Manulife Financial Corporation announces results of Conversion Privileges of Class 1 Preferred Shares, Series 3 and Series 4

Manulife Financial Corporation (“Manulife”) announced that after having taken into account all election notices received by the June 4, 2026 deadline for conversion, 17,750 of its currently outstanding 6,537,903 Non-cumulative Rate Reset Class 1 Shares Series 3 (the “Series 3 Preferred Shares”) have been elected for conversion on June 19, 2026, on a one-for-one basis, into Non cumulative Floating Rate Class 1 Shares Series 4 of Manulife (the “Series 4 Preferred Shares"), and 886,331 of its currently outstanding 1,462,097 Series 4 Preferred Shares have been elected for conversion on June 19, 2026, on a one-for-one basis, into Series 3 Preferred Shares.

Since there would be fewer than 1,000,000 Series 4 Preferred Shares outstanding after the conversion date (June 19, 2026), after taking into account all such election notices received by the June 4, 2026 deadline for conversion, (i) Manulife will automatically convert all remaining Series 4 Preferred Shares into Series 3 Preferred Shares, on a one-for-one basis, on the conversion date, and (ii) the holders of Series 3 Preferred Shares are not entitled to convert their Series 3 Preferred Shares into Series 4 Preferred Shares.  

As a result, after giving effect to such conversion, on June 19, 2026, Manulife will have 8,000,000 Series 3 Preferred Shares issued and outstanding. The Series 3 Preferred Shares are listed on the Toronto Stock Exchange under the symbol MFC.PR.F. 

As announced by Manulife on May 21, 2026, after June 19, 2026, holders of Series 3 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 (the “Board”) and subject to the provisions of the Insurance Companies Act (Canada). The dividend rate for the five-year period commencing on June 20, 2026, and ending on June 19, 2031, will be 4.64000% per annum or C$0.290000 per share per quarter, being equal to the sum of the five-year Government of Canada bond yield as at May 21, 2026, plus 1.41%, as determined in accordance with the terms of the Series 3 Preferred Shares.  

The Series 3 Preferred Shares and the Series 4 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. 

​Manulife Financial Corporation is a leading international financial services provider, helping people make their decisions easier and 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 Wealth & Asset Management, the company offers global investment, financial advice, and retirement plan services to individuals, institutions, and retirement plan members worldwide. At the end of 2023, Manulife 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.