MFC.PR.G To Be Extended

Manulife Financial Corporation has announced:

that it does not intend to exercise its right to redeem all or any of its currently outstanding 8,000,000 Non-cumulative Rate Reset Class 1 Shares Series 5 (the “Series 5 Preferred Shares”) (TSX: MFC.PR.G) on December 19, 2016. As a result, subject to certain conditions described in the prospectus supplement dated November 29, 2011 relating to the issuance of the Series 5 Preferred Shares (the “Prospectus”), the holders of the Series 5 Preferred Shares have the right, at their option, to convert all or part of their Series 5 Preferred Shares on a one-for-one basis into Non-cumulative Floating Rate Class 1 Shares Series 6 of Manulife (the “Series 6 Preferred Shares”) on December 19, 2016. A formal notice of the right to convert Series 5 Preferred Shares into Series 6 Preferred Shares will be sent to the registered holders of the Series 5 Preferred Shares in accordance with the share conditions of the Series 5 Preferred Shares. Holders of Series 5 Preferred Shares are not required to elect to convert all or any part of their Series 5 Preferred Shares into Series 6 Preferred Shares. Holders who do not exercise their right to convert their Series 5 Preferred Shares into Series 6 Preferred Shares on such date will retain their Series 5 Preferred Shares, unless automatically converted in accordance with the conditions below.

The foregoing conversion right is subject to the conditions that: (i) if, after December 5, 2016, Manulife determines that there would be less than 1,000,000 Series 5 Preferred Shares outstanding on December 19, 2016, then all remaining Series 5 Preferred Shares will automatically be converted into an equal number of Series 6 Preferred Shares on December 19, 2016, and (ii) alternatively, if, after December 5, 2016, Manulife determines that there would be less than 1,000,000 Series 6 Preferred Shares outstanding on December 19, 2016, then no Series 5 Preferred Shares will be converted into Series 6 Preferred Shares. In either case, Manulife will give written notice to that effect to any registered holders of Series 5 Preferred Shares affected by the preceding minimums on or before December 12, 2016.

The dividend rate applicable to the Series 5 Preferred Shares for the 5-year period commencing on December 20, 2016, and ending on December 19, 2021, and the dividend rate applicable to the Series 6 Preferred Shares for the 3-month period commencing on December 20, 2016, and ending on March 19, 2017, will be determined and announced by way of a news release on November 21, 2016. Manulife will also give written notice of these dividend rates to the registered holders of Series 5 Preferred Shares.

Beneficial owners of Series 5 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 December 5, 2016. Conversion inquiries should be directed to Manulife’s Registrar and Transfer Agent, CST Trust Company, at 1-800-387-0825.

Subject to certain conditions described in the Prospectus, Manulife may redeem the Series 5 Preferred Shares, in whole or in part, on December 19, 2021 and on December 19 every five years thereafter and may redeem the Series 6 Preferred Shares, in whole or in part, after December 19, 2016.

The Toronto Stock Exchange (“TSX”) has conditionally approved the listing of the Series 6 Preferred Shares effective upon conversion. Listing of the Series 6 Preferred Shares is subject to Manulife fulfilling all the listing requirements of the TSX and, upon approval, the Series 6 Preferred Shares will be listed on the TSX under the trading symbol “MFC.PR.Q”.

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