Mr. Roy Gori reports

MANULIFE CLOSES LARGEST CANADIAN UNIVERSAL LIFE REINSURANCE TRANSACTION WITH RGA

Manulife Financial Corp. has successfully closed the previously announced transaction to reinsure a low ROE (return on equity) Canadian Universal Life block with RGA Life Reinsurance Company of Canada.

"Closing this deal represents another milestone in our journey to transform our portfolio to higher ROE and lower risk businesses," said Manulife President and Chief Executive Officer Roy Gori. "This transaction, the largest Universal Life reinsurance transaction in the Canadian insurance industry, confirms our continued momentum in executing on our strategy of reshaping our portfolio at attractive terms and our commitment to unlocking shareholder value."

As previously announced, Manulife has received OSFI approval to amend our current share buyback program, which commenced on February 23, 2024, to return unlocked capital from the transaction to its shareholders. The amended NCIB remains subject to the approval of the Toronto Stock Exchange ("TSX").

For more information on the transaction, please see the news release and slides from our March 25 th, 2024, announcement.

About Manulife

Manulife Financial Corporation is a leading international financial services provider, helping people make their decisions easier and lives better. With our global headquarters in Toronto, Canada, we provide 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 our Global Wealth and Asset Management segment, we serve individuals, institutions, and retirement plan members worldwide. At the end of 2023, we had more than 38,000 employees, over 98,000 agents, and thousands of distribution partners, serving over 35 million customers. We trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges, and under '945' in Hong Kong.

We seek Safe Harbor.