September 28, 2017 To the Trustees of John Hancock Funds 601 Congress Street Boston, MA 02210 Re: Expense Limitation Letter Agreement and Voluntary Expense Limitation Notice With reference to each of the Advisory Agreements approved by the Board or...

▇▇▇▇ ▇▇▇▇▇▇▇ Advisers, LLC
▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇

September 28, 2017

To the Trustees of
▇▇▇▇ ▇▇▇▇▇▇▇ Funds
▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇

Re: Expense Limitation Letter Agreement and Voluntary Expense Limitation Notice

With reference to each of the Advisory Agreements approved by the Board or entered into by and between ▇▇▇▇ ▇▇▇▇▇▇▇ Advisers, LLC (the “Adviser”) and each of the trusts listed in Appendix A to this letter (each, a “Trust” and collectively, the “Trusts”), on behalf of each of their respective series listed in Appendix A (each, a “Fund” and collectively, the “Funds”), we hereby notify you as follows:

1. The Adviser agrees to contractually waive its advisory fees or, to the extent necessary, reimburse other expenses of each Fund as set forth in Appendix B, Appendix C, Appendix D, Appendix E, Appendix F and Appendix G hereto.

2. The Adviser agrees to voluntarily waive its advisory fees or, to the extent necessary, reimburse other expenses of each Fund as set forth in Appendix H, Appendix I, Appendix J and Appendix K hereto.

3. We understand and intend that the Trusts will rely on this undertaking in overseeing the preparation and filing of Post-effective Amendments to the Registration Statement on Form N-1A for the Trusts and the Funds with the Securities and Exchange Commission, in accruing each Fund’s expenses for purposes of calculating its net and gross asset value per share, and for other purposes permitted under Form N-1A and/or the Investment Company Act of 1940, as amended, and we expressly permit the Trusts so to rely.

Very truly yours,

▇▇▇▇ ▇▇▇▇▇▇▇ ADVISERS, LLC

By:		/s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇
		▇▇▇▇▇▇▇ ▇. ▇▇▇▇
		Chief Financial Officer

Agreed and Accepted
on behalf of each applicable Trust listed in Appendix A

By:		/s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
		▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
		Chief Financial Officer

A copy of the document establishing each Trust is filed with the Secretary of The Commonwealth of Massachusetts. This Agreement is executed by the officer in his capacity as such and not as an individual and is not binding upon any of the Trustees, officers or shareholders of the Trusts individually but only upon the assets of the Funds.

APPENDIX A

TRUSTS and Funds

▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ TRUST
▇▇▇▇ ▇▇▇▇▇▇▇ ESG Core Bond Fund
▇▇▇▇ ▇▇▇▇▇▇▇ Global Conservative Absolute Return Fund
▇▇▇▇ ▇▇▇▇▇▇▇ Global Short Duration Credit Fund
▇▇▇▇ ▇▇▇▇▇▇▇ Government Income Fund
▇▇▇▇ ▇▇▇▇▇▇▇ High Yield Fund
▇▇▇▇ ▇▇▇▇▇▇▇ Investment Grade Bond Fund

▇▇▇▇ ▇▇▇▇▇▇▇ CALIFORNIA TAX-FREE INCOME FUND
▇▇▇▇ ▇▇▇▇▇▇▇ California Tax-Free Income Fund

▇▇▇▇ ▇▇▇▇▇▇▇ CAPITAL SERIES
▇▇▇▇ ▇▇▇▇▇▇▇ Classic Value Fund
▇▇▇▇ ▇▇▇▇▇▇▇ U.S. Global Leaders Growth Fund

▇▇▇▇ ▇▇▇▇▇▇▇ CURRENT INTEREST
▇▇▇▇ ▇▇▇▇▇▇▇ Money Market Fund

▇▇▇▇ ▇▇▇▇▇▇▇ EXCHANGE-TRADED FUND TRUST
▇▇▇▇ ▇▇▇▇▇▇▇ Multifactor Consumer Discretionary ETF
▇▇▇▇ ▇▇▇▇▇▇▇ Multifactor Consumer Staples ETF
▇▇▇▇ ▇▇▇▇▇▇▇ Multifactor Developed International ETF
▇▇▇▇ ▇▇▇▇▇▇▇ Multifactor Energy ETF
▇▇▇▇ ▇▇▇▇▇▇▇ Multifactor Financials ETF
▇▇▇▇ ▇▇▇▇▇▇▇ Multifactor Healthcare ETF
▇▇▇▇ ▇▇▇▇▇▇▇ Multifactor Industrials ETF
▇▇▇▇ ▇▇▇▇▇▇▇ Multifactor Large Cap ETF
▇▇▇▇ ▇▇▇▇▇▇▇ Multifactor Materials ETF
▇▇▇▇ ▇▇▇▇▇▇▇ Multifactor Mid Cap ETF
▇▇▇▇ ▇▇▇▇▇▇▇ Multifactor Small Cap ETF
▇▇▇▇ ▇▇▇▇▇▇▇ Multifactor Technology ETF
▇▇▇▇ ▇▇▇▇▇▇▇ Multifactor Utilities ETF

▇▇▇▇ ▇▇▇▇▇▇▇ INVESTMENT TRUST
▇▇▇▇ ▇▇▇▇▇▇▇ Balanced Fund
▇▇▇▇ ▇▇▇▇▇▇▇ Disciplined Value International Fund
▇▇▇▇ ▇▇▇▇▇▇▇ Emerging Markets Equity Fund
▇▇▇▇ ▇▇▇▇▇▇▇ Enduring Assets Fund
▇▇▇▇ ▇▇▇▇▇▇▇ ESG All Cap Core Fund
▇▇▇▇ ▇▇▇▇▇▇▇ ESG International Equity Fund
▇▇▇▇ ▇▇▇▇▇▇▇ ESG Large Cap Core Fund
▇▇▇▇ ▇▇▇▇▇▇▇ Fundamental Large Cap Core Fund
▇▇▇▇ ▇▇▇▇▇▇▇ Global Focused Strategies Fund
▇▇▇▇ ▇▇▇▇▇▇▇ Seaport Fund
▇▇▇▇ ▇▇▇▇▇▇▇ Small Cap Core Fund
▇▇▇▇ ▇▇▇▇▇▇▇ Value Equity Fund

A-1

▇▇▇▇ ▇▇▇▇▇▇▇ INVESTMENT TRUST II
▇▇▇▇ ▇▇▇▇▇▇▇ Financial Industries Fund
▇▇▇▇ ▇▇▇▇▇▇▇ Regional Bank Fund

▇▇▇▇ ▇▇▇▇▇▇▇ INVESTMENT TRUST III
▇▇▇▇ ▇▇▇▇▇▇▇ Greater China Opportunities Fund

▇▇▇▇ ▇▇▇▇▇▇▇ MUNICIPAL SECURITIES TRUST
▇▇▇▇ ▇▇▇▇▇▇▇ High Yield Municipal Bond Fund
▇▇▇▇ ▇▇▇▇▇▇▇ Tax-Free Bond Fund

▇▇▇▇ ▇▇▇▇▇▇▇ SOVEREIGN BOND FUND
▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ Fund

▇▇▇▇ ▇▇▇▇▇▇▇ STRATEGIC SERIES
▇▇▇▇ ▇▇▇▇▇▇▇ Income Fund

▇-▇

▇▇▇▇▇▇▇▇ ▇

Fund Level Contractual Limitation on Fund Level Expenses

For purposes of this Appendix:

The Adviser contractually agrees to reduce its management fee for the Fund or, if necessary, make payment to the Fund, in an amount equal to the amount by which the “Expenses” of the Fund exceed the percentage of average annual net assets (on an annualized basis) of the Fund as set forth in the table below. “Expenses” means all the expenses of the Fund, excluding (a) taxes, (b) brokerage commissions, (c) interest expense, (d) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, (e) Rule 12b-1 fees, (f) transfer agent fees and service fees, (g) shareholder servicing fees, (h) borrowing costs, (i) prime brokerage fees, (j) acquired fund fees and expenses paid indirectly, and (k) short dividend expense.

“Expense Limit” means the percentage of a Fund’s average annual net assets (on an annualized basis) set forth below.

The current expense limitation agreement expires on the date specified, unless renewed by mutual agreement of the Fund and the Adviser based upon a determination that this is appropriate under the circumstances at that time.

	Limit on Fund Level	Expiration Date of
Fund	Expenses	Expense Limit
Disciplined Value International Fund	0.88%	2/28/2019
ESG All Cap Core Fund	0.81%	2/28/2018
ESG International Equity Fund	0.91%	2/28/2018
ESG Large Cap Core Fund	0.81%	2/28/2018
Global Focused Strategies Fund	1.62%	2/28/2018
ESG Core Bond Fund	0.50%	9/30/2018
Global Conservative Absolute Return Fund	0.78%	9/30/2018
Investment Grade Bond Fund	0.42%	9/30/2018

B-1

APPENDIX C

Fund Level Contractual Limitation on Total Operating Expenses

For purposes of this Appendix:

The Adviser contractually agrees to reduce its management fee for the Fund or, if necessary, make payment to the Fund, in an amount equal to the amount by which the “Expenses” of the Fund exceed the percentage of average annual net assets (on an annualized basis) of the Fund as set forth in the table below. “Expenses” means all the expenses of the Fund, excluding (a) taxes, (b) brokerage commissions, (c) interest expense, (d) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, (e) borrowing costs, (f) prime brokerage fees, (g) acquired fund fees and expenses paid indirectly, and (h) short dividend expense.

“Expense Limit” means the percentage of a Fund’s average annual net assets (on an annualized basis) set forth below.

	Limit on Fund Level	Expiration Date of
Fund	Expenses	Expense Limit
▇▇▇▇ ▇▇▇▇▇▇▇ Multifactor Large Cap ETF	0.35%	8/31/2018
▇▇▇▇ ▇▇▇▇▇▇▇ Multifactor Mid Cap ETF	0.45%	8/31/2018
▇▇▇▇ ▇▇▇▇▇▇▇ Multifactor Consumer	0.50%	8/31/2018
Discretionary ETF
▇▇▇▇ ▇▇▇▇▇▇▇ Multifactor Consumer	0.50%	8/31/2018
Staples ETF
▇▇▇▇ ▇▇▇▇▇▇▇ Multifactor Developed	0.45%	8/31/2018
International ETF
▇▇▇▇ ▇▇▇▇▇▇▇ Multifactor Energy ETF	0.50%	8/31/2018
▇▇▇▇ ▇▇▇▇▇▇▇ Multifactor Financials ETF	0.50%	8/31/2018
▇▇▇▇ ▇▇▇▇▇▇▇ Multifactor Healthcare ETF	0.50%	8/31/2018
▇▇▇▇ ▇▇▇▇▇▇▇ Multifactor Industrials ETF	0.50%	8/31/2018
▇▇▇▇ ▇▇▇▇▇▇▇ Multifactor Materials ETF	0.50%	8/31/2018
▇▇▇▇ ▇▇▇▇▇▇▇ Multifactor Small Cap ETF	0.50%	8/31/2019¹
▇▇▇▇ ▇▇▇▇▇▇▇ Multifactor Technology ETF	0.50%	8/31/2018
▇▇▇▇ ▇▇▇▇▇▇▇ Multifactor Utilities ETF	0.50%	8/31/2018

____________________

¹At the September 26-28, 2017 meeting of the Board of Trustees of the Trusts, the Adviser notified the Board of, and the Board approved, the contractual limit on total operating expenses (0.50%) for ▇▇▇▇ ▇▇▇▇▇▇▇ Multifactor Small Cap ETF with an expiration date of August 31, 2019, effective as of the commencement of operations of ▇▇▇▇ ▇▇▇▇▇▇▇ Multifactor Small Cap ETF.

C-1

APPENDIX D

Class Level Contractual Total Operating Expense Limitations

For purposes of this Appendix:

“Expenses” means all the expenses of a class of shares of a Fund (including those expenses of the Fund attributable to such class) but excluding: (i) taxes; (ii) portfolio brokerage commissions; (iii) interest expense; (iv) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business; (v) acquired fund fees and expenses paid indirectly; (vi) borrowing costs; (vii) prime brokerage fees; (viii) short dividend expense; and (ix) fees under any agreements or plans of the Fund dealing with services for shareholders and others with beneficial interests in shares of the Fund.

“Expense Limit” means the percentage of average annual net assets (on an annualized basis) attributable to a class of shares of the Funds set forth below.

The Adviser contractually agrees to waive advisory fees or, if necessary, reimburse expenses or make payment to a specific class of shares of the Fund (up to the amount of the expenses relating solely to such class of shares), in an amount equal to the amount by which the Expenses of such class of shares exceed the Expense Limit for such class set forth in the table below. The current expense limitation agreements expire on the dates specified, unless renewed by mutual agreement of the Fund and the Adviser based upon a determination that this is appropriate under the circumstances at that time.

The Expense Limit for the classes of shares of the Funds indicated below for the purposes of this Appendix shall be as follows:

D-1

Expiration

Date of

Class

Expense

Fund

Limit

Disciplined

N/A

0.98%

▇/▇

0.88%

N/A

2/28/2019

Value

International

Fund

Emerging

1.50%

N/A

2.20%

1.25%

N/A

1.60%

N/A

1.35%

N/A

1.45%

2/28/2018

Markets

Equity Fund

Fundamental

N/A

1.82%

0.78%

▇/▇

2/28/2018

Large Cap

Core Fund

Greater China

N/A

1.34%

▇/▇

2/28/2018

Opportunities

Fund

Global

1.14%

N/A

1.89%

0.89%

▇/▇

1.09%

9/30/2018

Conservative

Absolute

Return Fund

Government

0.98%

▇/▇

0.98%

9/30/2018

Income Fund

High Yield

N/A

0.72%

▇/▇

9/30/2018

Fund

D-2

APPENDIX E

Class Specific Contractual Expense Limitations

For purposes of this Appendix:

Except as noted, the Adviser contractually agrees to waive and/or reimburse all class-specific expenses for the share classes of the Fund listed in the table below, including Rule 12b-1 fees, transfer agency fees and service fees, shareholder servicing fees and other class-specific expenses, as applicable (“Class Level Expenses”), to the extent they exceed the amount of average annual net assets (on an annualized basis) attributable to the class set forth in the table (the “Class Expense Waiver”).

The current expense limitation agreements expire on the dates specified, unless renewed by mutual agreement of the Fund and the Adviser based upon a determination that this is appropriate under the circumstances at that time.

		Expiration Date of
Fund	Class R6	Expense Limit
ESG All Cap Core Fund	0.00%	2/28/2018
ESG Large Cap Core Fund	0.00%	2/28/2018
Global Focused Strategies Fund	0.00%	2/28/2018
Bond Fund	0.00%	9/30/2017
Global Conservative Absolute Return Fund	0.00%	9/30/2017
High Yield Fund	0.00%	9/30/2017
Income Fund	0.00%	9/30/2017
Investment Grade Bond Fund	0.00%	9/30/2017

E-1

APPENDIX F

Fund Level Contractual Limit on Other Expenses

For purposes of this Appendix:

The Adviser contractually agrees to reduce its management fee for the Fund or, if necessary, make payment to the Fund, in an amount equal to the amount by which the “Expenses” of the Fund exceed the percentage of average annual net assets (on an annualized basis) of the Fund as set forth in the table below. “Expenses” means all the expenses of the Fund, excluding (a) taxes, (b) brokerage commissions, (c) interest expense, (d) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, (e) advisory fees, (f) Rule 12b-1 fees, (g) transfer agent fees and service fees, (h) shareholder servicing fees, (i) borrowing costs, (j) prime brokerage fees, (k) acquired fund fees and expenses paid indirectly, and (l) short dividend expense.

“Expense Limit” means the percentage of a Fund’s average annual net assets (on an annualized basis) set forth below.

	Limit on Other	Expiration Date of
Fund	Expenses	Expense Limit
Greater China Opportunities Fund	0.30%	February 28, 2018
Value Equity Fund	0.04%	February 28, ▇▇▇▇

▇-▇

▇▇▇▇▇▇▇▇ G

Fund Level Contractual Investment Management Fee Waivers¹

The Adviser agrees to limit ▇▇▇▇ ▇▇▇▇▇▇▇ Value Equity Fund’s management fee to a maximum annual rate of 0.66% of the Fund’s average daily net assets. The limitation will continue until at least February 28, 2018.*

* At the June 20-23, 2016 meeting of the Board of Trustees of the Trusts, the Adviser notified the Board of, and the Board approved, the lowering of the advisory fee cap (to 0.66%) and the extension of the expiration date (to February 28, 2018) of the management fee limitation, each effective July 1, 2016.

The Adviser agrees to limit ▇▇▇▇ ▇▇▇▇▇▇▇ Government Income Fund’s management fee to a maximum annual rate of 0.53% of the Fund’s average daily net assets. The limitation will continue until at least September 30, 2018.*

* At the December 6-8, 2016 meeting of the Board of Trustees of the Trusts, the Adviser notified the Board of, and the Board approved, the extension of the expiration date (to September 30, 2018) of the management fee limitation, effective upon the current expiration date of September 30, 2017.

The Adviser agrees to reduce ▇▇▇▇ ▇▇▇▇▇▇▇ Enduring Assets Fund’s management fee by an annual rate of 0.20% of the Fund’s average daily net assets. The reduction will continue until at least February 28, 2018.*

* At the June 20-23, 2016 meeting of the Board of Trustees of the Trusts, the Adviser notified the Board of, and the Board approved, the advisory fee waiver (0.20%) for ▇▇▇▇ ▇▇▇▇▇▇▇ Enduring Assets Fund with an expiration date of February 28, 2018, effective July 1, 2016.

____________________

¹At the September 26-28, 2017 meeting of the Board of Trustees of the Trusts, the Adviser notified the Board of, and the Board approved, the termination of the 0.05% waiver on ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ Fund’s management fee. The waiver was replaced by a permanent reduction to ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ Fund’s management fee with no impact to current net fees.

G-1

APPENDIX H

Class Level Voluntary Total Operating Expense Limitations

For purposes of this Appendix:

“Expenses” means all the expenses of a class of shares of the Fund (including those expenses of the Fund attributable to such class) but excluding: (i) taxes; (ii) portfolio brokerage commissions; (iii) interest expense; (iv) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business; (v) acquired fund fees and expenses paid indirectly; (vi) short dividend expense; and (vii) fees under any agreements or plans of the Fund dealing with services for shareholders and others with beneficial interests in shares of the Fund.

“Expense Limit” means the percentage of average annual net assets (on an annualized basis) attributable to a class of shares of the Fund set forth below.

The Adviser voluntarily agrees to waive advisory fees or, if necessary, reimburse expenses or make payment to a specific class of shares of the Fund (up to the amount of the expenses relating solely to such class of shares), in an amount equal to the amount by which the Expenses of such class of shares exceed the Expense Limit for such class set forth in the table below.

The Expense Limit for the classes of shares of the Fund indicated below for the purposes of this Appendix shall be as follows:

											Expiration
											Date of Expense Limit*
	Classes
Fund	▇	▇	▇	▇	▇▇	▇▇	▇▇	▇▇	▇▇	▇▇
▇/▇

*These fee waivers and/or expense reimbursements are voluntary and may be amended or terminated at any time by the Adviser on notice to the Trust.

H-1

APPENDIX I

Fund Level Voluntary Limit on Other Expenses

For purposes of this Appendix:

The Adviser voluntarily agrees to reduce its management fee for the Fund or, if necessary, make payment to the Fund, in an amount equal to the amount by which the “Expenses” of the Fund exceed the percentage of average annual net assets (on an annualized basis) of the Fund as set forth in the table below. “Expenses” means all the expenses of the Fund, excluding (a) taxes, (b) brokerage commissions, (c) interest expense, (d) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, (e) advisory fees, (f) Rule 12b-1 fees, (g) transfer agent fees and service fees, (h) shareholder servicing fees, (i) borrowing costs, (j) prime brokerage fees, (k) acquired fund fees and expenses paid indirectly, and (l) short dividend expense.

	Limit on Other	Expiration Date of
Fund	Expenses	Expense Limit*
Balanced Fund	0.20%
Classic Value Fund	0.20%
Emerging Markets Equity Fund	0.25%
Enduring Assets Fund	0.25%
Financial Industries Fund	0.20%
Fundamental Large Cap Core Fund	0.20%
Regional Bank Fund	0.20%
Seaport Fund	0.20%
Small Cap Core Fund	0.20%
U.S. Global Leaders Growth Fund	0.20%
Bond Fund	0.15%
California Tax-Free Income Fund	0.15%
Global Short Duration Credit Fund	0.15%
Government Income Fund	0.15%
High Yield Fund	0.15%
High Yield Municipal Bond Fund	0.15%
Income Fund	0.15%
Tax-Free Bond Fund	0.15%
Money Market Fund	0.15%

* These fee waivers and/or expense reimbursements are voluntary and may be amended or terminated at any time by the Adviser on notice to the Trust.

I-1

APPENDIX J

Voluntary Money Market Fund Expense Limitation Agreement

For ▇▇▇▇ ▇▇▇▇▇▇▇ Money Market Fund, the Adviser and its affiliates may voluntarily waive a portion of their fees (including, but not limited to, distribution and service (Rule 12b-1) fees) and/or reimburse certain expenses to the extent necessary to assist the Fund in attempting to avoid a negative yield. In addition, the Adviser and its affiliates have voluntarily agreed to waive a portion of their fees (including, but not limited to, Rule 12b-1 fees) and/or reimburse certain expenses to the extent necessary to assist the fund in attempting to achieve a positive yield. These fee waivers and/or expense reimbursements are voluntary and may be amended or terminated at any time by the Adviser on notice to the Trust

J-1

September 28, 2017 To the Trustees of John Hancock Funds 601 Congress Street Boston, MA 02210 Re: Expense Limitation Letter Agreement and Voluntary Expense Limitation Notice With reference to each of the Advisory Agreements approved by the Board or...

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