An anonymous director reports

MANULIFE FINANCIAL CORPORATION ANNOUNCES CONVERSION PRIVILEGE OF NON-CUMULATIVE RATE RESET CLASS 1 SHARES SERIES 13

Manulife Financial Corp. does not intend to exercise its right to redeem all or any of its currently outstanding eight million non-cumulative rate reset Class 1 shares Series 13 on Sept. 19, 2023. As a result, subject to certain conditions described in the prospectus supplement dated June 17, 2013, relating to the issuance of the Series 13 preferred shares, the holders of the Series 13 preferred shares have the right, at their option, to convert all or part of their Series 13 preferred shares on a one-for-one basis into non-cumulative floating rate Class 1 shares Series 14 of Manulife on Sept. 19, 2023. A formal notice of the right to convert Series 13 preferred shares into Series 14 preferred shares will be sent to the registered holders of the Series 13 preferred shares in accordance with the share conditions of the Series 13 preferred shares. Holders of Series 13 preferred shares are not required to elect to convert all or any part of their Series 13 preferred shares into Series 14 preferred shares. Holders who do not exercise their right to convert their Series 13 preferred shares into Series 14 preferred shares on such date will retain their Series 13 preferred shares, unless automatically converted in accordance with the conditions below.

The foregoing conversion right is subject to the conditions that: (i) if, after Sept. 4, 2023, Manulife determines that there would be less than one million Series 13 preferred shares outstanding on Sept. 19, 2023, then all remaining Series 13 preferred shares will automatically be converted into an equal number of Series 14 preferred shares on Sept. 19, 2023, and (ii) alternatively, if, after Sept. 4, 2023, Manulife determines that there would be less than one million Series 14 preferred shares outstanding on Sept. 19, 2023, then no Series 13 preferred shares will be converted into Series 14 preferred shares. In either case, Manulife will give written notice to that effect to any registered holders of Series 13 preferred shares affected by the preceding minimums on or before Sept. 12, 2023.

The dividend rate applicable to the Series 13 preferred shares for the five-year period commencing on Sept. 20, 2023, and ending on Sept. 19, 2028, and the dividend rate applicable to the Series 14 preferred shares for the three-month period commencing on Sept. 20, 2023, and ending on Dec. 19, 2023, will be determined and announced by way of a news release on Aug. 21, 2023. Manulife will also give written notice of these dividend rates to the registered holders of Series 13 preferred shares.

Beneficial owners of Series 13 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 Sept. 4, 2023. Conversion inquiries should be directed to Manulife's registrar and transfer agent, TSX Trust Company, at 1-800-783-9495.

Subject to certain conditions described in the prospectus, Manulife may redeem the Series 13 preferred shares, in whole or in part, on Sept. 19, 2028, and on Sept. 19 every five years thereafter and may redeem the Series 14 preferred shares, in whole or in part, after Sept. 19, 2023.

The Toronto Stock Exchange has conditionally approved the listing of the Series 14 preferred shares effective upon conversion. Listing of the Series 14 preferred shares is subject to Manulife fulfilling all the listing requirements of the TSX and, upon approval, the Series 14 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, the company had more than 40,000 employees, over 116,000 agents and thousands of distribution partners, serving over 34 million customers.