Ms. Fiona McLean reports

MANULIFE FINANCIAL ANNOUNCES CONVERSION PRIVILEGES FOR ITS SERIES 3 AND SERIES 4 CLASS 1 PREFERRED SHARES

Manulife Financial Corp. does not intend to exercise its right to redeem all or any of its currently outstanding 6,537,903 non-cumulative rate reset Class 1 shares, Series 3, or 1,462,097 non-cumulative floating-rate Class 1 shares, Series 4, on June 19, 2026.

As a result, subject to certain conditions described in the prospectus supplement dated March 7, 2011, relating to the issuance of the Series 3 preferred shares and Series 4 preferred shares, the holders of the Series 3 preferred shares have the right, at their option, to convert all or part of their Series 3 preferred shares on a one-for-one basis into Series 4 preferred shares on June 19, 2026. As well, subject to certain conditions, the holders of Series 4 preferred shares have the right to convert all or part of their Series 4 preferred shares on a one-for-one basis into Series 3 preferred shares on June 19, 2026. Holders who do not exercise their right to convert their Series 3 preferred shares into Series 4 preferred shares will retain their Series 3 preferred shares. Holders who do not exercise their right to convert their Series 4 preferred shares into Series 3 preferred shares will retain their Series 4 preferred shares.

Beneficial owners of Series 3 preferred shares and Series 4 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, 2026.

The foregoing conversions are subject to the conditions that: (i) if, after June 4, 2026, Manulife determines that there would be fewer than one million Series 3 preferred shares outstanding on June 19, 2026, then all remaining Series 3 preferred shares will automatically be converted into an equal number of Series 4 preferred shares on June 19, 2026; and (ii) if, after June 4, 2026, Manulife determines that there would be fewer than one million Series 4 preferred shares outstanding on June 19, 2026, then all remaining Series 4 preferred shares will automatically be converted into an equal number of Series 3 preferred shares. In either case, Manulife shall give written notice to that effect to any registered holders of Series 3 and Series 4 preferred shares on or before June 7, 2026.

The dividend rate applicable to the Series 3 preferred shares for the five-year period commencing on June 20, 2026, and ending on June 19, 2031, and the dividend rate applicable to the Series 4 preferred shares for the three-month period commencing on June 20, 2026, and ending on Sept. 19, 2026, will be determined and announced by way of a news release on May 21, 2026. Manulife will also give written notice of these dividend rates to the registered holders of Series 3 preferred shares and Series 4 preferred shares.

Conversion inquiries should be directed to Manulife's registrar and transfer agent, TSX Trust Company (Canada), at 1-800-783-9495.

About Manulife Financial Corp.

Manulife Financial is a leading international financial service provider, headquartered in Toronto, Canada. Anchored in its ambition to be the No. 1 choice for customers, it operates as Manulife across Canada and Asia, and primarily as John Hancock in the United States, providing financial advice, insurance and health solutions for individuals, groups and businesses. Through Manulife Wealth & Asset Management, it offers global investment solutions, financial advice and retirement plan services to individuals, institutions and retirement plan members worldwide. At the end of 2025, it had more than 37,000 employees, over 106,000 agents and thousands of distribution partners, serving over 37 million customers with operations across 25 markets globally. It trades as MFC on the Toronto, New York and Philippine stock exchanges, and under 945 on the Hong Kong Stock Exchange. Not all offerings are available in all jurisdictions.