An anonymous director reports

MANULIFE FINANCIAL CORPORATION ANNOUNCES DIVIDEND RATES ON NON-CUMULATIVE RATE RESET CLASS 1 SHARES SERIES 13 AND NON-CUMULATIVE FLOATING RATE CLASS 1 SHARES SERIES 14

Manulife Financial Corp. has released the applicable dividend rates for its non-cumulative rate reset Class 1 shares, Series 13, and non-cumulative floating-rate Class 1 shares, Series 14.

With respect to any Series 13 preferred shares that remain outstanding after Sept. 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 Sept. 20, 2023, and ending on Sept. 19, 2028, will be 6.35000 per cent per annum or 39.6875 cents per share per quarter, being equal to the sum of the five-year government of Canada bond yield as at Aug. 21, 2023, plus 2.22 per cent, as determined in accordance with the terms of the Series 13 preferred shares.

With respect to any Series 14 preferred shares that may be issued in connection with the conversion of the Series 13 preferred shares into the Series 14 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 Financial and subject to the provisions of the Insurance Companies Act (Canada). The dividend rate for the three-month period commencing on Sept. 20, 2023, and ending on Dec. 19, 2023, will be 1.83022 per cent (7.34100 per cent on an annualized basis) or 45.7555 cents per share, being equal to the sum of the three-month government of Canada treasury bill yield as at Aug. 21, 2023, plus 2.22 per cent, as determined in accordance with the terms of the Series 14 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. 5, 2023. Such date of Sept. 5, 2023, represents a change from the date of Sept. 4, 2023, referred to in the news release issued by Manulife Financial on July 26, 2023, announcing such conversion right, which news release can be viewed on SEDAR+ or Manulife Financial's website. Conversion inquiries should be directed to Manulife Financial'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 14 preferred shares, effective upon conversion. Listing of the Series 14 preferred shares is subject to Manulife Financial fulfilling all the listing requirements of the Toronto Stock Exchange, 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 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.