</TD><TD>The Trust&rsquo;s Agreement and Declaration of Trust
and all amendments thereto (such agreement, as presently in effect and as it shall from time to time be amended, is herein called
the &ldquo;Agreement and Declaration of Trust&rdquo;);</TD>
</TR></TABLE>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 24; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%"><A HREF="#a_020">Table of Contents</A></TD><TD STYLE="text-align: right; width: 50%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">ii.</TD><TD>The Trust&rsquo;s by-laws and all amendments thereto
(such By-laws, as presently in effect and as they shall from time to time be amended, are herein called the &ldquo;By-Laws);</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">iii.</TD><TD>Resolutions of the Trust&rsquo;s Board of Trustees (the
&ldquo;Trustees&rdquo;) authorizing the appointment of the Adviser as the investment manager and Sub-Adviser as investment sub-adviser
and approving the Investment Advisory Agreement and this Agreement;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">iv.</TD><TD>The Trust&rsquo;s Registration Statement or Statements
on Form N-2 under the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended (&ldquo;Investment
Company Act&rdquo;), including all exhibits thereto, and all pre- and post-effective amendments thereto;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">v.</TD><TD>The Trust&rsquo;s most recent prospectus (such prospectus
as presently in effect, and all amendments and supplements thereto are herein called the &ldquo;Prospectus&rdquo;);</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">vi.</TD><TD>The Trust&rsquo;s most recent statement of additional
information (such statement of additional information, as currently in effect, and all amendments and supplements thereto are
herein called the &ldquo;Statement of Additional Information&rdquo;); and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">vii.</TD><TD>The Investment Advisory Agreement.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Adviser and the Sub-Adviser further agree that in fulfilling
its obligations, the Sub-Adviser will:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">i.</TD><TD>formulate and implement a continuous investment program
relating to the Trust&rsquo;s Option Strategy consistent with the investment objectives and related investment policies for the
Trust as described in the Trust&rsquo;s Registration Statement;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">ii.</TD><TD>regularly consult with the Adviser and any other sub-adviser
of the Trust for purposes of coordinating the Trust&rsquo;s overall investment strategy;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">iii.</TD><TD>take whatever reasonable steps are necessary to implement
these investment programs by the purchase or sale of options including the placing of orders for such purchases and sales;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">iv.</TD><TD>regularly report to the Board with respect to the implementation
of the Option Strategy, at such times as the Adviser may reasonably request;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">v.</TD><TD>in connection with any purchase and sale of options for
the Trust related to the implementation of the Option Strategy, the Sub-Adviser will arrange for the transmission to the custodian
for the Trust (the &ldquo;Custodian&rdquo;) on a daily basis such confirmation, trade tickets, and other documents and information,
including, but not limited to, Cusip, Cedel, or other numbers that identify options to be purchased or sold on behalf of the Trust,
as may be reasonably necessary to enable the Custodian to perform its administrative and recordkeeping responsibilities with respect
to the Trust. With respect to options to be settled through the Trust&rsquo;s Custodian, the Sub-Adviser will arrange for the
prompt transmission of the confirmation of such options trades to the Trust&rsquo;s Custodian; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">vi.</TD><TD>assist the Custodian in determining or confirming, consistent
with the procedures and policies stated in the Registration Statement or adopted by the Board, the market value of any options
or other assets of the Trust for which the Sub-Adviser is responsible and for which the Custodian seeks assistance from or identifies
for review by the Sub-Adviser; provided that the Sub-Adviser shall provide recommendations in good faith, consistent with the
procedures and policies stated in the Registration Statement or adopted by the Board, concerning the fair value of the Trust&rsquo;s
portfolio of options for which the Sub-Adviser is responsible and shall obtain at its own expense pricing services for the Trust&rsquo;s
portfolio of options to be approved by the Trust, which approval shall not be unreasonably withheld. The parties acknowledge that
the Sub-Adviser is not a custodian of the Trust&rsquo;s assets and will not take possession or custody of such assets. The parties
further acknowledge and agree that the Board and the Fund are ultimately responsible for determining when assets of the Trust
should be fair valued and for making fair value determinations, which may be based on input from the Sub-Adviser and others.</TD>
</TR></TABLE>






<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 25; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%"><A HREF="#a_020">Table of Contents</A></TD><TD STYLE="text-align: right; width: 50%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">b.</TD><TD>The Sub-Adviser, at its expense, will furnish (i) all
necessary investment and management facilities, including salaries of personnel required for it to execute its duties faithfully,
and (ii) administrative facilities, including bookkeeping, clerical personnel and equipment necessary for the efficient conduct
of the Sub-Adviser&rsquo;s implementation of the Option Strategy for the Trust.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">c.</TD><TD>The Sub-Adviser is authorized to make decisions to buy
and sell options for the Trust&rsquo;s portfolio, and to select broker-dealers and to negotiate brokerage commission rates in
effecting option transactions. The Sub-Adviser&rsquo;s primary consideration in effecting an option transaction will be to seek
to obtain the best execution for the Trust, taking into account the factors specified in the Prospectus and/or Statement of Additional
Information. Accordingly, the price to the Trust in any transaction may be less favorable than that available from another broker-dealer
if the difference is reasonably justified, in the judgment of the Sub-Adviser in the exercise of its fiduciary obligations to
the Trust, by other aspects of the portfolio execution services offered. In evaluating the best execution available, and in selecting
the broker-dealer to execute a particular transaction, the Sub-adviser may also consider the brokerage and research services (as
those terms are used in Section 28(e) of the Securities Exchange Act of 1934, as amended (the &ldquo;1934 Act&rdquo;)) provided
by that broker-dealer to the Trust and/or other accounts serviced by the Sub-adviser. The Sub-adviser is authorized to pay a broker-dealer
who provides such brokerage and research services an amount of commission for executing a portfolio transaction for the Trust
which is in excess of the amount of commission another broker-dealer would have charged for effecting that transaction if, but
only if, the Sub-adviser determines in good faith that such amount of commission was reasonable in relation to the value of the
brokerage and research services provided by such broker-dealer viewed in terms of either that particular transaction or in terms
of the Sub-adviser&rsquo;s overall responsibilities with respect to the accounts over which the Sub-adviser exercises investment
discretion. The Sub-Adviser will consult with the Adviser to ensure that portfolio transactions on behalf of the Trust are directed
to broker-dealers on the basis of criteria reasonably considered appropriate by the Adviser. To the extent consistent with these
standards, the Sub-Adviser is further authorized to allocate the orders placed by it on behalf of the Trust to an affiliated broker-dealer.
Such allocation shall be in such amounts and proportions as the Sub-Adviser shall determine consistent with the standards, and
the Sub-Adviser will report on said allocation regularly to the Trust&rsquo;s Board indicating the broker-dealers to which such
allocations have been made and the basis therefor.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">d.</TD><TD>On occasions when the Sub-Adviser deems the purchase
or sale of an option to be in the best interest of the Trust as well as other clients of the Sub-Adviser, the Sub-Adviser to the
extent permitted by applicable laws and regulations, may, but shall be under no obligation to, aggregate the options to be purchased
or sold to attempt to obtain a more favorable price or lower brokerage commissions and efficient execution. In such event, allocation
of the options so purchased or sold, as well as the allocation of expenses incurred in the transaction, will be made by the Sub-Adviser
in the manner the Sub-Adviser considers to be the most equitable and consistent with its fiduciary obligations to the Trust and
to its other clients.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">e.</TD><TD>The Sub-Adviser will maintain, with respect to its activities
on behalf of the Fund, all accounts, books and records with respect to the Option Strategy as are required of an investment adviser
of a registered investment company pursuant to the Investment Company Act and Investment Advisers Act of 1940, as amended (the
&ldquo;Investment Advisers Act&rdquo;) and the rules thereunder.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>3.</B></TD><TD><B>COMPENSATION OF SUB-ADVISER</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For the services provided to the Trust, the
Adviser will pay the Sub-Adviser an annual fee equal to the amount specified in Schedule A hereto, payable monthly in arrears on
the last business day of each month. The fee will be appropriately prorated to reflect any portion of a calendar month that this
Agreement is not in effect among the parties. The Adviser is solely responsible for the payment of fees to the Sub-Adviser, and
the Sub-Adviser agrees to seek payment of its fees solely from the Adviser. The Trust shall have no liability for the Sub-Adviser&rsquo;s
fee hereunder.</P>






<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 26; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%"><A HREF="#a_020">Table of Contents</A></TD><TD STYLE="text-align: right; width: 50%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>4.</B></TD><TD><B>LIABILITY OF SUB-ADVISER</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt 0pt 0; text-indent: 0.25in">Neither the Sub-Adviser nor any of
its directors, officers, employees, shareholders, partners, or agents shall be liable to the Adviser or the Trust for any error
of judgment or mistake of law or for any loss suffered by the Adviser or Trust in connection with the matters to which this Agreement
relates except for losses resulting from willful misfeasance, bad faith or gross negligence in the performance of, or from the
reckless disregard of, the duties of the Sub-Adviser under this Agreement by the Sub-Adviser or any of its directors, officers,
employees, shareholders, partners, or agents. The Sub-Adviser will not be liable for the any acts or omissions made on behalf of
the Trust that are not made by the Sub-Adviser, nor any of its directors, officers, employees, shareholders, partners, or agents
and which are not duties the Sub-Adviser is responsible for under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>5.</B></TD><TD><B>REGULATION</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt 0pt 0; text-indent: 0.25in">The Sub-Adviser shall submit to all
regulatory and administrative bodies having jurisdiction over the services provided pursuant to this Agreement any information,
reports or other material, which any such body by reason of this Agreement may require pursuant to applicable laws and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>6.</B></TD><TD><B>CONFLICTS OF INTEREST</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt 0pt 0; text-indent: 0.25in">It is understood that trustees, officers,
agents and shareholders of the Trust are or may be interested in the Sub-Adviser as trustees, officers, partners or otherwise;
that employees, agents and partners of the Sub-Adviser are or may be interested in the Trust as trustees, officers, shareholders
or otherwise; that the Sub-Adviser may be interested in the Trust; and that the existence of any such dual interest shall not affect
the validity hereof or of any transactions hereunder except as otherwise provided in the Agreement and Declaration of Trust of
the Trust and the articles of incorporation of the Sub-Adviser, respectively, or by specific provision of applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>7.</B></TD><TD><B>DURATION AND TERMINATION OF AGREEMENT</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt 0pt 0; text-indent: 0.25in">This Agreement shall become effective with
respect to the Trust on the later of (i) its execution and (ii) the date of the meeting of the Board of Trustees of the Trust,
at which meeting this Agreement is approved as described below. The Agreement will continue in effect for a period more than two
years from the date of its effectiveness only so long as such continuance is specifically approved at least annually either by
the Trustees of the Trust or by a majority of the outstanding voting securities of the Trust, provided that in either event such
continuance shall also be approved by the vote of a majority of the Trustees of the Trust who are not interested persons (as defined
in the Investment Company Act) of any party to this Agreement cast in person at a meeting called for the purpose of voting on such
approval. Any required shareholder approval of (i) the Agreement or (ii) of any continuance of the Agreement shall be effective
with respect to the Trust if a majority of the outstanding voting securities of that Trust votes to approve the Agreement or its
continuance. If any required shareholder approval of this Agreement or any continuance of the Agreement is not obtained, the Sub-Adviser
will continue to act as investment sub-adviser with respect to the Trust pending the required approval of the Agreement or its
continuance or of a new contract with the Sub-Adviser or a different adviser or sub-adviser or other definitive action; provided,
that the compensation received by the Sub-Adviser in respect of the Trust during such period is in compliance with Rule 15a-4 under
the Investment Company Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt 0pt 0; text-indent: 0.25in">Notwithstanding the foregoing,
this Agreement may be terminated: (a) by the Adviser at any time without payment of any penalty, upon 60 days&rsquo; prior
written notice to the Sub-Adviser and the Trust, (b) at any time without payment of any penalty by the Trust, by the
Trust&rsquo;s Board or a majority of the outstanding voting securities of the Trust, upon 60 days&rsquo; prior written notice
to the Adviser and the Sub-Adviser, (c) by the Sub-Adviser in the event of non-payment of the Sub-Adviser&rsquo;s fee by the
Adviser in accordance with Section 3 of this Agreement, upon notice to the Adviser and 30 days&rsquo; opportunity to cure
during which period the Adviser fails to cure such non-payment, or (d) by the Sub-Adviser upon 90 days&rsquo; prior written
notice to the Adviser unless the Trust or the Adviser requests additional time to find a replacement for the Sub-Adviser, in
which case the Sub-Adviser shall allow the additional time requested by the Trust or Adviser not to exceed 90 additional days
beyond the initial 90 days&rsquo; notice period; provided, however, that the Sub-Adviser may terminate this Agreement at any
time without penalty, effective upon written notice to the Adviser and the Trust, in the event either the Sub-Adviser (acting
in good faith) or the Adviser ceases to be registered as an</P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 27; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%"><A HREF="#a_020">Table of Contents</A></TD><TD STYLE="text-align: right; width: 50%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt 0pt 0">investment adviser under the Investment Advisers Act
or otherwise becomes legally incapable of providing investment management services pursuant to its respective contract with the
Trust. This Agreement will automatically terminate, without the payment of any penalty, in the event of its assignment (as defined
in the Investment Company Act). The foregoing shall not prevent a transfer of this Agreement by the Sub-Adviser in connection with
any reorganization, merger or other transaction, provided that such transfer does not constitute an assignment (as defined in the
Investment Company Act) provided that the Adviser is notified in writing at least 45 days in advance of such transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>8.</B></TD><TD><B>PROVISION OF CERTAIN INFORMATION BY SUB-ADVISER</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt 0pt 0; text-indent: 0.25in">The Sub-Adviser will promptly notify
the Adviser in writing of the occurrence of any of the following events:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">a.</TD><TD>the Sub-Adviser fails to be registered as an investment
adviser under the Investment Advisers Act or under the laws of any jurisdiction in which the Sub-Adviser is required to be registered
as an investment adviser in order to perform its obligations under this Agreement;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">b.</TD><TD>the Sub-Adviser is served or otherwise receives notice
of any action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, public board or body,
involving the affairs of the Trust; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">c.</TD><TD>any material change in actual control or management of
the Sub-Adviser or any change in the principal portfolio manager of the Sub-Adviser with respect to the Trust.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>9.</B></TD><TD><B>SERVICES TO OTHER CLIENTS</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt 0pt 0; text-indent: 0.25in">The Adviser understands, and has advised
the Trust&rsquo;s Board, that the Sub-Adviser now acts, or may in the future act, as an investment adviser to fiduciary and other
managed accounts and as investment adviser or sub-adviser to other investment companies. Further, the Adviser understands, and
has advised the Trust&rsquo;s Board, that the Sub-Adviser and its affiliates may give advice and take action for its accounts,
including investment companies, which is similar to or differs from advice given on the timing or nature of action taken for the
Trust. The Sub-Adviser is not obligated to initiate transactions for the Trust in any investment, which the Sub-Adviser or its
partners, affiliates or employees may purchase or sell for their own accounts or other clients.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>10.</B></TD><TD><B>AMENDMENTS TO THE AGREEMENT</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt 0pt 0; text-indent: 0.25in">This Agreement may be amended by
the parties only if such amendment is specifically approved by the vote of a majority of the Trustees of the Trust and by the vote
of a majority of the Trustees of the Trust who are not interested persons of any party to this Agreement cast in person at a meeting
called for the purpose of voting on such approval. Any required shareholder approval shall be effective with respect to the Trust
if a majority of the outstanding voting securities of the Trust vote to approve the amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>11.</B></TD><TD><B>ENTIRE AGREEMENT</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt 0pt 0; text-indent: 0.25in">This Agreement contains the entire
understanding and agreement of the parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>12.</B></TD><TD><B>HEADINGS</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt 0pt 0; text-indent: 0.25in">The headings in the sections of
this Agreement are inserted for convenience of reference only and shall not constitute a part hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>13.</B></TD><TD><B>NOTICES</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt 0pt 0; text-indent: 0.25in">All notices required to be given
pursuant to this Agreement shall be delivered or mailed to the last known business address of the Trust or applicable party in
person or by registered mail or a private mail or delivery service providing the sender with notice of receipt. Notice shall be
deemed given on the date delivered or mailed in accordance with this paragraph.</P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 28; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%"><A HREF="#a_020">Table of Contents</A></TD><TD STYLE="text-align: right; width: 50%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>14.</B></TD><TD><B>SEVERABILITY</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt 0pt 0; text-indent: 0.25in">Should any portion of this Agreement
for any reason be held to be void in law or in equity, the Agreement shall be construed, insofar as is possible, as if such portion
had never been contained herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>15.</B></TD><TD><B>GOVERNING LAW</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt 0pt 0; text-indent: 0.25in">The provisions of this Agreement
shall be construed and interpreted in accordance with the laws of The Commonwealth of Massachusetts, or any of the applicable provisions
of the Investment Company Act. To the extent that the laws of The Commonwealth of Massachusetts, or any of the provisions in this
Agreement, conflict with applicable provisions of the Investment Company Act, the latter shall control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>16.</B></TD><TD><B>LIMITATION OF LIABILITY</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt 0pt 0; text-indent: 0.25in">The Agreement and Declaration of
Trust dated April 23, 2007, a copy of which, together with all amendments thereto (the &ldquo;Declaration&rdquo;), is on file in
the office of the Secretary of The Commonwealth of Massachusetts, provides that the name &ldquo;John Hancock Tax-Advantaged Global
Shareholder Yield Fund&rdquo; refers to the Trustees under the Declaration collectively as Trustees, but not as individuals or
personally; and no Trustee, shareholder, officer, employee or agent of the Trust shall be held to any personal liability, nor shall
resort be had to their private property, for the satisfaction of any obligation or claim, in connection with the affairs of the
Trust, but only the assets belonging to the Trust shall be liable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>17.</B></TD><TD><B>CONFIDENTIALITY OF TRUST PORTFOLIO HOLDINGS</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt 0pt 0; text-indent: 0.25in">The Sub-Adviser
agrees to treat Trust portfolio holdings as confidential information in accordance with the Trust&rsquo;s &ldquo;Policy Regarding
Disclosure of Portfolio Holdings,&rdquo; as such policy may be amended from time to time, and to prohibit its employees from trading
on any such confidential information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>18.</B></TD><TD><B>USE OF NAME</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt 0pt 0; text-indent: 0.25in">The Trust and the Adviser
each agrees not to use the name &ldquo;Analytic&rdquo; in any sales material without first presenting such document to the
Sub-Adviser and obtaining its express consent prior to use. No press release that references Analytic shall be issued with
respect to the Trust without the prior consent of the Sub-Adviser other than press releases in the ordinary course (such as
dividend press releases). The Sub-Adviser agrees not to use the names, or any derivatives of the names &ldquo;John
Hancock,&rdquo; &ldquo;John Hancock Advisers, LLC,&rdquo; &ldquo;John Hancock Tax-Advantaged Global Shareholder Yield
Fund&rdquo; or the names of any such entities affiliates without first obtaining the applicable entity&rsquo;s express,
written consent prior to the use of such name. However, by execution of this Agreement, the Adviser hereby grants consent to
Sub-Adviser and permits the disclosure of the Adviser&rsquo;s identity on the Sub-Adviser&rsquo;s Representative List of
Clients.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>19.</B></TD><TD><B>COMPLIANCE</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt 0pt 0; text-indent: 0.25in">Upon execution of this
Agreement, the Sub-Adviser shall provide the Adviser with the Sub-Adviser&rsquo;s written policies and procedures
(&ldquo;Compliance Policies&rdquo;) as required by Rule 206(4)-7 under the Investment Advisers Act. Throughout the term of
this Agreement, the Sub-Adviser shall promptly submit to the Adviser: (i) any material changes to the Compliance Policies,
(ii) notification of the commencement of a regulatory examination of the Sub-Adviser relating to the Fund and documentation
describing the results of any such examination and of any periodic testing of the Compliance Policies and (iii) notification
of any material compliance matter that relates to the services provided by the Sub-Adviser to the Trust including but not
limited to any material violation of the Compliance Policies or of the Sub-Adviser&rsquo;s code of ethics and/or related
code. Throughout the term of this Agreement, the Sub-Adviser shall provide the Adviser with any certifications, information
and access to personnel and resources (including those resources that will permit testing of the Compliance Policies by the
Adviser) that the Adviser may reasonably request to enable the Trust to comply with Rule 38a-1 under the Investment Company
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">[THE REMAINDER OF THIS SPACE HAS BEEN INTENTIONALLY
LEFT BLANK]</P>



<P STYLE="margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 29; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%"><A HREF="#a_020">Table of Contents</A></TD><TD STYLE="text-align: right; width: 50%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be executed under seal by their duly authorized officers as of the date first mentioned above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 4.5in"><FONT STYLE="font-size: 10pt">JOHN
HANCOCK ADVISERS, LLC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 4.5in"><FONT STYLE="font-size: 10pt">By: ____________________________________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 4.5in"><FONT STYLE="font-size: 10pt">Name:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 4.5in"><FONT STYLE="font-size: 10pt">Title:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">ANALYTIC
INVESTORS, LLC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">By: ____________________________________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Name:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Title:</FONT></P>



<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0"></P>

<!-- Field: Page; Sequence: 30; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%"><A HREF="#a_020">Table of Contents</A></TD><TD STYLE="text-align: right; width: 50%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B><U>SCHEDULE A</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Annual Investment Sub-Advisory Fee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21pt">The Adviser shall pay the Sub-Adviser a fee,
computed daily and payable monthly in arrears, at an annual rate of 0.05% of the Fund&rsquo;s average daily gross assets. For these
purposes, &ldquo;gross assets&rdquo; of the Fund means total assets of the Fund, including any form of investment leverage, minus
all accrued expenses incurred in the normal course of operations, but not excluding any liabilities or obligations attributable
to investment leverage obtained through (i) indebtedness of any type (including, without limitation, borrowing through a credit
facility/commercial paper program or other forms of borrowings or the issuance debt securities), (ii) the issuance of preferred
shares or other similar preference securities, and/or (iii) any other means.</P>






<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 31; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%"><A HREF="#a_020">Table of Contents</A></TD><TD STYLE="text-align: right; width: 50%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B><A NAME="a_018"></A>APPENDIX C</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 45pt 0pt 0"><B>Board Consideration of and Continuation of Investment
Advisory Agreement and Subadvisory Agreements: John Hancock Tax-Advantaged Dividend Income Fund</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7pt 0pt 0; text-indent: 21pt">The Board of Trustees (the
&ldquo;Board&rdquo;, the members of which are referred to as &ldquo;Trustees&rdquo;) of John Hancock Tax-Advantaged Dividend
Income Fund (the &ldquo;Fund&rdquo;) met in-person on May 6-8, and June 3-5, 2012 to consider the approval of the
Fund&rsquo;s investment advisory agreement (the &ldquo;Advisory Agreement&rdquo;) with John Hancock Advisers, LLC (the
&ldquo;Adviser&rdquo;), the Fund&rsquo;s investment adviser. The Board also considered the approval of the investment
subadvisory agreements (together, the &ldquo;Subadvisory Agreements&rdquo;) between the Adviser and each of Manulife Asset
Management (US) LLC (&ldquo;Manulife US&rdquo;) and Analytic Investors, LLC (&ldquo;Analytic&rdquo;) (together, the
&ldquo;Subadvisers&rdquo;) on behalf of the Fund. The Advisory Agreement and the Subadvisory Agreements are referred to as
the &ldquo;Agreements.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Activities and composition of the Board</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-indent: 21pt">On June 3-5, 2012, the Board consisted
of nine individuals, seven of whom were Independent Trustees. &ldquo;Independent Trustees&rdquo; are generally those individuals
who are not employed by or have any significant business or professional relationship with the Adviser or the Subadviser. The Trustees
are responsible for the oversight of operations of the Fund and perform various duties required of directors of investment companies
by the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;). The Independent Trustees have independent legal
counsel to assist them in connection with their duties. The Board has appointed an Independent Trustee as Chairman. On June 3-5,
2012, the Board had four standing committees that were composed entirely of Independent Trustees: the Audit Committee; the Compliance
Committee; the Nominating, Governance and Administration Committee; and the Contracts &amp; Operations Committee. Additionally,
on June 3-5, 2012, Investment Performance Committee A was a standing committee of the Board composed of Independent Trustees and
one Trustee who is affiliated with the Adviser. Investment Performance Committee A was responsible for overseeing and monitoring
matters relating to the investment performance of the Fund. The Board also designated an Independent Trustee as Vice Chairman to
serve in the absence of the Chairman. The Board also designates working groups or ad hoc committees as it deems appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The approval process</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21pt">Under the 1940 Act, the Board is required
to consider the continuation of the Agreements each year. Throughout the year, the Board, acting directly and through its committees,
regularly reviews and assesses the quality of the services that the Fund receives under these Agreements. The Board reviews reports
of the Adviser at least quarterly, which include Fund performance reports and compliance reports. In addition, the Board meets
with portfolio managers and senior investment officers at various times throughout the year. The Board considers at each of its
meetings factors that are relevant to its annual consideration of the renewal of the Agreements, including the services and support
provided by the Adviser and Subadvisers to the Fund and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">its shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3pt 0pt 0; text-indent: 21pt">Prior to the May 6-8, 2012 meeting,
the Board requested and received materials specifically relating to the Agreements. The materials provided in connection with the
May meeting included information compiled and prepared by Lipper, a Thomson Reuters company (&ldquo;Lipper&rdquo;), on Fund fees
and expenses, the investment performance of the Fund and other matters including the prices at which Fund shares have traded. This
Fund information is assembled in a format that permits comparison with similar information from a Category and a subset of the
Category referred to as the Expense Group, each as determined by Lipper, and with the Fund&rsquo;s benchmark index. The Category
includes all funds that invest similarly to the way the Fund invests. The Expense Group represents funds of similar size, excluding
passively managed funds and funds-of-funds. The Fund&rsquo;s benchmark index is an unmanaged index of securities that is provided
as a basis for comparison with the Fund&rsquo;s performance. Other material provided for the Fund review included (a) information
on the profitability of the Agreements to the Adviser and a discussion of any additional benefits to the Adviser or Subadvisers
or their affiliates that result from being the Adviser or Subadvisers to the Fund; (b) a general analysis provided by the Adviser
and the Subadvisers concerning investment advisory fees charged to other clients, such as institutional clients and other investment
companies, having similar investment mandates, as</P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 32; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%"><A HREF="#a_020">Table of Contents</A></TD><TD STYLE="text-align: right; width: 50%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt 0pt 0">well as the performance of those other clients and a
comparison of the services provided to those other clients and the services provided to the Fund; (c) the impact of economies of
scale; and (d) a summary of aggregate amounts paid by the Fund to the Adviser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-indent: 21pt">At an in-person meeting held on May
6-8, 2012, the Board reviewed materials relevant to its consideration of the Agreements. As a result of the discussions that occurred
during the May 6-8, 2012 meeting, the Board asked the Adviser for additional information on certain matters. The Adviser provided
the additional information and the Board also considered this information as part of its consideration of the Agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21pt">At an in-person meeting held on June 3-5,
2012, the Board, including the Independent Trustees, formally considered the continuation of the Advisory Agreement and the Subadvisory
Agreements, each for an additional one-year term. The Board considered what it believed were key relevant factors that are described
under separate headings presented below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21pt">The Board also considered other matters important
to the approval process, such as services related to the valuation and pricing of Fund portfolio holdings. Other important matters
considered by the Board were the direct and indirect benefits to the Adviser, the Subadvisers and their affiliates from their relationship
with the Fund and advice from independent legal counsel with respect to the review process and materials submitted for the Board&rsquo;s
review.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Nature, extent and quality of services</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3pt 0pt 0; text-indent: 21pt">The Board reviewed the nature,
extent and quality of services provided by the Adviser and the Subadvisers, including the investment advisory services and
the resulting performance of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3pt 0pt 0; text-indent: 21pt">The Board considered the ability
of the Adviser and the Subadvisers, based on their resources, reputation and other attributes, to attract and retain qualified
investment professionals, including research, advisory and supervisory personnel. It considered the background and experience of
senior management and investment professionals responsible for managing the Fund. The Board considered the investment philosophy,
research and investment decision-making processes of the Subadvisers responsible for the daily investment activities of the Fund,
including, among other things, portfolio trading capabilities, use of technology, commitment to compliance and approach to training
and retaining portfolio managers and other research, advisory and management personnel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3pt 0pt 0; text-indent: 21pt">The Board considered each Subadviser&rsquo;s
history and experience providing investment services to the Fund. The Board considered the Adviser&rsquo;s investment manager analytical
capabilities, market and economic knowledge and execution of its Subadviser oversight responsibilities. The Board further considered
the culture of compliance, resources dedicated to compliance, compliance programs, record of compliance with applicable laws and
regulations, with the Fund&rsquo;s investment policies and restrictions and with the applicable Code of Ethics, and the responsibilities
of the Adviser&rsquo;s and Subadvisers&rsquo; compliance departments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5pt 0pt 0; text-indent: 21pt">In addition to advisory services,
the Board considered the quality of the administrative services provided to the Fund by the Adviser under a separate agreement.
The Board noted that the Adviser and its affiliates provide the Fund with certain administrative services (in addition to any such
services provided to the Fund by third parties) and officers and other personnel as are necessary for the operations of the Fund.
The Board reviewed the structure and duties of the Adviser&rsquo;s administration, accounting, legal and compliance departments
and considered the Adviser&rsquo;s and its affiliate&rsquo;s policies and procedures for assuring compliance with applicable laws
and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3pt 0pt 0; text-indent: 21pt">The Board also received information
about the nature, extent and quality of services provided by and fee rates charged by the Adviser and Subadvisers to their other
clients, including other registered investment companies, institutional investors and separate accounts. The Board reviewed a general
analysis provided by the Adviser and the Subadvisers concerning investment advisory fees charged to other clients having similar
investment mandates, the services provided to those other clients as compared to the services provided to the Fund, the performance
of those other clients as compared to the performance by the Fund and other factors relating to those other clients. The Board
considered the significant differences between the Adviser&rsquo;s and Subadvisers&rsquo; services to the Fund and the services
they provide to other clients. For other clients that are not closed-end funds, the differences in services relate to the more
burdensome regulatory and legal obligations of</P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 33; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%"><A HREF="#a_020">Table of Contents</A></TD><TD STYLE="text-align: right; width: 50%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5pt 0pt 0">closed-end funds, the enhanced management and oversight
arising from the public trading of Fund shares on an exchange and the potentially higher turnover of closed-end fund portfolio
holdings. When compared to all clients including mutual funds, the Adviser has greater oversight and supervisory responsibility
for the Fund and undertakes greater entrepreneurial risk as the sponsor of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Fund performance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3pt 0pt 0; text-indent: 21pt">The Board was provided with reports,
independently prepared by Lipper, which included a comprehensive analysis of the Fund&rsquo;s performance. The Board also examined
materials discussing Fund performance and the Fund&rsquo;s investment objective, strategies and outlook. The Board also reviewed
a narrative and statistical analysis of the Lipper data that was prepared by the Adviser, which analyzed various factors that may
affect the Lipper rankings. The Board reviewed information regarding the investment performance of the Fund as compared to its
Lipper Category as well as its benchmark index (see chart below). The Board was provided with a description of the methodology
used by Lipper to select the funds in the Category. The Board also considered updated performance information provided by the Adviser
at its May and June 2012 meetings. The Board regularly reviews the performance of the Fund throughout the year and attaches more
importance to performance over relatively longer periods of time, typically three to five years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 29pt 0pt 0; text-indent: 21pt">Set forth below is the performance
of the Fund (based on net asset value (&ldquo;NAV&rdquo;) and market value (&ldquo;Market&rdquo;)) over certain time periods ended
December 31, 2011 and that of its Category average and benchmark index over the same periods:</P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 55%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 0 5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 10%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding: 0 5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 10%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding: 0 5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 10%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding: 0 5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 15%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding: 0 5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Since Inception</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 0 5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1-Yr</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>3-Yr</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>5-Yr</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(2/27/04)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 0 5pt; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Tax-Advantaged Dividend Income Fund (NAV)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 5pt; text-align: right; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">22.17%</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 5pt; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">24.57%</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 5pt; text-align: right; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.87%</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 5pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.05%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 0 5pt; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Value Category Average (NAV)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 5pt; text-align: right; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.37%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 5pt; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">17.21%</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 5pt; text-align: right; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ndash;1.42%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 5pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.08%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 0 5pt; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Custom Benchmark (25% ML Pref Stk Drd/</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding: 0 5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding: 0 5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding: 0 5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; padding: 0 5pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 0 5pt; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">25% S&amp;P 500/S&amp;P 400 Util)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 5pt; text-align: right; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.08%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 5pt; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15.37%</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 5pt; text-align: right; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.14%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 5pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.47%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 0 5pt; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Tax-Advantaged Dividend Income Fund (Market)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 5pt; text-align: right; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">24.16%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 5pt; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">29.30%</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 5pt; text-align: right; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.66%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 5pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.31%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: Black 1pt solid; border-left: windowtext 1pt solid; padding: 0 5pt; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Value Category Average (Market)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: Black 1pt solid; padding: 0 5pt; text-align: right; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.74%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: Black 1pt solid; padding: 0 5pt; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">20.09%</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: Black 1pt solid; padding: 0 5pt; text-align: right; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ndash;3.11%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: Black 1pt solid; padding: 0 5pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.50%</FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 26pt 0pt 0; text-indent: 21pt">The Board noted that the Fund at
NAV outperformed its Category average NAV performance and its benchmark index&rsquo;s performance over all periods shown.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Expenses and fees</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3pt 0pt 0; text-indent: 21pt">The Board, including the Independent
Trustees, reviewed the Fund&rsquo;s contractual advisory fee rate payable by the Fund to the Adviser as compared with the other
funds in its Expense Group. The Board also received information about the investment subadvisory fee rate payable by the Adviser
to the Subadvisers for investment subadvisory services. The Board considered the services provided and the fees charged by the
Adviser and the Subadvisers to other clients with similar investment mandates, including other registered investment companies,
institutional investors and separate accounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3pt 0pt 0; text-indent: 21pt">In addition, the Board considered
the cost of the services provided to the Fund by the Adviser. The Board received and considered expense information regarding the
Fund&rsquo;s various components, including advisory fees and fees other than advisory and distribution fees, including transfer
agent fees, custodian fees, administration fees and other miscellaneous fees (e.g., fees for accounting and legal services). The
Board considered comparisons of these expenses to the Expense Group median. The Board also considered expense information regarding
the Fund&rsquo;s total operating expense ratio (&ldquo;Gross Expense Ratio&rdquo;) and total operating expense ratio after taking
any fee limitation arrangement by the Adviser into account (&ldquo;Net Expense Ratio&rdquo;). The Gross Expense Ratio and Net Expense
Ratio are based on common and leveraged assets and include interest expense relating to leverage. The Board considered information
comparing the Gross Expense Ratio and Net Expense Ratio of the Fund to that of the Expense Group median.</P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 34; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%"><A HREF="#a_020">Table of Contents</A></TD><TD STYLE="text-align: right; width: 50%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3pt 0pt 0; text-indent: 21pt">The Board noted that the Fund&rsquo;s
advisory fee ratio was thirteen basis points below the Expense Group median advisory fee ratio. The Board noted the following information
about the Fund&rsquo;s Gross and Net Expense Ratios derived from the Fund&rsquo;s 2011 financial statements in relation with the
Fund&rsquo;s Expense Group median provided by Lipper in April 2012:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 65%; border: windowtext 1pt solid; padding: 0 5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 15%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 5pt; font-weight: bold; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Fund</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 5pt; font-weight: bold; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Expense Group Median</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 0 5pt; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Advisory Fee Ratio</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 5pt; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.75%</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 5pt; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.88%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 0 5pt; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Gross Expense Ratio</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 5pt; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.17%</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 5pt; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.17%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 0 5pt; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net Expense Ratio</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 5pt; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.03%</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0 5pt; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.14%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-indent: 21pt">The Board was aware that the Expense
Group includes funds with varying amounts of leverage and funds that use borrowing and preferred stocks as leverage; that the Expense
Group comparison shows advisory fees and expense ratios as percentages of assets attributable to total managed assets; and that
the Fund&rsquo;s fees and expenses may be higher than funds in the Expense Group with lower levels of leverage or funds that leverage
with preferred stocks. The Board also reviewed comparative information which illustrated the expenses of the Fund and the Expense
Group for the cost of leverage or interest expense and the Fund compared favorably to peers in this analysis. The Board viewed
favorably the Adviser&rsquo;s limitation on the Fund&rsquo;s management fee to the following: 0.60% of the Fund&rsquo;s average
daily managed assets from February 27, 2009 until February 26, 2010, 0.65% of such assets from February 27, 2010 until February
26, 2011 and 0.70% of average daily managed assets from February 27, 2011 until February 26, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-indent: 21pt">The Board received and reviewed statements
relating to the Adviser&rsquo;s financial condition and was also provided with a profitability analysis that detailed the revenues
earned and the expenses incurred by the Adviser for services under the Advisory Agreement, as well as from other relationships
between the Fund and the Adviser and its affiliates. The Board reviewed the Adviser&rsquo;s profitability with respect to the Fund
and other funds the Board currently oversees for the year ended December 31, 2011 compared to available aggregate profitability
data provided for the year ended December 31, 2010. The Board reviewed the Adviser&rsquo;s profitability with respect to other
fund complexes managed by the Adviser and/or its affiliates. The Board reviewed the Adviser&rsquo;s assumptions and methodology
of allocating expenses in the profitability analysis, noting the inherent limitations in allocating costs among various advisory
products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5pt 0pt 0; text-indent: 21pt">The Board also considered a comparison
of the Adviser&rsquo;s profitability to that of a limited number of other investment advisers whose profitability information is
publicly available. The Board recognized that profitability may be affected by numerous factors including, among other things,
fee waivers and expense reimbursements by the Adviser, the types of funds managed, expense allocations and business mix, and therefore
comparability of profitability is limited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-indent: 21pt">The Board considered limited profitability
information with respect to the Manulife US, which is affiliated with the Adviser. In addition, as noted above, the Board considered
basic assumptions and methodology for allocating expenses in the Manulife US&rsquo;s profitability information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12pt 0pt 0; text-indent: 21pt">The Board did not consider profitability
information with respect to the Analytic, which is not affiliated with the Adviser. The Board considered that the subadvisory fee
under the Subadvisory Agreement had been negotiated by the Adviser and the Analytic on an arm&rsquo;s length basis. For this reason,
the Analytic&rsquo;s separate profitability from its relationship with the Fund was not a factor in determining whether to renew
the Subadvisory Agreement. In evaluating overall fees for investment management, the Board recognized the inherently higher cost
structure of subadvised funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Economies of scale</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-indent: 21pt">The Board, including the Independent
Trustees, considered the extent to which economies of scale might be realized as the assets of the Fund increase but recognized
that there is limited ability to grow assets for a closed-end fund. Possible changes in the advisory fee rate or structure in order
to enable the Fund to participate in these economies of scale (e.g., through the use of breakpoints in the advisory fee at higher
asset levels) are periodically discussed. The Board also considered the Adviser&rsquo;s overall operations and its ongoing investment
in its business in order to expand the scale of, and improve the quality of, its operations that benefit the Fund.</P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 35; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%"><A HREF="#a_020">Table of Contents</A></TD><TD STYLE="text-align: right; width: 50%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt 0pt 0; text-indent: 21pt">The Board recognized the inherent
limitations of any analysis of economies of scale, stemming largely from the Board&rsquo;s understanding that most of the Adviser&rsquo;s
costs are not specific to individual funds, but rather are incurred across a variety of products and services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Other benefits to the Adviser and the Subadvisers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-indent: 21pt">The Board understands that the Adviser,
the Subadvisers or their affiliates may derive other ancillary benefits from their relationship with the Fund, both tangible and
intangible, such as their ability to leverage investment professionals who manage other portfolios, an increase in their profile
in the investment advisory community and the engagement of their affiliates and/or significant shareholders as service providers
to the Fund, including for administrative and distribution services. The Board believes that certain of these benefits are difficult
to quantify. The Board also was informed that the Subadvisers may use third-party research obtained by soft dollars generated by
certain mutual fund transactions to assist themselves in managing all or a number of their other client accounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Board determination</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21pt">The Board unanimously approved the continuation
of the Advisory Agreement and the Subadvisory Agreements each for an additional one-year term. Based upon its evaluation of relevant
factors in their totality, the Board was satisfied that the terms of the Agreements, including the advisory and subadvisory fee
rates, were fair and reasonable and in the best interest of the Fund and its shareholders. In arriving at its decision to approve
the Agreements, the Board did not identify any single factor or any group of factors as all-important or controlling, but considered
all factors together. Different Trustees may have attributed different weights to the various factors considered. The Independent
Trustees were also assisted by independent legal counsel in making this determination. The Trustees&rsquo; conclusions may be based
in part on their consideration of these arrangements in prior years and on their ongoing regular review of Fund performance and
operations throughout the year.</P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 36; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%"><A HREF="#a_020">Table of Contents</A></TD><TD STYLE="text-align: right; width: 50%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B><A NAME="a_019"></A>APPENDIX D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 45pt 0pt 0"><B>Board Consideration of and Continuation of Investment
Advisory Agreement and Subadvisory Agreement: John Hancock Tax-Advantaged Global Shareholder Yield Fund</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-indent: 21pt">The Board of Trustees (the &ldquo;Board&rdquo;,
the members of which are referred to as &ldquo;Trustees&rdquo;) of John Hancock Tax-Advantaged Global Shareholder Yield Fund (the
&ldquo;Fund&rdquo;) met in-person on May 6-8, and June 3-5, 2012 to consider the approval of the Fund&rsquo;s investment advisory
agreement (the &ldquo;Advisory Agreement&rdquo;) with John Hancock Advisers, LLC (the &ldquo;Adviser&rdquo;), the Fund&rsquo;s
investment adviser. The Board also considered the approval of the investment subadvisory agreements (together, the &ldquo;Subadvisory
Agreements&rdquo;) between the Adviser and each of Epoch Investment Partners, Inc. and Analytic Investors, LLC (together, the &ldquo;Subadvisers&rdquo;)
on behalf of the Fund. The Advisory Agreement and the Subadvisory Agreements are referred to as the &ldquo;Agreements.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Activities and composition of the Board</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-indent: 21pt">On June 3-5, 2012, the Board consisted
of nine individuals, seven of whom were Independent Trustees. &ldquo;Independent Trustees&rdquo; are generally those individuals
who are not employed by or have any significant business or professional relationship with the Adviser or the Subadviser. The Trustees
are responsible for the oversight of operations of the Fund and perform various duties required of directors of investment companies
by the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;). The Independent Trustees have independent legal
counsel to assist them in connection with their duties. The Board has appointed an Independent Trustee as Chairman. On June 3-5,
2012, the Board had four standing committees that were composed entirely of Independent Trustees: the Audit Committee; the Compliance
Committee; the Nominating, Governance and Administration Committee; and the Contracts &amp; Operations Committee. Additionally,
on June 3-5, 2012, Investment Performance Committee A was a standing committee of the Board composed of Independent Trustees and
one Trustee who is affiliated with the Adviser. Investment Performance Committee A was responsible for overseeing and monitoring
matters relating to the investment performance of the Fund. The Board also designated an Independent Trustee as Vice Chairman to
serve in the absence of the Chairman. The Board also designates working groups or ad hoc committees as it deems appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The approval process</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21pt">Under the 1940 Act, the Board is required
to consider the continuation of the Agreements each year. Throughout the year, the Board, acting directly and through its committees,
regularly reviews and assesses the quality of the services that the Fund receives under these Agreements. The Board reviews reports
of the Adviser at least quarterly, which include Fund performance reports and compliance reports. In addition, the Board meets
with portfolio managers and senior investment officers at various times throughout the year. The Board considers at each of its
meetings factors that are relevant to its annual consideration of the renewal of the Agreements, including the services and support
provided by the Adviser and Subadvisers to the Fund and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">its shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-indent: 21pt">Prior to the May 6-8, 2012 meeting,
the Board requested and received materials specifically relating to the Agreements. The materials provided in connection with the
May meeting included information compiled and prepared by Lipper, a Thomson Reuters company (&ldquo;Lipper&rdquo;), on Fund fees
and expenses, the investment performance of the Fund and other matters including the prices at which Fund shares have traded. This
Fund information is assembled in a format that permits comparison with similar information from a Category and a subset of the
Category referred to as the Expense Group, each as determined by Lipper, and with the Fund&rsquo;s benchmark index. The Category
includes all funds that invest similarly to the way the Fund invests. The Expense Group represents funds of similar size, excluding
passively managed funds and funds-of-funds. The Fund&rsquo;s benchmark index is an unmanaged index of securities that is provided
as a basis for comparison with the Fund&rsquo;s performance. Other material provided for the Fund review included (a) information
on the profitability of the Agreements to the Adviser and a discussion of any additional benefits to the Adviser or Subadvisers
or their affiliates that result from being the Adviser or Subadvisers to the Fund; (b) a general analysis provided by the Adviser
and the Subadvisers concerning investment advisory fees charged to other clients, such as institutional clients and other investment
companies, having similar investment mandates, as well as the performance of those other clients and a comparison of the services
provided to those other clients</P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 37; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">D-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%"><A HREF="#a_020">Table of Contents</A></TD><TD STYLE="text-align: right; width: 50%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11pt 0pt 0">and the services provided to the Fund; (c) the impact
of economies of scale; and (d) a summary of aggregate amounts paid by the Fund to the Adviser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-indent: 21pt">At an in-person meeting held on May
6-8, 2012, the Board reviewed materials relevant to its consideration of the Agreements. As a result of the discussions that occurred
during the May 6-8, 2012 meeting, the Board asked the Adviser for additional information on certain matters. The Adviser provided
the additional information and the Board also considered this information as part of its consideration of the Agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21pt">At an in-person meeting held on June 3-5,
2012, the Board, including the Independent Trustees, formally considered the continuation of the Advisory Agreement and the Subadvisory
Agreements, each for an additional one-year term. The Board considered what it believed were key relevant factors that are described
under separate headings presented below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21pt">The Board also considered other matters important
to the approval process, such as services related to the valuation and pricing of Fund portfolio holdings. Other important matters
considered by the Board were the direct and indirect benefits to the Adviser, the Subadvisers and their affiliates from their relationship
with the Fund and advice from independent legal counsel with respect to the review process and materials submitted for the Board&rsquo;s
review.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Nature, extent and quality of services</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47pt 0pt 0; text-indent: 21pt">The Board reviewed the nature, extent
and quality of services provided by the Adviser and the Subadvisers, including the investment advisory services and the resulting
performance of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3pt 0pt 0; text-indent: 21pt">The Board considered the ability
of the Adviser and the Subadvisers, based on their resources, reputation and other attributes, to attract and retain qualified
investment professionals, including research, advisory and supervisory personnel. It considered the background and experience of
senior management and investment professionals responsible for managing the Fund. The Board considered the investment philosophy,
research and investment decision-making processes of the Subadvisers responsible for the daily investment activities of the Fund,
including, among other things, portfolio trading capabilities, use of technology, commitment to compliance and approach to training
and retaining portfolio managers and other research, advisory and management personnel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21pt">The Board considered each Subadviser&rsquo;s
history and experience providing investment services to the Fund. The Board considered the Adviser&rsquo;s investment manager analytical
capabilities, market and economic knowledge and execution of its Subadviser oversight responsibilities. The Board further considered
the culture of compliance, resources dedicated to compliance, compliance programs, record of compliance with applicable laws and
regulations, with the Fund&rsquo;s investment policies and restrictions and with the applicable Code of Ethics, and the responsibilities
of the Adviser&rsquo;s and Subadvisers&rsquo; compliance departments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5pt 0pt 0; text-indent: 21pt">In addition to advisory services,
the Board considered the quality of the administrative services provided to the Fund by the Adviser under a separate agreement.
The Board noted that the Adviser and its affiliates provide the Fund with certain administrative services (in addition to any such
services provided to the Fund by third parties) and officers and other personnel as are necessary for the operations of the Fund.
The Board reviewed the structure and duties of the Adviser&rsquo;s administration, accounting, legal and compliance departments
and considered the Adviser&rsquo;s and its affiliate&rsquo;s policies and procedures for assuring compliance with applicable laws
and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3pt 0pt 0; text-indent: 21pt">The Board also received information
about the nature, extent and quality of services provided by and fee rates charged by the Adviser and Subadvisers to their other
clients, including other registered investment companies, institutional investors and separate accounts. The Board reviewed a general
analysis provided by the Adviser and the Subadvisers concerning investment advisory fees charged to other clients having similar
investment mandates, the services provided to those other clients as compared to the services provided to the Fund, the performance
of those other clients as compared to the performance by the Fund and other factors relating to those other clients. The Board
considered the significant differences between the Adviser&rsquo;s and Subadvisers&rsquo; services to the Fund and the services
they provide to other clients. For other clients that are not closed-end funds, the differences in services relate to the more
burdensome regulatory and legal obligations of closed-end funds, the enhanced management and oversight arising from the public
trading of Fund shares on</P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 38; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">D-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%"><A HREF="#a_020">Table of Contents</A></TD><TD STYLE="text-align: right; width: 50%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5pt 0pt 0">an exchange and the potentially higher turnover of closed-end
fund portfolio holdings. When compared to all clients including mutual funds, the Adviser has greater oversight and supervisory
responsibility for the Fund and undertakes greater entrepreneurial risk as the sponsor of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Fund performance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3pt 0pt 0; text-indent: 21pt">The Board was provided with reports,
independently prepared by Lipper, which included a comprehensive analysis of the Fund&rsquo;s performance. The Board also examined
materials discussing Fund performance and the Fund&rsquo;s investment objective, strategies and outlook. The Board also reviewed
a narrative and statistical analysis of the Lipper data that was prepared by the Adviser, which analyzed various factors that may
affect the Lipper rankings. The Board reviewed information regarding the investment performance of the Fund as compared to its
Lipper Category as well as its benchmark index (see chart below). The Board was provided with a description of the methodology
used by Lipper to select the funds in the Category. The Board also considered updated performance information provided by the Adviser
at its May and June 2012 meetings. The Board regularly reviews the performance of the Fund throughout the year and attaches more
importance to performance over relatively longer periods of time, typically three to five years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 29pt 0pt 0; text-indent: 21pt">Set forth below is the performance
of the Fund (based on net asset value (&ldquo;NAV&rdquo;) and market value (&ldquo;Market&rdquo;)) over certain time periods ended
December 31, 2011 and that of its Category average and benchmark index over the same periods:</P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 61%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 11%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 10%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 18%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding: 0; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Since Inception</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1-Yr</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>3-Yr</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(9/26/07)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Tax-Advantaged Global Shareholder Yield Fund (NAV)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;8.58%</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.94%</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0; text-align: center">&nbsp;&nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.06%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Global Category Average (NAV)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ndash;3.48%</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;9.35%</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ndash;5.74%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">MSCI World ND Index</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ndash;5.54%</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.13%</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ndash;5.29%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Tax-Advantaged Global Shareholder Yield Fund (Market)</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;8.60%</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">17.35%</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ndash;0.16%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: windowtext 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Global Category Average (Market)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ndash;4.86%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12.46%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ndash;6.18%</FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 21pt 0pt 0; text-indent: 21pt">The Board noted that the Fund at
NAV outperformed its Category&rsquo;s average NAV performance and its benchmark index&rsquo;s performance over all periods shown.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Expenses and fees</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3pt 0pt 0; text-indent: 21pt">The Board, including the Independent
Trustees, reviewed the Fund&rsquo;s contractual advisory fee rate payable by the Fund to the Adviser as compared with the other
funds in its Expense Group. The Board also received information about the investment subadvisory fee rates payable by the Adviser
to the Subadvisers for investment subadvisory services. The Board considered the services provided and the fees charged by the
Adviser and the Subadvisers to other clients with similar investment mandates, including other registered investment companies,
institutional investors and separate accounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3pt 0pt 0; text-indent: 21pt">In addition, the Board considered
the cost of the services provided to the Fund by the Adviser. The Board received and considered expense information regarding the
Fund&rsquo;s various components, including advisory fees and fees other than advisory and distribution fees, including transfer
agent fees, custodian fees, administration fees and other miscellaneous fees (e.g., fees for accounting and legal services). The
Board considered comparisons of these expenses to the Expense Group median. The Board also considered expense information regarding
the Fund&rsquo;s total operating expense ratio (&ldquo;Gross Expense Ratio&rdquo;) and total operating expense ratio after taking
any fee limitation arrangement by the Adviser into account (&ldquo;Net Expense Ratio&rdquo;).</P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 39; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">D-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%"><A HREF="#a_020">Table of Contents</A></TD><TD STYLE="text-align: right; width: 50%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt 0pt 0; text-align: justify; text-indent: 21pt">The Board noted
that the Fund&rsquo;s advisory fee ratio was one basis point above the Expense Group median advisory fee ratio. The Board noted
the following information about the Fund&rsquo;s Gross and Net Expense Ratios contained in the Fund&rsquo;s 2011 financial statements
in relation with the Fund&rsquo;s Expense Group median provided by Lipper in April 2012:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 65%; border: windowtext 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 15%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Fund</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Expense Group Median</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-left: 9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Advisory Fee Ratio</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.00%</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.99%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-left: 9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Gross Expense Ratio</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.28%</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.28%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: windowtext 1pt solid; padding-left: 9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net Expense Ratio</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.28%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.28%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-indent: 21pt">The Board received and reviewed statements
relating to the Adviser&rsquo;s financial condition and was also provided with a profitability analysis that detailed the revenues
earned and the expenses incurred by the Adviser for services under the Advisory Agreement, as well as from other relationships
between the Fund and the Adviser and its affiliates. The Board reviewed the Adviser&rsquo;s profitability with respect to the Fund
and other funds the Board currently oversees for the year ended December 31, 2011 compared to available aggregate profitability
data provided for the year ended December 31, 2010. The Board reviewed the Adviser&rsquo;s profitability with respect to other
fund complexes managed by the Adviser and/or its affiliates. The Board reviewed the Adviser&rsquo;s assumptions and methodology
of allocating expenses in the profitability analysis, noting the inherent limitations in allocating costs among various advisory
products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5pt 0pt 0; text-indent: 21pt">The Board also considered a comparison
of the Adviser&rsquo;s profitability to that of a limited number of other investment advisers whose profitability information is
publicly available. The Board recognized that profitability may be affected by numerous factors including, among other things,
fee waivers and expense reimbursements by the Adviser, the types of funds managed, expense allocations and business mix, and therefore
comparability of profitability is limited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt 0pt 0; text-indent: 21pt">The Board did not consider profitability
information with respect to the Subadvisers, which are not affiliated with the Adviser. The Board considered that the subadvisory
fees under the Subadvisory Agreements had been negotiated by the Adviser and the Subadvisers on an arm&rsquo;s length basis. For
this reason, each Subadviser&rsquo;s separate profitability from its relationship with the Fund was not a factor in determining
whether to renew the respective Subadvisory Agreement. In evaluating overall fees for investment management, the Board recognized
the inherently higher cost structure of subadvised funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Economies of scale</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-indent: 21pt">The Board, including the Independent
Trustees, considered the extent to which economies of scale might be realized as the assets of the Fund increase but recognized
that there is limited ability to grow assets for a closed-end fund. Possible changes in the advisory fee rate or structure in order
to enable the Fund to participate in these economies of scale (e.g., through the use of breakpoints in the advisory fee at higher
asset levels) are periodically discussed. The Board also considered the Adviser&rsquo;s overall operations and its ongoing investment
in its business in order to expand the scale of, and improve the quality of, its operations that benefit the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7pt 0pt 0; text-indent: 21pt">The Board recognized the inherent
limitations of any analysis of economies of scale, stemming largely from the Board&rsquo;s understanding that most of the Adviser&rsquo;s
costs are not specific to individual funds, but rather are incurred across a variety of products and services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Other benefits to the Adviser and the Subadvisers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10pt 0pt 0; text-indent: 21pt">The Board understands that the Adviser,
the Subadvisers or their affiliates may derive other ancillary benefits from their relationship with the Fund, both tangible and
intangible, such as their ability to leverage investment professionals who manage other portfolios, an increase in their profile
in the investment advisory community and the engagement of their affiliates and/or significant shareholders as service providers
to the Fund, including for administrative and distribution services. The Board believes that certain of these benefits are difficult
to quantify. The Board also was informed that the Subadvisers may use third-party research obtained by soft dollars generated by
certain mutual fund transactions to assist itself in managing all or a number of its other client accounts.</P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 40; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">D-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%"><A HREF="#a_020">Table of Contents</A></TD><TD STYLE="text-align: right; width: 50%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Board determination</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10pt 0pt 0; text-indent: 21pt">The Board unanimously approved the continuation of the Advisory Agreement and the Subadvisory Agreements
each for an additional one-year term. Based upon its evaluation of relevant factors in their totality, the Board was satisfied
that the terms of the Agreements, including the advisory and subadvisory fee rates, were fair and reasonable and in the best interest
of the Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single
factor or any group of factors as all-important or controlling, but considered all factors together. Different Trustees may have
attributed different weights to the various factors considered. The Independent Trustees were also assisted by independent legal
counsel in making this determination. The Trustees&rsquo; conclusions may be based in part on their consideration of these arrangements
in prior years and on their ongoing regular review of Fund performance and operations throughout the year.</P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 41; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">D-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%"><A HREF="#a_020">Table of Contents</A></TD><TD STYLE="text-align: right; width: 50%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;<IMG SRC="back1.jpg" ALT=""></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 40%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding: 0; font-size: 10pt; font-weight: bold; text-indent: 0"><FONT STYLE="font-size: 10pt"><B></B><IMG SRC="backjohn.jpg" ALT=""></FONT></TD>
    <TD STYLE="width: 50%; padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>John Hancock Funds</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">601 Congress Street</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Boston, MA 02210</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1-855-742-8269</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1-800-231-5469 TDD 1-800-843-0090 EASI-Line</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">www.jhfunds.com</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">P1314PX 01/13</P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 42 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%"><A HREF="#a_020">Table of Contents</A></TD><TD STYLE="text-align: right; width: 50%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="margin: 0">&nbsp;&nbsp;</P>


<DIV ALIGN="LEFT">
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="border-collapse: collapse">
 <TR>
        <TD WIDTH="50%" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt; line-height: 129.6%"><I><IMG SRC="img1.gif"><BR> </I></P> </TD>
        <TD WIDTH="50%" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 10pt">To vote by Internet</FONT></B></P> </TD> </TR>
 <TR>
   <TD ROWSPAN="2" VALIGN="TOP"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 8pt; margin-bottom: 0pt; line-height: 129.6%"><I><B><FONT FACE="ARIAL" STYLE="font-size: 8pt">PROXY TABULATOR</FONT></B></I></P>
     <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt; line-height: 129.6%"><I><B><FONT FACE="ARIAL" STYLE="font-size: 8pt">P.O. BOX 9112</FONT></B></I></P>
     <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt; line-height: 129.6%"><I><B><FONT FACE="ARIAL" STYLE="font-size: 8pt">FARMINGDALE, NY 11735</FONT></B></I><I></I></P></TD>
        <TD VALIGN="TOP"><FONT FACE="Arial" STYLE="font-size: 8pt">1)</FONT><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT><FONT FACE="Arial" STYLE="font-size: 8pt">Read the Proxy Statement and have the proxy card below at hand. <BR>
        </FONT><FONT FACE="Arial" STYLE="font-size: 8pt">2)</FONT><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT><FONT FACE="Arial" STYLE="font-size: 8pt">Go to website </FONT><B><FONT FACE="Arial" STYLE="font-size: 8pt">www.proxyvote.com</FONT></B>
    <P STYLE="margin-left: 10.1pt; text-indent: -10.1pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt; line-height: 21.6%"><FONT FACE="Arial" STYLE="font-size: 8pt">3)</FONT><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT><FONT FACE="Arial" STYLE="font-size: 8pt">Follow the instructions provided on the website.</FONT>    <BR>
      <BR>
      <BR>
      <BR>
    </P> </TD> </TR>
 <TR>
        <TD VALIGN="BOTTOM">       <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 10pt">To vote by Telephone</FONT></B><FONT FACE="Arial" STYLE="font-size: 8pt"><BR>
          1)</FONT><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT><FONT FACE="Arial" STYLE="font-size: 8pt">Read the Proxy Statement and have the proxy card below at hand.</FONT><FONT FACE="Arial" STYLE="font-size: 8pt"><BR>
          2)</FONT><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT><FONT FACE="Arial" STYLE="font-size: 8pt">Call </FONT><B><FONT FACE="Arial" STYLE="font-size: 8pt">1-800-690-6903</FONT></B><FONT FACE="Arial" STYLE="font-size: 8pt"> </FONT><FONT FACE="Arial" STYLE="font-size: 8pt"><BR>
    3)</FONT><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT><FONT FACE="Arial" STYLE="font-size: 8pt">Follow the instructions.</FONT></P></TD> </TR>

 <TR STYLE="height: 1pt">
        <TD VALIGN="TOP" STYLE="height: 1pt">
                        <P STYLE="margin: 4pt 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left">&nbsp;<I></I></P> </TD>
        <TD VALIGN="BOTTOM" STYLE="height: 1pt">
                              <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 10pt">To vote by Mail</FONT></B></P> </TD> </TR>
 <TR>
        <TD VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 4pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD VALIGN="BOTTOM"><FONT FACE="Arial" STYLE="font-size: 8pt">1)</FONT><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT><FONT FACE="Arial" STYLE="font-size: 8pt">Read the Proxy Statement. <BR>
        </FONT><FONT FACE="Arial" STYLE="font-size: 8pt">2)</FONT><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT><FONT FACE="Arial" STYLE="font-size: 8pt">Check the appropriate boxes on the proxy card below. </FONT><FONT FACE="Arial" STYLE="font-size: 8pt"><BR>
        3)</FONT><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT><FONT FACE="Arial" STYLE="font-size: 8pt">Sign and date the proxy card.</FONT>
    <P STYLE="margin: 0in 0in 0in 10.1pt; text-indent: -10.1pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 8pt">4)</FONT><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT><FONT FACE="Arial" STYLE="font-size: 8pt">Return the proxy card in the envelope provided.</FONT></P> </TD> </TR>
 <TR>
        <TD VALIGN="BOTTOM">
                        <P STYLE="margin: 6pt 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 6pt; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">Do not mail your proxy card if you vote by Internet or phone.</FONT></P> </TD> </TR></TABLE>
</DIV>
<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>
<DIV ALIGN="LEFT">
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="margin-left: 0pt; border-collapse: collapse">

 <TR STYLE="height: 12.6pt">
        <TD COLSPAN="2" STYLE="height: 12.6pt">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="ARIAL" STYLE="font-size: 7pt">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</FONT></P> </TD>
        <TD STYLE="height: 12.6pt">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD> </TR>

 <TR STYLE="height: 12.6pt">
        <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt dashed; height: 12.6pt">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"> <FONT FACE="ARIAL" STYLE="font-size: 7pt">M51761-S01163</FONT></P> </TD>
        <TD STYLE="border-bottom: black 1.5pt dashed; height: 12.6pt">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"> <FONT FACE="ARIAL" STYLE="font-size: 7pt">KEEP THIS PORTION FOR YOUR RECORDS</FONT></P> </TD> </TR>
 <TR>
        <TD WIDTH="24%" HEIGHT="26" VALIGN="BOTTOM">
                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD WIDTH="40%" VALIGN="BOTTOM">
    <P STYLE="margin: 0in 1.45pt 0in 0in; text-indent: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD>
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"> <FONT FACE="ARIAL" STYLE="font-size: 7pt">DETACH AND RETURN THIS PORTION ONLY</FONT></P> </TD> </TR>
 <TR>
        <TD COLSPAN="3" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 8pt; margin-bottom: 0pt"><B><FONT FACE="ARIAL" STYLE="font-size: 9pt">THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.</FONT></B></P> </TD> </TR>
 <TR>
        <TD></TD>
                    <TD></TD>
        <TD></TD> </TR> </TABLE>
            </DIV>
<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>
<DIV ALIGN="LEFT">
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="border-collapse: collapse">
 <TR>
        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-left: black 2.25pt solid; border-bottom-style: none; border-right-style: none">
                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="3" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="4" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-right: black 2.25pt solid; border-left-style: none; border-bottom-style: none">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD> </TR>
 <TR>
        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">
                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="2" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="3" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="2" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="2" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-right: black 2.25pt solid; border-left-style: none; border-bottom-style: none">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD> </TR>
 <TR>
        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">
                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="2" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="3" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="2" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="2" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD> </TR>
 <TR>
        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">
                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="2" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="3" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="2" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="2" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="2" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD> </TR>
 <TR>
        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">
                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="2" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="3" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="2" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="4" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD> </TR>
 <TR>
        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">
                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="7" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 8pt">The Board of Trustees recommends that you vote FOR the following:</FONT></B></P> </TD>
        <TD VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">For</FONT></B></P> </TD>
        <TD COLSPAN="2" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">Against</FONT></B></P> </TD>
        <TD VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">Abstain</FONT></B></P> </TD>
        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD> </TR>
 <TR>
        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">
                        <P STYLE="margin: 8pt 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="7" VALIGN="BOTTOM">
                        <P STYLE="margin: 8pt 0in 0in 0.25in; text-indent: -0.25in; text-align: left"><FONT FACE="Arial" STYLE="font-size: 8pt">1a)</FONT><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;</FONT><FONT FACE="Arial" STYLE="font-size: 8pt">To approve a new subadvisory agreement for John Hancock Tax-Advantaged Dividend Income Fund (HTD) between John Hancock Advisers, LLC and Analytic Investors, LLC.</FONT></P> </TD>
        <TD VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 8pt; margin-bottom: 0pt"><FONT FACE="Wingdings">o</FONT></P> </TD>
        <TD COLSPAN="2" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 8pt; margin-bottom: 0pt"><FONT FACE="Wingdings">o</FONT></P> </TD>
        <TD VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 8pt; margin-bottom: 0pt"><FONT FACE="Wingdings">o</FONT></P> </TD>
        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 8pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD> </TR>
 <TR>
        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">
                        <P STYLE="margin: 8pt 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="7" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 8pt; margin-bottom: 0pt"><I><B><FONT FACE="Arial" STYLE="font-size: 8pt">Shareholders of John Hancock Tax-Advantaged Dividend Income Fund (HTD) will vote on this proposal.</FONT></B></I></P> </TD>
        <TD VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 8pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="2" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 8pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 8pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 8pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD> </TR>
 <TR>
        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">
                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="2" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="3" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="2" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="2" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD> </TR>
 <TR>
        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">
                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="7" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0.25in; text-indent: -0.25in; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">1b)</FONT><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;</FONT><FONT FACE="Arial" STYLE="font-size: 8pt">To approve a new subadvisory agreement for  John Hancock Tax-Advantaged Global Shareholder Yield Fund (HTY) between John Hancock Advisers, LLC and Analytic Investors, LLC.</FONT></P> </TD>
        <TD VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT FACE="Wingdings">o</FONT></P> </TD>
        <TD COLSPAN="2" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT FACE="Wingdings">o</FONT></P> </TD>
        <TD VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT FACE="Wingdings">o</FONT></P> </TD>
        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD> </TR>
 <TR>
        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">
                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="2" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="3" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="2" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="2" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD> </TR>
 <TR>
        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">
                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="7" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 2pt; margin-bottom: 0pt"><I><B><FONT FACE="Arial" STYLE="font-size: 8pt">Shareholders of John Hancock Tax-Advantaged Global Shareholder Yield Fund (HTY) will vote on this proposal.</FONT></B></I></P> </TD>
        <TD VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="2" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD> </TR>
 <TR>
        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">
                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="2" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="3" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="2" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="2" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD> </TR>
 <TR>
        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">
                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="7" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">Any other business that may properly come before the Meeting or any adjournment of the Meeting.</FONT></P> </TD>
        <TD VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="2" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD> </TR>
 <TR>
        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">
                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="2" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="3" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="2" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="4" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD> </TR>
 <TR>
        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">
                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="7" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: justify; margin-top: 2pt; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">Please sign exactly as your name(s) appear(s) hereon. When signing as attorney, executor, administrator, or other fiduciary, please give full title as such. Joint owners should each sign personally. All holders must sign. If a corporation or partnership, please sign in full corporate or partnership name by authorized officer.</FONT></P> </TD>
        <TD COLSPAN="4" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD> </TR>
 <TR>
        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">
                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD VALIGN="BOTTOM" STYLE="border-bottom: gray 0.5pt solid">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-bottom: gray 1pt solid">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="4" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="4" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD> </TR>
 <TR>
        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: gray 1pt solid">
                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD VALIGN="BOTTOM" STYLE="border-right: gray 1pt solid">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-right: gray 1pt solid">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD VALIGN="BOTTOM" STYLE="border-right: gray 1pt solid">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: gray 1pt solid; border-right: gray 1pt solid">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD VALIGN="BOTTOM" STYLE="border-right: gray 1pt solid; border-top: gray 1pt solid">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="4" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD> </TR>
 <TR>
        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: gray 1pt solid">
                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 1.5pt solid; border-right: gray 1pt solid">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 1.5pt solid; border-right: gray 1pt solid">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD VALIGN="BOTTOM" STYLE="border-right: gray 1pt solid">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 1.5pt solid; border-right: gray 1pt solid">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 1.5pt solid; border-right: gray 1pt solid">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="4" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD> </TR>
 <TR>
        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">
                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">Signature [PLEASE SIGN WITHIN BOX]</FONT></P> </TD>
        <TD COLSPAN="2" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">Date</FONT></P> </TD>
        <TD VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="2" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">Signature [Joint Owners]</FONT></P> </TD>
        <TD VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">Date</FONT></P> </TD>
        <TD COLSPAN="4" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD> </TR>
 <TR>
        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom: black 2.25pt solid; border-right-style: none">
                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD VALIGN="BOTTOM" STYLE="border-bottom: black 2.25pt solid">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-bottom: black 2.25pt solid">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="4" VALIGN="BOTTOM" STYLE="border-bottom: black 2.25pt solid">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="4" VALIGN="BOTTOM" STYLE="border-bottom: black 2.25pt solid">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 2.25pt solid; border-right: black 2.25pt solid">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD> </TR>
 <TR>
        <TD WIDTH="19"></TD>
                    <TD WIDTH="216"></TD>
        <TD WIDTH="7"></TD>
                    <TD WIDTH="43"></TD>
        <TD WIDTH="65"></TD>
                    <TD WIDTH="12"></TD>
        <TD WIDTH="178"></TD>
                    <TD WIDTH="54"></TD>
        <TD WIDTH="23"></TD>
                    <TD WIDTH="34"></TD>
        <TD WIDTH="7"></TD>
                    <TD WIDTH="44"></TD>
        <TD WIDTH="22"></TD> </TR> </TABLE>
            </DIV>
<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font: 10pt Arial">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font: 10pt Arial"></FONT></P>

<!-- Field: Page; Sequence: 43 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%"><A HREF="#a_020">Table of Contents</A></TD><TD STYLE="text-align: right; width: 50%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font: 10pt Arial">&nbsp;</FONT></P>
<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: center"><B><FONT FACE="Arial" STYLE="font-size: 10pt">Important Notice Regarding the Availability of Proxy Materials for the</FONT></B></P>
<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: center"><B><FONT FACE="Arial" STYLE="font-size: 10pt">Special Meeting of Shareholders to Be Held on March 22, 2013.</FONT></B></P>
<P STYLE="margin-bottom: 0pt; margin-top: 12pt; text-align: center"><B><FONT FACE="Arial" STYLE="font-size: 10pt">Letter to Shareholders, Notice of Meeting and the Proxy Statement for this</FONT></B></P>
<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: center"><B><FONT FACE="Arial" STYLE="font-size: 10pt">meeting is available at:  www.proxyvote.com.</FONT></B></P>
<P STYLE="margin-bottom: 0pt; margin-top: 12pt; text-align: center"><FONT FACE="Arial" STYLE="font-size: 10pt">Directions to attend the Meeting where you may vote in person can be found on</FONT></P>
<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: center"><FONT FACE="Arial" STYLE="font-size: 10pt">our website at www.jhfunds.com/proxy.</FONT></P>
<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>
<DIV ALIGN="LEFT">
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="margin-left: 0pt; border-collapse: collapse">

 <TR STYLE="height: 14.7pt">
        <TD WIDTH="62%" VALIGN="BOTTOM" STYLE="border-top: black 1.5pt dashed; height: 14.7pt">
                        <P STYLE="margin: 0in 1.45pt 0in 0in; text-indent: 0pt; text-align: right"> <FONT FACE="Arial" STYLE="font-size: 8pt">Please detach at perforation before mailing.</FONT></P> </TD>
        <TD WIDTH="37%" VALIGN="MIDDLE" STYLE="border-top: black 1.5pt dashed; height: 14.7pt">
    <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt; line-height: 21.6%"><BR>
      <FONT FACE="ARIAL" STYLE="font-size: 7pt">M51762-S01163</FONT></P> </TD> </TR></TABLE>
</DIV>
<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>
<DIV ALIGN="LEFT">
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="border-collapse: collapse">
 <TR>
        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-left: black 2.25pt solid; border-bottom-style: none; border-right-style: none">
                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><IMG SRC="img2.gif" ALIGN="LEFT"><BR> </P> </TD>
        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-right: black 2.25pt solid; border-left-style: none; border-bottom-style: none">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD> </TR>
 <TR>
        <TD WIDTH="2%" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">
                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD WIDTH="47%" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD WIDTH="47%" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD WIDTH="3%" VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD> </TR>
 <TR>
        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">
                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="2" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD> </TR>
 <TR>
        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">
                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="2" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD> </TR>
 <TR>
        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">
                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="2" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD> </TR>
 <TR>
        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">
                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="2" VALIGN="BOTTOM">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="ARIAL" STYLE="font-size: 9pt">JOHN HANCOCK TAX-ADVANTAGED DIVIDEND INCOME FUND (HTD)</FONT></B></P>
            <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 2pt; margin-bottom: 0pt"><B><FONT FACE="ARIAL" STYLE="font-size: 9pt">JOHN HANCOCK TAX-ADVANTAGED GLOBAL SHAREHOLDER YIELD FUND (HTY)</FONT></B></P>
            <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 9pt">601 Congress Street</FONT></P>
          <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 9pt">Boston, Massachusetts 02210</FONT></P>
  <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 9pt">Joint Special Meeting of Shareholders</FONT></B></P>
            <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 9pt">March 22, 2013</FONT></B></P>
            <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 9pt">&nbsp;</FONT></P>
            <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="ARIAL" STYLE="font-size: 9pt">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES</FONT></B></P>
            <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 9pt">&nbsp;</FONT></P>
            <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 9pt">The undersigned, revoking previous proxies, hereby appoint(s) Andrew Arnott, Charles A. Rizzo, John Danello, Thomas M. Kinzler, Betsy Anne Seel, Christopher Sechler, Kinga Kapuscinski, Nicholas J. Kolokithas, Patricia Morisette and Andrew Wilkins, and each of them singly, proxies and attorneys of the undersigned, with full power of substitution in each, to vote all the shares of beneficial interest of the Fund referenced on the opposite side of this card, which the undersigned is (are) entitled to vote at the Joint Special Meeting of Shareholders (the "Meeting") to be held at 601 Congress Street, Boston, Massachusetts 02210, on Friday, March 22, 2013, at 2:00 p.m., Eastern Time, and at any adjournment(s) of the Meeting. All powers may be exercised by a majority of all proxy holders or substitutes voting or acting, or, if only one votes
and acts, then by that one. Receipt of the Proxy Statement is hereby acknowledged. If not revoked, this proxy shall be voted for the proposal(s) included in the Proxy Statement.</FONT></P>
            <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 9pt">&nbsp;</FONT></P>
            <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="ARIAL" STYLE="font-size: 9pt">SPECIFY YOUR DESIRED ACTION BY A CHECK MARK IN THE APPROPRIATE SPACE. WHEN THIS PROXY IS PROPERLY EXECUTED, THE SHARES REPRESENTED HEREBY WILL BE VOTED AS SPECIFIED. IF NO SPECIFICATION IS MADE ON THE REVERSE SIDE, THIS PROXY WILL BE VOTED IN FAVOR OF (FOR) THE PROPOSAL IN THE PROXY STATEMENT. AS TO ANY OTHER MATTER, THE PROXY OR PROXIES WILL VOTE IN ACCORDANCE WITH THEIR BEST JUDGMENT.</FONT></B></P>
            <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 9pt">&nbsp;</FONT></P>
            <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="ARIAL" STYLE="font-size: 9pt">PLEASE VOTE, DATE AND SIGN THIS PROXY CARD AND RETURN IT PROMPTLY IN THE ENCLOSED ENVELOPE.</FONT></B></P> </TD>
        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD> </TR>
 <TR>
        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom: black 2.25pt solid; border-right-style: none">
                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-bottom: black 2.25pt solid">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>
        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 2.25pt solid; border-right: black 2.25pt solid">
                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD> </TR>
 <TR>
        <TD></TD>
                    <TD></TD>
        <TD></TD>
                    <TD></TD> </TR> </TABLE>
</DIV>
<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left">&nbsp;</P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"></P>


<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"></P>

<!-- Field: Page; Sequence: 44 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 50%">&nbsp;</TD><TD STYLE="text-align: right; width: 50%"></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left">&nbsp;</P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[Excerpt from John Hancock Funds Website]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Proxy Voting</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Proxy Voting for John Hancock Shareholders:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following funds are currently conducting a proxy vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Closed-end funds</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">John Hancock Tax-Advantaged Dividend Income Fund (HTD)<BR>
John Hancock Tax-Advantaged Global Shareholder Yield Fund (HTY)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shareholders of record as of the close of business on January
16, 2013 of HTD and HTY are cordially invited to attend the special&nbsp;joint meeting of shareholders on Friday, March 22, 2013,
at 2:00 p.m., Eastern Time, to be held at 601 Congress Street, Boston, Massachusetts 02210. Click <FONT STYLE="text-underline-style: none; color: windowtext">here</FONT>
for directions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Related Resources</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Download letter to shareholders, notice of meeting and proxy
statement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">[PDF of Proxy Statement]</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Vote your proxy</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Closed-End Funds</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Please refer to your proxy card(s) for internet voting web site
address. Please call 1-855-742-8269 if you have any questions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"></P>

<!-- Field: Page; Sequence: 45; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left">&nbsp;</P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left">&nbsp;</P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left">&nbsp;</P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>back1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 back1.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``(!`0(!`0("`@("`@("`P4#`P,#
M`P8$!`,%!P8'!P<&!P<("0L)"`@*"`<'"@T*"@L,#`P,!PD.#PT,#@L,#`S_
MVP!#`0("`@,#`P8#`P8,"`<(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,
M#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`S_P``1"`%V`5$#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#Z@_X+I_\`
M!=/XM_\`!,?]K;P[X"\!>'?AUJ^CZOX1MM?FFU^PO;BY6>2]O8&56ANH5$>R
MV0@%2<EN2"`/BW_B+K_:2_Z$GX(?^"?5/_EA1_P=U_\`*2/P1_V36P_].FJU
M\0_L"_L"^,?^"B_QBU+P1X)U+PUI>JZ5HTNN2RZY<3P6[01SP0LJM##*Q?=<
M(0"H&`W.<`AJDK79]O?\1=?[27_0D_!#_P`$^J?_`"PH_P"(NO\`:2_Z$GX(
M?^"?5/\`Y85S?_$++^T%_P!#C\'/_!MJ7_R!1_Q"R_M!?]#C\'/_``;:E_\`
M(%`>Z=)_Q%U_M)?]"3\$/_!/JG_RPH_XBZ_VDO\`H2?@A_X)]4_^6%<W_P`0
MLO[07_0X_!S_`,&VI?\`R!1_Q"R_M!?]#C\'/_!MJ7_R!0'NG2?\1=?[27_0
MD_!#_P`$^J?_`"PH_P"(NO\`:2_Z$GX(?^"?5/\`Y85S?_$++^T%_P!#C\'/
M_!MJ7_R!1_Q"R_M!?]#C\'/_``;:E_\`(%`>Z=)_Q%U_M)?]"3\$/_!/JG_R
MPH_XBZ_VDO\`H2?@A_X)]4_^6%<W_P`0LO[07_0X_!S_`,&VI?\`R!1_Q"R_
MM!?]#C\'/_!MJ7_R!0'NG2?\1=?[27_0D_!#_P`$^J?_`"PH_P"(NO\`:2_Z
M$GX(?^"?5/\`Y85S?_$++^T%_P!#C\'/_!MJ7_R!1_Q"R_M!?]#C\'/_``;:
ME_\`(%`>Z=)_Q%U_M)?]"3\$/_!/JG_RPH_XBZ_VDO\`H2?@A_X)]4_^6%<W
M_P`0LO[07_0X_!S_`,&VI?\`R!1_Q"R_M!?]#C\'/_!MJ7_R!0'NG2?\1=?[
M27_0D_!#_P`$^J?_`"PH_P"(NO\`:2_Z$GX(?^"?5/\`Y85S?_$++^T%_P!#
MC\'/_!MJ7_R!1_Q"R_M!?]#C\'/_``;:E_\`(%`>Z=)_Q%U_M)?]"3\$/_!/
MJG_RPH_XBZ_VDO\`H2?@A_X)]4_^6%<W_P`0LO[07_0X_!S_`,&VI?\`R!1_
MQ"R_M!?]#C\'/_!MJ7_R!0'NG2?\1=?[27_0D_!#_P`$^J?_`"PH_P"(NO\`
M:2_Z$GX(?^"?5/\`Y85S?_$++^T%_P!#C\'/_!MJ7_R!1_Q"R_M!?]#C\'/_
M``;:E_\`(%`>Z=)_Q%U_M)?]"3\$/_!/JG_RPH_XBZ_VDO\`H2?@A_X)]4_^
M6%<W_P`0LO[07_0X_!S_`,&VI?\`R!1_Q"R_M!?]#C\'/_!MJ7_R!0'NG2?\
M1=?[27_0D_!#_P`$^J?_`"PH_P"(NO\`:2_Z$GX(?^"?5/\`Y85S?_$++^T%
M_P!#C\'/_!MJ7_R!1_Q"R_M!?]#C\'/_``;:E_\`(%`>Z=)_Q%U_M)?]"3\$
M/_!/JG_RPH_XBZ_VDO\`H2?@A_X)]4_^6%<W_P`0LO[07_0X_!S_`,&VI?\`
MR!1_Q"R_M!?]#C\'/_!MJ7_R!0'NG2?\1=?[27_0D_!#_P`$^J?_`"PH_P"(
MNO\`:2_Z$GX(?^"?5/\`Y85S?_$++^T%_P!#C\'/_!MJ7_R!1_Q"R_M!?]#C
M\'/_``;:E_\`(%`>Z=)_Q%U_M)?]"3\$/_!/JG_RPH_XBZ_VDO\`H2?@A_X)
M]4_^6%<W_P`0LO[07_0X_!S_`,&VI?\`R!1_Q"R_M!?]#C\'/_!MJ7_R!0'N
MG2?\1=?[27_0D_!#_P`$^J?_`"PH_P"(NO\`:2_Z$GX(?^"?5/\`Y85S?_$+
M+^T%_P!#C\'/_!MJ7_R!1_Q"R_M!?]#C\'/_``;:E_\`(%`>Z=)_Q%U_M)?]
M"3\$/_!/JG_RPH_XBZ_VDO\`H2?@A_X)]4_^6%<W_P`0LO[07_0X_!S_`,&V
MI?\`R!1_Q"R_M!?]#C\'/_!MJ7_R!0'NG2?\1=?[27_0D_!#_P`$^J?_`"PH
M_P"(NO\`:2_Z$GX(?^"?5/\`Y85S?_$++^T%_P!#C\'/_!MJ7_R!1_Q"R_M!
M?]#C\'/_``;:E_\`(%`>Z=)_Q%U_M)?]"3\$/_!/JG_RPH_XBZ_VDO\`H2?@
MA_X)]4_^6%<W_P`0LO[07_0X_!S_`,&VI?\`R!1_Q"R_M!?]#C\'/_!MJ7_R
M!0'NG2?\1=?[27_0D_!#_P`$^J?_`"PH_P"(NO\`:2_Z$GX(?^"?5/\`Y85S
M?_$++^T%_P!#C\'/_!MJ7_R!1_Q"R_M!?]#C\'/_``;:E_\`(%`>Z=)_Q%U_
MM)?]"3\$/_!/JG_RPKZ,_P""37_!QA\;OV[_`/@H%X`^%/B_PM\+-.\/>*O[
M1^UW&CZ;?PWL?V?3;JZ3RVEO)$&9($!RA^4L!@X(_+K_`(*'?\$LOB#_`,$T
M?^$/_P"$[UCP=JW_``FOVW[#_8-W<S^5]E^S^9YOG018S]I3;MW9PV<8&?2O
M^#</_E,Y\&O^XW_Z8M0H&TK71_4[11108G\Z/_!W7_RDC\$?]DUL/_3IJM<W
M_P`&LO\`RD$\8_\`9/;W_P!.6F5TG_!W7_RDC\$?]DUL/_3IJM<W_P`&LO\`
MRD$\8_\`9/;W_P!.6F4&OV3]\J***#(****`"BBB@`HHHH`****`"BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@`HHHH`_''_@[1_YH!_W,7_N+KY0_P"#</\`Y3.?!K_N-_\`IBU"OJ__`(.T
M?^:`?]S%_P"XNOE#_@W#_P"4SGP:_P"XW_Z8M0H-5\)_4[11109'\Z/_``=U
M_P#*2/P1_P!DUL/_`$Z:K7-_\&LO_*03QC_V3V]_].6F5TG_``=U_P#*2/P1
M_P!DUL/_`$Z:K7-_\&LO_*03QC_V3V]_].6F4&OV3]\J***#(****`"BBB@`
MHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"B
MBB@`HHHH`****`"BBB@`HHHH`_''_@[1_P":`?\`<Q?^XNOE#_@W#_Y3.?!K
M_N-_^F+4*^K_`/@[1_YH!_W,7_N+KY0_X-P_^4SGP:_[C?\`Z8M0H-5\)_4[
M11109'\Z/_!W7_RDC\$?]DUL/_3IJM<W_P`&LO\`RD$\8_\`9/;W_P!.6F5T
MG_!W7_RDC\$?]DUL/_3IJM<W_P`&LO\`RD$\8_\`9/;W_P!.6F4&OV3]\J**
M*#(****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`_''_@[1_YH!_W,7_N+KY0
M_P"#</\`Y3.?!K_N-_\`IBU"OJ__`(.T?^:`?]S%_P"XNOE#_@W#_P"4SGP:
M_P"XW_Z8M0H-5\)_4[11109'\Z/_``=U_P#*2/P1_P!DUL/_`$Z:K7-_\&LO
M_*03QC_V3V]_].6F5TG_``=U_P#*2/P1_P!DUL/_`$Z:K7-_\&LO_*03QC_V
M3V]_].6F4&OV3]\J***#(****`"BBB@`HHHH`****`"BBOF;XZ_\%BOV<?V:
M?BMJ_@CQM\1?[%\4:"Z1WUE_8&J7/D,\:R*/,AMGC;*.I^5CUQUR*3DKVOJ4
MHMJZ1],T5\X?L[_\%</V>OVKOBI8^"?`/Q!_M_Q/J4<LMM9?V%J5KYBQH9'/
MF3VZ1C"J3RPSCC)KZ/JW%I)M;D<R;:[!1114C"BBB@`HHHH`****`"BBB@`H
MHHH`***\7_:Q_P""A7P?_8<N]#M_BEXO_P"$7F\1I-)IR_V5>WOVA8B@D/\`
MHT,FW!D3[V,YXS@TG)*R?4I)O9'M%%?'^G?\%[OV3=6U"WM+?XK^9<74BQ1+
M_P`(QK(W,QP!DVF!R>]?8"MO4$'(/(JW%VYK:$<ROR]0HHHJ1A1110`4444`
M%%%%`'XX_P#!VC_S0#_N8O\`W%U\H?\`!N'_`,IG/@U_W&__`$Q:A7U?_P`'
M:/\`S0#_`+F+_P!Q=?*'_!N'_P`IG/@U_P!QO_TQ:A0:KX3^IVBBB@R/YT?^
M#NO_`)21^"/^R:V'_ITU6N;_`.#67_E()XQ_[)[>_P#IRTRND_X.Z_\`E)'X
M(_[)K8?^G35:YO\`X-9?^4@GC'_LGM[_`.G+3*#7[)^^5%%%!D%%%%`!1110
M!_,E^W=^VO\`&;PK^VO\6],TSXM_$[3M.T_Q?JEO:VEKXIOH8+:)+N15C1%E
M"JJ@`````"O*/^&]OCI_T6CXL_\`A7:A_P#':_H"^)7_``0@_9I^+?Q#UWQ5
MKO@S5+K6_$=_-J5_,NOWT2RSS.9)&"K*%4%F)P``*_/7_@O=_P`$P/@W^PK\
M`/!6O_#7P[>Z-J>L^(&L+N2;5;F\$D(MI9-H65V`.Y0<CFN:#]C1@IZM<J^;
MLOS.ZK.-:O-TU9-MKTU?Y'P/_P`-[?'3_HM'Q9_\*[4/_CM'_#>WQT_Z+1\6
M?_"NU#_X[7D]?OS^Q_\`\$(/V:/BW^RA\-/%6N^#-4NM:\2>&-.U._F77[Z)
M99YK:.21@JRA5!9B<``"NY4I.FZO1-+[[O\`1G)*K&,U![M-_=;_`#/"_P#@
MV<_:-^(?QJ_:,^(UGXR\>>,_%MI9>'(IK>#6=;N;^.!S=("Z+*[!6QQD<XKX
MO_X+I_\`*5CXN?\`7Y9?^F^VK]Y_V0/^"8GP=_83\6ZMKGPU\/7VC:CK=H+&
M[>;5;F\$D0<.`!*[`'<!R.:_!C_@NG_RE8^+G_7Y9?\`IOMJY\14C*M12Z0D
MG_X$G^316%A*,:TGM*46O3EM^:9U'_!O#_RE1\#_`/7AJG_I%+7]']?S?_\`
M!O&P3_@JAX().`+#5"2>`/\`0I:_3S]LK_@XP^#/[,?BR^\-^&;/5/B?K^G,
MT5PVE31V^F0RKP8S=-NWD'@F*-U&",Y&*[<74BJ=%/?E?_I4CEHPE*M5:75?
M^DH_02BOR,^'_P#P=@^'=1UI8_%7P8UK2-/)YGTKQ%%J,RC/_/.2"`'`_P!O
MGVK])OV4/VPOA_\`MK_"Z+Q=\.]>BUG3#)Y%Q&R&*ZL)@,F*:)OF1\'//!'(
M)!!K#V<G'F2T1I*23Y6>FT45\$?M)_\`!QE^S_\``'Q1J&A:>/%OCG6-+N9+
M.Y32=.$-O!-&Q5U:6Y:/.&!&45P?7%92G%-1;U-%"33:1][T5^/_`(@_X.RM
M-MM0*Z7\"[Z]M0.)+OQ<EM(3D_P+9R#IC^+_`!/>_!;_`(.FOA3XPU.UM?&_
M@3Q?X+%P0LEW:S1:O:VQQU8@12E?=8V/M5Q7-L3)-;GZAT5ROP7^.'A']HGX
M>V7BOP1XATWQ-X?U`'R;VRE#H2.J,.J.O0HP#`]0*9\>_C'I_P"SS\%/%?CO
M5[>]O-+\(Z7<:M=P6:JUQ+%#&794#,JEB`<98#/<4JC]FFYZ6W"G[[2AK<ZV
MBOS*_P"(J'X&?]"-\6?_``"T_P#^2Z^J+'_@J;\);3]C'0/CGXDU6Z\(^$O$
MR2'3[74XU.I7+I(\?E)#$S^8Y,9.$)`7DD#.'+2#J/967S>WWV#>:@MWM\MS
MZ-HK\D_B=_P==^%=)UIH?!_P>U[7K!6(^TZMKL6ER,`>"(XX;@<CU<8]*]&_
M99_X.:/A!\:O%%CHOCGP]K?PQN[]A&E[<7*:CI<3D@`23JJ.@)/WFB"@9+%1
M3IQ<](A-<BO(_2:OQ?\`^#L7_D;O@C_UYZQ_Z'9U^SEG>PZC9Q7%O+'/!.@D
MCEC8,DBD9#`C@@CD$5^,?_!V+_R-WP1_Z\]8_P#0[.N7$:3II_S?^VR.G"NZ
MFUV_5'Y.?#K_`)*#H/\`V$;?_P!&K7]@%O\`\>\?^Z/Y5_'_`/#K_DH.@_\`
M81M__1JU_8!`<6R$GHH_E7J3?^R0_P`4ORB>;+_>W_A7YL?17Y^_&K_@Y+_9
M_P#@M\5M>\)R:7\1O$DWA^\>REU'1=/LIK"XD0X?RGDNXV90V5W%`"5)&1@G
M;_99_P""_7PL_;%^-^B^`/!/@'XPWFN:TY`>;2]/2VLXE&7GF=;UBD2#DG!/
M0`$D`\E+][;V>MSIJIT[\^EMS[GHHHI""BBB@`HHHH`_''_@[1_YH!_W,7_N
M+KY0_P"#</\`Y3.?!K_N-_\`IBU"OJ__`(.T?^:`?]S%_P"XNOE#_@W#_P"4
MSGP:_P"XW_Z8M0H-5\)_4[11109'\Z/_``=U_P#*2/P1_P!DUL/_`$Z:K7-_
M\&LO_*03QC_V3V]_].6F5TG_``=U_P#*2/P1_P!DUL/_`$Z:K7-_\&LO_*03
MQC_V3V]_].6F4&OV3]\J***#(****`"BBB@`K\M?^#JS_DT_X:_]C:W_`*1S
M5^I5?EK_`,'5G_)I_P`-?^QM;_TCFKFQ?P+_`!1_]*1TX3^)\I?^DL_"VOZN
M_P#@GK_R8;\&/^Q(T?\`](HJ_E$K^KO_`()Z_P#)AOP8_P"Q(T?_`-(HJ]:'
M^Z3_`,4/RF<5;^/#TE^<3V&OYF/^"Z?_`"E8^+G_`%^67_IOMJ_IGK^9C_@N
MG_RE8^+G_7Y9?^F^VKR9_P"\0])?G$[Z/\*?JOU/F3P)\1==^&.KSZAX>U6\
MT>^N;2>PDN+5_+E,$T9CE0,.0&1F4XP<$U[C\*/^"2?[1WQM^'=OXK\-_"CQ
M%>Z#>0_:+:XF>"T:ZC/1XXYI$DD4CD%5(88(S3?^"3GP&TS]I7_@H;\+_"6M
MV\=YH]UJAO;VWDP4N(K:&2Y:-@>JMY6TCN&-?U(PQ+;Q)&BJB1@*JJ,!0.@`
M["O0G22I1J/=W2]%_P`%OMU[G(ZS55P2T5F_-O3\E^1_'EXD\-ZCX.\07NDZ
MM8W>FZIIL[VUW:743136TJ$JR.C`%6!!!!Y%?7__``0C_:OU/]FC_@H-X1T]
M+N1/#WQ"N$\.:M;%CY<QF.VWDQTW),4P>RLX_B->A?\`!S)\+['P'_P40MM6
ML;:.W;Q?X9M-1NR@`\Z=))K<N<=RD,8)[XKY'_81_P"3W/@__P!CIH__`*6P
MT9/4=2M34NLN5_?RO[]33,Z7+2FE_+S+RT4E]VA_6,>>/6OP7TW_`(-T_C=^
MTA\<_&NOZE<:#\/_``QJ/B+4)[.;5YFGOKJW:YD:.5;>('`92#B1XSWQTK]P
M?C-\9O#/[/GPQUCQCXQU>VT/P[H4!N+R[G.%1>@4`<L[$A5502S$``DU^.W[
M4_\`P=,>*-1\075A\'O!&CZ7I,,A2+5?$@>ZN[I/[ZV\;HD1)[,TG'H3@<3<
M/;*5KM)KY-K_`"T^9I%5/9M+1-K7TO\`YZ_(OW?_``:<:PFGNT'QQTV2["Y6
M.3PJZ1EO0N+HD#WVGZ5^<O[;O[#GCK]@/XSR>"O'5M:_:I(!=V-]92-+9ZE;
MDE1+$Q"G@@@JP#*1R,$$^Y:]_P`'"7[6.L:D\]O\2+/2HFZ6]KX9TMHD^AEM
MW?\`-CTKQ7]L#_@H%\3_`-N[_A&I?B=K%CKM[X5BGAL[N+38+*5EF*%PXA5%
M;F-2/E&,GUJI<_,G%Z=5Y>7G>WRN5!I)J7R?G_PUSZ'_`.#?G]M;6?V;OVW=
M#\%S7T[>#?B;<#2;VR>0^3%>,,6UPJ]`^\+&3W60YS@8_;?_`(*>?\HZ_C=_
MV)>J?^DSU_-?^P<[1_MO?!Y@2&'C31^1P?\`C]AK^E#_`(*>?\HZ_C=_V)>J
M?^DSUT9E[V7^T>]IQ^22:_\`2G\K+H88-<N.26S<7\VVG^2_IG\K%>F6^O\`
MQ'_:YNO`/P\TJSU;Q1/X9LFTCP[HNFP/*T:/*\\C!!GYF9RSN<#:JY(51CS.
MOVR_X-6_@!I5K\)/B'\3I[6&77+[5E\.VMPR@O;6\4,<TBJ>J[WF3/KY:^E:
M4:2FI.7PQ][Y_"O_`$JWHV37J.%G%:O3]7^7WV/S'_:!_P""7_Q[_9:^'W_"
M5^._AKK6A^'E95DOA-;W45N6.%\WR)',0)P,N%&2!U(%>"U_7S\8/A[I_P`6
MOA3XD\+ZM;1WFF^(=,N-/N87`*R)+&R$<_6OY#=3L6TS4KBV?[]M*T3?521_
M2N%57[5TWV37XW^[]3K4;TE471V?Z??K]Q^^'_!L[^U?J?QL_9'UWP)K=W)>
MWGPROHK>QDD8LZZ?<*S0QDGJ$>.91Z+M'05X)_P=B_\`(W?!'_KSUC_T.SJ7
M_@TY_P"1B^-W_7MH_P#Z%>5%_P`'8O\`R-WP1_Z\]8_]#LZZLU_C4I=[-^O(
M[OY[LYLO7+[6'17_`!:?X7MZ'Y.?#K_DH.@_]A&W_P#1JU^^/_!?+_@IS_PR
M)\"4^''A'4/+^(OCVS*/+"^)=$TYLK)/QRLDF&C3H1\[#E1G\`_"]Y-IWB;3
MKBWA-S<0744D40R3*P<$+QZGBNQ_:C^.OB[]I+X^>)_&/CF6=_$NK7KFZAE5
MD^P[3L6V5&Y18E`0*>0%YYR:C$OVE"%#I>3?I:.GSZ^6G5%48\F(E7[127K=
MZ_+IY^C.)T;1[SQ)K-II]A;7%]?W\R6]O;PH9)9Y'8*J*HY9BQ``'))K^D+_
M`((O?\$O[3_@GU\!AJ6O6\4WQ.\8PQSZW.0&.G1_>2QC(_A3JY'WGSU"KC\]
M_P#@V._9T^'7Q/\`C]XE\8^(=0M[[QQX(ACFT'1)DP(EDRKWXSP[(<(`/N%]
MQY*$?NS77+]S345O)7;\NR]>OW=T<DI>UJ.^T7][[OTZ??V84445QFP4444`
M%%%%`'XX_P#!VC_S0#_N8O\`W%U\H?\`!N'_`,IG/@U_W&__`$Q:A7U?_P`'
M:/\`S0#_`+F+_P!Q=?*'_!N'_P`IG/@U_P!QO_TQ:A0:KX3^IVBBB@R/YT?^
M#NO_`)21^"/^R:V'_ITU6N;_`.#67_E()XQ_[)[>_P#IRTRND_X.Z_\`E)'X
M(_[)K8?^G35:YO\`X-9?^4@GC'_LGM[_`.G+3*#7[)^^5%%%!D%%%%`!1110
M`5^6O_!U9_R:?\-?^QM;_P!(YJ_4JORU_P"#JS_DT_X:_P#8VM_Z1S5S8OX%
M_BC_`.E(Z<)_$^4O_26?A;7]7?\`P3U_Y,-^#'_8D:/_`.D45?RB5_5W_P`$
M]?\`DPWX,?\`8D:/_P"D45>M#_=)_P"*'Y3.*M_'AZ2_.)[#7\S'_!=/_E*Q
M\7/^ORR_]-]M7],]?S,?\%T_^4K'Q<_Z_++_`--]M7DS_P!XAZ2_.)WT?X4_
M5?J=1_P;P_\`*5'P/_UX:I_Z12U_1_7\X'_!O#_RE1\#_P#7AJG_`*12U_1_
M7JXG^%2_PO\`]*D>93_C5?5?^DH_!S_@Z?\`^3U_`O\`V)<7_I;=5\.?L(_\
MGN?!_P#['31__2V&ON/_`(.G_P#D]?P+_P!B7%_Z6W5?#G["/_)[GP?_`.QT
MT?\`]+8:YLA_WBG_`-?'_P"G&>EG'\.7_7N/_I"/UH_X.KOB3JNB?`OX6^%;
M::6+2O$&L7E[>JCE1,UM%&(E8#@@&=FP>Z@]J_%KX=:+I_B3X@:%IVKWPTS2
MK_4(+>]O#C%I"\BK)+S_`'5)/X5_2/\`\%H/^">U]_P4(_9/_LGPZ\*>-?"E
MW_:^B+,X2.\;84EMF8\+YB'@G`#HF2!DU_-]\3OA5XE^"OC2]\.>+M"U7PYK
MNGN4N+'4+9[>:/DC.U@,J<<,,@CD$BN7"35.O+G5_>O9]59?Y6?_``2ZZ]I0
MBH.UDTWV=V_U5O\`AS^I?X`?L'?!/X">`M/T[P;\/?!D-DMNFV^.G075S?+M
MXEDN'5GE+`YR6/7CBOQ,_P"#A[]H#X=_$W]J;1/!_P`.-/\`#L5A\/K.:VU.
M]T>VBBAN;Z9U,D68U`?REC1<Y.&9UZ@U\>>&OVD/BI%X7@\&Z/X]^("Z+<@6
M<.AV>MW@M90YVB);='VG<3C:%YSTKV3]IG_@EUXP_9"_8F\(?%#Q[%=Z-X@\
M9Z__`&?;Z#+&!)86GV:259+CC*3.R<1]54?-\Q(77$1<G[>3]V+7S;]U+\=O
MGI8PP[4%[):RDON2U;_#=^FK9YC^PC_R>Y\'_P#L=-'_`/2V&OZ4?^"GG_*.
MOXW?]B7JG_I,]?S*_LJ^(XO!_P"T]\.=6GD,,.F>)]-NI),XV*EU&Q.>V`*_
MIJ_X*=G=_P`$ZOC:<YSX+U3_`-)GK7,'_P`)MO.I_P"DQ)PK_P!OBO\`!_Z5
M(_E8K^@C_@V*'_&NC43Z^,+[_P!$6U?S[U_01_P;%?\`*.C4/^QPOO\`T1;5
MTX;^'6_PK_TN)RXSXZ7^+_VR1^B-U_Q[2?[I_E7\?'C/_D<-6_Z_)O\`T,U_
M8/=?\>TG^Z?Y5_'QXS_Y'#5O^OR;_P!#->3_`,Q/_;OZGK4?]UG_`(H_E(_6
M_P#X-.?^1B^-W_7MH_\`Z%>5%_P=B_\`(W?!'_KSUC_T.SJ7_@TY_P"1B^-W
M_7MH_P#Z%>5%_P`'8O\`R-WP1_Z\]8_]#LZ[LU_B4/2/_I#./!?%6_K^4_)S
MX=?\E!T'_L(V_P#Z-6OT/_X.-_V`Q\`?C_9?%KP]9"+PK\27(U%8EPEEJRKN
M?Z"=`9!ZNLOM7YX?#K_DH.@_]A&W_P#1JU_57^V?^RKHO[:?[+OB?X=:X$2+
M7;/%I=%-S6%V@W03K[I(%)'<9'0FC%Q?U2G4@M8RE\U:-U\^GFD10J)8R4)[
M2BOEJ[/Y?E==3^7_`/92_:;\3_L??'KP]\0?"=R8-5T&X$AB+$17L)XEMY`.
ML;IE2.V<C!`-?U(_LE_M0>&OVQ_@#X>^(7A2X\W3-=MP[PLP,MC..);>3'1T
M;(/KP1P0:_E+^+7PMUOX(_$W7O"'B2SDL-=\-WTNGWL#@@I)&Q4X]5.,@]""
M".#7VA_P0H_X*;-^P_\`'X>$_%-^T?PT\>7"0WS2,?+T>\.$BO!V53PDG^SM
M8_<`K;#S5>FJ2=[ZQ?KT]'T\^UVR,53E2FZEMM)+TZ^J_+O9']%=%-BE6>)9
M$971P&5E.0P/0@^E.KF95PHHHI`%%%%`'XX_\':/_-`/^YB_]Q=?*'_!N'_R
MF<^#7_<;_P#3%J%?5_\`P=H_\T`_[F+_`-Q=?*'_``;A_P#*9SX-?]QO_P!,
M6H4&J^$_J=HHHH,C^='_`(.Z_P#E)'X(_P"R:V'_`*=-5KF_^#67_E()XQ_[
M)[>_^G+3*Z3_`(.Z_P#E)'X(_P"R:V'_`*=-5KF_^#67_E()XQ_[)[>_^G+3
M*#7[)^^5%%%!D%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!7._$3X0^$
M_B]IGV'Q9X7\.^*+/!7[/J^FPWL6#U&V56&#7144-)[CNUL<)\,_V6OAE\%K
M]KOP=\.?`GA.Z?EIM&T"TL)&XQRT4:GI7;W-G#>H%FBCF"G(#J&`/XU)13;;
MW$51H-B"#]CM<C_IBO\`A5JBBD`4444`%%%%`!1110`4444`%%%%`!1110`4
M444`%%%%`'XX_P#!VC_S0#_N8O\`W%U\H?\`!N'_`,IG/@U_W&__`$Q:A7U?
M_P`':/\`S0#_`+F+_P!Q=?*'_!N'_P`IG/@U_P!QO_TQ:A0:KX3^IVBBB@R/
MYT?^#NO_`)21^"/^R:V'_ITU6N;_`.#67_E()XQ_[)[>_P#IRTRND_X.Z_\`
ME)'X(_[)K8?^G35:YO\`X-9?^4@GC'_LGM[_`.G+3*#7[)^^5%%%!D%%%%`!
M1110`4444`%%%%`!10PW*0<\\<'!K^?+_@L'J_[1/[`7[76J:18?&WXT+X(\
M3%]6\-3'QIJ95;=F^>V)\[[T+G9CD[3&3]ZLY5>6:@^OY]ONN_DS:%)SBY)[
M?EW^^WWG]!M%?RV_!?\`X*K?'SX4?%GP[XDNOBY\3?$=IHM_%=7&EZIXIOKN
MSU")6!>&6.21D967(Y!QG(Y`K^F[X/?%;1OCG\*_#WC+P]<K>:+XFL(=1LY1
MU,<B!@#Z,,X([$$5T^R?L_:+O9^7;[];>C.>4[5/9OM?_/[M/O.DHKQG_@H)
M^UG8_L2?LD>,?B'=^5)=Z5:&+2[=S@7=]+\D$?N-Y!;'158]J_FQOO\`@I!^
MT)J%[-</\<_B^CSNTC+%XPU"-%).<*JR@*/0``#M7,JJ<W!=+?CT_7YKN=/L
M7R*;>_Z=?Z\^Q_5I17XK?\&^FG_'7]KWXZWWCWQK\7?BUJOP\\!D(;.^\6:A
M-:ZSJ#KE('1I2KQQJ?,=2""3&""&-?M3734I."C?=J]NRZ??OZ6?4Y8SYI-+
MII?SZ_=^=UT"BBBLBPHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
M"BBB@#\<?^#M'_F@'_<Q?^XNOE#_`(-P_P#E,Y\&O^XW_P"F+4*^K_\`@[1_
MYH!_W,7_`+BZ^4/^#</_`)3.?!K_`+C?_IBU"@U7PG]3M%%%!D?SH_\`!W7_
M`,I(_!'_`&36P_\`3IJM<W_P:R_\I!/&/_9/;W_TY:972?\`!W7_`,I(_!'_
M`&36P_\`3IJM<W_P:R_\I!/&/_9/;W_TY:90:_9/WRHHHH,@HHHH`****`"B
MBB@`HHHH`*^6/^"OG[`MO^W]^R+JNB64$1\:^'=VK>&IVP&^THOS6Y;LDR90
M]@VQOX:^IZ*SK4U4@X[>?9]'\F:TJKIS4U_P_=?-'\=.IZ;<:-J-Q9W<$MM=
MVDC0S0RJ4>)U)#*P/(((((/I7[6_\&P?[;8\4_#WQ#\#M;O2U_X=9]:\/"1N
M7M)&'VB%?^N<K!P/29NRUX%_P<@?\$]/^%%?'"W^,?AFP\OPK\0)S'K"1)A+
M'5<%BYQT6=07_P!])/[PKX+_`&5/VE/$'[(?[0'AKXB>&&0ZMX;NO.6*0D17
M4;*4DA?'.UT9E/USVK;`XE.,HU.NC79K9_?9^<7YACL/>TJ>MM8^:[?==/L_
M0_0/_@YJ_;9_X6E\?-'^#FC76_1_A^HOM7V-E9]2F0%4/KY4+#_@4SCM7YO_
M``;^$FN_'KXJ^'_!GAJS>_U[Q+?1V%E"H.&=VQECV51EF/0*">U4?B#X\U7X
MH^.M9\2ZY=R7^LZ_>RZA>W#G+332N7=OQ8GCM7[&_P#!L]_P3T_L'0+[X_\`
MBBQQ>:FLFF>$XYDYB@SMN+L9Z%R#$I_NK)V849?ATDYUNFLO-OHO79=DK]!X
M_$6M&EZ1_P`_SD_/3J?I'^Q1^RCH?[%/[-/A?X=:"J/%HEL/MET%VMJ%V_S3
M7#>[N20.R[1T`KG/VQO^"EGP<_83LE7X@>+;>VUB:,2V^B6*&[U.X4YPPA7E
M%.#AY"B$C&ZN2_X*\_\`!0`?\$]?V2[WQ'IRPS^,=?F_LGP[#*NY%N64LT[C
MND2`MCH6V+_%FOYH/'_Q`USXJ>,]2\1>)-5OM;UW6)VN;V^O)3+-<2-U9F/Y
M8Z```8`K&IB)UJLO+=^>]DO3Y+1+R*.&C3I1;Z[+]6_6_FW=^O[,?$#_`(.O
M_"FFWVWPM\&_$6LVV[_6:KKT.F28]=L<-P,].-U7OA?_`,'6G@/6KV./QC\*
M/%7AV)W"M+I6JP:L(US]XB1+<\>@R?K7P]^P-_P0?^+?[='P]MO&@O=&\#^#
M[_=]AO=6$DEQJ(!P9(8$&3'D$;G90<<;AS7+_P#!0W_@C9\5?^"=NC6_B#77
MTKQ/X-NIUMEUO2#(4M96'RI<1NH:(L<A3\RD@#=D@5K/]TTJGX_\#;YDQ4:M
M_9].W_!W/Z#OV4?VY?A;^VSX5?5OAQXMT_7A;J#=V7,%_8Y.!YL#@2(,Y`;&
MTXX)KUFOY%?@%\?_`!;^S%\5M)\:>"=8NM$\0:/*)(9X6(61?XHI%Z/&PX93
MP17]0?\`P3]_;#TS]NO]E3PQ\1=/A6SN=3B-OJ=D&W?8;V([9H@>Z[OF4GDH
MRGO6\J:E!U(=-UV\_3\M%U1SN3A-0GUV?Z>O7SU['@'[5_\`P<!?!O\`8[_:
M!\1_#?Q-X:^)M]KGAB2**ZGTS3K&6TD,D,<R[&DNXW(VR*#E!R#VY-_]C3_@
MO#\(?VX_C_I7PX\)^'/B1I^N:Q%/-#/J^GV4-HHAB:5@S17<C@E5(&$/..G6
MOQO_`."Z?_*5CXN?]?EE_P"F^VKJ/^#>'_E*CX'_`.O#5/\`TBEK'+%[>,74
MZQ;^:BW^9MF*]BI<G1I?BD?T?U\E?M^?\%E/AC_P3F^*.D^$O&^A>/=5U+6=
M,75H9-#LK2>!8C+)$%8S7,3!MT;'`4C!'/8?6M?@Y_P=/_\`)Z_@7_L2XO\`
MTMNJYJU1QG!+J[/_`,!;_0Z,/2C.-1R^RKK_`,"BOR;/MGX3?\'*7P+^,GQ2
M\-^$=,\*?%F#4O%&J6VDVLEUIFGI!'+/*L2,Y6]9@@9@20I.,X!Z5^A5?R<_
ML(_\GN?!_P#['31__2V&OZQJ]"=.*P\:G5RDON4;?FSB<G[5PZ))_>W_`)!1
M117,6%%%%`!1110`4444`%%%%`'XX_\`!VC_`,T`_P"YB_\`<77RA_P;A_\`
M*9SX-?\`<;_],6H5]7_\':/_`#0#_N8O_<77RA_P;A_\IG/@U_W&_P#TQ:A0
M:KX3^IVBBB@R/YT?^#NO_E)'X(_[)K8?^G35:YO_`(-9?^4@GC'_`+)[>_\`
MIRTRND_X.Z_^4D?@C_LFMA_Z=-5KF_\`@UE_Y2">,?\`LGM[_P"G+3*#7[)^
M^5%%%!D%%%%`!1110`4444`%%%%`!1110!YY^U;^S9H'[7?[/OBCX>>)HA)I
MGB2S:`2[0SVDP^:*=,]'CD"L/=<=":_E3^//P;U?]GCXT>*/`VN^5_:_A34I
MM-NC$VZ-VC<KO4_W6`!'?!YYK^N^OY:O^"M'_*2GXT_]C1=?S%<C?+B4E]J+
M;^3C;\W^'8[:;OAW?HU;YIW_`"1A?\$]?V1;S]N/]K?PC\.K>?[)::K<&?4K
MD,`UO91*9)V7/5]BD*/[S#MFOZG/`/@72OAAX(TCPYH5E#IVC:%:16-C:PJ%
M2"&-0J*![`"OYY_^#<3_`)2B>'/^P+J?_I.:_HNKUZSY:-.*ZW;];M?@EIZO
MN>5&3G7J-_9:2]+)O[V]?1'XC_\`!UMXON[KXV_";0&=OL-CHEY?HN>#)+.J
M,<?2%?SK\JO"NC_\)%XHTW3R_EB_NHK<L<`+O<+GGCO7[&_\'5?P`O\`4M"^
M&/Q-M(&EL=+>Y\/ZDZJ283*5FMR<#A24F&3W*CO7XSV5Y+I]Y#<0NR30.)$8
M'!5@<@_G7G99*,)_O=4IN_IS7_\`26CU,8I2@O9NUXJWK:W_`*4F?V`?#WP9
MI_PX\!Z+X?TFWCM=,T.QAL+2%!A8HHHPBJ/H`*\W_P""@7PPT[XR?L1_%3P[
MJD44MM>^&;YU,@!$4L<+2Q2<\`I(B,#D8*UE?\$\OVWO"W[=7[-OA_Q5H>IV
M<VL)9Q0Z[IJR@W&EWBJ!(CI]X*6!*L1AE((KRO\`X+:?MU^&_P!DK]C#Q;HK
MZM:GQQXZTR?1=&TR.4&Z(G0QRW)4<K'&C,=QP"VU1R:>;QFH5(2=Y.Z7FWLU
MZO6_S.?*6N>DTK)6OY);W].I_-97[=_\&I/C&[OO@=\6=`D8M9:9KEG?0C/W
M7G@='X]Q`E?B)7[Z?\&Q'P`OOAI^Q;X@\9ZC;M`_Q!ULRV6Y2&DM+9/*5^1T
M,IGQ[`'O7H8;^%5?]U?^E1_R_`YL9\5-+^;_`-M9^8'_``73_P"4K'Q<_P"O
MRR_]-]M73?\`!O),L7_!5+P*'=5+V6IJN3C<?L,QP/?@UB?\%Y]%N=&_X*K_
M`!3-Q&R"\EL+F$D<.C:?;@$?B"/PKR']@#]IQ/V.?VQ?`7Q'G@GNK'PYJ.Z^
MAA_UDEK*C0SA<\%O+D<@'@D#I7)DLXQC34G:\;>EXM:^C>IUYM!R4[+S7G:S
M7WG]75?@I_P=+:I%=?MT>#K53F6T\%P>8,CC=>79'Z"OU5O_`/@L/^S/I_PX
M'BA_C%X.DLVM_M`M(KOS-2(VYV?9%!G#]MI3.:_GS_X*6_MG2?MZ?M@^)_B$
MEM/8Z3=&.QT>UFQYMO90KMC#XX#L=SL`2`TA`)`S7-7BW6A&WPMM_<U]^OX,
MVPTN6G.72227WI_H<W^PC_R>Y\'_`/L=-'_]+8:_K&K^3G]A'_D]SX/_`/8Z
M:/\`^EL-?UC5ZM3_`'2'^*?Y0//E_'EZ1_.04445Q&@4444`%%%%`!1110`4
M444`?CC_`,':/_-`/^YB_P#<77RA_P`&X?\`RF<^#7_<;_\`3%J%?5__``=H
M_P#-`/\`N8O_`'%U\H?\&X?_`"F<^#7_`'&__3%J%!JOA/ZG:***#(_G1_X.
MZ_\`E)'X(_[)K8?^G35:YO\`X-9?^4@GC'_LGM[_`.G+3*Z3_@[K_P"4D?@C
M_LFMA_Z=-5KF_P#@UE_Y2">,?^R>WO\`Z<M,H-?LG[Y4444&04444`%%%%`!
M1110`4444`%%%%`!7\M7_!6C_E)3\:?^QHNOYBOZE:*QE2O5C5OLFOO:?Z&\
M*W+3=.V[3^Z_^9_.C_P;B?\`*43PY_V!=3_])S7]%U%%=E2KSQA&WPJWXM_J
M<D*?+.<[_$[_`()?H<9^T)\`_#/[3_P;U[P)XQL%U+P_XBMC;W,1X=#G*2(W
M\,B,%96'1E!K^=__`(*"?\$3?B[^Q%XFO[VPT?4?'?@!7+VNOZ5:M,T,7.!=
M0IEH64=6P8SQAN<#^E.BN25/WN>+L_P9UPK6CR25U^1_'IX6\8:OX&U=-0T3
M5=2T>_C!5;FQN7MYE!Z@.A!'YU'J>JZEXQUQ[F\N;[5=3O7`:6:1YYYW.`,D
MY9CT'K7]9WQ`_9)^%/Q9OA=>*OAE\/O$UR#N\W5?#MG>R9]=TD;'-6_AO^S/
M\./@W+O\(?#_`,$^%7!SNT?0K6Q.?7,2+6R?\Q$JEOA/P:_X)J_\$$?B5^U;
MXMTW7_B+I.I_#_X<0NL\[7\1@U+5T!R8H(6PZ!@,&5P``<J'Z5_0+X$\#:3\
M,?!>E>'=!L+?2]%T2UCLK&T@7;';PQJ%1%'H`!6M16LZMX\D59?F^[_3M\W?
M!1][GD[O\O3]>_R1^77_``<+?\$K/$7[3MCIOQ?^'.F2ZQXI\.6/V#6](MD+
MW6IV:L7CEA4??DB+."@&YE88R5"G\+=0T^XTF^GM;J":VNK9VBFAE0I)$ZG!
M5E/(((P0>17]B]<%\3_V5?AA\;;T7/C/X<^!?%ETO2?6-!M;Z5>,<-*C$<>A
MKCA3<&^79N_I??\`'7_@:'7*OS)<RU6E_);'\G'@'X>:]\5/%EGH/AK1M3U_
M6M0<1VUCI]L]Q<3-Z*B`D_TKZ=_;V_X)E:K_`,$_?V8_A/JOC'$?C_Q[>:C-
MJ-G'-YD6EV\26WDVY(.UI`9'9V'&6"@D+D_T??#/X&^"O@K8M:^#?!_A;PE;
M/]Z+1M)@L(VYSRL2*.M=)=6$%]M\^&*;;TWH&Q^=;U+./+'>ZN_)=%VOU?\`
MP;YTZC53FDKI)Z>;35WZ7NEW/Y/OV$?^3W/@_P#]CIH__I;#7]8U54T2RC<,
MMI:JRG((B4$'\JM5M*M>C&E;9M_>HK]#%Q_>.?=)?=?_`#"BBBL"@HHHH`**
M**`"BBB@`HHHH`_''_@[1_YH!_W,7_N+KY0_X-P_^4SGP:_[C?\`Z8M0KZO_
M`.#M'_F@'_<Q?^XNOE#_`(-P_P#E,Y\&O^XW_P"F+4*#5?"?U.T444&1_.C_
M`,'=?_*2/P1_V36P_P#3IJM<W_P:R_\`*03QC_V3V]_].6F5TG_!W7_RDC\$
M?]DUL/\`TZ:K7-_\&LO_`"D$\8_]D]O?_3EIE!K]D_?*BBB@R"BBB@`HHHH`
M****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`H
MHHH`****`"BBB@`HHHH`****`/QQ_P"#M'_F@'_<Q?\`N+KY0_X-P_\`E,Y\
M&O\`N-_^F+4*^K_^#M'_`)H!_P!S%_[BZ^4/^#</_E,Y\&O^XW_Z8M0H-5\)
M_4[11109'\Z/_!W7_P`I(_!'_9-;#_TZ:K7-_P#!K+_RD$\8_P#9/;W_`-.6
MF5TG_!W7_P`I(_!'_9-;#_TZ:K7-_P#!K+_RD$\8_P#9/;W_`-.6F4&OV3]\
MJ***#(****`"BBB@`HHHH`****`"N'^/O[27@;]F#P/-X@\=^*="\,V"1RM!
M_:%_%;27SQQF0PP+(P,LI53A$RQ]*[BOA_\`X.#?!_A*^_X)P>+?$7B'1;/5
M=9T#R(=!GG+%K"XN;F&%I$`(&[9GD@XP?4UABJDH4VX[_P">GWF^&IJ=51EL
M_P"ON[^1YC_P3[_X+/?%#_@H#^U)!I.D^&OA-X<^'[WKV[V6H>(%_P"$JDB6
M-I#+!`9U:8*H7<5@VKEOF.TX^]]7_:9^&_A_QO'X8O\`X@^"++Q)*2J:3<:[
M:Q7SD=0(6<.3^%?CYX-^#.G?L4_\$$K/XU>&]`M]-^+_`(LA:S'BB#>M_I]C
M?7K0Y1P?D)MP%##!!D!!S4>M?\$]O@5X`_X()2?%G6;:#4/B+XATR+5;?Q`]
M](;@:A+<!4M(U#;2J@E'7:2<.QY`*]6(<:49JVE)J,N[D];+Y?CHNAC17MIQ
M:>M2_+V45I=^K_#7N?L_\2/BMX7^#?A9]<\7^)=`\*Z+'(L3:AK&H0V-JKL<
M*IEE95!)Z#.346D_&3PAKWB#3=)L?%7AN]U76+$:I864&IP27%]:$`BXBC5B
MSQ893O4%<$<\U^%W[8?QN\7>,?\`@AE^S5X1\07E[?:[XP\1736IN&+7%W8V
M<D\-N#GE@//A"D]0J]:_6G]CS_@FE\.OV5->L/&MG8ZAJ?Q.N=#CTG6/$=]J
M-Q/+?C9%N`A9S#$H,2*JQ(H5%"]*T='EG44WI&3BGU=HWV\FTGKIYO;-S]VG
M;>46WV5I<N_9I-K37R/;?B3\5O"_P9\,/KGC#Q+H'A31HY%B:_UC4(;"U5V.
M%4R2LJAB>@SDTV+XN>%)]9T?34\3^'GU'Q#;?;=*M5U&$S:G!@'S8$W;I4P0
M=R`C!'-?F[_P=%?$*9?V=?AEX`LG+7_C#Q0;D0*?FF2WA*`8]/,N8_Q`KYM_
MX*M?L:Z/\(_VT?V9_!_@_5_$L'Q,\6PV<&N:\VKW$UZ\IN(+:"XB#.5MPFV?
M:D(1%"@!1BL,/>I)1_FGR+S]V[^YZ/\`JVU:*A'FOM!S?E:7*OO_`*VU_:_0
M?C7X-\4^-[[PSIGB[PSJ7B33!NO-*M=4@FOK4>LD*L70<'J!5?XD_'_P'\&7
MB3QAXV\(^%&GQY0UC6+>P,F3M&/-=<Y/`QWK\>;G]E'P1^S/_P`'#OPJ\$_"
MNVO=#TO0[*#5-8,FH3W;M,+6YGN'>25F8"2$)N&0OSG``->D_'K]H'X8_P#!
M0?Q?\2?''@W]E.]^-^D^&K0Z/K7C;6O%MKX=MM.MH(W;?9B9CC:&>0%=DAW`
MG'RBHE->QC5CK\3?I%VO?9)O1-VZ^@U3?M73:LK1MZRU2MU:2O97_4_5*[\?
M:3'X#N?$D&IZ9<Z+;V<E]]N6\B%H8D4L7,Q;RP@`)+E@H`))`%?'O[//_!1C
MXF>*?V+OC'\7?B!H'PRT^W\"6=Q/H<?ACQ):Z]:WTD-NTA2>:TNIT4[VA78&
M5L,3C!!KX)_8:^*.M_"+_@WL_:'U6\N[S^R=4U>70M#ADD)$/VI+:";R\]`3
M,20,#*L>I-;_`,0YS^R[_P`&QGAO32YM=4^*^J1L0ORM*L]X]Q^(-M;*#[&J
MQ<'3C6L_LTTO*52S7W)ZO\"L-:4J2:O><[^<8;_)OIIZZ,^NOV9O^"GOQ.^*
M/_!*W7OCIXDTKX8V7BR34I;+P[8S:BF@:/=JLL<*^=/?7816W^>?]<NX(`!G
MK[[^SO\`MAQR_LZ^`O$?QL\0?##X?^+/'0D>RL;?Q-9O8WP\W$0M)_/=+DM&
MT+$Q.XS(!Z5^7O\`P5$T.;X#?\$9?V6OA!:HT.J^*IK?5;FU3AY9#`TTBD=_
MW]\GX@5M_P#!5;X1GXH_MT_LB_LV:1>WNFP^&="L+:2YLW\N>R221$>6,C[L
MB0V1<'L<&NN<%]8E2BMZBIK_`+=BW)_?:^^_J<L7^XC5D].251]]96BO-+I;
ML]S]>M+^-_@O6_B!<^$K+Q?X7O/%5FGF7&C0:K!)J$"\_,T`;S%'!Y*]J=\2
M_C5X-^"]A!=>,?%OAGPG;73B*&;6=4@L(YG)P%5I64$Y(X'K7XR?M4_L?>!_
MV6/^"WW[//@OX,V6I>'[RXN-,U75W;5+F]DE=KV4RR,\SNX+P1/O`(4AN@R<
MW?@7\'?#?_!5C_@MC\:++XWW%SJFB^"#?VND^'Y-1FLQ)#:W8MHXT,;JZHB;
MI6$;`EWW'@G/-13JQAR;OVE[]J=KM>M]/37L;UDJ3FY[)0M;>]2]D^FEM?N\
MS]@[C]HKX?6GC+1?#DOCOP='XA\20K<Z3ICZU;+>ZI$V[;)!"7WRJ=C89`0=
MI]#78U^)G_!*CX">$;W_`(+J^-;;P+=W6J?#SX0V>I?\(^TUV]Y%9JS"#RHI
M'+$QB6YN2IR<X+9)))_;.JM%T:=6/VUS+R5VE?STU,Y7C6G2?V'9^MDW\M=.
MH4445`PHHHH`****`"BBB@`HHHH`_''_`(.T?^:`?]S%_P"XNOE#_@W#_P"4
MSGP:_P"XW_Z8M0KZO_X.T?\`F@'_`',7_N+KY0_X-P_^4SGP:_[C?_IBU"@U
M7PG]3M%%%!D?SH_\'=?_`"DC\$?]DUL/_3IJM<W_`,&LO_*03QC_`-D]O?\`
MTY:972?\'=?_`"DC\$?]DUL/_3IJM<W_`,&LO_*03QC_`-D]O?\`TY:90:_9
M/WRHHHH,@HHHH`****`"BBB@`HHHH`*\=_;C_8G\,_M^?`]O`'B_5?$NDZ+)
M?PZA))HD\$%Q*\6[:A::*5=F6R0%SE1SU!]BK"^(_P`4O#/P=\+2Z[XO\1Z%
MX6T6!UCDU#6+^*QM8V8X53+*RJ"3P`3R:BI&+5I=U]]]/Q+A*2=X^?Y:_@<C
M:?LC^!F_96L?@SJ>E?V[X$LM$AT$VE^P:2XMXD5%9V0+B3*AMZ!2&&X8(&/E
MCP[_`,&YO[.VBZ_%-=M\0=;T2VN/M5OX>O\`Q"S:7;N?O;5C1)/FX!S(20!S
M7V5JGQQ\%:'\,(_&]]XP\+V?@R6&.X37Y]5@CTMXY"%C<7)81%6+*%.[!)`'
M6BQ^-_@O4_AU#XPMO%_A>X\)7"EXM;BU6!].E4,5)6X#>60&!&0W4$=JUG)^
MTE5E\5]7Y[Z_,B.E.-./P]%_E\K7/$OVD_\`@E5\,_VG_B)\+-?U>X\1:-;_
M``@,?]@Z+HLMK;:6$26*01R1-`[%#Y,:D(Z?*,#!YKZ5KF?AG\:?!WQITM[[
MP=XM\,^+;*,X>XT;5(+^)3G&"T3,!T/?M5?1OV@/`?B+XFWO@G3_`!MX1O\`
MQGIJL]WH-OK%O+J=JJA2QDME<RH`&4DE1C</447E;V?FY6\WJW_F+3XO1?=L
MCR;]KK_@FCX$_;4^-7P\\<>,-6\6Q7OPTN%N=,L-/N;>.PN&$\<Q\])('=@Q
MB13M=/E&.#S1\4_^":'@3XP_MP>$_CYK6J^+9/%G@RWBM].TY+FW&D@1^:49
MHS`92P:9FR)1R%],'UK2OC[X%UWXFWW@FR\:^$KWQEIB&6\T&#6+>34[1`%)
M:2V#F5``ZG+*!AAZBJ.F?M1_#+6O"\6N6?Q%\"7>BSZA_9,=_#K]I):R7F0/
MLPD$FTS99?W8.[YAQS2IW7+R=&Y+UEI=>KT]2IZ\W-U7*_1:V?RU/,O"_P#P
M3,\`^&?VZ_$'[0C:GXKU'QIXAM'LI;.\N;=]+MHV@C@/E1K`L@/EQA?FD8?,
MW'(QXW<?\&]7P0CUO7CINO?%/0O#?B02-?>&-/\`$0BT>61@P20QF(LYB+;D
M61V4%5R"N5/W7)((D9W8*JC)).`!ZUQ'AC]ISX;>-O!.K>)M&^(7@?5_#F@L
M4U/5;+7;6XL=.8`,1-,CE(R`0<,1P0:BRLH](JWHK_E=_>7S2NWW:?JTK+YV
M5O0^?M9_X(Q?"_5_V%M*_9\&O^/[3P7IFKG63=V][:+J=[,7D?;-(;8QL@,G
M`$2G]VG/!SK?M-?\$D?AM^U3^S[\-_AEKNL^-=,\+?"^**+3(M*O+:*6Z\J!
M8$-PTENX8A`>4"<NQ[C'T-J7Q2\,Z+X`E\67GB/0K3PM#;_:Y-9FOXH]/2'_
M`)ZF<MY83_:+8K,T7]H;P!XDMO#TVG>.?!]_#XN9TT*2VUFVE76F0L&6V*N1
M.5*MD1[L;3Z&M7*3D[[N46_\2TB_56T]#-2M:2Z*27H]9??>[]3R']JC_@E]
M\/OVO?BM\-/%GB?4_%EI+\*GC?2-.TVYMXK";9+%+MF22!W8$PHIV.GRC'!Y
MJ?5?^":/@37?V^K+]HN^U;Q==^-=-MA:VEA)=6YTFV46S6X*QB#S<[7=N92-
MS$XQQ7J/B7]I?X<>#/&4/AS6/B!X)TKQ#<,5BTN\URU@O92.RPNX<GZ"M+XF
M?&3PA\%O#4>M>,O%?AOPGH\TJP)?:SJ<%A;/(P)5!)*RJ6(!(&<D`^E3&;BE
M)/9MI^<M&_5[!R[PMNDFO):I>B/&-9_X)D>`_$7[?=A^T9?:QXPN?&NF0""U
MT][JW_LF!1;-;C$8@\W(5V;F7[[9Z<5^<'_!0CX`V?Q#_;0\5^(+W]B;XR^*
M-5DU21+:_P!"U>XBT'Q2JD(EW=+#:2&`L`&(CF0MU8@DD?KAXV_:C^&?PT\,
MZ-K?B/XB^!=`T;Q'&)M)O]2U^TM+75$*A@\$DD@65=K*<H2,,#WJ;1/VD/AY
MXF^(@\(:=X]\%ZAXM,`N1HEMK=M+J)B,8E$GV=7,FPQLKAMN-K`]#FH]F^:*
M7V+JW:[N_-/O^.RMK[7W6W]JVODM%\M?\MW?XJ_X(-?\$\/&'[)7AWQ]X\^(
MF@V7A3Q3\1;Q/LV@VVS;H]E&\CA,(6";GDXCW$JL:9YR!^A-<A>?M!>`M/\`
MBG!X%N/&_A"#QO<J'A\/2:S;+JLH*%P5MB_FD;`6X7H">E=?6U2HYV=M$DEZ
M+3_A_.Y@H\K;>[=W\_T[>04445F4%%%%`!1110`4444`%%%%`'XX_P#!VC_S
M0#_N8O\`W%U\H?\`!N'_`,IG/@U_W&__`$Q:A7U?_P`':/\`S0#_`+F+_P!Q
M=?*'_!N'_P`IG/@U_P!QO_TQ:A0:KX3^IVBBB@R/YT?^#NO_`)21^"/^R:V'
M_ITU6N;_`.#67_E()XQ_[)[>_P#IRTRND_X.Z_\`E)'X(_[)K8?^G35:YO\`
MX-9?^4@GC'_LGM[_`.G+3*#7[)^^5%%%!D%%%%`!1110`4444`%%%%`!7SO_
M`,%9/@W_`,+W_P""=/Q:T!83<72Z#+J5J@&6::T(N4`]RT0'XU]$5\G?\%,?
MVQ_BG^SI;:=X<^&_P$\3_%]_%NG7,$VH6*SO9Z/,W[N,3)%!)O4@LS!GB``'
MS#.1S8Q.5)PCN[I>MKKTU7WG3A)<M6,WM%IOTOJ?E;\'?BUXB_X*D?!K]FW]
MDSPQ)>VNE^'$EU#QQ?!&588(+F41<]&6.W*D9^4RS1#(*UZ[\=?A5HW[6/\`
MP7#\(_LX>*7N-+^#?PPTR"QT?PY%<O;0720Z:MSM7:0=\K,%9Q\Q1"`0>:^N
M?^"%O_!,>]_8.^!VH>(/&=A#;?$KQP5>^A#+(VD6:G,5IN!(W$DN^TD9*CG9
MFO5/VUO^"2WPA_;K\96'BCQ3;:_H?C#3HE@AU_P]?BROPB$E`Q97C8H22K,A
M8=`<<5Z5>2C7C*REK*4O\<E9-='R;)/3?5Z''2]ZG*"?*N51CY133?FN;75:
MVMMJ?GR_PZ\-?LG_`/!Q;X#\(?`F`:%H]Y9P0^)=)L+F22UCWP3O<QLI9L`0
MK#+M/"O@C!KH/^")OB/3?B=_P4\_:H^+FM:A:VB:<UV$ENI5C6"VGOW<R$L>
M%2.U0$]`#7WI^QE_P2P^#_["VOW^N^#=&U"]\4ZI&T5SKVM7K7VH2(QW,H8@
M*@8\L452W&2<"O-/$7_!`']G+Q7^T'J/Q#O]"UV>?5+I[^?1#J(&CFX=R[2>
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M.<I=FG%12^=KV]44/VZ_B_\`\*#_`&-?B=XP#A)]"\.7L]N2<9G,++$/QD91
M^-?DO_P3"_9S^$WCG_@C#\7?$WQ/U8WFGV>HZC<K:OJ3V\6CW<=I$()5C1E\
MRY=@FSS`W95`#ON^Y?\`@O[IOC;QC_P3YU#PEX$\)>*_&&K^+-8LK.XM=!TJ
MXU":&VC<W#R.L*L53="BY(QEP*\S^%G_``;J?!3XE?`3X67GC32_%'A_QAIW
MA^S_`+?BTF^6T74KED\R5;E)(W(=7=E)38V%`)XKDA3E..(>W,HPOU7V^9=[
M;>3U-W44'0OT<I^J5H\K[7U?IZGP]\)OB[X@^'W_``;F?$6PU&[N5T_Q3X]A
MT+05E)P(B+>YN5CS_`3#+G'&XOZFOH;QS^QQH7[%?_!'KP_\>K:TUF_^.&C^
M$[&/2]>EU&Y4^'8=0*P^7!;JX@00Q7<F&,9;S"7+;CFOMS]I/_@D%\)?VDOV
M<O!7PHD;Q)X-\$^`KHWFFV7ARY@A+R%&0M*T\,QD)WNQ;AF9V)))KW_Q5\'?
M#?CKX377@;6M)MM4\+7NG#2KC3[A<Q36^P)L.,8X`P1@@@$8(%=.*ESQK.'Q
M2<;/^[&"B]>G-KMJDWO?7&A+DE2YOA7,Y+SE._SLDM]&TC\:/AE_P3^^!UM_
MP0A\2_&?Q=#!K/Q#\0:7>:G%K]QJ$GGVNH"XDCMK:,;]NXR!0X(+.7;.1C'<
M?##XAZ3X@_X-GM5/QGU&YEM)OMFF^%9)F\V[GFBN";!(MQRVR9&'7`BC;^$5
M](Z9_P`&X_[.MAKF^5_B)?:`MS]K3PY/XB;^RXY.A8!46;)7"DF4G`'/6O2/
MVL_^"/?PO_;#@\#Z9K^J^--"\(_#VW6WTCPKX?N[6RT=%!&2T9MWD+,H"$B0
M$*#MVDL2J]JBJ16BJ<JMT@EK=?WELFO5A1?)*G*3NX.4K]9-[1].KZ=$?E1_
MP1(^%UM_P4`_:Y\,:3\7?$4VLZ9\%O#J7'ACPS>I^[NXEF#(N"`&CC:5'8')
M<>6#E%(KZ,_X*@?$+3?^"?/_``6X^&7QOU2&=?#VL^&+@7RV\99[J:&WN+8Q
M@`=2'M1D\#@G`%?;&I_\$L/AOX>_;#TKX^:!=^+_``[XJ\.:?%9II.B3VT6E
MW\,-L;=8I(6@9VW0A8\+(OW$Q@C-?"W[1/PP^./_``7%_:-^'.A>,/@+XB^"
M/@7P#=W#:QJ^L/*9KF&1HO-6!Y880Y98551&L@#-N+X%5.I*I4I1I.S3DY7V
M][F3DWYIJ^[NO04(QA"K*KK&48I6WT2:BEOHUH]%K<]:_P""$W[-^N_%OQ=X
MW_:T^)4'F>+_`(HWDZZ#'(I`LK$OAY$!Y"MM6)/2.'J0]?I=6;X-\(:;\/O"
M6F:%HUG#I^DZ-:QV5G:PKMCMX8U"(BCT"@"M*G5E#2%-6A%)17DOU>[\VS.'
M,[SJ:RD[OU?^6R\D%%%%9%A1110`4444`%%%%`!1110!^./_``=H_P#-`/\`
MN8O_`'%U\H?\&X?_`"F<^#7_`'&__3%J%?5__!VC_P`T`_[F+_W%U\H?\&X?
M_*9SX-?]QO\`],6H4&J^$_J=HHHH,C^='_@[K_Y21^"/^R:V'_ITU6N;_P"#
M67_E()XQ_P"R>WO_`*<M,KI/^#NO_E)'X(_[)K8?^G35:YO_`(-9?^4@GC'_
M`+)[>_\`IRTR@U^R?OE11109!1110`4444`%%%%`!7(?$K]H/P%\&;JT@\8>
M./"'A2>_8);1ZSK-M8/<,>@02NI8GT&:F^.7CB[^&7P5\7^)+&U:^OO#^BWF
MI6]L!DSR0P/(J8[Y*@?C7Y$?\$2/V*OAI_P4L\,_$SXK?'3S?B3XYN]>:TE@
MOM4GB-G$84D\\K%(A^<NR+GY4$.%`P:5/FG.48_8BI/T;LDOG]WF7)*-.,Y?
M:?*O5*[OZ?B?K[XE^,7A'P7X4AU[6?%7AS2=#N1NBU&\U*&"TE&,Y65V"$8]
M#4OP\^*?ACXNZ`NK>%/$>@^*-+<X%YI.H17MN3C.-\3,O3WK\[?VG/B-\'O$
MGQE\-?LT>`/V=M2_:`\0?!?2V^RZ%+K<>F:-HT;)"K&6XN&(ED5#&"TBL`TG
M4L3CYY_X)">*;CX+_MV?M1>(M+\.'X<^"?!GA2_O-5\+QZTFK6FE7<$B,L(N
M8SLFV-'=!67HI*BA3B^:7V>6<HONH*_SO:UU=)]1RI348K[5XQ:[.3LO3H];
M-]M+GZ\:?^U9\+M7T;7M1M?B3X!NM/\`"TH@UFZB\06CPZ1(2P"7#B3$+$JP
MPY!RI]#5SQ9^T9\/?`6KZ5I^N^._!NBW^N*KZ;;7^M6UM-J"L,J84=P9`1T*
M@YK\A_\`@AO_`,$[?!?[9'[*GCWQK\7++5O%&CS^)99M/TA=1N;*V-U#;JTE
MXWD.C2R'SBBARRJ`^!EVKFO^"2?[)?PZ_P""IGQ.^.7Q4^/$T^N?V3<1F*PD
MU6>RBTZ*02OYK/&Z.(X8XECC4L$54.0<#&DH.$G&7V8J<NR32_%MNW1):O5V
MB\'%SB[IR<%IN[O\$EKL[Z+I?[OC_P""EWCGQ;_P68_X9W\-Z5X3N/`^C:=]
MKUS49K6X?4HG%GYY$<BSB(+OD@3F(]6YZ8^S/&OCG1?AKX6O-<\1ZQI>@:+I
MR>9=ZAJ5W':6MJN0-SRR$*HR0,DCDBOQY_X-I?AA!XI_:T^-GCZ*]U#6M/T"
MTCT#2M1O96EEGAFG8H2S<EA#:1#M@$#`'%?3O_!R5\81\-_^";M]HB2LESXY
MURRTE0IP3&C&Z?\`#%N`?]ZL\1+V.&I/>32;OH[REI?Y-:=$:4H>TQ4X/11=
MM-=(Q3;7=MW[:GV=_P`-!^`O^$1T;Q!_PF_A#^P?$4H@TK4O[9MOL>IR$D!(
M)=^R5B5880D\'TJU\2_C/X/^"^EV=]XQ\6>&O"=EJ%PMI:W&LZG!817,S`D1
M(TK*&<@$A022`>.*_&7]N[]G7X4>#?\`@A1\(O%5_JG]K_$6?3=+7P]>2ZD[
MN/.(DNK2&!6\I8HT,@;"9WH&8ER2<C]O/Q;XR^)O[+W[!?POO-1N%\6>(8+;
M46GF7S9HFDD@MK&5U;[Q$;L?FSG!S6[I/VTJ*U:JJGZW3=[]TD_GZ7?/&5Z<
M:CT3IRGZ6T\]&VEW_)?MWIGQ-\-ZUXKU+0;/Q#HEWKNC1)/?Z=#?127=C&^=
MKRQ!M\:M@X+``XK$\-?M+_#CQIXRF\.:/\0/!.K>(;<XETNSURUGO8S_`+4*
M.7'3N*_)+_@N)^SSX;_X)S?L_P"A:+\+H-=T?4/C/J#V_CCQ#<:O=75SKR6R
M^9LG:21E7S9;AY'6,(K^6001Q6)_P65_8+^"G[!O[$'PDU3X>6XTWXC-J]M]
MGUNWU&5KW5XQ;/+-<GY\8$HA960`(64+@'!P4X\OM);*2@[;MNUVEV5UO9LZ
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MSAR.?:$)/_M][+SVLN]]3]J?`/QH\'?%9+]_"_BSPUXE72I#%>G2M4@O!:.,
MY63RV;8PP>&P>*S/#'[3GPV\;>"=6\3:-\0O`^K^'-!8IJ>JV6NVMQ8Z<P`8
MB:9'*1D`@X8C@@U^*/[*AT3]D+]NO]LC7?AY'<:3X'^&'@W7+&QM3=2RH)Q/
M#!;Q%Y&9G_?J^TLQ;CJ:Z?\`X)A?LY_";QS_`,$8?B[XF^)^K&\T^SU'4;E;
M5]2>WBT>[CM(A!*L:,OF7+L$V>8&[*H`=]W/[1.@ZZV5-5//63C;\+_.U^IO
M[*U949;NHX?=%2_7_@=#]EO%?QQ\%^!?AT/&&M^+O#.D^$V5&76;S5((-/8.
M<)B=F$9W$@##<DX%?,'_``3W_P""R'@O]OSXK>+/#]I!H_A!-)GCM=!M]3U^
M`ZMXG8B9Y9(;3"ML1(PQV&3ALDKBOA/_`()[V,6J_P#!OC\<;OQ[IJZ[X<T'
M4-0NO#-M?[S#!<BUB$;H`1E5NI=P'(W[CC->W_\`!!?]E/X=?"3_`()_Z?\`
M'S6O#NF3>-+9M9U6'7)<FXLK2$26[1J<X5=D4G;^,UT3C&E4K2JOW(0C+_P)
M77S5GY6UWT,5>=*G[->].;C_`.`W_!Z>:>GF>H?LX_\`!6?Q!\7O^"B/QI\"
MZ\WP^\-?!KX20W(G\0WC26ES'+'<16RB:YEN/(56E,O_`"S7A5&<\G[,TSXY
M>"M:^%[^.+/QAX6N_!<4,EP^OPZK!)I:Q1L5D<W(?R@JLK`G=@%2#TK\D?\`
M@B7^SE/^U+^Q%^U=XEU5#-J?Q9DN]'CD9<GSA;RW!8$]?WUTA^J5\V_`K]HC
MQ5^U9^Q#\+/V-?`JW,>O^(?%=VWB"=HV$=KIZSBX0,>Z!FEE?!X%NH_BQ4JG
M.T,-:]10IOU<F[M_X4T_1,N;I\TZ][4^>:](Q6GWM-+U/VY_:-_;Q\'?!G]C
M7Q;\9_#>I:!\1-!\-6Y>'^Q]:AEM;^?S4B$`N8A*JMO=02`Q'I6G^PE^T]?_
M`+97[+7A?XE:AX5/@U_%,<L\&EG4/MYCA65XT<R^5%G>$W`;!@,.M?,?_!4+
M]C+4]#_X)7Z%\!OA!IEA/MO-.L%@NM6L]-,EO`_G37#/<RQJ[M*J,P4EB9"<
M5]F_`;X66GP.^"7A'P;8`"T\+:/:Z7%CHPAB5-WU)7/XTTH?O7>Z4DH^:2NY
M?-M+7LUO<RDY6I*UFU)RZVU24?S?GZ'64445F4%%%%`!1110`4444`?CC_P=
MH_\`-`/^YB_]Q=?*'_!N'_RF<^#7_<;_`/3%J%?5_P#P=H_\T`_[F+_W%U\H
M?\&X?_*9SX-?]QO_`-,6H4&J^$_J=HHHH,C^='_@[K_Y21^"/^R:V'_ITU6N
M;_X-9?\`E()XQ_[)[>_^G+3*Z3_@[K_Y21^"/^R:V'_ITU6N;_X-9?\`E()X
MQ_[)[>_^G+3*#7[)^^5%%%!D%%%%`!1110`4444`-G@2YA>*5%DCD4JRL,JP
M(P01W%?#.O?\&\G[/6I?%^7Q;IR^-_#:7,YGN-$TG6$ATJX)?>4*-$T@C)_Y
M9K(%`X``XK[HHHB^6:J1T:ZCDVX.#V?0^0_V@_\`@BO\*OCW^T!??$V'7?B/
MX$\6:QM759_"FN_8%U1-BHR2!HW*AT10PC*@XR>>:=\&_P#@BU\)?@)\*/B[
MX.\,ZGXWLM*^,MN+/5I&OK:2XT^W'FXAM7-O\J8F=?WHE8C&23S7UU1222@Z
M:V:M;R?3T\O\V-S;DI-ZII_-;,\J_8R_8_\`"W[#'P"TSX<^$+C6+W1=,FGN
M%N-5EBENYWFD:1B[1QQH<9VC"#Y5`YZUX#JW_!`[]GW5?CKJOCD6/BFS77)&
MFOO#UKJOE:)=.S^8Q>$)O9"^&\HR>5P!LQQ7VG153?//VDM]K^0HOEBX1V;O
M\][G@O[`?_!.SP-_P3E\`:YX=\#W_B34[;Q#J/\`:5U/K4\$TX<1K&$4PPQ*
M$`7(!4G+-SV'QU_P7J^`_P`0/VO/VD?@!\._#W@WQAK7A!-0-SKNJV.CW,^G
M6`N+B&'=-<(ACC*1)*QW,"%?/0BOT_HIN3=6G4GKR-.W1\JLD_P^X$^6,XQT
M<DU?M?=^N_WGPT__``;N_LTO\;F\9G0=?^SM.+G_`(1L:D%T02;MW$03S=F?
M^6?F^7CC;CBO6?BY_P`$Q/A]\:/VP_`GQIU?4/%,6O\`PZM[>VT?2;6>VCT=
M%@>1X]T1@,F0TA/RR*/E7@8Y^C**(R<>6S^%W7D^_J*7O*2?VE9^:[?@>9?M
M8_L@>`?VV?A3)X-^(FBC6-(,RW4#)*T%Q93J"%EBD4AD8`D>A!((()%?.OP4
M_P""`_P`^#OCO2_$-W!XP\=7>@NK:7!XHU<7EIIX5MR(D,<<:,B'HKAAW()Y
MK[7HJ8>Y+GAH_P!>_KY[CFW*/)+5?UIZ>6Q\[WW_``3/\":M^WU:_M%WFK>+
M;OQK86PM;6PDNK<Z3;*+9K8%(Q`)00K.W,I^9B>G%+\(/^":'@3X-?MK>,OC
MU9:OXNU+QKXVAFM[J'4+JWDL+1)&B)\A$@61<"%%&Z1OER.>M?0]%.+Y;<NE
MDTO27Q??U";YK\VM[?\`DNWW'Y0?\%+/^"84?[)G['?Q1C^#FD?%?XD^+_CK
MXCL/[<C2T_M>:TABGGO7=4M+9"D;284E]V24&1W[GX6?\&ZGP4^)7P$^%EYX
MTTOQ1X?\8:=X?L_[?BTF^6T74KED\R5;E)(W(=7=E)38V%`)XK])J*5-*$7&
MU]8M>2C'E27D54J2G)2O;1W\W)IW?GHEZ'F-M^QQ\.;#]EV;X,VOAJTM/AW/
MICZ4VEPLR@Q/DLV_.\R%B7\PDL7^;.>:\9^`O_!''X;_`+.?P2^(W@#P]XI^
M);:#\2M/ETR[%YK$,SZ5!('#K9CR!'$6#G+,CEL+DG`KZTHHG[SE*6KDK/S7
MF3%N*C&.BB[KR??\#X9\9VFK?\$5/V8_"O@7X%_!KXA?'.TU&_O9[IUF,MU8
MR/M999VM;1@X)(4`1H-L?+`\GDO^"&W_``3,U[]FV7Q9\8/B=H-OH?Q%\=SS
M?8])4*?[!LI)#(ZX!;8\CX^7<2J(H."6%?HG15PG)2E4;O)JU^T=-%]UO304
MTG!4TK1O=KN[MW?W_?J>!?MC?\$Z/!7[</C_`.'?B#QCJWBRW;X:WYU'3K#3
M;JWBL[R4R0N?M"R0R,X_<JOR,AVEN><CWVBBH3M'D6UV_F]_R0Y.[YGO:WR5
M_P#-_>%%%%`@HHHH`****`"BBB@#\<?^#M'_`)H!_P!S%_[BZ^4/^#</_E,Y
M\&O^XW_Z8M0KZO\`^#M'_F@'_<Q?^XNOE#_@W#_Y3.?!K_N-_P#IBU"@U7PG
M]3M%%%!D?SH_\'=?_*2/P1_V36P_].FJUS?_``:R_P#*03QC_P!D]O?_`$Y:
M972?\'=?_*2/P1_V36P_].FJUS?_``:R_P#*03QC_P!D]O?_`$Y:90:_9/WR
MHHHH,@HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@#\<?^#M'_F@'_<Q?^XN
MOE#_`(-P_P#E,Y\&O^XW_P"F+4*^K_\`@[1_YH!_W,7_`+BZ^4/^#</_`)3.
M?!K_`+C?_IBU"@U7PG]3M%%%!D?SH_\`!W7_`,I(_!'_`&36P_\`3IJM<W_P
M:R_\I!/&/_9/;W_TY:972?\`!W7_`,I(_!'_`&36P_\`3IJM<W_P:R_\I!/&
M/_9/;W_TY:90:_9/WRHHHH,@HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH
M`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@#
M\<?^#M'_`)H!_P!S%_[BZ^4/^#</_E,Y\&O^XW_Z8M0KZO\`^#M'_F@'_<Q?
M^XNOE#_@W#_Y3.?!K_N-_P#IBU"@U7PG]3M%%%!D?SH_\'=?_*2/P1_V36P_
M].FJUS?_``:R_P#*03QC_P!D]O?_`$Y:972?\'=?_*2/P1_V36P_].FJUS?_
M``:R_P#*03QC_P!D]O?_`$Y:90:_9/WRHHHH,@HHHH`****`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH
MHH`****`"BBB@#\<?^#M'_F@'_<Q?^XNOE#_`(-P_P#E,Y\&O^XW_P"F+4*^
MK_\`@[1_YH!_W,7_`+BZ^4/^#</_`)3.?!K_`+C?_IBU"@U7PG]3M%%%!D?S
MH_\`!W7_`,I(_!'_`&36P_\`3IJM<W_P:R_\I!/&/_9/;W_TY:972?\`!W7_
M`,I(_!'_`&36P_\`3IJM?EC0;+6-C^QRBOXXZ*">3S/['**_CCHH#D\S^QRB
MOXXZ*`Y/,_L<HK^..B@.3S/['**_CCHH#D\S^QRBOXXZ*`Y/,_L<HK^..B@.
M3S/['**_CCHH#D\S^QRBOXXZ*`Y/,_L<HK^..B@.3S/['**_CCHH#D\S^QRB
MOXXZ*`Y/,_L<HK^..B@.3S/['**_CCHH#D\S^QRBOXXZ*`Y/,_L<HK^..B@.
M3S/['**_CCHH#D\S^QRBOXXZ*`Y/,_L<HK^..B@.3S/V._X.T?\`F@'_`',7
M_N+KY0_X-P_^4SGP:_[C?_IBU"OB"OM__@W#_P"4SGP:_P"XW_Z8M0H*M96/
MZG:***#$^+O^"C'_``0L^$G_``4Y^-NE>/?'OB+XC:1K&D:'%H$,.@7]E;VS
M01W%Q.K,LUK,QDWW+@D,!@+P""3X%_Q"*?LW?]#O\</_``<:7_\`*ZBB@KF8
M?\0BG[-W_0[_`!P_\'&E_P#RNH_XA%/V;O\`H=_CA_X.-+_^5U%%`<S#_B$4
M_9N_Z'?XX?\`@XTO_P"5U'_$(I^S=_T._P`</_!QI?\`\KJ**`YF'_$(I^S=
M_P!#O\</_!QI?_RNH_XA%/V;O^AW^.'_`(.-+_\`E=110',P_P"(13]F[_H=
M_CA_X.-+_P#E=1_Q"*?LW?\`0[_'#_P<:7_\KJ**`YF'_$(I^S=_T._QP_\`
M!QI?_P`KJ/\`B$4_9N_Z'?XX?^#C2_\`Y7444!S,/^(13]F[_H=_CA_X.-+_
M`/E=1_Q"*?LW?]#O\</_``<:7_\`*ZBB@.9A_P`0BG[-W_0[_'#_`,'&E_\`
MRNH_XA%/V;O^AW^.'_@XTO\`^5U%%`<S#_B$4_9N_P"AW^.'_@XTO_Y74?\`
M$(I^S=_T._QP_P#!QI?_`,KJ**`YF'_$(I^S=_T._P`</_!QI?\`\KJ/^(13
M]F[_`*'?XX?^#C2__E=110',P_XA%/V;O^AW^.'_`(.-+_\`E=1_Q"*?LW?]
M#O\`'#_P<:7_`/*ZBB@.9A_Q"*?LW?\`0[_'#_P<:7_\KJ/^(13]F[_H=_CA
M_P"#C2__`)7444!S,/\`B$4_9N_Z'?XX?^#C2_\`Y74?\0BG[-W_`$._QP_\
M'&E__*ZBB@.9A_Q"*?LW?]#O\</_``<:7_\`*ZC_`(A%/V;O^AW^.'_@XTO_
M`.5U%%`<S#_B$4_9N_Z'?XX?^#C2_P#Y74?\0BG[-W_0[_'#_P`'&E__`"NH
MHH#F8?\`$(I^S=_T._QP_P#!QI?_`,KJ/^(13]F[_H=_CA_X.-+_`/E=110'
M,P_XA%/V;O\`H=_CA_X.-+_^5U'_`!"*?LW?]#O\</\`P<:7_P#*ZBB@.9A_
MQ"*?LW?]#O\`'#_P<:7_`/*ZC_B$4_9N_P"AW^.'_@XTO_Y7444!S,/^(13]
MF[_H=_CA_P"#C2__`)74?\0BG[-W_0[_`!P_\'&E_P#RNHHH#F8?\0BG[-W_
M`$._QP_\'&E__*ZC_B$4_9N_Z'?XX?\`@XTO_P"5U%%`<S#_`(A%/V;O^AW^
M.'_@XTO_`.5U>I_L4_\`!N?\$OV$/VF_#/Q7\(^*?BIJ7B+PK]J^R6^L:E83
B64GVBTFM7\Q8K.-SB.=R,./F"DY&02B@')GWW11102?_V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>backjohn.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 backjohn.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``(!`0(!`0("`@("`@("`P4#`P,#
M`P8$!`,%!P8'!P<&!P<("0L)"`@*"`<'"@T*"@L,#`P,!PD.#PT,#@L,#`S_
MVP!#`0("`@,#`P8#`P8,"`<(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,
M#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`S_P``1"``L`($#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#]_****`"O
MF_X7?MA>,]*^#^KZ]XW^'VJ7UAX<O-:MYO$FDZGI-KIU[::=?W%JMY(EY>0-
M;^='!YX4>9&JL#YO.*]S^(GAK4_&'AU],T[6)-"%X?*N[N",M=I`5(80/N`B
ME.1B0AMN"0I."/C;PYK&F_MS?M<2?"'P=;PVO[._[-LEK!XA6S+"U\3>((3F
MVT?/1[6RV++,N3OF$:N-H^<&?4_[.GQ/\1?&?P%%XIUOPU+X/L=9"SZ1I5X^
M_4X[4C*RW8'R122`AA"NXHN-S%F*)A?$S]M3P?\`#GXQ:1X!A35?$WBO4=0L
MK&[L-%CBG?1%NWVQ379>1`B[0TIC3?-Y,4LHB,<4CKC?\%!?VR(?V.O@BMYI
MMM'K?Q"\772:!X(T`-^]UO5IR$A3'7RD9@\C=%13R"1G"_X)[_\`!/BT_8]\
M%OJ?B77+KQ[\5/$<\VK>)/$U\J;YK^ZV-<^0H4".,E$3/WV2*)2=J(B`'TE7
MFW[7GQ#U;X9?LZ>*=1\.7UA8^+IK7[!X<-YCR9M5N'6"RB8$'(>XDB0@`G#<
M`FO2:_,W]IKXI^!)=`^*7Q:^,/A'2_$&G_!S7]=BOH]7ABNA>WD=S-8Z'H5G
MYBGRXI;7[-J$X3;^]NK9B7_>!`#VKXH?MZ_$[Q)^T?X9^`7@OP)8:-\3-;L#
MJOB/6;O5;?4=.\%:8I57OO*B.Z=Y&8I;Q2^4S-M9U"9SW*_M1&V^,Z?`?X87
M$_COQWX:M(KSQ=K^L7+7-EX4AF9F62]9"OFW<Q#F*SB\L!><PQ*M?E_\`/VG
M/&__``3"_9N\22:CH8U[]JK]JZ#1_$/A&(B26YA2_DN[6VLI!,[.$L8X8Y56
M0*-]_'"2PB=A^J7_``3;_8DM/V$_V9]/\-373:UXSUN9]<\8Z[*QDN-=UBXP
M]S.\A^9@&^12>=J@GDL2`SWQ`510QW,!R<8S2T44""BBF7%Q':6\DTTB111*
M7=W(544#)))Z`#O0!S?QA^,OAGX!_#^^\4>+M7MM%T73]H>>7+-+([!8X8D4
M%Y9I'*HD2!G=V55!)`JA\`/CE9_M#?#\^(]/TC6]&MOMUS8K!JB0K.Q@E:)G
M'DRR)M+*<`MO4@JZHZL@^'OA/X6_X?8_M/7_`,4-:U+6K?\`9W^$6M2:9\/]
M.L;I[1/&.IQ*\5YJ\KJ`Q@7>8H3&P;&_E&WAOT-T+0K+POHEGIFFVEMI^G:?
M"EM:VMM$L4-O$BA41$4`*JJ```,`"@;+5%%%`@KFOBU\8_#'P)\%S>(?%VM6
M>AZ3#)'`)IR2T\TC;8X(D4%Y9I&(5(HU9W8@*I)`K%_:;_:-T']E;X/ZAXO\
M0"ZN8X'CM+#3K.,RWVM7TSB.VL;:,<R3S2LJ*H[G)P`2/.OV</V=?$.M>(+7
MXN_&]K"]^)K0ROIVDPSB?1_A]:N6_P!&L\@!KDQ$+/>$;Y#N52L0"4`?/'_!
M6K_@I1\4?V</V5WUGPGH,/@C6_'%]%X<\&6&K1-=^)M;NIB5:5+2,^79K''B
M1&E:61F:.-X8'<$?.GP%_P"">/B']FGX_P"D?#W6$^*FIZ1X-\#VNN1:)H^L
M:M#IWQ)\7ZD9!<W%Q-'(+:"WM'C"N6"-M6-I&D4B-NK_`&2]7F_X+0?\%E]<
M^,]PDEY\#_V;6;2/!0<;K75-4+'%VO56)*FXR,,JK9`BOUKH*;L?A!^UI\!?
MB'\9=$\7_&"^3XL>(IOA+:6/PH^'NHB?58=2UG5I(Q#J7BB1;=#<I:+O9HT@
M39.53>K$R"3VG6;;XRQ?$OPN!<_&@>$/V9?`QUG7A:274>I>(<V'DV6C*0?+
MN+^X4/<7<RK(;<R"*.1'@#O^NU%`KGYI_LJ_M2^)?V;/V-_!WA?QIKOCK29M
M;6YUKQ+\2->T?5]1T[PW'</YYTVSGN(YI)KJ!)8X$DNCY`,4CEIFC-N?`-:_
M99'_``5Y_:KT"S^#7AF\\#?LO>`IK?6]9\0>(M/O#I?Q+U6'>T=PUG)+$UXT
MBNT<ERS)*\<DC22$B%:_:NB@+GX9?&3PY^T'^T3\6/C;^V5I/AN[L]9^#]H/
M`WPTTR#PC/+>7R))LEUBVM[DY2.-+F:=2T<P/G2)A6BWUW'PPU[QI+^U!9FP
ME^-MYIWP9\&C7K_Q#XET_6(1XWUN\0R3:Q/;S8$UK9QAUM+$*)'F9(T41F62
M/]E:*!MGXF:'\+/CSKOP_P#@EJGB[QY^TA%K7QF^)EWXQCL$U#5;\^"_#=G'
M)-'I[K&0@N[K,"QB?$4>X82,"9CZCH'Q:^,7QJN?CS\2O$7@3XJZM\7?!NKW
MB^"/`!EU/2?#WA&QTK;/#.T]N4BU&>ZE3!2)YC<X$8V0.[)^L59/C&SUZ]TL
M)X?U'2=,O=V?.U#3I+Z+'IY:3PG/OO\`PH%<_)3QOIWQR\(_L?:E\8_AQXJ^
M-.O_`!1\.^$9;WQ3JTUM<M%XEUG59K`&PL],NHC&+;2X/-??!"JHR[%)D\\1
MX/[;'@+XM:!^SWX0^"7P#'Q:\9>*OC;%'H/C#QMXAO=3,.OI"))+NYB6Z8K9
M02/.RM,RQB6`".+SE1F7]3M3^&/Q2UFUD5_BII^F3N3M?2_"<2*@/3"W$\YR
M/4DCVK`O_P!GWXP26CK;?M`:K#<$?(\O@_2I$7GNH12?S%`7/SI_9S\'W'[*
M'PV\,?'7X>:3K7B&/X7Q#X9?\*TM-9U.XN=)OI+DQWUSK<TD3;'A9BPBM[1(
M%,BNLC(1(?UD^$'CBZ^)GPI\->([[2+S0+S7=,M[^?3;I66>P>6)7:%PZJP9
M2<895;CE5.5'YL?M5?#G]H#_`()3?'36OVDM`\8>%/B+X4\>3V6E?$;3IO"T
M^F6VDQ(J10:Y*EM<2L[Q@;)98HQA'R89#ED^U/@#^U[JOCFU\.Q^-?"^GZ*O
MBR*.31/$?AK6U\1>%-<\P,T:07RQQ21NR*&`G@C1RZK&\K9``9[K1110(\(/
MA#_A>O[<ESJ>L*DV@?!6RACT2T<Y5];OX6>>]93QNALVABB;M]KNN_3YI_X*
M;_M,>,?VT_%%W^RE^SA=+?>(]=_T7XC>,8`TFF>!M,;(EMY)E&W[5,H9?+5B
MX4,H`9MT?VC\1?V9?!7Q4UZ?5-9TF=M0O+9+.[GLM1NM/>_@0L4BG^SR)YZ*
M7?"R;@-[8`R<[/PI^#WA3X%>"[7PWX+\-Z)X5T&RSY.GZ591VEO&3U.Q`!D]
M2>I/6@=SB/V'OV-?"7[`_P"S3X=^&7@V.5M,T.-GN+N?FXU.ZD.Z:YE/]]WR
M<#A5"J,*H`]:HHH%<****`"BBB@`HHHH`****`"BBB@"'4M-M]9TZXL[RWAN
M[2[C:&>"9!)',C`AD93PRD$@@\$&O"OA-_P3?^&WP)OO(\'_`/"4:!X5&IQ:
JTOA&WURX?P_#>QSK<QS16KLP@VSHLOEPLD98#*$``>]T4!<****`/__9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+#`Q-#0T'R<Y/3@R/"XS-#+_
MVP!#`0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P``1"`!'`-@#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#W^BBB@`HH
MHH`***1CM4G!.!G`ZF@#GM3U;5-.\2P6]O:_;[2>T>9H$(26/RV0$IGA\^8/
ME)'W>"<XHU/Q5)86:RQ:%J4TTF%CB8)$"Y^ZA9FZDG'&:FBD-C'?>(-:9+0+
M%]QF!%O`N3R1P6/4X]ASC)P_!LEWXMO&\8:@KQ6;;DT:T88\J$\&9A_??U[+
MT^\:`.OL#>-8Q-J"PI=%<R+"244^@)Y./7C/H*JZYK^G^'[1+B^D?,C^7##$
MA>6>0]$11RS'_P#75C5-3M=&TJZU*^D$=K;1-+(WH`.WJ?05YEX.TO6_&FIS
M>+M=@:QM[M3'9H6_>"S/(1,?<W=6?[S`X&T<D`]-TO4H-7TJVU&V$@AN(Q(@
MD7:P![$=C5NF111P0I#$BQQHH5$48"@<``=A3;FXCM;66XE)$<2%W(&<`#)H
M`S/%=Q):^$]5E@G:"X%K((9%."LA&$P?7<16#X@\;ZAX8T5KK4?#TID10N];
MN(12R'HJ'.]B3G`V9]<50DMY_%>IZ8E[J%_;B2V34[JVM[@QQ6T?6%"5`RY?
MYMQ/_+(XQ7)^$+T>.OB:EUJ&H3WNC:/YJ:,;F,#[3*NW<Y(`#,H*GIG&T]C0
M!Z7X9MM86S?6O%%PB7\R;_LT;%8+*+KM`/5O[S'Z=!3]"\1S>*+AKK3;8QZ'
M&Q5+R8$-=D<9B7L@/\1Z]`.]>>Z[J]Q\4_'/_"'Z3,R^&]/?S-5NHFP9R"1L
M#?W<\#UY/0"O8+:VAL[6*VMHDB@B0)'&@PJJ!@`#TH`EHHHH`****`"BBN1\
M?^,O^$3TF*.SB%SK6H2"WT^U[O(2!N/L,CZ\#O0!J:KXKTG1[M+2YG=[AMA:
M*")I&C5F"AGV@[5)(`)Z]LUM5P7@/P3?:3;?;?$,T=QJ<TGVB55^;]]_?=_X
MV&<+T51T&<D][0`4444`%%%%`!1110`4444`%%8>N>*+31IH;)(IK[5;@?Z/
M86H#2N.FXYX1!W9B!_*N/\:75[I'A:[U_P`5WY*JNRWT6RD*0/(WW5D?AY?4
M_=&`>#0!B?$?Q-;^*?%EGX'MKB3^RH6%SK4]NK291?F\KY0<=!D]-Q7I@UU.
MC?%+PY>00"TL=3@TK>+6WO#9GR6<+D1J%RV=H/\`#CBO._#/P]UD_!75;K3H
M0-;UW9)Y0PA-L&SL&<`;AN;W!`KT$:?K5MH=JVD:(88](M`FEZ?-(@DEN&39
MYLN#M4*&;C.22Q..*`.&\<^.;?Q1XOCT&YMKY/#.E$7>J".!FDG"X8*RC[B9
MQ]['4DX(`KTN;XB^'K+PA:>(2;G[!.@:...W)=5SMR5'W5!&,GCI@\BN*OOA
MYK=C\.K;1[&S:^U'5KQ+CQ#.MPB22+G<ZJ[G'7`!Y[G')J>^\`:WJESI.C3V
MT,.CR/'<:M+!(`A2+B&TC7.XHJ@<D<EBW6@#JQ\3/#\FKZ)IT/VV1]84-:RB
MV81X(XR3CZ<9QWQ6]KUQ;)IDMK.DDSWBM;QP1'$DI8$$+Z<9)/0#DUY]I>CZ
M_P#\+"UG6KK07^T6R"ST/+HMI#;C/.0<C/?"DC<>/2X^M^(-$GN;JY\&:MJ>
MN3ML66"6-[54[+&V<HG`)RH)/))XH`XSQ?KE]H'A)?!]O%<'Q=K,R6]V=OWX
MMH13$V`"A`"*.H^?.&S3OB1;?\*\^'OA;0M(DVZF)9%\R,9:0O$R2D=^3(,?
MAZ5M>&/AEJ>O>)+KQ;\0%5KV4_Z-81R_+"N.,E3Q@<``^Y.:BTOX97^L_$NY
MU;Q)8RIH-D"FG6MS>&Y+@<*22S$#J^">I`]:`+/@*\T#X>Z39^&+<OJOB>\;
MS;NVT\"5E?T9B0J!1@<D=">]=9HOQ'TC7DU.6SM;_P`C3V$;2M",32D9\J,`
MDL_;`'IV(-><VWAGQGHD/C.XT[P^!KM_,4@NXWC6)+0]%AYSNZ<$#&T'.1BK
M2^$/%EKX"L[;1]):UNUA^SV]F;A!]G9P1-=2L2-TC`E5`SL5L]>``=4/C-X3
M;1SJB'47M4G$,K+9L?))Z%CT`/;G/'2NDUOQ?I6APV)F>2>XU`A;*UMTWRW!
M./NCC'4<D@#UKS+6_AYJ5I-X/\.V.C/J/AS3@;F]V2H@N+GD_/N/W<X]?E8@
M=,5HZ3HOBBS^*VJZUJVC?VE+);K'IMW'*J6]J".4Y.X`9(R`2<$X^:@#K;OX
MAZ3IND17FI6VH6=S-.UO#ITMOFYFD5MI"("0P_V@<>]1M\3_``O;:7<WFI7A
MTZ6VE,,UE=`"X20#.W8I.[J.1D>]<@OAWQ1I'Q5N?$%WIT_B%Y+$1V4RR)'%
M#,=NX88_ND'SXQN.#W)--\3?#R^DN?#=Y>:?_;ABNY;O6S;B,23R-MVJH<KF
M,8V[<\*.E`'<:?X]TR[TZZU"[M=0TRR@@6Y%Q?P>6DL3?=92"<Y_NG#<CCFO
M(],\9_;-<U7XGZOI=[=V5F1::;;QH-MLA."[,V!GG'&3EST&*Z_XC^&?%GC:
MQL-/AT^*"&6<;P;A2MG&,?.PR-[G)X7(4`@9+9J+2/#FEV^LV7@?Q8'N4M(_
M-TE3)LM;Q%SDF(8S*.2P8MG)(XH`]2TV^BU/2[2_@5UBNH4F0.,,%8`C(['!
MJU7+:)%K<>NS"\>4VX:4`%<1!,_(%YP3TQ@#C.<FNIH`****`"BBB@`HHHH`
M*Y;Q3XENK.ZAT'08%NO$%XF^)7_U=M'G!FE/90>@ZL>!6YJ^J0:+I%WJ5SGR
M;:,N0.K>BCW)P![FLSPMH3Z;!/J-_P#/K6I%9KZ3.=K8^6)?1$!VC\3U-`#_
M``UX8M_#UL[M-)>ZG<?->:A/S+.WU[*.@4<`5XOXFOG^+GQ<LO#=FY;0M,<F
M9T/#A2/,?/OP@_/O7>?&#Q[_`,(KX?\`[-T]RVM:DIC@6,Y:)#P7QZ]AZGZ4
M[X/_``_;P7X<-Q?QJ-7OL//W,2?PQY_4^Y]J`/18XTAB2*-`D:*%55&``.@%
M.HHH`****`"BBB@`HHHH`****`"BBB@#.FCUA[EO)N+&&#!P6A>1_;^(#UK)
MN=&\6S[?*\6V]OCKY>DJ=W_?4AKIZ*`.0_X1_P`9_P#0\I_X)XO_`(JN;\5?
M#_QKKD,,Q\66<]SI\OVFQ;^S5AD60#@;PW`)Z\$<#(XKU.B@#S3PG\1]>URQ
MFN+CPFTBVLK072V-VC30NO4-"^T]CT)^E=UI.N:?K<4CV4Q9XFVS0R(8Y86]
M'1@"I^HKE?$7@.\D\2IXI\*ZBFF:SP+F.52;>\4<`2`=#CC(S^!YK4T^PUJZ
MU^TU74['3[*6&V>"9K6X:4S[B"%Y1<*I!(SD\\8YR`=/1110`4444`8/_"/Z
MA_T-6L?]\6W_`,9H_P"$?U#_`*&K6/\`OBV_^,UO44`<5XB\/ZHEK9SKJVJ:
MI#!?V\UQ9R1P$21K("W"HI)&`V`3G;C!JQJ7C*Z>'R?#V@:GJ%_)D)Y]K);0
M1GIN=Y`O`]!DFNMHH`\PT7X4W+ZX?%/B/79YO$;OO#VB1^5!Q@*@D1LX'`.!
MC]:['_A'[_\`Z&K6/^^+;_XS6]5&ZU6VLM1L[*?S%>\++"^SY"P!;:6[$@$C
M/7%`&?\`\(_J'_0U:Q_WQ;?_`!FC_A']0_Z&K6/^^+;_`.,UHR:K:QZS!I)8
MM>30O<!%&=L:E06/IRP`]?PIMKJ\%WJE[IZ1SK/9[#*73"D,"5*GOG!H`H?\
M(_J'_0U:Q_WQ;?\`QFC_`(1_4/\`H:M8_P"^+;_XS5R/64ETF34$L[TJC,OD
M^2?-)#;3A?KG\J@TCQ);ZU<2Q6]EJ$8C+*TD]N40,IPRY]0?Y&@"+_A']0_Z
M&K6/^^+;_P",T?\`"/ZA_P!#5K'_`'Q;?_&:N6>MP7T=^\4%R#8RM#*C1X8L
MJAB%'?@C'KFK.GWT.IZ;;7]OO\BYB6:/>NT[6&1D=N#0!E?\(_J'_0U:Q_WQ
M;?\`QFC_`(1_4/\`H:M8_P"^+;_XS6K87]MJ=J+FTDWQ%V3.,<JQ4_J#46EZ
MK!JT4\ENDRK#.\#>:FT[T.&Q[9'6@#/_`.$?U#_H:M8_[XMO_C-'_"/ZA_T-
M6L?]\6W_`,9K>K&@\207,MPD-CJ#?9[C[-*P@X5^/?)&&!R.U`$7_"/ZA_T-
M6L?]\6W_`,9H_P"$?U#_`*&K6/\`OBV_^,U?&KP'7&TCRYQ<"#S]Q3Y"F<<-
MZY[4Z'4DG%YMM[D&T<HRM'@N0H;Y>><@C'UH`SO^$?U#_H:M8_[XMO\`XS1_
MPC^H?]#5K'_?%M_\9J6#Q/IUWH:ZO:&:XMRXC98XSYB-G:593R"#P0>GTJQJ
M.L0Z;<V=O)!<2RWC,D0BCW9*J6()S@<`G\*`*7_"/ZA_T-6L?]\6W_QFC_A'
M]0_Z&K6/^^+;_P",UI66JVE_+/#!(WGVY`FA="CID9&5(S@CH>AHM]2ANY@M
MNDLD1W`3JN8\J2",_4$4`9O_``C^H?\`0U:Q_P!\6W_QFC_A']0_Z&K6/^^+
M;_XS6]10!@_\(_J'_0U:Q_WQ;?\`QFC_`(1_4/\`H:M8_P"^+;_XS6]10!@_
M\(_J'_0U:Q_WQ;?_`!FBMZB@`HHHH`****`"L'Q+92:@+2VB?RY7,@BE_P">
M4@0LC?@5%%%`&-HSWMUXITK5[VR:&XO=/N$D02*P@"M#M7(Z@D.W&?O5//K%
MCX=\<:A_:<_DIJ-I!+`P1FR8RZN.`<8W(>>N[V-%%`&_HC&33%F*%%FEEF0-
MC.UW9E/'L15'PHCQV^JHZE6&JW1YQR#(6!X]B***`,F#7=/\/ZWXBT[49S'/
M-<B[A`1F\Q)(E4=,@'<C#G'3/0UH6L5[IO@C2=-`,5^UM!9[@%<1/L`9NN#M
M`)]\444`-\.6]]I6N:IIEY.MTDJQWL4Z1+$!N&QDV@\8,8;/?=5?PWJUO8SZ
ME870>*=]6N#&"-P=7DRI!&<=>_/%%%`'7URNC:7YVJ:X\LMU$5U42JJ2X1@$
MB(X'N.<T44`.U>[AT/Q=:ZM?2".RGLGM/,P6*RAPZC`R<%=_/;;[UI:#>1:E
M!=ZA;;FMKFX+0N1C>H54)QU'*GKS110!SS:==1:7::AI\987*00WUL6"[MK*
M!*.<;E`.?[RX[J*T_$\XLM4\/7LB,8(;U_-9<?(&@D4''?DCIZT44`/TY1J7
MBB76K<$6HLEM0S#!D;>6/'7"YQS_`'CBL70]0L+G5X9O"=_+)9S7+_;K"56$
B48.\M)'N`*MO'(4D'<3CO110!W=%%%`!1110`4444`?_V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>img1.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 img1.gif
M1TE&.#EAN0`\`'<`,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E`"'Y
M!`$`````+`(```"V`#L`A(&!@0```!$1$3,S,R(B(D1$1%55569F9G=W=YF9
MF8B(B*JJJKN[N\S,S-W=W>[N[O___P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"
M`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P7_("".9&F>:*JN[/FLS]O.=&W?>*[/
M4"*3$,BB\-L9C\@D`-)0!($/2`SB<"@=@I<T2CT8&A#1UE%4FL]G)H$1'E%C
M"T;LNI;:&8,!629-'*QH@8)&00L""H!;"P8*+D5E,`,%"0P,0P$$9"0.!'^#
M*5R0GX,/BWX&"`@&!@0(<R5!$`P'`Z*@7PH&!P<"`@NO/0('MJ-5#[D';:.#
MLLDQ#54*PT\FQP6Y#LHL"\E+#P4!C0!<"@*URR=2#`4&"^?H@5(("6UD"P2V
M4KP)"@I1+%$>&&"S!$&`=WTP-?@';\0#+`8<'%B@K6$2)@64"2%`#X7```P4
MN"+F9M$``09\_R@(X,M-`I84LUD4P6D`@Y0ST3Q`L$#,`P:'J)78&>```B="
MJ\DK$!+!K),!#(2!(Z#H*XL/3R:85#'GCB#]VJ@ADL*0,"<`(4B3\B4K)ID`
M&A`XR"7G@P$L!S+T>D2MOR`Q#`1HD(X*7ILD-PT@S"U(@JI$8H$+0-$K!(.'
M%B;FVX)*G!</'QP(@*"KM]&U]JZX&43/SZH"F#XT6)3S2U\Q-G-F$2M4#TRF
M10#-M"2X"7YJ$62C?718@P"8=*>A,A>IZMU)L.!6V@"O'!O]ND=YKK`!4[R4
MDZ)C^Q9[/`B"]8CM#0&UIAI#&%$1'.Z!W,D&U.5&&+%H(Y1Z!A8GAO\8CP7@
M@W'NY?#`2R!),4YN\K!$$!`*7@@%`7\Q`%TF5$#'$F$D:&$%%798"!<`#BR4
M(B`7LCC.$@U`MD6$9F`1U3.5$*06=,/\(H8#;,10116;(#!`1'=!E\`2Y1#)
M!9)@0".#EO[1*$8#"<#%A(PC./"9&(()T,`""OC`XQ%1\(?``03TD@<TK+`$
M%5D*U.F4`;UT1),T#JBRTELQ')J)?ZSL@E=I#@!Z""\"E.8?`P00<!(8[IBS
MJ`-]"J!IHM"Q@QX";WY52E4#2`.=4WD<D,!<AX"3D30&==+@E"(<\P43HT%G
M'7H*-,"+@[\1L)`N(SJ)"1M`X79`$[TP\%S_2N`(0`D^#49E;56HIDJ#A3%L
M96(#F)*6C7Z8R5'5`N8Y@%>`(A(GA0)$:!&LMN5")\Q<M<E;5*%^*&0(:4Q4
MY2:H,$F1*;&Q``5=@**]%8NX,UAS5%41I4D%)Z\A:U`!YK%Y8I0=P1=@-K\)
MBP`[L!W`0*[1`)>`<E)6C,\WP"UQ<+CW.`#..:440"L#YOX!J@(,8`Q#`JT^
M1"LT<X4IFBNV_N;+`8CT0I%@`2:PR%]A'(SPO412494_$B^PB-!1(2DE!),M
MU(.D2T[R0+7J%$";J#P%E(I1*#H-RQ#39AA``=G,Q0"H7RR@87T'&?41$3GZ
M4A\!4#Y4950HRG5B_UP:=J<0XQ3^8M!B7K!$AA]89')31-K)D<`7<]DTP#"#
MJB*VX2D:.P!%60*,(@(HH1+%7*Y0CE(I[66^RT0%Y&&TO\V+L%*E87`2&SO0
M+69Z,I1S'B9>["#R#4J[/Q0I2GXW`=.JGES6S[3`CW`/`H4#$&QDSX!7%!P@
M-AF4@B!K*MS-K#:>EW&N6#)Y@246P+(^R&%"88I+`ABX$S>-@Q_W$4*8E$%`
M1(S#;4:B7&FHL,'[&$XB!*"(A0`@L0J1H0T!Z=!0'.*37DVA13/T!H$"8C??
M;.&(H0$&8'AHAP'%`@Q7X01E;J@%X`EM,0P)PF08IYXEZ!`%&H&%<;JX(/\O
MFN!B"'*#SX8H1`MI`WIU,*/3QL(D'U)(`-_)GPX`$R,D68(?(DE%*MKDMG0%
MB(P\PA198`&P`MQ(CS:`PYP*4+T\6(^2EAQ`G4S$24:`81P0RHF((G+&O_5$
M.I"\$-(>EPW-P((,GPQ-C+C!26'\(I0-D4M$NN*CQ4TEE31@&6B:",H!R<A&
M+Y#(09!F@#Q4!CN8VED9/G(B7`)3$%+\2Q,*\`=K"@(^:H)1(L)0PVE<TRYF
M`A<7>L`X5"HA"N78D/[8@!X!O.B<,PF&57*#G)PDK%@5H0)MD(5/SFQD<3(4
MB#>5P`0#M/,$-92*.PN:AIN(:B)'F6A?@'+!:DS_AC@4Y<P49K:+#,[D+MV`
M@O_\U;^0>D6C9X@!IKPD!K54I4(NS6D25`$)(<#FF3H-:IGZ`<@V]<.H1.W'
M`#Q8DIM>(ZE01:I4BTK5HU8UJE>=JE6WBE6N:K6K8/VJ6+-*5J\6M3(S$V0@
MCZ)6M<:P(A3RFTC62M>V#M*N;+VK7O/*U[KNU:]]Q2M@!RO8PO[5L($][%T3
M8+<".?:Q76A$0&Z"":1`]K*8S:QF-\O9SGKVLZ`-[4*+8QZ>;$53ZA.J:OLR
MH550XCJKC:T-[.`?1,KVMBW((6YWR]O>IK)`'+H8+("0E.)V"+@KZ,I\BD.@
M4!8WC$&-117$$J,KQ6@)_WV4;A^GZQ]H3*4!GZ3)3P"QD#ZF0!U+HB*2C-''
M9]Q0G#*A`GBI^(^'5.*>!54'+0S8IPMB"E7^V049;@(UHW2S.YZ`G#)*\8X3
M#B!<+HA4JW*A&>0UC8;#RX8[T"(1WJD%1-(@I1B<,K/1SE$6,4PF.Y3Q!3%8
M`C!!D-D2`3"07A%P+R]K*>-6L("1,`1?RD!*00K0D[B$ZR&.'`>^9"*V%@F5
M&QEA`I!'T&+A]&2&,BLFC8O,A"+3Y&9H&0')>/R'D+0!7S]PQ0B4,^99E"G)
M4B`R.66S6K%]H5#K8''A+%&"++NA'67BU1(HD6<]\WAX-YL*FEFFG#73\`LS
M>^JS0R8R%:@QQ48Y)33)PI01*O-*%EX6@9^]T0X9F,DAC"A'>&G<4A/T&+MM
M<(<58M1H$0!X$=R0-)HN#",4>]>EY*R$WZK0:1$`>M`MG8@;1$./*%A"!J_M
M06G$7#C3O!H(>!A@H901KLOXK3A"0_6"8\`_%Q8T&RTD%![@<COPFCE%C&#(
M3YA"Z_K*ACI)^D:8$C@4R)4!/L4*B9<E\DGX',`;W4'7S+S;@\<9BV4A500%
M<[/*J93B*+\H`I@F+MZ0%!`T8+I@R*5`0!0"]4MN:_6$PO.#"1'D(87;>!Q6
-%(8&8#P;,*U!"```.S\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>img2.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 img2.gif
M1TE&.#EAN0`]`'<`,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E`"'Y
M!`$`````+`(```"V`#P`A(&!@0```!$1$3,S,R(B(D1$1%55569F9G=W=YF9
MF8B(B*JJJKN[N\S,S-W=W>[N[O___P$"`P$"`P$"`P$"`P$"`P$"`P$"`P$"
M`P$"`P$"`P$"`P$"`P$"`P$"`P$"`P7_("".9&F>:*JN[/FLS]O.=&W?>*[/
M4"*3$`BC\-L9C\@D`-)(!($/2`SB<"@=@I<T2CT8&!#1-J8LF\^D!@$,=,06
M#'+RL0:\7HW!P/U[)`Y6:(*#.5(+`CYB4@P&"F$E44`U#P,%<`V,`01NCP`.
M!0:!A"924J.G(@\+C08'"@A>!`=R)%P.7J(M#P4-"`:M`H@/@1`+!$2H)E6J
M!PB=R69"!U(.#`U-!E%%(ST#"D3/*PS32P\&`0>I08<$V\G4!@,+`^[02`\*
MCB(.0ILH4@@$*$B`(!(,*0<6B%$0@)X85<$:&+07X]@M)_:B?3+X@`$!?2X.
M!%CPAU8*(;X$_R!8H"K`2&X+7/K@E]'3``(+$#BK608"@@0/'<AZ8L*/@$8%
MB;H(\HV@@02_"`3(9J??U(G0I)R#"I+GD77DECC04T]$@V#-RM;JD<U<G+$!
M!#1X!'>3J8SF-!7PH=9KC6*SU(E4>$+*@+B)6GQB`&!<&`8"`A3H="X`QIH0
M&$Z-T]=OBT6)8CQ`@"[<0X9[L*I@%.7+`S5Q!W!.X-*`4GN'A)GTC$,TEQ@>
M!>0J@44`X]LJ$CA:Q4^S`9W#(A-H@%E*@:M43/,V0BF``G=!')SK.D,Y)7Y"
MXS)@)-ZE(^V$@I"6NQV-3TW#]V7&GW^%`B_.C.82($)5ML==N$665/]]970D
M$QEC&!*9$_"I`XDL_$`6%WJ1N<0&-V*58\H3$U7Q#"W:T"0#7/3LQN`.NS24
MH@-S+:$A$34ND=T4,>2B"@$(\"-2:9EU",X8OJ4RA41+<-.10=0\4DH#-"VA
MV0+7Y/BB#E%HEL`"!Q1`@"Q1)""5`%X,$%@#!5CB1YLLC="1;'O%%!>5/;@D
MUQOQ-#*`,SVTN9X!!8#QVFAC%L#/:'K,TF,\:@;!@$M['28`85OJ@$5<;5(Z
M#R@''":95`,P`4I#H$2F@)P,#"`1FU*5YDEE@+0Z53$>^B0J`0-(1UUZ"K2Z
MGE0K>><`:5,Q5$VL'QV"3J8T/!%$`PK$FL#_)Y)544"0M`D$EP)C-7#.'F<%
M0)V-A=Z![*62ZJF`@52<$PI!\WUY6#;8SL*$1]Y1$4RL^E(IJJM^Q(4IM"L$
MP80O!D@GH+EN\`+7+#%-AT"PD2T`@4CD!,H`/TS$VJ8KUVD"BWH=179-*%)-
MHQD8\X$,&SAJK+*A'>;$NH`#"0A`@!/K=8;P+7NU-]+$;B0P&6F;\#N0HH?-
M0MMT5<PSUPMPR8B22RU*A2^QXO6B"94*`J#9=W9<)Y<;!\PBU7<Q%'"`='WR
M]5]:"*.`CS?K<%U%9'&PB:6J^PV@-#[XT6'9QFU.89-+:X01XTA4>/B`2)L8
M`(>J#C"TAJU9,/&%_\_#*.!J<7.)MX#:!ZP1"3ZP?)DW%*T2:*I,010@D-)@
M7*<H!.<(<'K&0FBRP"KQ')#`'QT2+$+/DH7A0%S_G=E(7O0`W]"[QECV!TL$
M(!(JE4)=^LWQ[EW^L^2NZ,38[/N$^ETI=MK5Q;:I"RI"JP;,]0TYYA!``8+U
MFKE%QF<(B,,3$""H(*@"3GE87ZL,)ZD"&"X*J_.&1(1@0010)PI#\$85&,@+
MP["K&+$3FF=>4PG1I")6CEB&A73D@J+(P(5"V!D5Y.2D14!("STJA6@D(H,M
M5$A)K[O#"";5CCM(;G;%4(D;F@0`9-F%"XIP8F%XF`I%E*(3)PJ#M!1V0_\=
M*2Q"JNF#'6HTQBA\$(PB"8429S<:84CI-1T"%_R^,L5A#*,*@`1D#*Y!N#UN
M;'T_0(B>IKA'&RBL"@P@B!?:I(?PA<]G8])#PS3QL3%N"0*Z.]@(&N"2`"#`
M#HVD`0C_``N=+.]XZ\'$\1(0R5?`PH(=(L!33/2BRUW*'9/SAPI3*1;13(DF
M1*'"H98PEU+PJQ+AV\LP1R$@"I4@3S(1`S%Y0$-%>+.'W13CU*C$``0,H']'
M1`5MG$$E2.RJ2MNT1Q#&!3('S,.:/,&";<JAI"J64F/QK,D?#S.=U[E&H.9P
M'@G6LRG)J":@[\"6<?C0@,#(TR@?.P&V[C1-B)[_03S!`-<PPI*5L>B+%+1Q
MCT<]LXCK',--&?%).QB9A@Z1=*4"M<(PKN&B^`R#;]>,@:@4A5.6\D8*"7`(
M*0S4GZ(Z]0;-R,_#]O#4JBZT$EBUH%:SBE5$A&-CI3P&5[=*UK&:M:QH/:M:
MT\K6M;JUK7!]JUS)2HXLV?6N>+7$&>,5%P_B]:^`#:Q@!TO8PAKVL(A-+&$[
M2@7HN+%:1_F052?;FS#%`DTL22=E-UN8URB'$YKEK&BA0`60C?:TT4(0:E?+
MVM8>M1224!@I2`N$9XBQB%A,V&QI*%ODD,*V8*RJ`ZTAI0;HD`EPL(,]%5@,
M!L!A/5(P;AP\X=Q.5"$Q_W-Q[KDZ^Z7U9+8C":!21[#D!H9*#[K,A"41261<
M.(06BAU!@%WL8,ZKY6%5"Q-I.5<WD"!1P1M8(PB4DMJ'5JU*;[?07$Z(*-]S
MB:N3!I;>*^Y@IN,Q,$>CN09Y<-JJ.(EG,B/HWQ)%>8#WR4!SJ>#91"Y<`A&K
M("<N%,$W?K`3$?CBP.,0PR=28;4P?.FA./W#9(3P+LILU[G\!$")N_D%,1@W
M#3DA#U%?W+\%@.0;G4";C=T"@(J.8,?ED$T8\K"SR=(R(<<:0B=X,>(2+)D;
M*-X'4!;BW%(9>06KL[#D#K>H((W@E$/`Q"GW40`Y)41RJ]A+=IQ*RT!C:9\B
MB-)S,4C\/K%HSA9SML-3JJ6E*:<@)R):0E+1<RQ1G+(8ED@'H>&\77Y8#9X0
M?<%ZAD`@$$<ZT]=J<:67H+RJ!.UY;"#(FK=;#U`#H57HZ04)!IV9/Y5C%U^&
M-,Y\TDF<QF!YG9N%1ZH$E6LP0,O[N-XC.F*):BQH,6Z,G!L,=XU<UX):5`%"
M(S"A`$S=@HVMT%&K9.E!+GRI&OIZ+[2VX%P^C)<-P+E89J&,);J`]\=W6.X@
B:1F>XUD\',.(I%2MK``MJ0+AKQEE=Z<;B5[\6[5H"`$`.S\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
