An anonymous director reports

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

After having taken into account all election notices received by the Sept. 5, 2023, deadline for conversion of Manulife Financial Corp.'s currently outstanding eight million non-cumulative rate reset Class 1 shares, Series 13, into non-cumulative floating rate Class 1 shares, Series 14, of Manulife, the holders of Series 13 preferred shares are not entitled to convert their Series 13 preferred shares into Series 14 preferred shares. There were 12,850 Series 13 preferred shares elected for conversion, which is less than the minimum one million shares required to give effect to conversions into Series 14 preferred shares.

As announced by Manulife on Aug. 21, 2023, after Sept. 19, 2023, holders of Series 13 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 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 of Aug. 21, 2023, plus 2.22 per cent, as determined in accordance with the terms of the Series 13 preferred shares.

Subject to certain conditions described in the prospectus supplement dated June 17, 2013, relating to the issuance of the Series 13 preferred shares, 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.

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 its 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.