MANULIFE INVESTMENT -HW FLEXI FUND

CONTENTS PAGE

1 General Information 1

2 Manager’s Report 3

3 Policy On Stockbroking Rebates And So Commissions 9

4 Statement By The Manager 10

5 Trustee’s Report 11

6 Statement Of Comprehensive Income 12

7 Statement Of Financial Position 13

8 Statement Of Changes In Equity 14

9 Statement Of Cash Flows 15

10 Summary Of Signicant Accounting Policies 16

11 Notes To The Financial Statements 21

12 Corporate Information 36

MANULIFE INVESTMENT -HW FLEXI FUND

1 GENERAL INFORMATION

1.1 THE TRUST

The Fund commenced operations on 26 July 2007 and will continue its operations until terminated as provided under Clause 48.2 of the Deed.

1.2 FUND TYPE / CATEGORY

Growth / Mixed Assets

1.3 BASE CURRENCY

Ringgit (RM)

1.4 OBJECTIVE OF THE FUND

The Fund seeks to provide Unit Holders with long-term capital appreciation.

Note: Any material change to the Fund’s investment objective would require Unit Holders’ approval.

1.5 DISTRIBUTION POLICY

Income distribution (if any) is incidental.

1.6 PERFORMANCE BENCHMARK

50% FTSE Bursa Malaysia Top 100 Index (FBM 100) + 50% 12-Month xed deposit (FD) rate.

Note: The composite benchmark provides a balanced gauge on the asset allocation of the Fund which can invest up to 98% in equities or xed income instruments. The composite benchmark is only used as a reference for performance gauge purpose. The risk prole of the Fund is not the same as the risk prole of this benchmark. The benchmark information is available in www.manulifeinvestment.com.my.

1.7 INVESTMENT STYLE AND STRATEGY

The Fund invests in a diversied portfolio of Malaysian equities as well as xed income instruments (which includes money market instruments). Liquid assets such as money market instruments and deposits (excluding structured deposits) are used to maintain liquidity position and as a short-term alternative should the equity or bond markets become extremely volatile. The Fund may invest in the investments directly or via collective investment schemes (CISs).

The Fund may invest up to 98% of its net asset value (NAV) in a single asset class of equities or xed income instruments. This allows the Fund the exibility to switch to equities when the stock market is bullish and to bonds and/or money market instruments when the stock market is bearish. At any one time, the asset mix may also comprise all asset classes. The Fund will maintain at least 2% of its NAV in liquid assets. In addition, any active and frequent trading strategy will depend on investment opportunities or valuations.

Strategy on equity investment broadly consist of the following considerations:

• account information gathered during company visits, key earnings drivers and earnings revision trends, industry fundamentals, balance sheet structure, valuations, and competency of management; • industry and business medium- to long-term outlook; • management track record/ quality; • treatment towards minority shareholders by management and controlling shareholders; • nancial strength and gearing levels; • earnings and cash-ow volatility; • expected future earnings growth; • expected future dividend yield; and • share price valuation 1 MANULIFE INVESTMENT -HW FLEXI FUND

In terms of the individual xed income securities, the Fund follows a strict selection process to ensure only appropriate xed income securities are invested in with respect to the investment objective. The selection of xed income securities will depend largely on their credit quality. Focus will be on the respective issuers whether they have strong ability to meet their nancial obligations and oer highest safety for timely payment of interest and principal. For non-investment grade xed income securities, the Fund Manager will assess and consider the ability of the issuers to meet their nancial obligations and make timely payment of interest and principal in order to protect investors’ interest; while delivering the expected returns to the Fund and meet the Fund’s investment objective.

Strategy on individual xed income securities investment broadly consist of the following considerations:

• predominantly in short-term bonds, money market instruments and deposits (excluding structured deposits). The short-term nature of these investments allows the Fund Manager to easily switch to equities during conducive stock market or bullish periods • issuer’s and/or guarantor’s industry and business medium- to long-term outlook; • issuer’s and/or guarantor’s nancial strength and gearing levels; • issuer’s and/or guarantor’s cash-ow quality and volatility; • issuer’s and/or guarantor’s expected future cash-ow and ability to pay interest and principal; • issuer’s and/or guarantor’s ratings by RAM or MARC or a recognised global credit rating agency; • duration and interest rate sensitivity; • collateral type and value, and claims priority; and • price and yield-to-maturity.

The Fund may invest up to 25% of its NAV in foreign equities and/or equity-related instruments of companies which are domiciled in/ listed in or have signicant operations* in the Asia-Pacic region, including but not limited to Australia, , , India, Indonesia, Japan, New Zealand, the Philippines, Singapore, South Korea, Taiwan, Thailand and .

*Signicant operations means the revenue, earnings, production facilities, assets and/or investments of a company are based in/ derived from the Asia-Pacic region. The level of signicance will be determined by the Fund Manager on a case-by- case basis based on his/ her research and judgement.

During the six months nancial period under review, the Fund maintained its objective of providing long-term capital appreciation.

2 MANULIFE INVESTMENT -HW FLEXI FUND

2 MANAGER’S REPORT

2.1 FUND PERFORMANCE

For the six months nancial period ended 28 February 2021, the Fund’s return increased by 12.25%. The Fund outperformed its benchmark return, which increased by 2.47%. The Fund’s outperformance was due to the Fund’s positions in the Covid-19 pandemic beneciaries for most of the period namely Healthcare and Technology. Towards the end of the period, the Fund subsequently redeployed some of its holdings into recovery beneciar- ies as news ow of positive Covid-19 vaccine development gained traction.

The graph below compares the 6-month performance of the Fund against its benchmark return:

Fund Performance vs. Benchmark 20% 15% 10% 5% 0% -5% -10% Aug Oct Nov Dec Jan Feb 20 20 20 20 21 21 Manulife Investment-HW Flexi Fund Return Benchmark

Source: Lipper

Fund Size

The Fund’s total NAV increased to RM372.02mil from RM307.98mil during the six months nancial period under review.

Fund Returns

(a) The graph below compares the 5-year performance of the Fund against its benchmark return:

Fund Performance vs. Benchmark Index Return 320% 270% 220% 170% 120% 70% 20% -30% Jul Apr Dec Aug May Jan Oct Jun Feb 07 09 10 12 14 16 17 19 21

Manulife Investment-HW Flexi Fund Return Benchmark

Source: Lipper

3 MANULIFE INVESTMENT -HW FLEXI FUND

(b) Average Total Return of the Fund:

Fund Benchmark For the nancial period ended 28 February 2021 (% p.a.) (% p.a.) 1 year 36.82 6.32 3 years 8.25 (0.59) 5 years 10.23 1.72 Commencement Date: 16 August 2007 Source: Lipper

(c) Annual Total Return of the Fund:

Fund Benchmark For the nancial period ended: (% p.a.) (% p.a.) 28 February 2021 36.82 6.32 29 February 2020 (3.78) (4.62) 28 February 2019 (3.64) (3.14) 28 February 2018 18.27 7.05 28 February 2017 8.51 3.58 Commencement Date: 16 August 2007 Source: Lipper

BASES OF CALCULATION

1. Net Asset Value (NAV) Net Asset Value of the Fund is determined by deducting the value of all the Fund’s liabilities from the value of all the Fund’s assets, at the valuation point.

2. Net Asset Value per unit Net Asset Value per unit is the net asset value of the Fund divided by the total number of units in circulation, at the valuation point.

3. Fund’s Return Fund’s return can be calculated based on the computation methods as follows:

Total Fund’s Return = [(NAV Return*Series of Income Return)-1] x 100%

NAV Return = {[End NAV (Ex-distribution)/Beginning NAV]-1} x 100%

Income Return = (Gross Distribution/Ex-NAV price) x 100%

Average Total Return = (NAV Return*Series of Income Return) (365.25/n) x100 - 100, where n = number of days between beginning and end dates.

4 MANULIFE INVESTMENT -HW FLEXI FUND

The following table shows other nancial and performance data of the Fund for the past three nancial periods:

Fund Data 28 February 2021 29 February 2020 28 February 2019 NAV (RM) 372,023,654 253,469,864 297,661,253 Units in Circulation (’000) 971,197 856,750 929,391 NAV (RM per unit) 0.3831 0.2959 0.3203 Highest / Lowest NAV 0.3675 / 0.2465 0.3175 / 0.2959 0.3261 / 0.3033 (RM per unit) Total Fund Return (%) 36.82 (3.78) (3.64) NAV Return (%) 36.82 (3.78) (3.64) Income Return (%) - - - Management Expenses 0.85 0.80 0.79 Ratio (%) Portfolio Turnover Ratio 0.47 0.40 0.24 (times)

NOTES

(i) Management Expenses Ratio (MER)

MER is computed based on the total fees and expenses excluding transaction costs incurred by the unit trust fund divided by the average fund size of the unit trust fund calculated on a daily basis.

Fees of the unit trust fund + Recovered expenses of the unit trust fund x 100 Average value of the unit trust fund calculated on a daily basis

Where: Fees = All ongoing fees deducted / deductible directly from the unit trust fund in respect of the period covered by the management expenses ratio, expressed as a xed amount, calculated on a daily basis. This would include the annual management fee, the annual trustee fee and any other fees deducted / deductible directly from the unit trust fund;

Recovered = All expenses recovered from/ charged to the unit trust fund, as a expenses result of the expenses incurred by the operation of the unit trust fund, expressed as a xed amount. This should not include expenses that would otherwise be incurred by an individual investor (e.g. brokerage, taxes and levies); and

Average = The NAV of the unit trust fund, including unit trust net income value value of of the fund, less expenses on an accrued basis, in respect of the the unit period covered by the management expenses ratio, calculated on a trust fund daily basis.

The MER for the nancial period is higher than the previous nancial period mainly due to the increase in expenses incurred.

5 MANULIFE INVESTMENT -HW FLEXI FUND

(ii) Portfolio Turnover Ratio (PTR)

PTR is computed based on the average of the acquisitions and disposals of investments of the unit trust fund for the period divided by the average fund size of the unit trust for the period calculated on a daily basis.

[Total acquisitions of the fund for the period + Total disposals of the fund for the period]/2

Average value of the unit trust fund calculated on a daily basis

The PTR for the nancial period is higher than the previous nancial period mainly due to the increase in trading achvities.

The Manager wishes to highlight that past performance of the Fund is not an indication of its future performance.

The price of units and the investment returns may go down, as well as up.

2.2 ASSET ALLOCATION

Asset allocation for the past three nancial period:

% of Net Asset Value

Sector Allocation 28 February 2021 29 February 2020 28 February 2019

Technology 22.16 24.41 30.67 Finance Services 15.13 6.90 12.37 Industrial Products & Services 8.49 5.55 6.75 Transportation & Logistics 4.28 7.31 6.52 Real Estate Investment Trust 3.95 9.09 6.04 Telecommunications & Media 3.23 3.60 4.42 Properties 2.57 5.99 2.20 Utilities 2.27 1.33 2.04 Plantation 1.81 1.49 2.03 Consumer Products & Services 1.73 2.05 1.84 Energy 1.41 3.27 1.44 Construction 0.89 2.03 0.94 Health Care - 3.54 - Total Quoted Investments- 67.92 76.56 77.26 Local Total Quoted Investments- 20.72 11.44 - Foreign Deposits with Licensed 9.12 8.99 22.15 Financial Institutions Other Assets & Liabilities 2.24 3.01 0.59

6 MANULIFE INVESTMENT -HW FLEXI FUND

% of Net Asset Value

Country Allocation 28 February 2021 29 February 2020 28 February 2019

Hong Kong/China 11.00 10.25 - Taiwan 7.18 - - South Korea 1.60 - - Singapore 0.94 1.19 - Total Quoted 20.72 11.44 - Investments-Foreign

As at 28 February 2021, the Fund was 67.92% invested in Malaysian equities, 20.72% in foreign equities and 11.36% in cash instruments. Sectors that saw notable increase in allocations were: Transportation & Logistics and Technology while decreases were in Financial Services, Consumer Products & Services and REITs.

2.3 MARKET REVIEW

During the six-month nancial period under review (1st September 2020 to 28th February 2021), the domestic market fell in September and October, driven by multiple negative developments: 1) prot-taking in the glove makers, 2) concerns over political uncertainty, 3) the end of loan moratorium on 30 September and 4) rising new Covid-19 cases a er the Sabah state election, which resulted in the reimplementation of Conditional Movement Control Order (CMCO) in , Putrajaya, Selangor and Sabah.

However, in November, equity markets, globally and domestically, staged a strong rally and managed to recover all its losses in 2020 as markets started to price in a recovery scenario on the back of positive Phase III clinical trial data for the Covid-19 vaccines. Towards the end of the year, global markets ended on a positive note buoyed by optimism surrounding the rollout of Covid-19 vaccines. The MSCI Asia ex-Japan index posted gains of 25.2% in 2020 as recovery took hold in the region. Meanwhile for Malaysia, the FBM KLCI and FBM Emas Shariah closed the year up by 2.4% and 10.1% respectively.

In January 2021, global markets continued its positive momentum from end-2020. However the FBM KLCI succumbed to prot-taking a er two consecutive months (Nov-Dec 2020) of gains. The li ing of the ban on restricted short-selling (RSS) on 1 Jan caused the market to lose 24 points (1.5%) on the rst trading day of 2021 as glovemaker shares were targeted by short sellers. Market sentiment was dampened by the announcement of a stricter movement control order (MCO 2.0), declaration of state of emergency and suspension of Parliament till 1 August 2021.

Towards the end of the period in February, the country witnessed the arrival of vaccines (Pzer and Sinovac) and the roll-out of the Covid-19 immunisation programme starting with the 500,000 frontliners in the rst Phase. Most of the major cities in the country (KL, Selangor, Johor and Penang) remained under strict lockdown (MCO) throughout February but other states were put under CMCO and Recovery Movement Control Order (RMCO).

For the period under review, the FBM KLCI and FBM 100 increased by 3.4% and 3.8% respectively. During the period, the top gainers for the FBM KLCI were Press Metal, and Hong Leong Financial Group. The laggards were Supermax, Hartalega and .

2.4 MARKET OUTLOOK AND INVESTMENT STRATEGY

We anticipate 8.0-10.0% upside potential for the FBM KLCI in 2021. Liquidity remains the key driver to the market and we expect rates to remain low to spur growth. In addition, the gradual rollout of Covid-19 vaccine in 1Q2021 will allow economic activities to normalise. However, due to vaccine timing, we think that earnings will be back loaded in 2H2021.

7 MANULIFE INVESTMENT -HW FLEXI FUND

Recovery-plays including nancials, commodities, consumer and hospitality could come back into favour as more parts of the economy reopen. We also continue to favour trade divergence plays and technology sector which oer strong earnings visibility.

2.5 BREAKDOWN OF UNIT HOLDINGS BY SIZE AS AT 28 FEBRUARY 2021

The following table presents the distribution of the Fund’s unit holders according to size of unit holdings:

No. of Unit No. of Units % % Size of Holdings Holders Held (’000) 5,000 and below 1,793 11.04 5,191 0.53 5,001 to 10,000 2,054 12.65 15,168 1.56 10,001 to 50,000 7,105 43.74 182,152 18.76 50,001 to 500,000 5,159 31.77 669,521 68.94 Above 500,001 130 0.80 99,165 10.21 Manager’s stock - - - - Total 16,241 100.00 971,197 100.00

2.6 STATE OF AFFAIRS

NOTIFICATION OF CHANGES

A new Master Prospectus dated 7 February 2020, First Supplemental Master Prospectus dated 13 November 2020 and Second Supplemental Master Prospectus dated 5 April 2021 were issued to make the following general and administrative updates:

• Inclusion of the disclosure in relation to liquidity risk management; • Amendment to the information on purchasing and redeeming units for better clarity on online transactions and other charges that may incurred; • Amendment to the name of client trust account to “MANULIFE INVESTMENT MANAGEMENT (M) BERHAD - CLIENT TRUST ACCOUNT”; • Change to the Board of Directors of the Manager, retirement of Datuk Seri Panglima Mohd Annuar Bin Zaini and appointment of Vibha Hamsi Coburn, replacing Lee Sang Hui; and • Update to the address of Bintulu branch • inclusion of a disclosure that the Fund is not oered for sale to US person and denition of US person; • amendment to the disclosure to indicate that the sales charge is non-negotiable; • inclusion of a note that the Manager may vary the minimum initial investment amount and additional investment amount from time to time

The Master Prospectus dated 7 February 2020, First Supplemental Master Prospectus dated 13 November 2020 and Second Supplemental Master Prospectus dated 5 April 2021 are available in the company website: www.manulifeinvestment.com.my.

8 MANULIFE INVESTMENT -HW FLEXI FUND

3 POLICY ON STOCKBROKING REBATES AND SOFT COMMISSIONS

The Management Company did not retain any rebates.

Goods and services (so commissions) may be retained by the Manager or its delegates if the goods and services are of demonstrable benets to unit holders, and dealing with the brokers/dealers are executed on terms which are the best available to the Fund.

The Manager and its delegates have subscribed but are not limited to the following goods and services which are demonstrably benecial to unit holders such as Bloomberg, Bondweb and independent research publications such as ISI and Valutrac.

The Manager and its delegates did not receive any so commissions.

9 MANULIFE INVESTMENT -HW FLEXI FUND

4 STATEMENT BY THE MANAGER

We, Edmond Cheah Swee Leng and Chong Soon Min, being two of the Directors of Manulife Investment Management (M) Berhad (the “Manager”), do hereby state that, in the opinion of the Manager, the unaudited nancial statements comprising the statement of comprehensive income, statement of nancial position, statement of changes in equity, statement of cash ows, summary of signicant accounting policies and notes to the nancial statements, are drawn up in accordance with the provisions of the Deeds and give a true and fair view of the nancial position of the Fund as at 28 February 2021 and of its nancial performance, changes in equity and cash ows of the Fund for the six months nancial period ended 28 February 2021 in accordance with the Malaysian Financial Reporting Standards (“MFRS”) and the International Financial Reporting Standards (“IFRS”).

For and on behalf of the Manager MANULIFE INVESTMENT MANAGEMENT (M) BERHAD

EDMOND CHEAH SWEE LENG DIRECTOR

CHONG SOON MIN DIRECTOR

Kuala Lumpur 26 April 2021

10 MANULIFE INVESTMENT -HW FLEXI FUND

5 TRUSTEE'S REPORT TO THE UNIT HOLDERS OF MANULIFE INVESTMENT-HW FLEXI FUND

We have acted as Trustee for Manulife Investment-HW Flexi Fund (the “Fund”) for the nancial period ended 28 February 2021. To the best of our knowledge, Manulife Investment Management (M) Berhad (the “Manager”) has managed the Fund in the nancial period under review in accordance with the following:

1. Limitations imposed on the investment powers of the Manager under the deeds, securities laws and Guidelines on Unit Trust Funds;

2. Valuation and pricing of the Fund are carried out in accordance with the deeds and any regulatory requirements; and

3. Creation and cancellation of units are carried out in accordance with the deeds and any regulatory requirements.

For Maybank Trustees Berhad [Company No.: 196301000109 (5004-P)]

BERNICE K M LAU Head, Operations

Kuala Lumpur, Malaysia 26 April 2021

11 MANULIFE INVESTMENT -HW FLEXI FUND

6 STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS FINANCIAL PERIOD ENDED 28 FEBRUARY 2021

Note 2021 2020 RM RM

INVESTMENT INCOME/(LOSS) Interest income 248,505 496,549 Gross dividend income 3,090,914 3,806,419 Net gain/(loss) on nancial assets at fair value through prot or loss 6 41,872,507 (8,594,015) Net foreign currency exchange loss (2,021,384) (659,078)

43,190,542 (4,950,125)

EXPENSES Manager’s fee 3 2,467,832 2,003,237 Trustee’s fee 4 131,618 106,839 Auditors’ remuneration 3,675 3,481 Tax agent’s fee 1,417 1,343 Other expenses 232,585 36,967 Transaction costs 787,108 633,275 3,624,235 2,785,142

PROFIT/(LOSS) BEFORE TAXATION 39,566,307 (7,735,267)

TAXATION 5 - -

PROFIT/(LOSS) AFTER TAXATION AND TOTAL COMPREHENSIVE INCOME/(LOSS) 39,566,307 (7,735,267)

Prot/(Loss) a er taxation is made up as follows:

Realised 29,451,736 459,091 Unrealised 10,114,571 (8,194,358) 39,566,307 (7,735,267)

The accompanying summary of signicant accounting policies and notes to the nancial statements form an integral part of these nancial statements.

12 MANULIFE INVESTMENT -HW FLEXI FUND

7 STATEMENT OF FINANCIAL POSITION AS AT 28 FEBRUARY 2021

Note 28.02.2021 29.02.2020 RM RM ASSETS Cash and cash equivalents 7 43,489,523 22,963,025 Financial assets at fair value through prot or loss 6 329,766,709 223,076,069 Amount due from Manager 761,543 15,573 Amount due from stockbrokers 5,391,391 8,405,262 Dividends receivable 631,003 256,155

TOTAL ASSETS 380,040,169 254,716,084

LIABILITIES Amount due to Manager - Manager’s fee 427,738 314,128 - Cancellation of units - 858,868 Amount due to Trustee 22,813 16,754 Amount due to stockbrokers 7,565,250 35,137 Other payables 8 714 21,333

TOTAL LIABILITIES 8,016,515 1,246,220

NET ASSET VALUE (“NAV”) OF THE FUND 372,023,654 253,469,864

EQUITY Unit holders’ capital 213,921,053 176,591,100 Retained earnings 158,102,601 76,878,764 372,023,654 253,469,864

NET ASSETS ATTRIBUTABLE TO UNIT HOLDERS 2 372,023,654 253,469,864

NUMBER OF UNITS IN CIRCULATION 9 971,196,782 856,749,904

NAV PER UNIT 0.3831 0.2959

The accompanying summary of signicant accounting policies and notes to the nancial statements form an integral part of these nancial statements.

13 MANULIFE INVESTMENT -HW FLEXI FUND

8 STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS FINANCIAL PERIOD ENDED 28 FEBRUARY 2021

Unit holders’ Retained capital earnings Total RM RM RM

BALANCE AS AT 1 SEPTEMBER 2020 188,825,754 118,536,294 307,362,048 Movement in unit holders’ contribution: Creation of units 38,720,304 - 38,720,304 Cancellation of units (13,625,005) - (13,625,005)

Total comprehensive income - 39,566,307 39,566,307

BALANCE AS AT 28 FEBRUARY 2021 213,921,053 158,102,601 372,023,654

Unit holders’ Retained capital earnings Total RM RM RM

BALANCE AS AT 1 SEPTEMBER 2019 181,903,717 84,614,031 266,517,748 Movement in unit holders’ contribution: Creation of units 10,184,578 - 10,184,578 Cancellation of units (15,497,195) - (15,497,195)

Total comprehensive loss - (7,735,267) (7,735,267)

BALANCE AS AT 29 FEBRUARY 2020 176,591,100 76,878,764 253,469,864

The accompanying summary of signicant accounting policies and notes to the nancial statements form an integral part of these nancial statements.

14 MANULIFE INVESTMENT -HW FLEXI FUND

9 STATEMENT OF CASH FLOWS FOR THE SIX MONTHS FINANCIAL PERIOD ENDED 28 FEBRUARY 2021

Note 2021 2020 RM RM CASH FLOWS FROM OPERATING ACTIVITIES Purchase of investments (149,144,840) (128,846,658) Sale of investments 149,854,915 76,317,713 Net realised foreign exchange gain (2,021,384) - Dividends received 2,798,525 4,008,529 Interest income received 248,505 496,549 Manager’s fee paid (2,428,324) (2,030,655) Trustee’s fee paid (129,510) (108,301) Audit fee paid (7,648) (7,000) Payment for other fees and expenses (252,334) (678,507) Net cash used in operating activities (1,082,095) (50,848,330)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from creation of units 38,784,525 32,448,777 Payments for cancellation of units (13,625,005) (20,095,981)

Net cash generated from nancing activities 25,159,520 12,352,796

Net increase/decrease in cash and cash equivalents 24,077,425 (38,495,534) Cash and cash equivalents at beginning of the nancial period 19,412,098 61,458,559

Cash and cash equivalents at end of the nancial period 7 43,489,523 22,963,025

Cash and cash equivalents comprise: Deposits with licensed nancial institutions 33,943,515 22,786,973 Bank balances in licensed 9,546,008 176,052 7 43,489,523 22,963,025

The accompanying summary of signicant accounting policies and notes to the nancial statements form an integral part of these nancial statements.

15 MANULIFE INVESTMENT -HW FLEXI FUND

10 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES FOR THE SIX MONTHS FINANCIAL PERIOD ENDED 28 FEBRUARY 2021

The following accounting policies have been used consistently in dealing with items which are considered material in relation to the nancial statements. The policies have been consistently applied to all the nancial years presented, unless otherwise stated.

A BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS

The unaudited nancial statements of the Fund have been prepared in accordance with the Malaysian Financial Reporting Standards (“MFRS”) and the International Financial Reporting Standards (“IFRS”). The nancial statements have been prepared under the historical cost convention, as modied by nancial assets at fair value through prot or loss.

The preparation of nancial statements in conformity with MFRS and IFRS requires the use of certain critical accounting estimates and assumptions that aect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the nancial statements, and the reported amounts of revenues and expenses during the reported nancial period. It also requires the Manager to exercise judgement in the process of applying the Fund’s accounting policies. Although these estimates and judgement are based on the Manager’s best knowledge of current events and actions, actual results may dier. There are no signicant areas of judgement or complexity that have signicant eect on the amounts recognised in the nancial statements. There are no critical accounting estimates and assumptions used in the preparation of the nancial statements of the Fund for the six months nancial period ended 28 February 2021.

(i) Amendments to published standards and interpretations that are eective and relevant

The Fund has applied the following amendments and interpretations for the rst time for the nancial period beginning on 1 September 2020:

• Amendments to the denition of ‘material’ (Amendments to MFRS 101 and MFRS 108) (eective 1 January 2020)

The amendments clarify the denition of materiality and use a consistent denition throughout MFRSs and the Conceptual Framework for Financial Reporting.

The denition of ‘material’ has been revised as “Information is material if omiing, misstating or obscuring it could reasonably be expected to inuence decisions that the primary users of general purpose nancial statements make on the basis of those nancial statements, which provide nancial information about a specic reporting entity.”

The amendments also:

- clarify that an entity assess materiality in the context of the nancial statements as a whole.

- explain the concept of obscuring information in the new denition. Information is obscured if it have the eect similar as omiing or misstating of that information. For example, material transaction is scaered throughout the nancial statements, dissimilar items are inappropriately aggregated, or material information is hidden by immaterial information.

- clarify the meaning of ‘primary users of general purpose nancial statements’ to whom those nancial statements are directed, by dening them as ‘existing and potential investors, lenders and other creditors’ that must rely on general purpose nancial statements for much of the nancial information they need.

16 MANULIFE INVESTMENT -HW FLEXI FUND

• The Conceptual Framework for Financial Reporting (“Framework”) (eective 1 January 2020)

The Framework was revised with the primary purpose to assist the International Accounting Standards Board (“IASB”) to develop IFRS that are based on consistent concepts and enable preparers to develop consistent accounting policies where an issue is not addressed by an IFRS.

Key changes include:

• increasing the prominence of stewardship in the objective of nancial reporting; • reinstating prudence as a component of neutrality; • dening a reporting entity, which may be a legal entity, or a portion of an entity; • revising the denitions of an asset and a liability; • removing the probability threshold for recognition and adding guidance on derecognition; • adding guidance on dierent measurement basis; and • stating that prot or loss is the primary performance indicator and that, in principle, income and expenses in other comprehensive income should be recycled where this enhances the relevance or faithful representation of the nancial statements.

The adoption of the amendments to published standards and revised Framework did not have any impact on the current period or any prior period and is not likely to affect future periods.

(ii) Standards, amendments and interpretations that have been issued but not yet effective and have not been early adopted

A number of new standards, amendments to standards and interpretations are effective for annual periods beginning after 1 September 2021, and have not been early adopted in preparing these financial statements. None of these are expected to have a material effect on the financial statements of the Fund.

B FINANCIAL ASSETS AND FINANCIAL LIABILITIES

(i) Classification

The Fund classifies its financial assets in the following measurement categories:

• those to be measured subsequently at fair value through profit or loss and • those to be measured at amortised cost

The Fund classifies its investments based on both the Fund’s business model for managing those financial assets and the contractual cash flow characteristics of the financial assets. The portfolio of financial assets is managed and performance is evaluated on a fair value basis. The Fund is primarily focused on fair value information and uses that information to assess the assets’ performance and to make decisions. The Fund has not taken the option to irrevocably designate quoted equities as fair value through other comprehensive income. The contractual cash flows of the Fund’s debt securities are solely principal and interest. However, these securities are neither held for the purpose of collecting contractu- al cash flows nor held both for collecting contractual cash flows and for sale.

The collection of contractual cash flows is only incidental to achieving the Fund’s business model’s objective. Consequently, all investments are measured at fair value through profit or loss.

The Fund classifies cash and cash equivalents, amount due from Manager and dividends receivable as financial assets at amortised cost as these financial assets are held to collect contractual cash flows consisting of the amount outstanding.

The Fund classifies amount due to stockbrokers, amount due to Manager, amount due to Trustee, other payables and distribution payable as other financial liabilities measured at amortised cost.

17 MANULIFE INVESTMENT -HW FLEXI FUND

(ii) Recognition and initial measurement

Regular purchases and sales of nancial assets are recognised on the trade-date, the date on which the Fund commits to purchase or sell the assets. Investments are initially recognised at fair value. Transaction costs are expensed in the statement of comprehensive income.

Financial liabilities are recognised in the statement of nancial position when, and only when, the Fund becomes a party to the contractual provisions of the nancial instrument.

Financial assets are derecognised when the rights to receive cash ows from the investments have expired or have been transferred and the Fund has transferred substantially all risks and rewards of ownership.

Financial liabilities are derecognised when they are extinguished, i.e. when the obligation specied in the contract is discharged or cancelled or has expired.

Unrealised gains or losses arising from changes in the fair value of the nancial assets at fair value through prot or loss are presented in the statement of comprehensive income within net gain or loss on nancial assets at fair value through prot or loss in the nancial period which they arise.

Dividend income from nancial assets at fair value through prot or loss is recognised in the statement of comprehensive income as part of gross dividend income when the Fund’s right to receive payments is established.

Quoted securities in Malaysia are valued at the last done market price quoted on Bursa Malaysia Securities Berhad (“Bursa Securities”) at the date of the statement of nancial position.

Foreign quoted securities are valued at the last traded market price quoted on the respective foreign stock exchanges at the close of the business day of the respective foreign stock exchanges.

If a valuation based on the market price does not represent the fair value of the quoted securities, for example during abnormal market conditions or when no market price is available, including in the event of a suspension in the quotation of the quoted securities for a period exceeding 14 days, or such shorter period as agreed by the Trustee, then the quoted securities are valued as determined in good faith by the Manager, based on the methods or bases approved by the Trustee a er appropriate technical consultation.

Deposits with licensed nancial institutions are stated at cost plus accrued interest calculated on the eective interest method over the period from the date of placement to the date of maturity of the respective deposits.

Financial assets at amortised cost and other nancial liabilities are subsequently carried at amortised cost using the eective interest method.

(iii) Impairment

The Fund measures credit risk and expected credit losses using probability of default, exposure at default and loss given default. The Manager considers both historical analysis and forward looking information in determining any expected credit loss. The Manager considers the probability of default to be close to zero as these instruments have a low risk of default and the counterparties have a strong capacity to meet their contractual obligations in the near term. As a result, no loss allowance has been recognised based on 12 months expected credit losses as any such impairment would be wholly insignicant to the Fund.

(iv) Signicant increase in credit risk

A signicant increase in credit risk is dened by the Manager as any contractual payment which is more than 30 days past due.

(v) Denition of default and credit-impaired nancial assets

Any contractual payment which is more than 90 days past due is considered credit-im- paired.

18 MANULIFE INVESTMENT -HW FLEXI FUND

(vi) Write-off

The Fund writes off financial assets, in whole or in part, when it has exhausted all practical recovery efforts and has concluded there is no reasonable expectation of recovery. The assessment of no reasonable expectation of recovery is based on unavailability of debtor’s sources of income or assets to generate sufficient future cash flows to repay the amount. The Fund may write off financial assets that are still subject to enforcement activity. Subsequent recoveries of amounts previously written off will result in impairment gains. There are no write-offs/recoveries during the financial period.

C INCOME RECOGNITION

Interest income from deposits placed with licensed financial institutions is recognised on a time proportionate basis using the effective interest rate method on an accrual basis.

Interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset except for financial assets that subsequently become credit-im- paired. For credit-impaired financial assets the effective interest rate is applied to the net carrying amount of the financial asset (after deduction of the loss allowance).

Dividend income on quoted investments is recognised on the ex-dividend date.

Realised gains or losses on disposal of quoted investments is calculated based on the difference between the net disposal proceeds and the carrying amount of the investments, determined on a weighted average cost basis.

D EXPENSES

Expenses are accounted for on an accrual basis and charged to the statement of comprehensive income. Expenses arising from disposal of investments are recognised as transaction costs. (Note J to the financial statements).

E AMOUNT DUE FROM/TO STOCKBROKERS

Amounts due from and to stockbrokers represent receivables for quoted securities sold and payables for quoted securities purchased that have been contracted for but not yet settled or delivered on the statement of financial position date respectively.

These amounts are recognised initially at fair value and subsequently measured at amortised cost. At each reporting date, the Fund measures the loss allowance on the amount due from the stockbroker at an amount equal to the lifetime expected credit losses if the credit risk has increased significantly since initial recognition. If, at the reporting date, the credit risk has not increased significantly since initial recognition, the Fund shall measure the loss allowance at an amount equal to 12-month expected credit losses.

Significant financial difficulties of the stockbroker, probability that the stockbroker will enter bankruptcy or financial reorganisation, and default in payments are all considered indicators that a loss allowance may be required.

If the credit risk increases to the point that it is considered to be credit-impaired, interest income will be calculated based on the gross carrying amount adjusted for the loss allowance. A significant increase in credit risk is defined by the Manager as any contractual payment which is more than 30 days past due.

F CASH AND CASH EQUIVALENTS

For the purpose of statement of cash flows, cash and cash equivalents comprise cash at banks and deposits held in highly liquid investments that are readily convertible to known amounts of cash, and which are subject to an insignificant risk of changes in value.

G FUNCTIONAL AND PRESENTATION CURRENCY

Items included in the financial statements of the Fund are measured using the currency of the primary economic environment in which the Fund operates (the “functional currency”). The financial statements are presented in Ringgit Malaysia (“RM’’), which is the Fund's functional and presentation currency.

19 MANULIFE INVESTMENT -HW FLEXI FUND

Due to mixed factors in determining the functional currency of the Fund, the Manager has used its judgement to determine the functional currency that most faithfully represents the economic eects of the underlying transactions, events and conditions and have determined the functional currency to be in Ringgit Malaysia (RM) primarily due to the following factors:

(i) Signicant portion of the Fund's expenses are denominated in RM; and (ii) Signicant portion of the Fund's investments are denominated in RM.

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are remeasured. Foreign exchange gains or losses resulting from the selement of such transactions and from the translation at nancial period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of comprehensive income, except when deferred in other comprehensive income (OCI) as qualifying cash ow hedges.

H FAIR VALUE OF FINANCIAL INSTRUMENTS

Fair value is price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants and the measurement date. The information presented herein represents the estimates of fair value as at the date of the statement of nancial position.

Where available, quoted and observable market prices are used as the measure of fair values. Where such quoted and observable market prices are not available, fair values are estimated based on a range of methodologies and assumptions regarding risk characteris- tics of various nancial instruments, discount rates, estimates of future cash ows and other factors. Changes in the uncertainties and assumptions could materially aect these estimates and the resulting fair value estimates.

A range of methodologies and assumptions has been used in deriving the fair values of the Fund’s nancial instruments as at the date of statement of nancial position. The total fair value of each nancial instrument is not materially dierent from the total carrying value.

The fair values are based on the following methodologies and assumptions:

(a) Short-term deposits with nancial institutions

For deposits and placements with nancial institutions with maturities of less than three months, the carrying value is a reasonable estimate of fair value. For deposits and placements with maturities of three months and above, the estimated fair value is based on discounted cash ows by using prevailing interbank money market interest rates at which similar deposits and placements would be made with nancial institutions of similar credit risk and remaining period to maturity.

(b) Quoted investments

The estimated fair value is based on quoted and observable market prices.

(c) Other short-term nancial instruments

Other short-term nancial instruments comprise amount due from/to Manager, amount due from/to stockbrokers, dividends receivable, amount due to Trustee and other payables. The carrying values of the assets and liabilities are assumed to approximate their fair values due to the short tenure of less than one year.

I TAXATION

Current tax expense is determined according to the tax laws in the jurisdictions of the taxable prot earned during the nancial period.

J TRANSACTION COSTS

Transaction costs are costs incurred to acquire or dispose of nancial assets or liabilities at fair value through prot or loss. They include fees and commissions paid to agents, advisors, brokers and dealers. Transaction costs, when incurred, are immediately recognised in the statement of comprehensive income as expenses.

20 MANULIFE INVESTMENT -HW FLEXI FUND

11 NOTES TO THE FINANCIAL STATEMENTS FOR THE SIX MONTHS FINANCIAL PERIOD ENDED 28 FEBRUARY 2021

1 INFORMATION ON THE FUND

Manulife Investment HW-Flexi Fund (the “Fund”) was established pursuant to a Master Deed dated 31 January 2002, as amended and supplemented by subsequent Supplemen- tal Deeds (hereina er referred to as the “Deed”) between Manulife Asset Management Services Berhad (the “Manager”) and Maybank Trustees Berhad (the “Trustee”).

The principal activity of the Fund is to invest in “Authorised Investments” as dened under Clause 1 of the Deed, which includes stocks and securities of companies listed on Bursa Malaysia Berhad and foreign securities listed on any recognised Stock Exchange(s) subject to approval by Bank Negara Malaysia and Securities Commission, unlisted securities of a Malaysian issuer, deposits with nancial institutions, quoted and unquoted xed income securities. The Fund commenced operations on 26 July 2007 and will continue its operations until terminated as provided under Clause 48.2 of the Deed.

The main objective of the Fund is to provide unit holders with long-term capital appreciation.

The Manager of the Fund, a company incorporated in Malaysia, is a wholly-owned subsidiary of Manulife Holdings Berhad, a public limited liability company, incorporated and domiciled in Malaysia, and listed on the main market of Bursa Malaysia. Its principal activities are the management of unit trusts and private retirement schemes, nancal planning and fund management activities.

The nancial statements were authorised for issue by Manager on 26 April 2021.

2 NET ASSETS ATTRIBUTABLE TO UNIT HOLDERS The unit holders’ contributions to the Fund meet the criteria to be classied as equity instruments under MFRS 132 “Financial Instruments: Presentation”. Those criteria include:

• the units entitle the holder to a proportionate share of the Fund’s net asset value; • the units are the most subordinated class and class features are identical; • there is no contractual obligations to deliver cash or another nancial asset other than the obligation on the Fund to repurchase; and • the total expected cash ows from the units over their lifespon are based substantially on the prot or loss of the Fund.

The outstanding units are carried at the redemption amount that is payable at each nancial period if the unit holders exercise the right to put the units back to the Fund.

Units are created and cancelled at prices based on the Fund’s net asset value per unit at the time of creation or cancellation. The Fund’s net asset value per unit is calculated by dividing the net assets aributable to unit holders with the total number of outstanding units.

3 MANAGER’S FEE In accordance with the Deed, the Manager is entitled to Manager’s fee at a rate of 1.50% per annum (2020: 1.50% per annum) of the net asset value of the Fund before deducting Trustee’s fee and Manager’s fee for the day, calculated on a daily basis.

There will be no further liability to the Manager in respect of Manager’s fee other than the amount recognised above.

4 TRUSTEE’S FEE In accordance with the Deed, the Trustee is entitled to a fee of 0.08% per annum (2020: 0.08% per annum) of the net asset value of the Fund before deducting Trustee’s fee and Manager’s fee for the day, calculated on a daily basis and subject to a minimum of RM18,000 per annum.

There will be no further liability to the Trustee in respect of Trustee’s fee other than the amount recognised above.

21 MANULIFE INVESTMENT -HW FLEXI FUND

5 TAXATION 2021 2020 RM RM

Current taxation - -

Numerical reconciliation between prot/(loss) before taxation multiplied by the Malaysian statutory tax rate and tax expenses of the Fund is as follows:

2021 2020 RM RM

Prot/(Loss) before taxation 39,566,307 (7,735,267)

Tax calculated at Malaysian tax rate of 24% (2020: 24%) 9,495,914 (1,856,464)

Tax eect in respect of: - Expenses not deductible for tax purposes 275,513 185,265 - Restriction on tax deductible expenses for unit trust funds 608,158 483,169 - Investment loss/income not subject to tax (10,864,717) 1,100,394 - Investment income subject to dierent tax rate 485,132 87,636

Tax expenses - -

6 FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS

28.02.2021 29.02.2020 RM RM Financial assets at fair value through prot or loss - Quoted investments - Local (Note 6(a)) 252,705,287 194,064,503 - Quoted investments - Foreign (Note 6(b)) 77,061,422 29,011,566 329,766,709 223,076,069

2021 2020 RM RM Net gain/(loss) on nancial assets at fair value through prot or loss - Realised 29,217,714 (492,307) - Unrealised 12,654,793 (8,101,708) 41,872,507 (8,594,015)

22 MANULIFE INVESTMENT -HW FLEXI FUND

(a) QUOTED INVESTMENTS - LOCAL Fair value as at 28.02.2021 expressed as Fair value percentage Cost of as at of value of QUOTED INVESTMENTS Quantity shares 28.02.2021 Fund Units RM RM % 28.02.2021

ACE MARKET

TECHNOLOGY

Greatech Technology Berhad 2,602,500 6,362,870 15,875,250 4.27

MAIN MARKET

CONSTRUCTION Gamuda Berhad 995,300 3,317,976 3,314,349 0.89

CONSUMER PRODUCTS & SERVICES

Guan Chong Berhad 105,500 326,961 280,630 0.08 Heineken Malaysia Berhad 105,900 2,380,863 2,711,040 0.73 Hong Leong Industries Berhad 419,900 4,277,854 3,434,782 0.92 631,300 6,985,678 6,426,452 1.73

ENERGY

Dialog Group Berhad 1,622,200 5,632,408 5,239,706 1.41

FINANCIAL SERVICES

Allianz Malaysia Berhad 475,200 6,016,532 6,548,256 1.76 Bursa Malaysia Berhad 846,300 7,140,134 7,701,330 2.07 CIMB Group Holdings Berhad 1,988,142 10,588,687 8,608,655 2.31 Berhad 570,500 8,981,973 10,269,000 2.76 Hong Leong Financial Group Berhad 198,700 3,347,065 3,369,952 0.91 Malayan Banking Berhad 440,452 4,018,257 3,536,830 0.95 RHB Bank Berhad 2,106,500 11,413,981 11,417,230 3.07 Syarikat Takaful Malaysia Keluarga Berhad 1,051,800 4,434,436 4,838,280 1.30 7,677,594 55,941,065 56,289,533 15.13

INDUSTRIAL PRODUCTS & SERVICES

Petronas Chemicals Group Berhad 783,500 6,301,556 5,821,405 1.56 Scientex Berhad 2,922,900 8,621,337 11,750,058 3.16 Scientex Berhad - Warrants C 194,860 - 237,729 0.06 Sunway Berhad 3,447,863 5,505,219 5,171,794 1.39 Cahya Mata Sarawak Berhad 1,608,800 3,741,777 3,732,416 1.00 Press Metal Aluminium Holdings Berhad 508,000 4,699,000 4,922,520 1.32 9,465,923 28,868,889 31,635,922 8.49

PLANTATION

Kuala Lumpur Kepong Berhad 287,300 6,812,905 6,751,550 1.81

23 MANULIFE INVESTMENT -HW FLEXI FUND

Fair value as at 28.02.2021 expressed as Fair value percentage Cost of as at of value of QUOTED INVESTMENTS Quantity shares 28.02.2021 Fund Units RM RM % PROPERTY

Malaysian Resources Corporation Berhad 2,554,700 1,353,092 1,060,201 0.28 SP Setia Berhad-Islamic Redeemable Convertible Preference Shares A 4,599,100 5,011,671 3,587,298 0.96 SP Setia Berhad-Islamic Redeemable Convertible Preference Shares B 500,334 410,150 385,257 0.10 UOA Development Berhad 2,577,500 5,993,472 4,562,175 1.23 10,231,634 12,768,385 9,594,931 2.57

REAL ESTATE INVESTMENT TRUSTS (REITs)

Axis Real Estate Investment Trust 1,755,254 2,666,748 3,212,115 0.86 Sunway Real Estate Investment Trust 5,389,100 8,970,777 8,137,541 2.19 YTL Hospitality Real Estate Investment Trust 3,831,100 4,293,495 3,352,212 0.90 10,975,454 15,931,020 14,701,868 3.95

TECHNOLOGY

Datasonic Group Berhad 4,239,600 3,187,967 2,183,394 0.59 Frontken Corporation Berhad 2,504,200 5,948,793 13,046,882 3.51 GHL Systems Berhad 3,840,700 6,417,764 6,798,039 1.83 Inari Amertron Berhad 2,574,300 5,310,211 9,267,480 2.49 MY E.G. Services Berhad 2,952,171 4,267,278 6,258,603 1.68 Pentamaster Corporation Berhad 595,900 1,921,584 3,748,211 1.01 Unisem (M) Berhad 1,176,700 6,471,850 10,472,630 2.82 UWC Berhad 2,284,200 4,250,794 14,733,090 3.96 20,167,771 37,776,241 66,508,329 17.89

TELECOMUNICATIONS & MEDIA

Axiata Group Berhad 575,619 2,278,152 2,043,447 0.55 Digi.Com Berhad 754,700 3,719,539 2,792,390 0.75 Time Dotcom Berhad 516,000 4,572,865 7,172,400 1.93 1,846,319 10,570,556 12,008,237 3.23

TRANSPORTATION & LOGISTICS

Malaysia Airports Holdings Berhad 1,504,200 7,891,725 9,010,158 2.42 MISC Berhad 1,017,900 6,806,372 6,901,362 1.86 2,522,100 14,698,097 15,911,520 4.28

UTILITIES

Tenaga Nasional Berhad 836,400 11,877,885 8,447,640 2.27

TOTAL QUOTED INVESTMENTS - LOCAL 69,861,795 217,543,975 252,705,287 67.92

24 MANULIFE INVESTMENT -HW FLEXI FUND

(b) QUOTED INVESTMENTS - FOREIGN Fair value as at 28.02.2021 expressed as Fair value percentage Cost of as at of value of QUOTED INVESTMENTS Quantity shares 28.02.2021 Fund Units RM RM % 28.02.2021

HONG KONG / CHINA

COMMUNICATIONS

Tencent Holdings Limited 22,900 4,987,902 7,916,358 2.13 Hong Kong Broadband Network Limited 560,500 3,763,265 3,293,200 0.89 583,400 8,751,167 11,209,558 3.02

CONSUMER DISCRETIONARY

Alibaba Group Holding Limited 55,100 6,502,102 6,681,774 1.80 Haier Smart Home Company Limited 405,600 6,886,527 6,243,441 1.68 Sands China Limited 4,400 88,330 83,342 0.02 Topsports International Hold 414,000 2,010,677 2,462,687 0.66 879,100 15,487,636 15,471,244 4.16

ENERGY

Xinte Energy Company Limited 244,543 3,567,948 2,654,133 0.71

FINANCIAL SERVICES

AIA Group Limited 163,600 7,063,667 8,284,817 2.23

TECHNOLOGY

Xiaomi Corporation 248,200 3,570,999 3,276,622 0.88

SOUTH KOREA

TECHNOLOGY

Samsung Electronics Company Limited 22,699 4,862,907 5,952,259 1.60

SINGAPORE

Capitaland Retail China Trust 854,500 3,517,688 3,510,906 0.94

TAIWAN

TECHNOLOGY

MediaTek Inc 45,000 4,521,110 5,850,432 1.57 Taiwan Semiconductor Manufacturing Company Limited 102,000 5,980,814 8,968,921 2.41 Nanya Technology Corporation 584,000 5,236,982 8,177,256 2.20 Hon Hai Precision Industry Company Limited 228,000 3,849,974 3,705,274 1.00 959,000 19,588,880 26,701,883 7.18

25 MANULIFE INVESTMENT -HW FLEXI FUND

Fair value as at 28.02.2021 expressed as Fair value percentage Cost of as at of value of QUOTED INVESTMENTS Quantity shares 28.02.2021 Fund Units RM RM % TOTAL QUOTED INVESTMENTS - FOREIGN 3,955,042 66,410,892 77,061,422 20.72

TOTAL QUOTED INVESTMENTS 73,816,837 283,954,867 329,766,709 88.64

ACCUMULATED UNREALISED GAIN ON FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS 45,811,842

TOTAL FAIR VALUE OF FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS 329,766,709

Fair value as (a) QUOTED INVESTMENTS - LOCAL at 29.02.2020 expressed as Fair value percentage Cost of as at of value of QUOTED INVESTMENTS Quantity shares 29.02.2020 Fund Units RM RM % 29.02.2020

MAIN MARKET

CONSTRUCTION

IJM Corporation Berhad 1,738,200 3,897,126 3,372,108 1.33

CONSUMER PRODUCTS & SERVICES

Aeon Co. (M) Berhad 1,491,000 2,637,930 2,057,580 0.81 Guan Chong Berhad 1,726,600 3,936,300 4,333,766 1.71 Heineken Malaysia Berhad 281,900 6,583,736 7,188,450 2.84 Hong Leong Industries Berhad 419,900 4,277,854 3,905,070 1.54 3,919,400 17,435,820 17,484,866 6.90

ENERGY

Dayang Enterprise Holdings Berhad 1,492,500 2,473,968 3,477,525 1.37 Dialog Group Berhad 1,644,000 5,193,870 5,490,960 2.17 3,136,500 7,667,838 8,968,485 3.54

FINANCIAL SERVICES

Aeon Credit Service (M) Berhad 463,224 5,523,079 6,392,491 2.52 Allianz Malaysia Berhad 454,100 5,520,017 6,947,730 2.74 Bursa Malaysia Berhad 869,000 6,004,498 4,788,190 1.89 CIMB Group Holdings Berhad 1,838,042 10,846,793 8,859,362 3.50 Hong Leong Bank Berhad 641,900 10,674,066 9,821,070 3.87 Hong Leong Financial Group Berhad 171,000 3,146,400 2,616,300 1.03 Malayan Banking Berhad 1,385,044 12,670,930 11,662,071 4.60 Public Bank Berhad 57,000 1,105,487 974,700 0.38 RHB Bank Berhad 1,176,200 6,364,528 6,527,910 2.58 Syarikat Takaful Malaysia Keluarga Berhad 694,000 3,060,943 3,289,560 1.30 7,749,510 64,916,741 61,879,384 24.41 26 MANULIFE INVESTMENT -HW FLEXI FUND

Fair value as at 29.02.2020 expressed as Fair value percentage Cost of as at of value of QUOTED INVESTMENTS Quantity shares 29.02.2020 Fund Units RM RM %

HEALTH CARE

IHH Healthcare Berhad 913,400 5,184,873 5,206,380 2.05

INDUSTRIAL PRODUCTS & SERVICES

Petronas Chemicals Group Berhad 1,059,000 8,517,356 5,718,600 2.26 Scientex Berhad 735,200 4,711,976 6,616,800 2.61 SKP Resources Berhad 3,355,000 4,385,375 4,462,150 1.76 Sunway Berhad 3,525,263 5,625,555 6,239,716 2.46 8,674,463 23,240,262 23,037,266 9.09

PLANTATION

Kuala Lumpur Kepong Berhad 235,200 5,092,003 5,136,768 2.03

PROPERTY

SP Setia Berhad 5,099,434 5,421,821 4,549,464 1.79 UOA Development Berhad 2,354,800 5,663,876 4,591,860 1.81 7,454,234 11,085,697 9,141,324 3.60

REAL ESTATE INVESTMENT TRUSTS (REITs)

Axis Real Estate Investment Trust 3,008,527 4,567,346 5,806,457 2.29 Sunway Real Estate Investment Trust 3,992,000 7,001,082 7,584,800 2.99 YTL Hospitality Real Estate Investment Trust 3,831,100 4,293,495 5,133,674 2.03 10,831,627 15,861,923 18,524,931 7.31

TECHNOLOGY

Inari Amertron Berhad 2,495,200 4,580,828 3,518,232 1.39 Pentamaster Corporation Berhad 1,040,000 4,510,452 4,773,600 1.88 3,535,200 9,091,280 8,291,832 3.27

TELECOMMUNICATIONS & MEDIA

Astro Malaysia Holdings Berhad 1,907,800 2,950,046 2,270,282 0.90 Group Berhad 608,419 2,788,205 2,543,191 1.00 Digi.Com Berhad 1,182,000 5,825,487 4,917,120 1.94 Time Dotcom Berhad 584,000 5,172,691 5,448,720 2.15 4,282,219 16,736,429 15,179,313 5.99

27 MANULIFE INVESTMENT -HW FLEXI FUND

Fair value as at 29.02.2020 expressed as Fair value percentage Cost of as at of value of QUOTED INVESTMENTS Quantity shares 29.02.2020 Fund Units RM RM % TRANSPORTATION & LOGISTICS

MISC Berhad 498,400 3,695,824 3,782,856 1.49

UTILITIES

Tenaga Nasional Berhad 1,161,900 16,657,561 14,058,990 5.55

TOTAL QUOTED INVESTMENTS - LOCAL 54,130,253 200,563,377 194,064,503 76.56

(b) QUOTED INVESTMENTS - FOREIGN Fair value as at 29.02.2020 expressed as Fair value percentage Cost of as at of value of QUOTED INVESTMENTS Quantity shares 29.02.2020 Fund Units RM RM % 29.02.2020

HONG KONG / CHINA

AIA Group Limited 155,200 6,610,620 6,453,190 2.55 Alibaba Group Holding Limited 58,900 6,655,725 6,369,446 2.51 Ping An Insurance 151,000 7,394,158 7,074,600 2.79 Tencent Holdings Limited 29,200 6,360,120 6,094,338 2.40 394,300 27,020,623 25,991,574 10.25

SINGAPORE

Capitaland Retail China Trust 709,500 3,222,269 3,019,992 1.19

TOTAL QUOTED INVESTMENTS - FOREIGN 1,103,800 30,242,892 29,011,566 11.44

TOTAL QUOTED INVESTMENTS 55,234,053 230,806,269 223,076,069 88.00

ACCUMULATED UNREALISED LOSS ON FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (7,730,200)

TOTAL FAIR VALUE OF FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS 223,076,069

28 MANULIFE INVESTMENT -HW FLEXI FUND

7 CASH AND CASH EQUIVALENTS 28.02.2021 29.02.2020 RM RM

Deposits with licensed nancial institutions 33,943,515 22,786,973 Bank balances in licensed banks 9,546,008 176,052 43,489,523 22,963,025

Weighted average rates of return are as follows: 28.02.2021 29.02.2020 % %

Short-term deposits with licensed nancial institutions 1.75 2.76

The deposits have an average maturity of 1 day (29.02.2020: 3 days).

8 OTHER PAYABLES

28.02.2021 29.02.2020 RM RM

Auditors’ remuneration 2,666 3,027 Tax agent’s fee 4,119 4,293 Sundry payables and accruals (6,071) 14,013 714 21,333

9 UNITS IN CIRCULATION 28.02.2021 29.02.2020 No. of units No. of units

At beginning of the nancial period 902,571,462 874,231,000 Add: Creation of units arising from applications 108,634,816 32,720,600 Less: Cancellation of units (40,009,496) (50,201,696)

At end of the nancial period 971,196,782 856,749,904

10 BROKERS’ TRANSACTIONS

The details of transactions with brokers by value of trades are as follows:

Percentage Percentage of total Value of of total Brokerage brokerage Name of brokers trades trades fees fees RM % RM % 2021

An Hwang Investment Bank Berhad 68,071,333 25.26 170,328 19.08 Maybank Investment Bank Berhad 21,276,465 7.90 53,066 5.94 Macquarie Bank Limited Hong Kong Branch 19,059,222 7.07 47,670 5.34 CGS - Cimb Securities Sdn Bhd 16,722,145 6.21 37,558 4.21 Kenanga Investment Bank Berhad 24,027,528 8.92 59,979 6.72 Hong Leong Investment Bank Berhad 14,230,615 5.28 281,035 31.48 Public Investment Bank Berhad 15,994,539 5.94 36,135 4.05 Citigroup Global Markets Asia Limited 11,031,850 4.09 22,047 2.47 Seagroa & Campbell Securities Sdn Bhd 9,700,465 3.60 20,968 2.35 Macquarie Capital Securities (Malaysia) Sdn Bhd 9,500,251 3.52 23,767 2.66 Others 59,866,063 22.21 140,068 15.70 269,480,476 100.00 892,621 100.00

29 MANULIFE INVESTMENT -HW FLEXI FUND

Percentage Percentage of total Value of of total Brokerage brokerage Name of brokers trades trades fees fees RM % RM % 2020

An Hwang Investment Bank Berhad 50,408,534 22.71 126,139 25.28 CLSA Limited 23,667,360 10.66 11,816 2.37 Maybank Investment Bank Berhad 15,919,761 7.17 39,849 7.99 Macquarie Capital Securities (Malaysia) Sdn Bhd 14,671,987 6.61 36,608 7.34 Public Investment Bank 10,925,893 4.92 27,317 5.47 Hong Leong Investment Bank Berhad 10,807,766 4.87 27,035 5.42 CLSA Securities Malaysia Sdn Bhd 9,820,338 4.42 22,411 4.49 TA Securities Holdings Berhad 9,292,847 4.19 23,243 4.66 Citigroup Global Markets Malaysia Sdn Bhd 8,282,609 3.73 20,706 4.15 CIMB Investment Bank Berhad 7,222,925 3.25 16,984 3.40 Others 60,929,342 27.47 146,883 29.43 221,949,362 100.00 498,991 100.00

As at the end of each nancial period, there were no transactions with related parties.

11 UNITS HELD BY THE MANAGER AND PARTIES RELATED TO THE MANAGER

The related parties and their relationship with the Fund are as follows:

Related parties Relationship Manulife Investment Management (M) The Manager Berhad Manulife Financial Corporation (“Manulife”) Ultimate holding company of the Manager Manulife Holdings Berhad Immediate holding company of the Manager Directors of Manulife Investment Management Directors of the Manager (M) Berhad Subsidiaries and associates of Manulife Subsidiaries and associate companies as disclosed in its nancial statements of the ultimate holding company of the Manager

There were no units held by the Manager as at each of the nancial period ended 28 February 2021 and 29 February 2020.

Party related to the Manager:

DIRECTOR OF THE MANAGER As at: WONG BOON CHOY ** No. of units RM 28.02.2021 41,759 15,998

29.02.2020 34,283 10,144

30 MANULIFE INVESTMENT -HW FLEXI FUND

* The units are held legally and benecially ** The units are held legally

In addition to the related party disclosure mentioned elsewhere in the nancial statements, there were no other signicant related party transactions and balances.

The Manager is of the opinion that all transactions with the related companies have been entered into at agreed terms between the related parties.

12 MANAGEMENT EXPENSES RATIO (“MER”)

2021 2020 % % MER 0.85 0.80

MER represents expenses including Manager’s fee, Trustee’s fee, auditors’ remuneration, tax agent’s fee and other expenses (excluding SST on transaction costs and withholding tax) expressed as an annual percentage of the Fund’s average net asset value calculated on a daily basis.

13 PORTFOLIO TURNOVER RATIO (“PTR”)

2021 2020

PTR (times) 0.47 0.40

PTR represents the average of total acquisitions and disposals of investments in the Fund for the nancial period over the Fund’s average net asset value calculated on a daily basis.

14 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Fund is exposed to a variety of risks which include market risk (including price risk and interest rate risk ) credit risk, liquidity risk and capital risk.

Financial risk management is carried out through internal control processes adopted by the Manager and adherence to all rules and regulations as stipulated by the Securities Commission’s Guidelines on Unit Trust Funds.

Market risk

(a) Price risk

Price risk arises mainly from uncertainty about future prices of investments. It represents the potential loss the Fund may suer through holding market positions in the face of price movements. The Manager manages the risk of unfavourable changes in prices by continuous monitoring of the performance and risk prole of the investment portfolio.

The table below shows the assets of the Fund which are exposed to price risk.

28.02.2021 29.02.2020 RM RM

Financial assets at fair value through prot or loss - Quoted investments - Local (Note 6(a)) 252,705,287 194,064,503 - Quoted investments - Foreign (Note 6(b)) 77,061,422 29,011,566 329,766,709 223,076,069

31 MANULIFE INVESTMENT -HW FLEXI FUND

The table below summarises the sensitivity of the Fund’s prot or loss a er taxation and net asset value to price risk movements of quoted investments. The analysis is based on the assumptions that the market price of quoted investments uctuates by 5% with all other variables being held constant, and that fair value of the Fund’s investments move according to the historical correlation of the index. Disclosures below are shown in absolute terms, changes and impact could be positive or negative.

Impact on Changes in pro t or loss Impact on net As at: price aer taxation asset value % RM RM 28.02.2021

Financial assets at fair value through prot or loss - Quoted investments - Local 5 12,635,264 12,635,264 - Quoted investments - Foreign 5 3,853,071 3,853,071 16,488,335 16,488,335

29.02.2020

Financial assets at fair value through prot or loss - Quoted investments - Local 5 9,703,225 9,703,225 - Quoted investments - Foreign 5 1,450,578 1,450,578 11,153,803 11,153,803

(b) Interest rate risk

Interest rate risk is the risk that the value of a nancial instrument will uctuate due to changes in market interest rate.

The Fund’s exposure to the interest rate risk is mainly conned to deposits with nancial institutions. The Manager overcomes this exposure by way of maintaining deposits on short-term basis.Therefore, the Fund's exposure to interest rate uctuation is minimal.

(c) Currency risk

For investments denominated in foreign currencies, the currency risk may have a signicant impact on the returns of the Fund. The Manager will evaluate the likely direction of a foreign currency versus Ringgit Malaysia based on consideration of economic fundamentals such as interest rate dierentials, balance of payment position, debt level and technical consideration.

The Fund’s foreign currency risk concentrations are as follows:

Financial assets at Cash and fair value cash through Dividends As at equivalents pro t receivable Total RM RM RM RM 28.02.2021

HKD - 40,896,374 - 40,896,374 KRW - 5,952,259 123,276 5,952,259 SGD 9,426,477 3,510,906 - 12,937,383 TWD - 26,701,883 - 26,701,883 9,426,477 77,061,422 123,276 86,487,899

32 MANULIFE INVESTMENT -HW FLEXI FUND

Financial assets at Cash and fair value cash through Dividends As at equivalents pro t receivable Total RM RM RM RM 29.02.2020

SGD 76,359 3,019,992 - 3,096,351 HKD - 25,991,574 - 25,991,574 76,359 29,011,566 - 29,087,925

The table below summarises the sensitivity of the Fund's prot or loss a er taxation and net asset value to changes in foreign exchange movements at the end of each reporting period. The analysis is based on the assumption that the foreign exchange rate uctuates by 5%, with all other variables remaining constant. This represents management's best estimate of a reasonable possible shi in the foreign exchange rate, having regard to historical volatility of this rate. Disclosures below are shown in absolute terms, changes and impacts could be positive or negative (continued).

Changes in Impact on foreign pro t or loss Impact on net As at: exchange aer taxation asset value % RM RM 28.02.2021

HKD 5 2,044,819 2,044,819 KRW 5 297,613 297,613 SGD 5 646,869 646,869 TWD 5 1,335,094 1,335,094 4,324,395 4,324,395

29.02.2020

SGD 5 154,818 154,818 HKD 5 1,299,579 1,299,579 1,454,396 1,454,396

Credit risk

Credit risk is the risk that one party to a nancial instrument will cause a nancial loss to the other party by failing to discharge an obligation. The Manager manages the credit risk by undertaking credit evaluation to minimise such a risk.

Credit risk arising from placement of deposits in licensed nancial institutions is managed by ensuring that the Fund will only place deposits in reputable licensed nancial institutions.

For amount due from stockbrokers, the selement terms are governed by the relevant rules and regulations as prescribed by Bursa Malaysia Berhad.

The selement terms of the proceeds from the creation of units receivable by the Manager are governed by the Securities Commission’s Malaysia's Guidelines on Unit Trust Funds.

33 MANULIFE INVESTMENT -HW FLEXI FUND

The maximum exposure to credit risk before any credit enhancements in the carrying amount of the nancial assets is as set out below:

Neither Past Due Nor Impaired Amount Cash and Amount due from cash due from stock- Dividends As at equivalents Manager brokers receivable Total RM RM RM RM RM 28.02.2021

AAA 43,489,523 - - - 43,489,523 Not rated - 761,543 5,391,391 631,003 6,783,937 43,489,523 761,543 5,391,391 631,003 50,273,460

As at

29.02.2020

AAA 22,963,025 - - - 22,963,025 Not rated - 15,573 8,405,262 256,155 8,676,990 22,963,025 15,573 8,405,262 256,155 31,640,015

Liquidity risk

Liquidity risk is the risk that the Fund will encounter diculty in meeting its nancial obligations. The Manager manages this risk by maintaining a sucient level of liquid assets to meet anticipated payments and cancellations of units by unit holders. The liquid assets comprise cash at banks, deposits with licensed nancial institutions and other instruments which are capable of being converted into cash within 7 days.

The following table analyses the Fund’s nancial assets and nancial liabilities into relevant maturity groupings based on the remaining period at the statement of nancial position date to the contractual maturity date. The amounts in the following table are the contractual undiscounted cash ows.

No Within one maturity As at year date Total RM RM RM 28.02.2021

Financial assets

Cash and cash equivalents 33,943,515 9,546,008 43,489,523 Financial assets at fair value through prot or loss 329,766,709 - 329,766,709 Amount due from Manager 761,543 - 761,543 Amount due from stockbrokers 5,391,391 - 5,391,391 Dividends receivable 631,003 - 631,003 370,494,161 9,546,008 380,040,169

Financial liabilities

Amount due to Manager - Manager’s fee 427,738 - 427,738 Amount due to Trustee 22,813 - 22,813 Amount due to stockbrokers 7,565,250 - 7,565,250 Other payables 714 - 714 8,016,515 - 8,016,515

34 MANULIFE INVESTMENT -HW FLEXI FUND

No Within one maturity As at year date Total RM RM RM 29.02.2020

Financial assets

Cash and cash equivalents 22,786,973 176,052 22,963,025 Financial assets at fair value through prot or loss - 223,076,069 223,076,069 Amount due from Manager 15,573 - 15,573 Amount due from stockbrokers 8,405,262 - 8,405,262 Dividends receivable 256,155 - 256,155 31,463,963 223,252,121 254,716,084

Financial liabilities

Amount due to Manager - Manager’s fee 314,128 - 314,128 - Cancellation of units 858,868 - 858,868 Amount due to Trustee 16,754 - 16,754 Amount due to stockbrokers 35,137 - 35,137 Other payables 21,333 - 21,333 1,246,220 - 1,246,220

Capital risk

The capital of the Fund is represented by equity consisting of unit holders’ capital of RM213,921,053 (29.02.2020: RM176,591,100) and retained earnings of RM158,102,601 (29.02.2020: RM76,878,764). The amount of equity can change signicantly on a daily basis as the Fund is subject to daily subscriptions and redemptions at the discretion of unit holders. The Fund’s objective when managing capital is to safeguard the Fund’s ability to continue as a going concern in order to provide returns for unit holders and benets for other stakeholders, and to maintain a strong capital base to support the development of the investment activities of the Fund.

Fair value estimation

The Fund classies fair value measurements using a fair value hierarchy that reects the signicance of the inputs used in making the measurements. The fair value hierarchy has the following levels:

• Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1).

• Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2).

• Inputs for the asset and liability that are not based on observable market data (that is, unobservable inputs) (level 3).

Financial assets at fair value through prot or loss consisting of RM329,766,709 (29.02.2020: RM223,076,069) is classied within level 1.

15 SIGNIFICANT EVENT DURING THE FINANCIAL PERIOD

The worsening macro-economic outlook as a consequence of the Covid-19 pandemic, both domestically and globally, could result in a deterioration of the Fund's net asset value per unit in the future.

The Manager is monitoring the situation closely and will be actively managing the portfolio to achieve the Fund's objective.

35 MANULIFE INVESTMENT -HW FLEXI FUND

12 CORPORATE INFORMATION

MANAGER Manulife Investment Management (M) Berhad Registration No.: 200801033087 (834424-U) 13th Floor, Menara Manulife No. 6, Jalan Gelenggang Damansara Heights 50490 Kuala Lumpur

BOARD OF DIRECTORS Dato’ Md Agil Bin Mohd Na (Independent) Edmond Cheah Swee Leng (Independent) Gianni Fiacco (Non-Independent) Vibha Hamsi Coburn (Non-Independent) Wong Boon Choy (Non-Independent) Chong Soon Min (Jason) (Non-Independent Executive)

INVESTMENT COMMITTEE Dato’ Dr Zaha Rina Binti Zahari (Independent) Dato’ Md Agil Bin Mohd Na (Independent) Edmond Cheah Swee Leng (Independent) Wong Boon Choy (Non-Independent) Chong Soon Min (Jason) (Non-Independent)

INVESTMENT MANAGER An Hwang Asset Management Berhad Registration No: 199701014290 (429786-T) Suite 11-01, 11th Floor, Menara Keck Seng 203, Jalan Bukit Bintang 55100 Kuala Lumpur.

TRUSTEE OF THE FUND Maybank Trustees Berhad Registration No: 196301000109 (5004-P) 8th Floor, Menara Maybank 100 Jalan Tun Perak 50050 Kuala Lumpur

AUDITORS PricewaterhouseCoopers PLT Registration No: LLP0014401-LCA & AF 1146 Level 10, 1 Sentral, Jalan Travers Kuala Lumpur Sentral P O Box 10192 50706 Kuala Lumpur

TAX CONSULTANTS Deloie Tax services Sdn Bhd Registration No: 197701005407 (36421-T) Level 16, Menara LGB 1 Jalan Wan Kadir Taman Tun Dr Ismail 60000 Kuala Lumpur

36 MANULIFE INVESTMENT -HW FLEXI FUND

HEAD OFFICE Manulife Investment Management (M) Berhad Registration No.: 200801033087 (834424-U) 13th Floor, Menara Manulife No. 6, Jalan Gelenggang Damansara Heights 50490 Kuala Lumpur Tel: (03) 2719-9228 Fax: (03) 2094-7654 E-mail : MY [email protected] Website: www.manulifeinvestment.com.my

BRANCH OFFICES

Kota Bharu 1st Floor, Lot 10900 Wisma Seri Setia Jalan Dusun Muda, Sek 26 15200 Kota Bharu Kelantan Tel: (09) 747-2388 Fax: (09) 747-2588

Sungai Petani Lot 88, No. 17, 2nd Floor Jalan Perdana Heights 2/2 Perdana Heights 08000 Sungai Petani Kedah Darul Aman Tel: (04) 423-3233 Fax: (04) 423-3233

Penang 1-2-18, Elit Avenue, Jalan Mayang Pasir 3, 11950 Bayan Baru, Penang Tel: (04) 611-9944 / 618-0044 Fax: (04) 618-0505

Ipoh No. 1, 1A & 1B Pusat Perdagangan Canning 2 Pusat Perdagangan Canning 31400 Ipoh Perak Darul Ridzuan Tel: (05) 541-6839 Fax: (05) 541-6627

Dataran Sunway 26-2 & 28-2, Jalan PJU 5/8 Dataran Sunway Kota Damansara 47810 Petaling Jaya Selangor Darul Ehsan Tel: (03) 6140-8101 / 6140-8102 Fax: (03) 6140-8103

Shah Alam 30-1, Block 5, Jalan Setia Prima (S) U13/S, Setia Alam, Seksyen U13, 40170 Shah Alam Selangor Darul Ehsan Tel: (03) 3362-6668 Fax: (03) 3362-6662

37 MANULIFE INVESTMENT -HW FLEXI FUND

Klang No. 3-1 & 3-2, Jalan Mahogani 5/K507, Bandar Botanic, 41200 Klang Selangor Darul Ehsan Tel: (03) 3318-6088 Fax: (03) 3318-4011

Kuala Lumpur 2nd Floor, Menara Manulife No. 6, Jalan Gelenggang Damansara Heights 50490 Kuala Lumpur Tel: (03) 2719-9204

Seremban 160-2, Taipan Senawang Jalan Taman Komersil Senawang 1 Taman Komersil Senawang 70450 Seremban Negeri Sembilan Tel: (06) 671-5019 Fax: (06) 678-0016

Melaka No. 87-01 & 87-02 Jalan Melaka Raya 25 Taman Melaka Raya 1 75000 Melaka Tel: (06) 281-3866 Fax: (06) 282-0587

Johor Bahru No. 1-01, Jalan Setia Tropika 1/15 Taman Setia Tropika 81200 Johor Bahru Johor Darul Takzim Tel: (07) 234-5871 Fax: (07) 234-4620

Kuching No. 63 & 65, 2nd Floor Jalan Tun Jugah 93350 Kuching Sarawak Tel: (082) 593-380 Fax: (082) 593-382

Miri Lot. 3554, 1st & 2nd Floor Block 5 MCLD Jalan Miri Pujut 101 Commercial Centre 98000 Miri Sarawak Tel: (085) 325-770 Fax: (085) 326-262

Bintulu No. 2, Lot 3288 1st Floor Parkcity Commerce Square Jalan Tun Ahmad Zaidi 97000 Bintulu Sarawak Tel: (086) 343-288 Fax: (086) 343-289

38 MANULIFE INVESTMENT -HW FLEXI FUND

Sibu No. 1 & 3, 1st Floor, Lorong 1, Jalan Tun Abang Haji Openg 96000 Sarawak Tel: (084) 320-469 Fax: (084) 320-476

Kota Kinabalu Lot J-55-2, Block J, 2nd Floor, Signature Oce, KK Times Square, O Jalan Coastal Highway, 88100 Kota Kinabalu Sabah Tel: (088) 486-671 / 486-672 Fax: (088) 486-670

Sandakan Taman Nasalim Shoplot Lot 88, 1st Floor, Phase 7A Jalan Lintas Utara 90000 Sandakan Sabah Tel: (089) 220-220 / 229-045 Fax: (089) 226-868

39 THIS PAGE IS INTENTIONALLY LEFT BLANK THIS PAGE IS INTENTIONALLY LEFT BLANK THIS PAGE IS INTENTIONALLY LEFT BLANK