JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND NOTICE TO SHAREHOLDERS - SOURCES OF DISTRIBUTION UNDER SECTION 19(a)

Rhea-AI Summary

John Hancock Financial Opportunities Fund (NYSE: BTO) declared a quarterly distribution of $0.6500 per share payable December 31, 2025 to shareholders of record December 11, 2025 under its managed distribution plan.

The Fund estimates the current distribution per share is composed of $0.4796 (74%) net realized long-term capital gains, $0.1432 (22%) net investment income and $0.0272 (4%) net realized short-term gains. Fiscal year-to-date cumulative distributions equal $2.5967 per share.

Additional metrics: 5-year average annual return (to Nov 28, 2025) 14.39%; annualized distribution rate of 7.35% of NAV (Nov 28, 2025). The Fund estimates some distributions exceeded income and gains; a portion may be return of capital. Amounts are estimates and not tax reporting.

Positive

• Quarterly distribution of $0.6500 per share declared
• 74% of current distribution from net realized long-term gains
• Fiscal year-to-date distributions total $2.5967 per share
• Annualized distribution rate of 7.35% of NAV (Nov 28, 2025)

Negative

• Fund estimates distributions exceeded income and gains; portion may be return of capital
• Distribution amounts are estimates and not final for tax reporting

Key Figures

Quarterly distribution $0.6500 per share Declared Dec 1, 2025; payable Dec 31, 2025 under managed distribution plan

Net investment income portion $0.1432 (22%) Source of current Dec 2025 distribution per common share

Short-term capital gains portion $0.0272 (4%) Source of current Dec 2025 distribution per common share

Long-term capital gains portion $0.4796 (74%) Source of current Dec 2025 distribution per common share

Cumulative FY distributions $2.5967 per share Total per-share distributions for fiscal year-to-date 01/01/2025–12/31/2025

5-year average annual total return 14.39% In relation to NAV for 5 years ended Nov 28, 2025

Current distribution rate 7.35% of NAV Annualized, as of Nov 28, 2025

Cumulative FY total return 6.67% In relation to NAV for fiscal year through Nov 28, 2025

Market Reality Check

$35.29 Last Close

Volume Volume 50,865 is at 1.13x the 20-day average of 45,108 shares. normal

Technical Price $35.08 is trading above the 200-day MA of $34.53 and 9.59% below the 52-week high.

Peers on Argus

Peers show mixed moves today, with ACP up 0.93%, WDI up 0.22%, while MEGI, THQ, and HTD are down between 0.26% and 0.92%, suggesting stock-specific trading rather than a broad sector move.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Sep 30	Distribution notice	Neutral	-1.1%	Section 19(a) notice detailing sources of the quarterly $0.6500 distribution.
Jul 17	Earnings update	Positive	+0.1%	Q2 2025 results showing higher net investment income, NAV, and managed assets.

Pattern Detected

Recent news flow has centered on managed distributions and earnings, with the prior Section 19(a) notice followed by a modest negative move and earnings data seeing a small positive reaction.

Recent Company History

Over the past months, the fund highlighted both distribution policy and improving fundamentals. A prior Section 19(a) notice on Sep 30, 2025 confirmed the same $0.6500 quarterly payout with a larger share classified as return of capital. Earlier, Q2 2025 earnings on Jul 17, 2025 showed higher net investment income, rising NAV, and growth in managed assets and net assets. Today’s notice reiterates the managed distribution framework and details the income and capital gains mix behind the latest payout.

Market Pulse Summary

This announcement reiterates the fund’s managed distribution approach, confirming a quarterly payout of $0.6500 per share for December 2025 and detailing that 74% of the payment comes from long-term capital gains. The notice also cites a 14.39% 5-year average annual total return on NAV and a 7.35% distribution rate. Investors may focus on how future distributions balance net investment income, capital gains, and any return of capital as the fiscal year closes.

Key Terms

managed distribution plan financial

"pursuant to the Fund's managed distribution plan."

A managed distribution plan is a company’s program to pay regular, predictable cash amounts to shareholders by setting a fixed schedule and target payout, often funded from operating cash, reserves, or return of capital. Think of it like a household budget that guarantees a monthly allowance: it provides steady income for investors but can mask when distributions exceed sustainable earnings, which may reduce the company’s capital over time and affect long‑term value.

net investment income financial

"from the following sources: net investment income; net realized short term capital gains;"

Net investment income is the money an investor or fund actually keeps from its investments after subtracting the costs of running those investments (like management fees, interest, and losses). Think of it as your paycheck from owning assets: gross returns minus the bills needed to earn them. Investors watch it because it shows how profitable the investment activities are, influences dividend payouts and cash available for growth, and helps compare true performance across funds or companies.

net realized short term capital gains financial

"sources: net investment income; net realized short term capital gains; net realized long term"

Net realized short term capital gains are the profits a person or fund actually pockets from selling investments held for one year or less, after subtracting any short-term losses or related offsets. Investors care because these gains are taxed like ordinary income, reducing after-tax returns and influencing decisions about when to sell assets; think of it like selling items at a garage sale and paying tax only on the total profit after accounting for any items you sold at a loss.

net realized long term capital gains financial

"short term capital gains; net realized long term capital gains; and return of capital"

Net realized long-term capital gains are the total profit an investor actually locks in from selling investments held longer than one year, after subtracting any losses and offsets. Think of it like the cleaned-up harvest from a season: it’s the money left over after you count both the good crops and the spoiled ones. Investors care because these gains usually get taxed at lower rates than short-term profits and can affect after-tax returns and reported fund distributions.

return of capital financial

"gains; and return of capital or other capital source."

Return of capital is when an investor receives money from their investment that is not considered profit or earnings but rather a portion of the original amount they invested. It’s similar to getting back part of your initial savings rather than gains from it. This matters because it can affect how much money an investor still has in the investment and may have tax implications.

net asset value financial

"Average annual total return (in relation to NAV) for the 5 years"

Net asset value is the total value of an investment fund's assets minus any liabilities, divided by the number of shares or units outstanding. It represents the per-share worth of the fund, similar to how the value of a house is determined by its total worth after debts are subtracted. Investors use it to gauge the true value of their holdings and to compare different investment options.

Form 1099-DIV regulatory

"The Fund will send you a Form 1099-DIV for the calendar year"

Form 1099-DIV is a U.S. tax document brokers, mutual funds and other financial institutions send to investors showing dividends and other distributions paid during the year. Investors use it like an annual receipt to report taxable income — including regular dividends, dividends that may qualify for lower tax rates, and capital gains distributions — so it directly affects tax liability and helps reconcile brokerage records with a tax return.

forward-looking statements regulatory

"Statements in this press release that are not historical facts are forward-looking statements"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

AI-generated analysis. Not financial advice.

BOSTON, Dec. 31, 2025 /PRNewswire/ - John Hancock Financial Opportunities Fund (NYSE: BTO) (the "Fund"), a closed-end fund managed by John Hancock Investment Management LLC and subadvised by Manulife Investment Management (US) LLC, announced today sources of its quarterly distribution of $0.6500 per share paid to all shareholders of record as of December 11, 2025, pursuant to the Fund's managed distribution plan. This press release is issued as required by an exemptive order granted to the Fund by the U.S. Securities and Exchange Commission.

Notification of Sources of Distribution

This notice provides shareholders of the John Hancock Financial Opportunities Fund (NYSE: BTO) with important information concerning the distribution declared on December 1, 2025, and payable on December 31, 2025. No action is required on your part.

Distribution Period:	December 2025
Distribution Amount Per Common Share:	$0.6500

The following table sets forth the estimated sources of the current distribution, payable December 31, 2025, and the cumulative distributions paid this fiscal year to date from the following sources:  net investment income; net realized short term capital gains; net realized long term capital gains; and return of capital or other capital source. All amounts are expressed on a per common share basis and as a percentage of the distribution amount.

		For the period 10/01/2025-12/31/2025				For the fiscal year-to-date period 01/01/2025-12/31/2025 1
Source		Current Distribution ($)		% Breakdown of the Current Distribution		Total Cumulative Distributions ($)		% Breakdown of the Total Cumulative Distributions
Net Investment Income		0.1432		22 %		0.5221		20 %
Net Realized Short- Term Capital Gains		0.0272		4 %		0.2326		9 %
Net Realized Long- Term Capital Gains		0.4796		74 %		1.7660		68 %
Return of Capital or Other Capital Source		0.0000		0 %		0.0760		3 %
Total per common share		0.6500		100 %		2.5967		100 %
____________________
1 The Fund's current fiscal year began on January 1, 2025 and will end on December 31, 2025.
Average annual total return (in relation to NAV) for the 5 years ended on November 28, 2025								14.39 %
Annualized current distribution rate expressed as a percentage of NAV as of November 28, 2025								7.35 %
Cumulative total return (in relation to NAV) for the fiscal year through November 28, 2025								6.67 %
Cumulative fiscal year-to-date distribution rate expressed as a percentage of NAV as of November 28, 2025								7.34 %

You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's managed distribution plan.

The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital.  A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you.  A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income."

The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes.  The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations.  The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

The Fund has declared the December 2025 distribution pursuant to the Fund's managed distribution plan (the "Plan").  Under the Plan, the Fund makes fixed quarterly distributions in the amount of $0.6500 per share.

If you have questions or need additional information, please contact your financial professional or call the Manulife John Hancock Closed-End Fund Information Line at 1-800-843-0090, Monday through Friday between 8:00 a.m. and 7:00 p.m., Eastern Time.

Statements in this press release that are not historical facts are forward-looking statements as defined by the United States securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors which are, in some cases, beyond the Fund's control and could cause actual results to differ materially from those set forth in the forward-looking statements.

An investor should consider a Fund's investment objectives, risks, charges and expenses carefully before investing.

About Manulife John Hancock Investments
We serve investors through a unique multimanager approach, complementing our extensive in-house capabilities with an unrivaled network of specialized asset managers, backed by some of the most rigorous investment oversight in the industry. The result is a diverse lineup of time-tested investments from a premier asset manager with a heritage of financial stewardship.

About Manulife Investment Management
Manulife Investment Management is the global brand for the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 18 geographies. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We're committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement. Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com.

Media Contact:
Gordon Haight
(617) 572-0034

Investor Contact:
(800) 843-0090

View original content:https://www.prnewswire.com/news-releases/john-hancock-financial-opportunities-fund-notice-to-shareholders--sources-of-distribution-under-section-19a-302651409.html

SOURCE John Hancock Investment Management

FAQ

What did John Hancock Financial Opportunities Fund (BTO) declare for December 2025 distribution?

The Fund declared a quarterly distribution of $0.6500 per share payable December 31, 2025 to holders of record December 11, 2025.

How much of BTO's December 2025 distribution came from long-term capital gains?

$0.4796 per share, representing approximately 74% of the current distribution.

Does BTO expect any of the December 2025 distribution to be return of capital?

Yes, the Fund estimates it has distributed more than its income and gains, so a portion may be return of capital.

What is BTO's fiscal year-to-date cumulative distribution per share for 2025?

Fiscal year-to-date cumulative distributions equal $2.5967 per share for the period Jan 1–Dec 31, 2025.

What distribution yield metric does BTO report as of Nov 28, 2025?

The Fund reports an annualized distribution rate of 7.35% of NAV as of Nov 28, 2025.

Are the distribution source amounts final for tax reporting for BTO's 2025 distribution?

No, the amounts are estimates and the Fund will send Form 1099-DIV with final tax-reportable figures.