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Manulife Horizons is a minimum 10-pay** variable life insurance product that provides you with insurance protection and allows youenjoy the rewards from investing in any or a combination of professionally-managed investment accounts.

MANULIFE HORIZONS' MAJOR FEATURESLiberty to choose your desired Face Amount depending on your life insurance protection needs. You decide on ylife insurance coverage from a minimum amount of Php 300,000.

Provides peace of mind to you and your family with high insurance protection. Your beneficiaries shall receive 200%the Face Amount or your Account Value, whichever is higher, adjusted by all partial withdrawals and top-ups made subject to minimum death benefit.*

Offers a variety of fund options depending on your financial objectives, risk appetite and investment horizYou may choose to allocate your premium among any of our professionally-managed investment funds that suit your risk profile.

Provides flexibility to increase your investment and take advantage of optimistic market trends. Build up yinvestment regularly through additional premiums called "recurring top-ups" or you may choose to do a "lump-sum top-up" anytdepending on your budget.

Offers supplementary benefits which you can opt to add to your plan. Maximize your life insurance protection throoptional "riders" depending on your specific needs.

Withdraw from your account if needed. You may withdraw anytime for any reason, subject to applicable surrender chargminimum withdrawal amount, and minimum remaining fund balance.

Check on your investment regularly. The unitized feature of our funds allows you to monitor your investment by checking unit prices daily at www.manulife.com.ph or every Thursday in a major Philippine broadsheet newspaper.

INFORMATION

Insured Franco Micaller Sex MAge 11 Currency

YOUR BENEFITSBasic Benefit Face Amount Annual PremManulife Horizons (Minimum 10-Pay DB2 (Level Face) [PESO]) PHP 300,000 PHP 11,514Recurring Top-Up Premium Recurring Top-Up Prem

PHP 5,000Supplementary Benefits Face Amount Annual PremAccidental Death Benefit (ADB) PHP 600,000 PHP 971Payor's Benefit (PB) Included PHP 1,057

PREMIUMSPremium Component Annual Semi-Annual Quarterly MonBasic Premium + Rider Premiums PHP 13,543.50 PHP 6,803.38 PHP 3,417.50 PHP 1,14

Recurring Top-Up Premium PHP 5,000.00 PHP 2,500.00 PHP 1,250.00 PHP 41Total Premium PHP 18,543.50 PHP 9,303.38 PHP 4,667.50 PHP 1,55

If, after buying the policy, you decide it is not suitable for your needs, simply return the Policy Contract to Manulife within fifteen (15) days fromdate you received it. We will refund to you the applicable Premium Load, Cost of Insurance, Policy Fee and Account Value of your policy, premiums for Supplementary Contracts, if any.

*The minimum death benefit as prescribed by law is 500% of Basic Premium plus 125% of Top-ups less 125% of Withdrawals.

**Premium payment period of minimum 10 years is not guaranteed. You may still be required to pay additional premium after 10 years if the Account Valinsufficient to pay the charges.

Consuelo Micaller SAGUINDAN,JOSEPHINE,ALZAGA ( 771263) POLICYOWNER FINANCIAL ADVISER

The Manufacturers Life Insurance Company opened its doors for business in the Philippines in 1907. Since then, Manulife's Philippine Branch and later The Manufacturers Life Insurance Co.(Phils.), Inc. (Manulife Philippines) has grown to become one of the leading life insurance companies in the country. Manulife Philippines is a wholly-owned domestic subsidiary of ManulifeFinancial Corporation, among the world's largest life insurance companies by market capitalization.

Manulife is a leading Canada-based financial services group with principal operations in Asia, Canada and the United States. We operate as John Hancock in the U.S. and as Manulife inother parts of the world. We provide strong, reliable, trustworthy and forward-thinking solutions for our customers’ significant financial decisions. Our international network of employees,agents and distribution partners offers financial protection and wealth management products and services to millions of clients. We also provide asset management services to institutionalcustomers. Assets under management by Manulife and its subsidiaries were approximately C$691 billion (US$596 billion) as at December 31, 2014.

Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '945' on the SEHK. Manulife can be found on the Internet at manulife.com.

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A3JZG2154F3PRQO This proposal prepared on 15 April, 2015 is valid until 15 May, 2015 Ver. Ph2015.3.39.003.0318AE771263AFD9BJPT-01 Illustrations are valid only if all illustration pages are included. UN210

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Sales Illustration Specially Designed For Consuelo Micaller

ILLUSTRATION OF BENEFITS

This illustration is based on the assumptions in the first page of this proposal.

THE RESULTS SHOWN MERELY ILLUSTRATE SCENARIOS AND ARE NOT GUARANTEED

Yr Age BasicPremiums

RecurringTop-upPremiums

TOTAL ACCOUNT VALUE

Low Medium High

FULL WITHDRAWAL VALUE

Low Medium High

TOTAL DEATH BENEFIT

Low Medium High

1 12 11,514 5,000 7,444 7,771 7,935 3,133 3,295 3,376 606,250 606,250 602 13 11,514 5,000 16,967 18,016 18,551 7,713 8,247 8,520 612,500 612,500 613 14 11,514 5,000 28,650 30,929 32,112 13,340 14,509 15,118 618,750 618,750 614 15 11,514 5,000 42,579 46,725 48,914 42,579 46,725 48,914 625,000 625,000 625 16 11,514 5,000 58,844 65,637 69,287 58,844 65,637 69,287 631,250 631,250 63

6 17 11,514 5,000 76,159 86,475 92,116 76,159 86,475 92,116 637,500 637,500 637 18 11,514 5,000 94,162 108,983 117,235 94,162 108,983 117,235 643,750 643,750 648 19 11,514 5,000 112,889 133,306 144,887 112,889 133,306 144,887 650,000 650,000 659 20 11,514 5,000 132,380 159,600 175,338 132,380 159,600 175,338 656,250 656,250 65

10 21 11,514 5,000 152,665 188,028 208,873 152,665 188,028 208,873 662,500 662,500 66

11 22 0 0 156,794 201,127 227,842 156,794 201,127 227,842 662,500 662,500 6612 23 0 0 161,082 215,287 248,736 161,082 215,287 248,736 662,500 662,500 6613 24 0 0 165,532 230,593 271,746 165,532 230,593 271,746 662,500 662,500 6614 25 0 0 170,147 247,135 297,088 170,147 247,135 297,088 662,500 662,500 6615 26 0 0 174,937 265,019 325,005 174,937 265,019 325,005 662,500 662,500 66

16 27 0 0 179,883 284,336 355,744 179,883 284,336 355,744 662,500 662,500 6617 28 0 0 184,999 305,210 389,602 184,999 305,210 389,602 662,500 662,500 6618 29 0 0 190,303 327,783 426,911 190,303 327,783 426,911 662,500 662,500 6619 30 0 0 195,812 352,201 468,032 195,812 352,201 468,032 662,500 662,500 6620 31 0 0 201,536 378,620 513,361 201,536 378,620 513,361 662,500 662,500 66

44 55 0 0 423,967 2,316,123 4,958,598 423,967 2,316,123 4,958,598 662,500 2,316,123 4,9549 60 0 0 499,290 3,397,027 7,979,441 499,290 3,397,027 7,979,441 662,500 3,397,027 7,9754 65 0 0 592,794 4,985,229 12,844,539 592,794 4,985,229 12,844,539 662,500 4,985,229 12,84

AS THE POLICYOWNER, YOU SHALL SOLELY BEAR ALL THE INVESTMENT RISKS UNDER THIS POLICY

The Low, Medium and High values are calculated assuming fund earning rates of 4.00%, 8.00% and 10.00%, respectively, net of Fund ManagemCharges. These rates are used merely to illustrate and do not represent actual year-on-year performance. These scenarios DO NOT represent loweand upper limit of fund crediting levels. The values shown are not guaranteed and depend on the actual performance of the Funds.

When the Total Account Value is zero, the Account Value will be insufficient to cover the monthly deductions. To provide you with continuedinsurance coverage, we shall create a policy debt corresponding to the monthly deductions while there is no Account Value, provided that all basand rider premiums due are paid on time and there are no fund withdrawals. This policy debt, accumulated in your account without interest, is

extinguished if, and as, the Account Value grows. The policy will not be terminated on account of an outstanding policy debt within the first 5 yeprovided that all basic and rider premiums due are paid on time and there are no withdrawals from your account. Any policy debt shall be deducfrom the Total Death Benefit payable.

The premium payment period of 10 years is not guaranteed. You may still be required to pay additional premium after 10 years if the Account Vais insufficient to pay the monthly deductions.

Please refer to Important Illustration Notes for more information.

Consuelo Micaller SAGUINDAN,JOSEPHINE,ALZAGA ( 771263)

POLICYOWNER FINANCIAL ADVISER

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CHARGES

This Sales Illustration is based on the following charges:

Premium Charges of 60% on the first policy year, 45% on the second year, 30% on the third year and 15% on the fourth poyear are deducted from the Basic Premium received. Recurring Top-Up Premiums and Lump-Sum Top-Up Premiums shall alsosubject to a 4% premium charge.

Fund Management Charge will be charged per year to cover the cost of managing the assets. Please refer to Investment FuOptions page for more details.

Monthly Deductions will be deducted from the Account Value at Unit Price. The illustration is based on annual mode astandard risk class. Actual deductions from the Fund shall be made monthly. The monthly deductions consist of the followi

Policy Fee of 116.67 per month during the first 5 years and 83.33 for each month thereafter.

Cost of Insurance (COI) which starts at standard annual rate of 1.49 per thousand of amount at risk or PHP 73.97 pmonth and increases with age but will not exceed a monthly charge of 83.33 per thousand of amount at risk.

Surrender Charges, expressed as a percentage of the amount withdrawn or surrendered are charged for every partial and withdrawal made from the basic plan, are as follows: 90% on the first policy year, 80% on the second policy year, and 75%the third policy year.

The company reserves the right to change the charges upon approval of the Insurance Commission and by giving tOwner at least three (3) months notice.

IMPORTANT ILLUSTRATION NOTES

AS THE POLICYOWNER, YOU SHALL SOLELY BEAR ALL THE INVESTMENT RISKS UNDER THIS POLICY

All payments and benefits shown are in Philippine Pesos.

The illustration assumes that the Total Basic Premiums and Recurring Top-Up Premiums, if any, are paid in full. RecurrTop-Up Premiums, Lump-Sum Top-Up Premiums and Partial Withdrawals, if any, are at the beginning of the policy yeTop-Up Premiums are allowed provided no premiums are deferred.

Recurring Top-Ups, if any, are paid on top of the Basic Premiums.

Full Withdrawal Values illustrated are net of all charges outlined in this illustration, and surrender charges applicable to tfirst 3 years of the policy as mentioned above. The surrender charges mentioned do not apply to any Recurring Top-UpsLump-Sum Top-Ups. Any withdrawals from the Recurring Top-Ups and Lump-Sum Top-Ups are not subject to the surrencharges.

This illustration shall form part of the insurance contract once the policy is issued. The precise terms and conditions of tplan are specified in your policy contract. Please refer to your policy contract for full details.

We have tried our best to ensure the accuracy of this illustration; however, errors and omissions may still have occurredits preparation.

The premium payment period of 10 years is not guaranteed. You may still be required to pay additional premium afteryears if the Account Value is insufficient to pay the monthly deductions.

By signing below, you signify that you have read and understood the disclosures in the illustrations; that yoFinancial Adviser has explained to your satisfaction the principal features of the policy, the manner in which tvariable benefits will reflect the investment experience of the separate investment fund(s), and the guarantees minimum death benefit and maximum charges; that you fully understand that when buying this policy, you aassuming all investment risks associated with it.



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INVESTMENT FUND OPTIONS

INVESTMENT FUND OBJECTIVES FundManagement

Charge

FundAllocatio

Peso Secure Fund

The Peso Secure Fund is designed to achieve stable and long-term growth by investing in government securities, high-qualitycorporate debt securities and/or in pooled fund/s that invest in these securities and other liquid fixed income instruments.

1.75% 0%

Peso Diversified Value Fund

The Peso Diversified Value Fund is designed to achieve a stable and long-term capital growth by investing in governmentsecurities, high-quality corporate debt securities, stocks listed on the Philippine Stock Exchange and/or pooled fund/s thatinvest in these securities and other liquid fixed income instruments.

2.00% 0%

Peso Dynamic Allocation Fund

The Peso Dynamic Allocation Fund is designed to achieve long-term capital growth by investing in diversified portfolios oflocal currency-denominated fixed income securities and securities listed on the Philippine Stock Exchange and/or pooledfunds that invest in these securities and other liquid fixed income instruments.

2.25% 100%

Peso Growth Fund

The Peso Growth Fund is designed to achieve long-term capital appreciation by investing in stocks listed on the PhilippineStock Exchange, government securities and/or in pooled fund/s that invest in these securities and other liquid instruments.

2.25% 0%

Peso Cash Fund (for fund switching only)

The Peso Cash Fund aims to deliver returns with low volatility through investments in cashlike instruments. 0.50% NA

HISTORICAL INVESTMENT FUND PERFORMANCEAbsolute Returns (Not Annualized)

Inception Date

2009

2010

2011

2012

2013

2014

Since Inception

Peso Secure Fund

April 14, 2009

*0.90%

12.69%

13.19%

7.38%

12.16%

2.74%

57.40%

Peso DiversifiedValue Fund

April 14, 2009

*8.70%

18.03%

9.51%

12.17%

8.57%

5.93%

80.40%

Peso DynamicAllocation Fund

July 1, 2013

N.A.

N.A.

N.A.

N.A.

*-4.80%

11.53%

6.40%

Peso Growth Fund

April 14, 2009

*33.80%

39.39%

2.47%

36.26%

1.73%

21.40%

226.80%

US Dollar SecureFund

April 14, 2009

*11.50%

9.87%

8.98%

15.28%

-10.14%

8.27%

49.20%

US Dollar AsiaPacific Bond Fund

October 24, 2011

N.A.

N.A.

*-0.90%

8.48%

-5.95%

1.88%

3.00%

US Dollar ASEAGrowth Fund

November 26, 2

N.A.

N.A.

N.A.

*2.70%

-3.99%

13.47%

11.20%

* Fund performance is from inception date until December 31 of the launch year

• The Investment Funds ("Funds") mentioned in this document are specific to variable life insurance contracts and are not considered mutual funds.

• Yields depend on interest and foreign exchange rate levels, both of which may fluctuate. Other factors that affect yield include changes in the credit standingthe issuers and changes in the value of the stocks and dividends received. Further, investments of the Funds may provide that their values be determined bason prices or yields of other securities, instruments or foreign currencies, and such provisions may result in negative fluctuations in the value of these instrumeand, in turn, the Funds' yields. Thus, the performance of the separate account(s) is not guaranteed and the value of the policy could be less than the capitalinvested subject to any specified minimum guarantees.

• The Variable Life policyholder shall bear all investment risks.

• Past performance of the Funds is not necessarily indicative of future performance. Yields are not guaranteed. Yields indicated are after final tax and are excluof charges associated with the variable life policy.

• The Unit Price of a particular Fund is computed by dividing the Net Asset Value of the Fund by the number of outstanding units of the Fund on the ValuationDate.

• The frequency of valuation is daily.

• Unit Prices of the Funds are published weekly in major newspapers.

Certified true and Correct:

Aira Gaspar, CFA

Senior Vice President & Chief Investment Officer of


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SUPPLEMENTARY BENEFITS

Coverage / Benefit

AnnuaPremium

Accidental Death Benefit (ADB)Provides additional coverage if death occurs through accidental means.

600,000

97

Payor's Benefit (PB)

Issued on the life of a payor and attached to a policy on the life of a child. Provideswaiver of premium to the earliest of the child's attainment of age 25, basic policy'spremium paying period or payor's attainment of age 60 upon death or disability of thepayor before age 60.

After the waiver period and while the policy is in premium paying status, disabilitycoverage is automatically provided on the insured's life. Thus, the inception of Disability Waiver coverage on the life insured is always coincident with the terminationof coverage of the payor.

Included

1,05

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ILLUSTRATION OF GUARANTEED RIDER CASH VALUES

This illustration is based on the assumptions in the first page of this proposal.

Year Age Accidental Death Benefit Total

1 12 0.00 0.00 2 13 0.00 0.00

3 14 1,200.00 1,200.00 4 15 1,200.00 1,200.00 5 16 1,800.00 1,800.00

6 17 2,400.00 2,400.00 7 18 2,400.00 2,400.00 8 19 3,000.00 3,000.00 9 20 3,000.00 3,000.00

10 21 3,600.00 3,600.00

11 22 3,600.00 3,600.00 12 23 3,000.00 3,000.00 13 24 3,000.00 3,000.00 14 25 3,000.00 3,000.00 15 26 3,000.00 3,000.00

16 27 3,000.00 3,000.00 17 28 3,000.00 3,000.00 18 29 3,000.00 3,000.00 19 30 3,000.00 3,000.00 20 31 3,000.00 3,000.00

44 55 3,000.00 3,000.0049 60 2,400.00 2,400.0054 65 1,800.00 1,800.00

Important Illustration Notes:* Only rider/s with guaranteed cash values appear in this particular illustration.

* Accidental Death Benefit rider terminates upon attainment of Age 70 of the Insured.



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Applicant : Consuelo Micaller

Application No :

Financial Adviser's Name : SAGUINDAN,JOSEPHINE,ALZAGA Code No : 771263 Unit :

ACKNOWLEDGEMENT OF VARIABILITY

I acknowledge that:

I have applied with The Manufacturers Life Insurance Co. (Phils.), Inc. for a Variable Life Insurance Policy, and have reviewed theillustration(s) that shows how a variable life insurance policy performs using the company's assumptions and based on InsuranceCommission's guidelines on interest rates.

I understand that since the fund performance may vary, the values of my units are not guaranteed and will depend on the actualperformance at that given period and that the value of my policy could be less than the capital invested. The unit values of my Variable LInsurance are periodically published.

I understand that the recommended minimum payment period of 10 years may not be sufficient to keep my policy in-force and that to keemy policy from termination, I may be required to put in additional top-up premiums when the Account Value becomes insufficient to covethe policy charges.

I understand that the investment risks under the policy are to be borne solely by me, as the policyholder.

Consuelo Micaller Date

POLICYOWNER

ACKNOWLEDGEMENT OF UNDERSTANDING

I have carefully read and understood the disclosures in the illustration. My Financial Adviser has explained to my satisfaction the principafeatures of this policy, the non-guaranteed components, the manner in which the variable benefits will reflect the investment experience the separate investment fund(s), and the guarantees on minimum death benefit and maximum charges. I also understand that theillustration is valid only for one (1) month from print date and that any alteration shall invalidate this illustration.

Consuelo Micaller Date

POLICYOWNER

Agent's Attestation: This illustration has been presented to the Policyowner unaltered. The Policyowner has been told that values thare not guaranteed are subject to change; and no statements have been made that are inconsistent with the illustration.

SAGUINDAN,JOSEPHINE,ALZAGA(771263) Date

FINANCIAL ADVISER

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