Mr. Roy Gori reports

MANULIFE ANNOUNCES LEADERSHIP CHANGES TO ACCELERATE ASIA GROWTH

Manulife Financial Corp. has made leadership changes across its executive leadership team to accelerate Asia growth and financial performance globally.

Phil Witherington, Manulife Financial's chief financial officer, is appointed president and chief executive officer of Manulife Asia, effective July 1, 2023. Mr. Witherington will continue reporting to Roy Gori, president and chief executive officer of Manulife Financial, and remain on Manulife Financial's executive leadership team. Mr. Witherington replaces Damien Green, who will chair Manulife Financial Asia Ltd. (MFAL), working with Mr. Witherington to ensure a smooth transition.

As Manulife Financial's chief financial officer, Mr. Witherington, helped the organization transition to the new international financial reporting standard 17 and IFRS 9 accounting standard, and contributed significantly to financial performance. Prior to his appointment as Manulife Financial's CFO in 2017, Mr. Witherington served as Manulife Asia's CFO. Before joining Manulife Financial in 2014, Mr. Witherington was the Asia Pacific head of finance for retail banking and wealth management at HSBC. He also held finance roles at AIA and was a financial service specialist at KPMG.

Colin Simpson, CFO for the U.S. and general account, succeeds Mr. Witherington and is appointed Manulife Financial's CFO, also effective July 1, 2023. Mr. Simpson will report to Mr. Gori and join Manulife Financial's executive leadership team. Mr. Simpson joined Manulife Financial in November, 2022, to help deliver on U.S. segment strategic priorities, including portfolio optimization, expense efficiency and capital-efficient growth. He joined Manulife Financial from Aviva PLC, where he held the position of interim group CFO, having previously served as CFO for Aviva Canada, and director of investor relations. Prior to his roles at Aviva, he was vice-president, equity research, at Goldman Sachs International.

"Phil has helped strengthen our solid financial foundation as we enter the next stage of our journey," said Mr. Gori. "We have bold ambitions for Asia, and Phil's deep appreciation of our team, market and opportunity across the region will help accelerate our growth agenda for this critical part of our business. As our new chief financial officer, Colin's experience and perspective will allow us to build on our solid foundation and continue to drive financial performance.

"I'd like to thank Damien for his leadership of Manulife Asia this past year and our Hong Kong business before that. Throughout his tenure, his commitment to our customers, team and agents has helped secure our competitive position across the region."

About Manulife Financial Corp.

Manulife Financial is a leading international financial service provider, helping people make their decisions easier and lives better. With its global headquarters in Toronto, Canada, it provides financial advice and insurance, operating as Manulife Financial across Canada, Asia and Europe, and primarily as John Hancock in the United States. Through Manulife Investment Management, the global brand for its global wealth and asset management segment, it serves individuals, institutions and retirement plan members worldwide. At the end of 2022, it had more than 40,000 employees, over 116,000 agents and thousands of distribution partners, serving over 34 million customers. It trades as MFC on the Toronto, New York and Philippine stock exchanges and under 945 in Hong Kong.