Ms. Gail Cook-Bennett reports

MANULIFE ANNOUNCES CHAIR TRANSITION AND SUCCESSION

On behalf of the board of directors, Manulife Financial Corp. and The Manufacturers Life Insurance Company have appointed Richard DeWolfe as vice-chair, effective Dec. 1, 2012.

Gail Cook-Bennett, chair of Manulife Financial, will retire from the board in May, 2013, having reached the board retirement age. As vice-chair, Mr. DeWolfe will assist the chair in managing a smooth transition of the affairs of the board until the 2013 annual meeting in May, when he will become chair.

"Over the past few months, the Manulife board participated in a careful process to identify the next chair," said Ms. Cook-Bennett. "The board is fortunate to have someone of Dick DeWolfe's experience, ability and knowledge of the company take on the role of chair," she added.

"We have benefited enormously from Dick DeWolfe's keen interest and wise counsel, as a director at large and as chair of the audit committee," said Donald Guloien. "I am looking forward to working even more closely with Dick over the next few years," he added.

Mr. DeWolfe, who joined the board in 2004, is currently managing partner of DeWolfe & Company LLC, a real estate management and investment consulting firm. He was formerly chairman and chief executive officer of The DeWolfe Companies Inc., the largest home-ownership organization in New England. Mr. DeWolfe is a director of Avantair Inc. and holds an executive master professional director certification from the American College of Corporate Directors. Mr. DeWolfe received a BAS in marketing and finance from Boston University.