An anonymous director reports

MANULIFE FINANCIAL CORPORATION ANNOUNCES DIVIDEND RATES ON NON-CUMULATIVE RATE RESET CLASS 1 SHARES SERIES 25 AND NON-CUMULATIVE FLOATING RATE CLASS 1 SHARES SERIES 26

Manulife Financial Corp. today set the applicable dividend rates for its non-cumulative rate reset Class 1 shares, Series 25, and non-cumulative floating rate Class 1 shares, Series 26.

With respect to any Series 25 preferred shares that remain outstanding after June 19, 2023, holders thereof will be entitled to receive fixed rate non-cumulative preferential cash dividends on a quarterly basis, as and when declared by the board of directors of Manulife and subject to the provisions of the Insurance Companies Act (Canada). The dividend rate for the five-year period commencing on June 20, 2023, and ending on June 19, 2028, will be 5.94200 per cent per annum or 37.1375 cents per share per quarter, being equal to the sum of the five-year government of Canada bond yield as at May 23, 2023, plus 2.55 per cent, as determined in accordance with the terms of the Series 25 preferred shares.

With respect to any Series 26 preferred shares that may be issued on June 20, 2023, in connection with the conversion of the Series 25 preferred shares into the Series 26 preferred shares, holders thereof will be entitled to receive floating rate non-cumulative preferential cash dividends on a quarterly basis, calculated on the basis of the actual number of days elapsed in each quarterly floating rate period divided by 365, as and when declared by the board of directors of Manulife and subject to the provisions of the Insurance Companies Act (Canada). The dividend rate for the three-month period commencing on June 20, 2023, and ending on Sept. 19, 2023, will be 1.76665 per cent (7.00900 per cent on an annualized basis) or 44.1663 cents per share, being equal to the sum of the three-month government of Canada treasury bill yield as at May 23, 2023, plus 2.55 per cent, as determined in accordance with the terms of the Series 26 preferred shares.

Beneficial owners of Series 25 preferred shares who wish to exercise their right of conversion should instruct their broker or other nominee to exercise such right before 5 p.m. (Toronto time) on June 5, 2023. The news release announcing such conversion right was issued on April 25, 2023, and can be viewed on SEDAR or Manulife's website. Conversion inquiries should be directed to Manulife's registrar and transfer agent, TSX Trust Company, at 1-800-783-9495.

The Toronto Stock Exchange has conditionally approved the listing of the Series 26 preferred shares effective upon conversion. Listing of the Series 26 preferred shares is subject to Manulife fulfilling all the listing requirements of the TSX and, upon approval, the Series 26 preferred shares will be listed on the TSX under the trading symbol MFC.PR.S.

About Manulife Financial Corp.

Manulife Financial is a leading international financial services provider, helping people make their decisions easier and lives better. With its global headquarters in Toronto, Canada, the company provides financial advice and insurance, operating as Manulife across Canada, Asia and Europe, and primarily as John Hancock in the United States. Through Manulife Investment Management, the global brand for the company's global wealth and asset management segment, the company serves individuals, institutions and retirement plan members worldwide. At the end of 2022, Manulife had more than 40,000 employees, over 116,000 agents and thousands of distribution partners, serving over 34 million customers.