2004 News Releases

-- Principal Plus Rider Offers Guaranteed Minimum Withdrawal Benefit --

Boston– Continuing to provide financial advisors with superior tools for protecting their clients’ retirement incomes, Manulife USA’s Annuities Division introduced the new Principal Plus Rider for use with their Venture^® family of Variable Annuities. ¹Addressing the need for simple guarantees that can extend retirement income, the rider provides a principal guarantee with a minimum withdrawal benefit and offers a step-up option every third year. It also offers account holders a bonus that can pay back up to 125% of their original principal if they defer withdrawals during the first five years. ²Helping to inform advisors about the need for a lasting retirement income stream and how a guaranteed minimum withdrawal benefit can help meet this need, Manulife USA also launched a 100-city continuing education road show in February 2004.

With no annuitization required, the competitively priced Principal Plus rider allows account holders to withdraw up to 5% of their principal per year for 20 years, regardless of account performance and still maintain the benefit. In addition, clients benefit from a 5% bonus each year for the first five years if no withdrawals are taken, which can increase their guaranteed withdrawal amount by up to 25%.

Responding to requests from the financial advisor community, Principal Plus also offers an optional step-up provision that can help account holders participate more fully in potential market growth. ³Every third contract anniversary, account holders can elect to step-up their guaranteed withdrawal balance so that it equals their current contract value, increasing the total value of guaranteed payments. In addition, by electing to step-up in year three, the annual bonus will be applied to the higher stepped-up value for the next two years.

“As the longevity of the average American has increased, and with it the amount of time an individual might expect to live in retirement, the need for more dependable and lasting sources of retirement income has increased as well,” said James R. Boyle, President, Individual Wealth Management, Manulife USA. “The Principal Plus Rider offers financial advisors a tool they can use to help clients close the gap between life expectancy and income. A simple solution because it’s a withdrawal-based benefit, the Principal Plus Rider can help clients feel more confident about investing in the equity markets, allowing them to participate in up markets while guaranteeing their retirement income over the long-term.”

Manulife USA began taking this solution on the road in February, with a 100-city road show for financial advisors. The seminars, entitled “Become a Retirement Income Expert,” have already provided thousands of advisors with information and education to help them better address their clients’ expanding retirement income needs, while making Continuing Education credit available for attendees.

“Through the road show, Manulife USA wants to communicate to financial advisors the importance of recognizing and planning for their clients’ increased longevity,” said Robert T. Cassato, President, Manulife Wood Logan, which provides marketing and sales support for Manulife USA’s Individual Wealth Management products. “Educating clients about this need can be a real challenge for advisors, and that’s why, in addition to creating a product solution, Manulife USA has also devoted significant resources to creating informational materials and presentations that help advisors to explain the product benefits to their clients. Our dedicated focus on the needs of financial advisors is the primary reason Manulife USA was ranked #1 in Variable Annuity In-Person Wholesaling in the 2003 DALBAR Financial Professional Program survey.”

About Manulife
The Manufacturers Life Insurance Company (U.S.A.) (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 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 US$121.2 billion (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.

¹ Venture Variable Annuities 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. For issue ages 76 and older, the compounded annual growth rate is 3% up to age 85%, 0% thereafter.

² Withdrawals may be subject to withdrawal charges and will reduce the death benefit and optional benefits. In addition, withdrawals of taxable amounts will be subject to ordinary income tax and, if made prior to age 591/2, a 10% IRS penalty tax may apply.

³ Upon step-up, your Guaranteed Withdrawal Amount (GWA) is reset and may be higher than its previous value. If you elect the step-up, the Principal Plus fee will be based on the stepped-up value, and Manulife reserves the right to increase the Principal Plus fee up to a maximum of 0.75% annually.

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Venture Variable Annuities are tax-deferred, long-term contracts designed to meet retirement and other financial goals. Variable annuities provide features and benefits not necessarily found in other investment vehicles, such as:

 Tax-Deferral. Help defer income taxes since your earnings aren’t taxed until distributed. The taxes paid are based on your tax bracket at the time of distribution and the withdrawal method.

 Guaranteed Retirement Income. When you are ready to begin receiving income in retirement, variable annuities offer you the option of annuitization. Annuitization can provide you with guaranteed payments, which may continue for the rest of your life, depending on the distribution option you choose.

 Death Benefit. Beneficiary protection, in the form of a guaranteed death benefit prior to annuitization. (Guarantees are subject to the claims paying ability of the issuer.)

 Transfers. Choose from a diverse group of portfolio options in which to invest your retirement savings tax-deferred.

Make transfers between investment portfolios inside the annuity without incurring current income taxes or costs. (Most companies reserve the right to restrict and charge for future transfers.)

A variable annuity has different types of fees and charges. Often, these charges will include a sales charge, mortality and expense risk charge, administrative fees and underlying fund expenses, as well as additional charges for any optional riders you might elect. Your financial consultant can explain all fees that may apply. You can also find a description of the charges in the prospectus. Be sure you understand all the charges before you invest.

Variable annuities and variable life insurance products are long-term contracts designed for retirement purposes and are sold by prospectus. Please contact your local Manulife USA office to obtain a prospectus containing more details and all charges, expenses, risk factors and limitations. Past performance is not a guarantee of future results.

Annuities are not deposits or obligations of, or guaranteed by any bank or financial institution. Annuities 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