Ms. Fiona McLean reports

MANULIFE FINANCIAL CORPORATION ANNOUNCES RESULTS OF CONVERSION PRIVILEGES OF CLASS 1 PREFERRED SHARES, SERIES 3 AND SERIES 4

After having taken into account all election notices received by the June 4, 2026, deadline for conversion, 17,750 of Manulife Financial Corp.'s currently outstanding 6,537,903 non-cumulative rate reset Class 1 shares, Series 3, have been elected for conversion on June 19, 2026, on a one-for-one basis, into non-cumulative floating rate Class 1 shares, Series 4, of Manulife, and 886,331 of its currently outstanding 1,462,097 Series 4 preferred shares have been elected for conversion on June 19, 2026, on a one-for-one basis, into Series 3 preferred shares.

Since there would be fewer than one million Series 4 preferred shares outstanding after the conversion date (June 19, 2026), after taking into account all such election notices received by the June 4, 2026, deadline for conversion, (i) Manulife will automatically convert all remaining Series 4 preferred shares into Series 3 preferred shares, on a one-for-one basis, on the conversion date, and (ii) the holders of Series 3 preferred shares are not entitled to convert their Series 3 preferred shares into Series 4 preferred shares.

As a result, after giving effect to such conversion, on June 19, 2026, Manulife will have eight million Series 3 preferred shares issued and outstanding. The Series 3 preferred shares are listed on the Toronto Stock Exchange under the symbol MFC.PR.F.

As announced by Manulife on May 21, 2026, after June 19, 2026, holders of Series 3 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 June 20, 2026, and ending on June 19, 2031, will be 4.64000 per cent per annum or 29 cents per share per quarter, being equal to the sum of the five-year government of Canada bond yield as at May 21, 2026, plus 1.41 per cent, as determined in accordance with the terms of the Series 3 preferred shares.

About Manulife Financial Corp.

Manulife Financial is a leading international financial services provider, headquartered in Toronto, Canada. Anchored in the company's ambition to be the No. 1 choice for customers, the company 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, the company offers global investment solutions, financial advice, and retirement plan services to individuals, institutions and retirement plan members worldwide. At the end of 2025, the company 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. The company trades as MFC on the Toronto, New York and Philippine stock exchanges, and under 945 on the Hong Kong stock exchange.