Mr. Derek Theobalds reports

MANULIFE CAUTIONS INVESTORS REGARDING OCEHAN LLC OFFER FOR SHARES

Manulife Financial Corp. has been notified of an unsolicited mini-tender offer made by Ocehan LLC (Ocehan) to purchase up to 50,000 Manulife common shares, or less than 0.003 per cent of the common shares outstanding, at a price of $35.80 per share.

Manulife is in no way associated with Ocehan and does not recommend or endorse acceptance of this unsolicited offer.

Manulife cautions shareholders that the mini-tender offer has been made at a price below the current market price for Manulife shares. The offer represents a discount of approximately 24.88 per cent and 24.67 per cent, respectively, below the closing prices of Manulife common shares on the Toronto Stock Exchange and New York Stock Exchange on Nov. 19, 2025, the last trading day before the mini-tender offer was commenced, and a discount of 28.29 per cent and 28.16 per cent, respectively, below the closing prices on the TSX and NYSE on Dec. 19, 2025.

Mini-tender offers are designed to seek less than 5 per cent of a company's outstanding shares, avoiding disclosure and procedural requirements applicable to most bids under Canadian and United States securities regulations. The Canadian Securities Administrators (CSA) and the U.S. Securities and Exchange Commission (SEC) have expressed serious concerns about mini-tender offers, including the possibility that investors might tender to such offers without understanding the offer price relative to the actual market price of their securities.

The SEC states that "bidders make mini-tender offers at below-market prices, hoping that they will catch investors off guard if the investors do not compare the offer price to the current market price."

Shareholders should carefully review the Ocehan offer documents and current market price for Manulife shares, and consult their investment advisers regarding any offer they may receive and review with their advisers all options for their investment in Manulife shares.

Manulife has stock transfer agents providing shareholder services in Canada, the United States, Hong Kong and the Philippines. These local agents provide services directly to our registered shareholders and can provide information on share account management, direct deposit of dividends, dividend reinvestment and share purchase plans. Please e-mail manulifeinquiries@tmx.com for more information.

Manulife requests that a copy of this news release be included in any distribution of materials relating to Ocehan's mini-tender offer for Manulife common shares.

About Manulife Financial Corp.

Manulife Financial is a leading international financial services provider, helping the company's customers make their decisions easier and lives better. With Manulife's global headquarters in Toronto, Canada, the company operates as Manulife across Canada, Asia and Europe, and primarily as John Hancock in the United States, providing financial advice and insurance for individuals, groups and businesses. Through Manulife Wealth & Asset Management, the company offers global investment, financial advice and retirement plan services to individuals, institutions and retirement plan members worldwide. At the end of 2024, the company had more than 37,000 employees, over 109,000 agents and thousands of distribution partners, serving over 36 million customers. The company trades as MFC on the Toronto, New York and the Philippine stock exchanges, and under 945 in Hong Kong.