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Manulife USA and Scudder join together to offer next generation variable annuities New York/Boston– Manulife USA and Scudder Investments announced today that they have joined forces to develop and distribute the next generation of variable annuity products. Under the agreement, Manulife USA will provide and develop the annuity chassis for a number of variable annuity products to be offered through the distribution network of Scudder Annuity and Life Division. The initial variable annuity products offered through Scudder’s network for launch in October 2002 include a standard 7-year variable annuity and a three-year L-share product each containing a Guaranteed Living Income Benefit. “Our success in the variable annuity market combined with Scudder’s first-class distribution network and marketing capabilities creates an opportunity for each of our companies to expand our core businesses,” said John D. DesPrez III, Chairman and President, Manulife USA. “We look forward to launching a successful partnership.” "Scudder distributed $3 billion in variable annuities last year and had been looking for a strong partner to take us to the next level. The superior capabilities of Manulife in product development, technology and service make them a great partner for Scudder to expand sales," said Perry Moore, Managing Director at Scudder Investments. In 2001, the former investment manager for Scudder Investments was ranked the number one money manager based on annual estimated net flows into variable annuity products according to Financial Research Corporation.* About Manulife The Manufacturers Life Insurance Company (U.S.A.) (Manulife USA) is committed to offering the highest quality annuity, life insurance, pension and tax-deferred college savings products to its 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 its extensive product lines, competitive underwriting, excellent ratings, and quality customer service, Manulife USA is dedicated to providing quality products designed to help create and preserve wealth for its clients. 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 US$92.1 billion (Cdn$139.8 billion) as at June 30, 2002. 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. About Scudder Scudder Investments is the US retail brand for Deutsche Asset Management. Scudder Investments is committed to distributing solid-performing products and offers a fund family that spans the breadth of investment capabilities offered by DeAM. For customers seeking professional guidance, Scudder funds are available through brokers, financial planners, banks and other intermediaries. Scudder also distributes funds directly through the AARP Investment Program. With approximately US $800 billion in assets under management, Deutsche Asset Management is one of the world’s leading investment management organizations, not just in size but in quality and breadth of investment products, performance and client service. A division of Deutsche Bank, DeAM is geographically divided into three regions – the Americas, Europe and Asia Pacific. Deutsche Asset Management is the marketing name in the US for the asset management activities of Deutsche Bank AG, Deutsche Bank Trust Company Americas, Deutsche Bank Securities Inc., Deutsche Asset Management Inc., Deutsche Asset Management Investment Services Ltd., Deutsche Investment Management Americas Inc. and Scudder Trust Company. -30- Guarantees are based on the claims-paying ability of the issuing insurance company. * As of 12/31/01. Based on Zurich Scudder Investments, Inc., the former investment manager for Scudder Investments Media Inquiries:
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