MANULIFE NEW YORK STRENGTHENS INVESTMENT LINEUP (May 1, 2003)
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FOR IMMEDIATE RELEASE
May 1, 2003

Manulife New York strengthens investment lineup
--Adds 12 new portfolios to investment platform--

Valhalla, NY – Reaffirming the commitment of The Manufacturers Life Insurance Company of New York (Manulife New York) to providing its clients with access to best-of-class investment platforms and asset allocation strategies, Manulife New York announced today enhancements to the Manufacturers Investment Trust (MIT). MIT provides the underlying investment options available in Manulife New York’s Venture® Annuities, Venture® Variable Life Insurance products, and the Venture® Series 401(k) and Pension products.1 These enhancements include four portfolios from American Funds Insurance Series®.

The MIT lineup is periodically revised as part of Manulife New York’s commitment to offering its clients a wide array of investment options. Similar enhancements have also been made to the Manulife Series. The Manulife Series, available exclusively under a group annuity contract with Manulife New York, offers qualified retirement plans a wide selection of funds managed by industry leaders.

“We are dedicated to providing our clients with access to the best managers in the industry,” said John D. DesPrez III, Chairman & President, Manulife New York. “The enhancements announced today will broaden the appeal of our already comprehensive investment platform. We are confident these changes can help deliver the highest likelihood of good performance, both today and tomorrow, thereby helping to bring competitive products and maximum satisfaction to investment professionals and our clients.”

These new additions fall into two categories: strengthening style boxes by adding additional portfolios that complement existing offerings and enhancing asset allocation strategies by introducing new asset classes.

Strengthening Style Boxes
American Funds Insurance Series
Manulife New York is proud to announce the addition of four portfolios from American Funds Insurance Series to its MIT lineup of best-in-class investment management. These variable funds have the same investment manager as the American Funds, the nation’s third-largest mutual fund family with over $350 billion in assets under management and over 20 million shareholder accounts as of December 31, 2002. American Funds utilizes a Multiple Portfolio Counselor System that allows each portfolio counsellor to implement his or her best investment ideas and helps to provide diversification for the overall portfolio. Manulife New York’s Venture Annuities will be adding the following four master-feeder portfolios, which will invest exclusively in American Funds Insurance Series®.
  • The American Growth Trust will invest exclusively in the American Funds Growth Fund; part of American Funds Insurance Series, which seeks to make shareholders’ investments grow by investing primarily in common stocks of companies that appear to offer superior opportunities for growth of capital.
  • The American International Trust will invest exclusively in the American Funds International Fund; part of American Funds Insurance Series, which seeks to make shareholders’ investments grow by investing primarily in common stocks of companies located outside of the United States.
  • The American Growth-Income Trust will invest exclusively in the American Funds Growth-Income Fund; part of American Funds Insurance Series, which seeks to make shareholders’ investments grow and to provide the shareholder with income over time by investing primarily in common stocks or other securities that demonstrate the potential for appreciation and/or dividends.
  • The American Blue Chip Income and Growth Trust will invest exclusively in the American Funds Blue Chip Income and Growth Fund; part of American Funds Insurance Series, which seeks to produce income exceeding the average yield on U.S. stocks generally (as represented by the average yield on the Standard & Poor’s 500 Composite Index) and to provide an opportunity for growth of principal consistent with sound common stock investing by investing primarily in common stocks of larger, more established companies based in the U.S. with market caps of $4 billion and above.
In addition to the American Funds Insurance Series portfolios, Manulife New York is pleased to announce that the following new portfolios were added to the investment platform.
  • The Large Cap Value Trust, subadvised by Mercury Advisors, seeks long-term capital growth by investing at least 80% of its net assets in common stocks of large cap companies found on the Russell 1000 Value Index.
  • The Emerging Growth Trust, subadvised by MFC Global Investment Management (U.S.A.) Limited, seeks superior long-term rates of return through capital appreciation by investing primarily in equity securities of small-cap U.S. companies.
  • The Mid Cap Core Trust, subadvised by A I M Capital Management, Inc., seeks capital appreciation by investing at least 80% of its assets in equity securities, including convertible securities, of mid-cap companies.
  • The Quantitative All Cap Trust, subadvised by MFC Global Investment Management (U.S.A.) Limited (MFC Global), seeks long-term growth of capital by investing primarily in equity securities of U.S. companies. The Trust will generally focus on equity securities of U.S. companies across the three market cap ranges of large, mid, and small.
  • The Special Value Trust, subadvised by Salomon Brothers Asset Management Inc, seeks long-term capital growth by investing at least 80% of the value of its net assets (plus any borrowings for investment purposes) in common stocks and other equity securities of small-cap U.S. companies.
  • The Small Cap Opportunities Trust, subadvised by Munder Capital Management, seeks long-term capital appreciation by investing primarily in equity securities of small-cap companies.
Enhancing Asset Allocation
With the introduction of the following two new portfolios, the MIT’s asset allocation strategy is enhanced.
  • The Real Return Bond Trust, subadvised by PIMCO, seeks maximum real return, consistent with preservation of real capital and prudent investment management by investing at least 80% of its net assets in inflation-indexed bonds of varying maturities issued by the U.S. and non-U.S. governments, their agencies, or instrumentalities and corporations.
  • The Natural Resources Trust, subadvised by Wellington Management Company, LLP, seeks long-term total return by investing at least 80% of its net assets in equity and equity-related securities of natural resource-related companies worldwide.
“Manulife New York’s investment lineup is the cornerstone of our effort to provide clients with the opportunity to pursue financial fulfillment with a full set of diversified investment opportunities,” said James D. Gallagher, President of MIT. “With the addition of these 12 new portfolios, including new asset managers such as American Funds and Mercury Advisors, Manulife New York strengthens its platform of investment choices and delivers on its commitment to provide an investment platform with the potential to offer superior risk-adjusted returns and broad diversification across asset classes, investment styles, and asset managers.”

Manulife New York’s investment management team will now include:
  • A I M Capital Management, Inc.
  • American Funds
  • Capital Guardian Trust Company
  • Davis Advisors
  • Deutsche Asset Management
  • Fidelity Management & Research Company
  • Franklin Templeton
  • Jennison Associates LLC
  • Lord, Abbett & Co. LLC
  • Mercury Advisors
  • MFC Global Investment Management (U.S.A.) Limited
  • MFS Investment Management
  • PIMCO
  • Putnam Investment Management, LLC
  • Salomon Brothers Asset Management Inc
  • T. Rowe Price Associates, Inc.
  • UBS Global Asset Management
  • Van Kampen
  • Wellington Management Company, LLP
About Manulife New York
Manulife New York is committed to offering the highest quality annuity, life insurance, and pension products to our clients. Its family of products has been built around a powerful combination of investment options chosen with the goal of providing attractive, risk adjusted returns and broad diversification across asset classes, investment styles and asset managers. With Manulife New York’s broad product lines, competitive underwriting, excellent ratings and quality customer service, Manulife New York is committed to providing quality products designed to help create and preserve wealth for our clients. Manulife New York can be found on the Internet at www.manulifenewyork.com.

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1Venture Annuities, Venture Variable Life insurance products, as well as group annuity contracts are issued by The Manufacturers Life Insurance Company of New York (Valhalla, NY). Venture variable life and variable annuities are distributed by Manulife Financial Securities LLC through other broker/dealers appointed by Manulife Financial Securities. Manulife Wood Logan, a division of The Manufacturers Life Insurance Company (U.S.A.) (Manulife USA), provides sales and marketing support for certain products issued by Manulife New York. Venture is a registered service mark of Manulife USA, used under license by Manulife New York.

Variable annuities and variable life insurance products are long-term contracts designed for retirement purposes and are sold by prospectus. Please contact your local Manulife New York office to obtain a prospectus containing more details and all charges, expenses, risk factors and limitations. Please read the prospectus carefully before investing or sending money. Withdrawals may be subject to withdrawal charges and reduce the death benefit and contract value. In addition, withdrawals of taxable amounts will be subject to ordinary income tax and, if made prior to age 59½, a 10% IRS tax penalty may apply. Past performance is not a guarantee of future results.

Group annuity contracts are issued to qualified retirement plans by Manulife USA. Annuities and life insurance products are not deposits or obligations of, or guaranteed by any bank or financial institution. Annuities and life insurance products are not insured by the FDIC, the U.S. Government or any other government agency and are subject to risks, including the possible loss of principal.


Media Contact:
Wendy W. Smith
U.S. Communications
617-854-4348
wendy_smith@manulife.com




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