2004 News Releases

Toronto - Manulife Financial Corporation has received acceptance from the Toronto Stock Exchange (TSX) of an amendment to the terms of Manulife’s existing normal course issuer bid. Subject to the approval of the Superintendent of Financial Institutions, the amended bid increases the size of Manulife’s program by permitting the repurchase of up to 79 million common shares, approximately 9.9 per cent of the 799 million common shares of Manulife to be outstanding following its planned merger with John Hancock Financial Services, Inc. Manulife has previously announced its intention to purchase up to $3 billion of its common equity in connection with the merger.

In addition, pursuant to a waiver granted to Manulife by the TSX, Manulife will be permitted to repurchase the full amount of the common shares under the bid without regard to the usual limit of two per cent of the outstanding common shares in any 30-day period. Manulife has increased the size of its normal course issuer bid, and sought and obtained the waiver of the TSX in respect of monthly buying limits under the amended bid, as a result of the increased public float of Manulife common shares following the merger with John Hancock and the ineligibility of Manulife for inclusion in various stock exchange indices in which the shares of common stock of John Hancock are included. Manulife will remain subject to all other TSX rules pertaining to normal course issuer bids.

Under Manulife’s existing normal course bid, which began on November 4, 2003, Manulife has purchased 220,200 common shares at an average price per share of $40. All common shares purchased under the existing bid, and the bid as amended, will be cancelled promptly following purchase.

The amendment to Manulife’s existing normal course issuer bid will become effective on the date Manulife announces the date upon which the closing of the merger with John Hancock is scheduled to occur and will expire on November 3, 2004. Completion of the merger with John Hancock remains subject to a number of conditions provided in the merger agreement, including various regulatory approvals.

In addition, Manulife may undertake repurchases of its common shares outside of Canada, but otherwise in compliance with applicable local securities laws. Manulife may also enter into derivative-based programs in support of its repurchase activities, including the writing of put options and forward purchase agreements. These arrangements will allow Manulife to better manage the cost of the repurchase of its common shares. If Manulife does undertake these alternative arrangements and repurchases, the total number of common shares repurchased, including under the amended bid, will not exceed 79 million common shares.

About Manulife Financial
Manulife Financial is a leading Canadian-based financial services group operating in 15 countries and territories worldwide. Through its extensive network of employees, agents and distribution partners, Manulife Financial offers clients a diverse range of financial protection products and wealth management services. Funds under management by Manulife Financial were Cdn$156.7 billion as at December 31, 2003.

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.

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Forward-Looking Statements
This news release includes Forward-Looking statements with respect to the Company, including its business operations and strategy as well as its financial performance and condition. These statements generally can be identified by the use of Forward-Looking words such as: “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” or “continue” or the negative thereof or similar variations. Although management believes that the expectations reflected in such Forward-Looking statements are reasonable, such statements involve risks and uncertainties and actual results may differ materially from those expressed or implied by such Forward-Looking statements. Important factors that could cause actual results to differ materially from the Company’s expectations include among other things, general economic conditions worldwide, market factors, including global capital market activity, interest rate and currency value fluctuations, business competition, changes in government regulations or in tax laws, technological changes, changes in consumer demand for the Company's products and services, realizing increased revenue from the expansion and development of distribution channel capacity, our ability to complete strategic acquisitions and to integrate acquisitions, catastrophic events, political conditions and developments and international conflicts. The Company does not undertake to update any Forward-Looking statements.

Important Legal Information
In connection with the proposed merger of Manulife and John Hancock Financial Services, Inc., Manulife has filed a registration statement on Form F-4 containing a proxy statement/prospectus for the stockholders of John Hancock with the SEC.John Hancock’s stockholders and investors are urged to read the proxy statement/prospectus regarding the merger and any other relevant documents carefully in their entirety because they contain important information about the proposed transaction. The registration statement containing the proxy statement/prospectus and other documents are available free of charge at the SEC’s Web site, www.sec.gov.  Stockholders and investors in John Hancock or Manulife may also obtain the proxy statement/prospectus and other documents free of charge by directing their requests to John Hancock Shareholder Services, c/o EquiServe, L.P., P.O. Box 43015, Providence, RI 02940-3015, (800-333-9231) or to Manulife Investor Relations, 200 Bloor Street East, NT-7, Toronto, Ontario, M4W 1E5, Canada, (800-795-9767).