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Manulife Financial to Commence Purchase of its Common Shares Toronto - Manulife Financial Corporation expects to commence purchases this week of its common shares. As well, Manulife plans to purchase common stock of John Hancock Financial Services, Inc. Purchases of Manulife common shares and John Hancock common stock will be subject to market conditions. Manulife has appointed agents who will determine the time, amount and price at which purchases will be made, subject to volume and price parameters that Manulife will set from time to time. The purchases of Manulife common shares will be made on the Toronto Stock Exchange (TSX) under Manulife’s previously announced normal course issuer bid and in accordance with applicable TSX rules, including the limit on purchases of 2 per cent of the outstanding shares in any 30-day period. Also, Manulife has voluntarily adopted additional restrictions on the buying of its common shares, including daily volume limits based upon the average daily trading volume of Manulife shares on the TSX. These additional restrictions are based upon the pricing and volume principles of Rule 10b-18 under the Securities Exchange Act of 1934. The purchases of John Hancock common stock will be made on the New York Stock Exchange and will be subject to equivalent restrictions Manulife has imposed upon its purchases of Manulife common shares. After the completion of the planned merger between Manulife and John Hancock, the purchased John Hancock common stock will be cancelled. At the conclusion of each day on which purchases of shares are made, Manulife will issue a press release disclosing the aggregate number and the volume weighted average price of the shares purchased on that day. The purchases of Manulife common shares and John Hancock common stock are part of Manulife’s planned repurchase of its outstanding equity previously announced at the time of its agreement to merge with John Hancock. No purchases of Manulife common shares or John Hancock common stock will be made at any time where such purchases would be prohibited under applicable U.S. or Canadian securities laws. About Manulife Financial Manulife Financial is a leading Canadian-based financial services group operating in 15 countries and territories worldwide. Through its extensive network of employees, agents and distribution partners, Manulife Financial offers clients a diverse range of financial protection products and wealth management services. Funds under management by Manulife Financial were Cdn$150.8 billion as at September 30, 2003. Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘0945’ on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com. –30– For more information, please contact:
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