An anonymous director reports

MANULIFE FINANCIAL CORPORATION ANNOUNCES RESULTS OF CONVERSION PRIVILEGE OF NON-CUMULATIVE RATE RESET CLASS 1 SHARES SERIES 25

After having taken into account all election notices received by the June 5, 2023, deadline for conversion of Manulife Financial Corp.'s currently outstanding 10 million non-cumulative rate reset Class 1 shares, Series 25, into non-cumulative floating rate Class 1 shares, Series 26, of Manulife, the holders of Series 25 preferred shares are not entitled to convert their Series 25 preferred shares into Series 26 preferred shares. There were 37,044 Series 25 preferred shares elected for conversion, which is less than the minimum one million shares required to give effect to conversions into Series 26 preferred shares.

As announced by Manulife on May 23, 2023, after June 19, 2023, holders of Series 25 preferred shares 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 of May 23, 2023, plus 2.55 per cent, as determined in accordance with the terms of the Series 25 preferred shares.

Subject to certain conditions described in the prospectus supplement dated Feb. 12, 2018, relating to the issuance of the Series 25 preferred shares, Manulife may redeem the Series 25 preferred shares, in whole or in part, on June 19, 2028, and on June 19 every five years thereafter.

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, Manulife 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, Manulife 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. The company trades as MFC on the Toronto, New York and the Philippine stock exchanges and under 945 in Hong Kong.