2004 News Releases

New investment-type annuity insurance Premiere to Launch

Tokyo– Manulife Life Insurance Company (Manulife Japan; President & CEO: Trevor Matthews), together with The Bank of Tokyo-Mitsubishi, Ltd. (BTM; President: Shigemitsu Miki), a wholly owned subsidiary of Mitsubishi Tokyo Financial Group, Inc. (MTFG; President: Shigemitsu Miki), today announced the development of a new investment-type annuity insurance that will be available at all BTM branches and agencies from April 1, 2004. The product is the first to be developed under an alliance between the two companies.

The new product, called Premiere, will also be available from April 1 at Mitsubishi Securities Co., Ltd., a subsidiary of MTFG. Planning is underway for sales through The Mitsubishi Trust and Banking Corporation, also an MTFG subsidiary, at a later date. Premiere takes its name from the fact that it is the first annuity insurance in Japan to offer an annuity capital guarantee at 110% of the basic benefit amount, as well as being the first product to be developed under an alliance by the two companies.

The innovative and competitive nature of Premiere results from the combination of BTM’s strong presence in the Japanese annuity insurance market and Manulife Japan’s global product expertise and wealth of experience in the field of investment-type annuity insurance products.

The most significant feature of Premiere is that, in addition to offering a guaranteed annuity capital at 100% of the basic benefit amount for investment periods of 11 years or longer, it features—subject to certain conditions—the first annuity capital guarantee at 110% of the basic benefit amount to be offered in Japan.

Under this unique guarantee, not only will all net investment gains be reflected in annuity capital when investment performance has been strong, but annuity capital will also be guaranteed to the level of at least 110% of the basic benefit amount even if investment performance has been poor, provided that the investment period has been at least 20 years, and that on completion of the period benefits are paid as an annuity.

In addition to allowing customers to grow, receive, and pass on assets, Premiere offers three guarantees: “Death benefit guarantee at 100%”, “Annuity Capital Guarantee at 100%”, and, subject to the addition of the 110% GMAB rider, “Annuity Capital Guarantee at 110%” of the basic benefit amount. With Premiere, customers are able to grow their assets via active global diversified investment while reducing the risk of asset depreciation by choosing from among four balanced investment funds providing diversified investment in financial assets including Japanese equities, Japanese fixed income, foreign equities and foreign fixed income.

With the launch of Premiere and this first-of-its-kind guarantee, MTFG is again demonstrating its commitment to providing clients with individualized and comprehensive expert advisory services. Manulife Japan is also committed to developing and offering customers further industry-leading investment-type annuity insurance products through MTFG’s powerful sales network.

Features of the new investment-type annuity insurancePremiere

Allowing customers to invest proactively, with peace of mind
Guarantee of Annuity Capital at 110% of the basic benefit amount available for the first time in Japan
The most significant feature of Premiere is that it offers three guarantees: “Death Benefit Guarantee at 100%”, “Annuity Capital Guarantee at 100%”, and, subject to the addition of the 110% GMAB rider, “Annuity Capital Guarantee at 110%” of the basic benefit amount. These guarantees are in addition to its basic function as an investment-type annuity that allows customers to grow, receive, and pass on financial assets. Premiere provides customers with global diversified investing options and allows even risk-averse customers to invest actively while minimizing the risk of asset erosion.

“Annuity Capital Guarantee at 110%” of the basic benefit amount
Premiere is the first product of its kind in Japan to provide an annuity guarantee at 110% of the basic benefit amount, subject to certain conditions, regardless of investment performance. All net investment gains will be reflected in the annuity capital when investment performance has been strong, and the annuity capital will also be guaranteed to the level of at least 110% of the basic benefit amount even if investment performance has been poor, provided that the investment period has been at least 20 years, and that on completion of the period benefits are paid as an annuity.

“Annuity Capital Guarantee at 100%” of the basic benefit amount
Even for investment periods under 20 years, annuity payments are guaranteed to be at least 100% of the basic benefit amount regardless of investment performance, as long as the investment period is at least 11 years (differing according to the age of the policy holder) and funds are received in annuity payments during the payout phase.

“Death Benefit Guarantee at 100%” of the basic benefit amount
If the policyholder dies during the investment period, the death benefit is guaranteed to be at least 100% of the basic benefit amount, regardless of investment performance.

Asset growth—a variety of investment funds for flexible investing
Premiere features an easy-to-understand investment structure comprising four balanced investment funds (Global Diversified 20, Global Diversified 30, Global Diversified 45, and Global Diversified 50) allowing diversified investing in equities and bonds from both Japan and overseas. Investments are made in beneficiary certificates of the investment trusts that invest in the various assets. Premiere provides customers with efficient international diversified investments that take into account currency risks and fluctuations in the value of equities and publicly listed companies. Customers are able to choose from these special accounts, investing as they wish in one or multiple funds in 1% increments. Switching is available up to 12 times each year free of charge.

Receiving assets—numerous payout schemes to meet customers’ various financial plans
Premiere allows customers to choose how they receive their future annuity, according to their individual needs and financial plans. Options, subject to certain conditions, include guaranteed annuities, whole-of-life with guaranteed annuity period, and joint spousal annuity.

Customers have the opportunity to convert their policies into a fixed annuity at any time after five years have elapsed since issue, and may also convert to an immediate annuity at any time after ten years have elapsed since issue. Policyholders are also able to withdraw up to 10% of the accumulated value of their policy (with no charge) once each year (from the second year onward) during a withdrawal window period.

Transferring assets—advantages that only life insurance can offer
Policyholders are able to appoint death benefit beneficiaries. Death benefits are tax-exempt provided that the policyholder and insured are the same individual and that the death benefits are received by a legal heir (per Article 12 of the Inheritance Tax Law). With Premiere, policyholders can also add a Survivor Annuity Rider to ensure that part or all of the death benefit can be received in annuity payments.

About Manulife Life Insurance Company
Manulife Life Insurance Company (Manulife Japan), a member company of the Manulife Financial group headquartered in Canada, holds an AA+ credit rating from one of the world’s most prestigious credit rating agencies, Standard and Poor’s Co. (as of Feb. 2004).

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. More information about Manulife Japan can be found on the Internet at www.manulife.co.jp.

About The Bank of Tokyo-Mitsubishi, Ltd.
The Bank of Tokyo-Mitsubishi, Ltd. (BTM) is a leading commercial bank in Japan, offering an extensive scope of commercial, investment, and trust banking products and services to businesses, governments and individuals worldwide. BTM’s domestic network comprises more than 260 branches, sub-branches and agencies. The BTM Group’s global network, spanning more than 40 countries, is unrivaled among its Japanese peers.

About Mitsubishi Tokyo Financial Group, Inc.
Mitsubishi Tokyo Financial Group, Inc. (MTFG) is the holding company established in April 2001 to oversee the operations of The Bank of Tokyo-Mitsubishi, Ltd., The Mitsubishi Trust and Banking Corporation and their subsidiaries. Its primary responsibilities center on facilitating business synergies among the entities of the MTFG, on setting the Group’s overall strategic direction, and on managing the Group’s risk globally. Shares of the holding company trade on the Tokyo, Osaka, New York (NYSE: MTF), and London stock exchanges.

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