2004 News Releases

--New Portfolios and Asset Classes Added to Investment Platform--

Boston– Continuing to provide clients with access to best-of-class investment platforms and asset allocation strategies, The Manufacturers Life Insurance Company (U.S.A.) (Manulife USA) announced today enhancements to the Manufacturers Investment Trust (MIT). MIT provides the underlying investment options available in Manulife USA’s Venture® Annuities, Venture® Variable Life Insurance products, and the Venture® Series 401(k) and Pension products. ¹These enhancements include the addition of five new fund managers and six new portfolios in a variety of asset classes.

The MIT line-up is periodically revised as part of Manulife USA’s commitment to offering its clients a wide array of investment options. “Our primary goal is to provide advisors and their clients with access to the best managers in the industry,” said Bruce Speca, Executive Vice President, Investment Management Services, Manulife USA. “These additions help strengthen our already comprehensive investment platform, enhancing our clients’ ability to properly diversify their portfolios and delivering on our commitment to help provide an investment platform with the potential to offer superior risk-adjusted returns and broad diversification across asset classes, investment styles, and asset managers.”

Six New Portfolios
Changes to the MIT include the introduction of six new portfolios, further strengthening the style boxes on this platform.

• Small Company Trust, subadvised by American Century Investment Management, Inc., seeks to achieve long-term capital growth by investing primarily in the common stock of U.S. small companies. Risk is managed by broadly diversifying its investments based on the S&P Small Cap 600 Index.
• Core Equity Trust, subadvised by Legg Mason Funds Management, Inc., seeks long-term capital growth by investing, under normal market conditions, primarily in equity securities. The subadviser follows a value discipline in selecting securities and therefore seeks to purchase securities at large discounts to the subadviser’s assessment of their intrinsic values.
• Classic Value Trust, subadvised by Pzena Investment Management, LLC, seeks long-term growth of capital by normally investing at least 80% of its net assets in domestic equity securities. In managing the portfolio, the subadviser seeks to identify companies that it believes are currently undervalued relative to the market, based on estimated future earnings and cash flow.
• U.S. Global Leaders Growth Trust, subadvised by Sustainable Growth Advisers, LP, seeks long-term growth of capital by investing, under normal market conditions, primarily in common stocks of “U.S. Global Leaders.” The managers consider U.S. Global Leaders to be U.S. companies with multinational operations that typically 1) hold leading market shares of their relevant industries that result in high profit margins and high investment returns and 2) supply consumable products or services so that their revenue streams are recurring.
• Strategic Income Trust, subadvised by John Hancock Advisers, LLC, seeks high current income through investing, under normal market conditions, primarily in foreign government and corporate debt securities from developed and emerging markets, U.S. Government and agency securities, and U.S. high-yield bonds.
• Quantitative Value Trust, subadvised by MFC Global Investment Management (U.S.A.) Limited, invests primarily in high quality large-cap U.S. securities with the potential for long-term growth of capital.

Two New Variable Insurance Trusts
In addition to these new MIT portfolios, two new non-MIT Variable Insurance Trust portfolios are being made available on the Venture platform.

• John Hancock VST International Equity Index, subadvised by SSgA Funds Management, Inc., seeks to achieve the approximate aggregate total return of a foreign equity market index by attempting to track the performance of the MSCI All Country World Free ex-USA (MSCI ACWI Free ex-USA Index).
• PIMCO VIT All Asset Portfolio, subadvised by Pacific Investment Management Company LLC (PIMCO), seeks maximum real return (total return less inflation) by utilizing a dynamic asset allocation approach to invest in a portfolio of mutual funds managed by PIMCO.

“Manulife USA’s investment line-up is the cornerstone of our effort to provide clients with the opportunity to pursue financial fulfillment with a full set of diversified investment opportunities,” said James D. Gallagher, President of MIT. “We are confident these changes can help deliver the highest likelihood of strong performance, both today and tomorrow, thereby helping to bring competitive products and maximum satisfaction to investment professionals and our clients.”Manulife USA’s investment management team now includes:

About Manulife
Manulife USA is committed to offering the highest quality life insurance, pension, and individual wealth management products to its clients. Its family of products has been built around a powerful combination of investment options chosen with the goal of providing attractive risk-adjusted returns and broad diversification across asset classes, investment styles, and asset managers. With its extensive product lines, competitive underwriting, excellent ratings, and quality customer service, Manulife USA is dedicated to providing quality products designed to help create and preserve wealth for its clients.

Manulife Financial is a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and Asia, and primarily through John Hancock in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Pro forma funds under management by Manulife Financial and its subsidiaries were US$271.6 billion (Cdn$355.9 billion) as at March 31, 2004.

Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘0945’ on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com.

^1. Venture Variable Annuities, Venture Variable Universal Life insurance products, as well as Venture Series 401(k) and pension group annuity contracts are issued by The Manufacturers Life Insurance Company (U.S.A.) (Manulife USA) (Bloomfield Hills, MI). Venture variable life and variable annuities are distributed by Manulife Financial Securities LLC through other broker/dealers appointed by Manulife Financial Securities. Manulife Wood Logan, a division of Manulife USA, provides sales and marketing support for certain products issued by Manulife USA. Venture® is a registered service mark of Manulife USA.

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Variable annuities and variable life insurance products are long-term contracts designed for retirement purposes and are sold by prospectus. Variable life insurance has annual fees and expenses associated with it; in addition, variable life insurance has both life insurance related charges and investment management fees.

Your financial advisor can provide you with more information, including a product prospectus and a prospectus for the underlying portfolios that contain complete details on investment objectives, risks, fees, charges and expenses as well as other information about the investment company, which should be carefully considered. Please read the prospectuses carefully prior to investing.

Products not available in all states; product features may vary, subject to state regulation.

Withdrawals may be subject to withdrawal charges and reduce the death benefit and contract value. In addition, withdrawals of taxable amounts will be subject to ordinary income tax and, if made prior to age 59½, a 10% IRS tax penalty may apply. Past performance is not a guarantee of future results.

Group annuity contracts are issued to qualified retirement plans by Manulife USA. Annuities and life insurance products are not deposits or obligations of, or guaranteed by any bank or financial institution. Annuities and life insurance products are not insured by the FDIC, the U.S. Government or any other government agency and are subject to risks, including the possible loss of principal.

Media Contact:
Heather Randolph
U.S. Communications
(617) 854-4342
hcarter@manulifeusa.com