Manulife Financial Corporation Announces Results of Conversion Privilege of Non-Cumulative Rate Reset Class 1 Shares Series 15

Manulife Financial Corporation (Manulife) announced that after considering all election notices received by the June 4, 2024 deadline for converting its currently outstanding 8,000,000 Non-cumulative Rate Reset Class 1 Shares Series 15 into Non-cumulative Floating Rate Class 1 Shares Series 16, Series 15 Preferred Shareholders are not entitled to convert their Series 15 Preferred Shares into Series 16 Preferred Shares. There were 7,209 Series 15 Preferred Shares opted for conversion, which is fewer than the requisite one million shares to effect conversions into Series 16 Preferred Shares. 

As announced by Manulife on May 21, 2024, after June 19, 2024, holders of Series 15 Preferred Shares will be entitled to receive fixed-rate non-cumulative preferential cash dividends on a quarterly basis, as declared by Manulife's Board of Directors and subject to the provisions of the Insurance Companies Act (Canada). The dividend rate for the five-year period beginning June 20, 2024, and ending June 19, 2029, will be 5.77500% per year, or CAD0.360938 per share per quarter, which is equal to the sum of the five-year Government of Canada bond yield as of May 21, 2024 plus 2.16%, as determined in accordance with the Series 15 Preferred Shares' terms.

Subject to certain conditions described in the prospectus supplement dated February 18, 2014 relating to the issuance of the Series 15 Preferred Shares, Manulife may redeem the Series 15 Preferred Shares, in whole or in part, on June 19, 2029 and on June 19 every five years thereafter.

The Series 15 Preferred Shares have not been and will not be registered in the United States under the United States Securities Act of 1933, as amended, or the securities laws of any state in 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 of the Securities Act) in the absence of registration or an appropriate exemption from registration requirements.

​Manulife Financial Corporation is a leading international financial services provider, helping people make their decisions easier and their lives better. With its global headquarters in Toronto, Canada, the company 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, they serve individuals, institutions, and retirement plan members worldwide. At the end of 2023, the company had more than 38,000 employees, over 98,000 agents, and thousands of distribution partners, serving over 35 million customers. Manulife trades as ‘MFC’ on the Toronto, New York, and Philippine stock exchanges and under ‘945’ in Hong Kong.