Ms. Anne Hammer reports

MANULIFE FINANCIAL CORPORATION ANNOUNCES DIVIDEND RATES ON NON-CUMULATIVE RATE RESET CLASS 1 SHARES SERIES 17 AND NON-CUMULATIVE FLOATING RATE CLASS 1 SHARES SERIES 18

Manulife Financial Corp. has released the applicable dividend rates for its non-cumulative rate reset Class 1 shares, Series 17, and non-cumulative floating-rate Class 1 shares, Series 18.

With respect to any Series 17 preferred shares that remain outstanding after Dec. 19, 2024, holders thereof 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 Financial and subject to the provisions of the Insurance Companies Act (Canada). The dividend rate for the five-year period commencing on Dec. 20, 2024, and ending on Dec. 19, 2029, will be 5.54200 per cent per annum or 34.6375 cents per share per quarter, being equal to the sum of the five-year government of Canada bond yield as at Nov. 20, 2024, plus 2.36 per cent, as determined in accordance with the terms of the Series 17 preferred shares.

With respect to any Series 18 preferred shares that may be issued in connection with the conversion of the Series 17 preferred shares into the Series 18 preferred shares, holders thereof will be entitled to receive floating-rate non-cumulative preferential cash dividends on a quarterly basis, calculated on the basis of the actual number of days elapsed in each quarterly floating-rate period divided by 365, as and when declared by the board of directors of Manulife Financial and subject to the provisions of the Insurance Companies Act (Canada). The dividend rate for the three-month period commencing on Dec. 20, 2024, and ending on March 19, 2025, will be 1.44025 per cent (5.84100 per cent on an annualized basis) or 36.0063 cents per share, being equal to the sum of the three-month government of Canada treasury bill yield as at Nov. 20, 2024, plus 2.36 per cent, as determined in accordance with the terms of the Series 18 preferred shares.

Beneficial owners of Series 17 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 Dec. 4, 2024. Conversion inquiries should be directed to Manulife Financial's registrar and transfer agent, TSX Trust Company, at 1-800-783-9495.

The Toronto Stock Exchange has conditionally approved the listing of the Series 18 preferred shares, effective upon conversion. Listing of the Series 18 preferred shares is subject to Manulife Financial fulfilling all the listing requirements of the TSX, and, upon approval, the Series 18 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 service 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 its global wealth and asset management segment, it 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. It trades as MFC on the Toronto, New York and Philippine stock exchanges, and under 945 in Hong Kong.