An anonymous director reports

MANULIFE FINANCIAL CORPORATION ANNOUNCES CONVERSION PRIVILEGE OF NON-CUMULATIVE RATE RESET CLASS 1 SHARES SERIES 15

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 15, on June 19, 2024. As a result, subject to certain conditions described in the prospectus supplement dated Feb. 18, 2014, relating to the issuance of the Series 15 preferred shares, the holders of the Series 15 preferred shares have the right, at their option, to convert all or part of their Series 15 preferred shares on a one-for-one basis into non-cumulative floating rate Class 1 shares, Series 16, of Manulife on June 19, 2024. A formal notice of the right to convert Series 15 preferred shares into Series 16 preferred shares will be sent to the registered holders of the Series 15 preferred shares in accordance with the share conditions of the Series 15 preferred shares. Holders of Series 15 preferred shares are not required to elect to convert all or any part of their Series 15 preferred shares into Series 16 preferred shares. Holders who do not exercise their right to convert their Series 15 preferred shares into Series 16 preferred shares on such date will retain their Series 15 preferred shares, unless automatically converted in accordance with the conditions below.

The foregoing conversion right is subject to the conditions that: (i) if, after June 4, 2024, Manulife determines that there would be less than one million Series 15 preferred shares outstanding on June 19, 2024, then all remaining Series 15 preferred shares will automatically be converted into an equal number of Series 16 preferred shares on June 19, 2024, and (ii) alternatively, if, after June 4, 2024, Manulife determines that there would be less than one million Series 16 preferred shares outstanding on June 19, 2024, then no Series 15 preferred shares will be converted into Series 16 preferred shares. In either case, Manulife will give written notice to that effect to any registered holders of Series 15 preferred shares affected by the preceding minimums on or before June 12, 2024.

The dividend rate applicable to the Series 15 preferred shares for the five-year period commencing on June 20, 2024, and ending on Sept. 19, 2029, and the dividend rate applicable to the Series 16 preferred shares for the three-month period commencing on June 20, 2024, and ending on Sept. 19, 2024, will be determined and announced by way of a news release on May 21, 2024. Manulife will also give written notice of these dividend rates to the registered holders of Series 15 preferred shares.

Beneficial owners of Series 15 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 June 4, 2024. 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 15 preferred shares, in whole or in part, on June 19, 2029, and on June 19 every five years thereafter and may redeem the Series 16 preferred shares, in whole or in part, after June 19, 2024.

The Toronto Stock Exchange has conditionally approved the listing of the Series 16 preferred shares effective upon conversion. Listing of the Series 16 preferred shares is subject to Manulife fulfilling all the listing requirements of the TSX and, upon approval, the Series 16 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, it 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, Manulife serves individuals, institutions and retirement plan members worldwide. At the end of 2023, it had more than 38,000 employees, over 98,000 agents and thousands of distribution partners, serving over 35 million customers.