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Manulife Financial Corporation announces results of Conversion Privilege of Non-cumulative Rate Reset Class 1 Shares Series 19

1. Manulife's Series 19 Preferred Shares will not convert to Series 20 shares. 2. Only 3,700 shares elected for conversion, falling short of the one million required. 3. Dividends for Series 19 will be fixed at 5.169% after March 19, 2025. 4. Redemption of Series 19 shares may occur on March 19, 2030. 5. Series 19 shares are not registered for sale in the United States.

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Why Neutral?

The inability to convert preferred shares might reduce liquidity, but fixed dividends offer stability.

How important is it?

The article discusses financial instruments affecting investor sentiment and dividend calculations, which directly relates to MFC's financial health.

Why Long Term?

The fixed dividend rate and potential share redemption provide clarity for investors, impacting long-term evaluations.

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MFC.PR.NMFC.PR.CMFC.PR.DJHN.TOMFC.TO
C$ unless otherwise stated                                                                                                             TSX/NYSE/PSE: MFC     SEHK: 945 , /PRNewswire/ - Manulife Financial Corporation ("Manulife") today announced that after having taken into account all election notices received by the March 4, 2025 deadline for conversion of its currently outstanding 10,000,000 Non-cumulative Rate Reset Class 1 Shares Series 19 (the "Series 19 Preferred Shares") (TSX: MFC.PR.N) into Non-cumulative Floating Rate Class 1 Shares Series 20 of Manulife (the "Series 20 Preferred Shares"), the holders of Series 19 Preferred Shares are not entitled to convert their Series 19 Preferred Shares into Series 20 Preferred Shares. There were 3,700 Series 19 Preferred Shares elected for conversion, which is less than the minimum one million shares required to give effect to conversions into Series 20 Preferred Shares. As announced by Manulife on February 18, 2025, after March 19, 2025, holders of Series 19 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 March 20, 2025, and ending on March 19, 2030, will be 5.16900% per annum or $0.323063 per share per quarter, being equal to the sum of the five-year Government of Canada bond yield as at February 18, 2025, plus 2.30%, as determined in accordance with the terms of the Series 19 Preferred Shares. Subject to certain conditions described in the prospectus supplement dated November 26, 2014 relating to the issuance of the Series 19 Preferred Shares, Manulife may redeem the Series 19 Preferred Shares, in whole or in part, on March 19, 2030 and on March 19 every five years thereafter. The Series 19 Preferred Shares have not been and will not be registered in the United States under the United States Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any state of the United States and may not be offered, sold or delivered, directly or indirectly in the United States or to, or for the account or benefit of, a "U.S. person" (as defined in Regulation S under the Securities Act) absent registration or an applicable exemption from such registration requirements. This press release does not constitute an offer to sell or a solicitation to buy securities in the United States and any public offering of the securities in the United States must be made by means of a prospectus. About Manulife Manulife Financial Corporation is a leading international financial services provider, helping our customers make their decisions easier and lives better. With our global headquarters in Toronto, Canada, we operate as Manulife across Canada, Asia, and Europe, and primarily as John Hancock in the United States, providing financial advice and insurance for individuals, groups and businesses. Through Manulife Wealth & Asset Management, we offer global investment, financial advice, and retirement plan services to individuals, institutions, and retirement plan members worldwide. At the end of 2024, we had more than 37,000 employees, over 109,000 agents, and thousands of distribution partners, serving over 36 million customers. We trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges, and under '945' in Hong Kong. Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com. Media Contact: Fiona McLean, Manulife, 437-441-7491, [email protected]; Investor Relations, Hung Ko, Manulife, 416-806-9921, [email protected] SOURCE The Manufacturers Life Insurance Company WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

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