C$ unless otherwise stated TSX/NYSE/PSE: MFC SEHK: 945

TORONTO, May 21, 2026 /CNW/ - Manulife Financial Corporation ("Manulife") today announced the applicable dividend rates for its Non-cumulative Rate Reset Class 1 Shares Series 3 (the "Series 3 Preferred Shares") (TSX:MFC) and Non-cumulative Floating Rate Class 1 Shares Series 4 (the "Series 4 Preferred Shares") (TSX:MFC).

With respect to any Series 3 Preferred Shares that remain outstanding after June 19, 2026, holders thereof 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 (the "Board") of Manulife 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 $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.

With respect to any Series 4 Preferred Shares that remain outstanding after June 19, 2026, holders thereof will be entitled to receive floating rate non-cumulative preferential cash dividends on a quarterly basis, calculated on the basis of actual number of days elapsed in each quarterly floating rate period divided by 365, as and when declared by the Board of Manulife and subject to the provisions of the Insurance Companies Act (Canada). The dividend rate for the three-month period commencing on June 20, 2026, and ending on September 19, 2026, will be 0.94092% (3.73300% on an annualized basis) or $0.235230 per share, being equal to the sum of the three-month Government of Canada Treasury bill yield as at May 21, 2026, plus 1.41%, as determined in accordance with the terms of the Series 4 Preferred Shares.

Beneficial owners of Series 3 Preferred Shares and Series 4 Preferred Shares who wish to exercise their right of conversion should instruct their broker or other nominee to exercise such right before 5:00 p.m. (Toronto time) on June 4, 2026. The news release announcing such conversion right was issued on May 4, 2026 and can be viewed on SEDAR+ or Manulife's website. Conversion inquiries should be directed to Manulife's Registrar and Transfer Agent, TSX Trust Company (Canada), at 1‑800‑783‑9495.

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.

About Manulife

Manulife Financial Corporation is a leading international financial services provider, headquartered in Toronto, Canada. Anchored in our ambition to be the number one choice for customers, we operate as Manulife across Canada and Asia, and primarily as John Hancock in the United States, providing financial advice, insurance and health solutions for individuals, groups and businesses. Through Manulife Wealth & Asset Management, we offer global investment solutions, financial advice, and retirement plan services to individuals, institutions, and retirement plan members worldwide. At the end of 2025, we had more than 37,000 employees, over 106,000 agents, and thousands of distribution partners, serving over 37 million customers with operations across 25 markets globally. We trade as 'MFC' on the Toronto, New York, and Philippine stock exchanges, and under '945' on the Hong Kong stock exchange. Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com.

Media Relations:

Fiona McLean

Manulife

437-441-7491

fiona_mclean@manulife.com

Investor Relations:

Derek Theobalds

Manulife

416-254-1774

derek_theobalds@manulife.com

SOURCE Manulife Financial Corporation

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Manulife Financial Corporation announces Dividend Rates on Non-cumulative Rate Reset Class 1 Shares Series 3 and Non-cumulative Floating Rate Class 1 Shares Series 4