2004 News Releases

Changes designed to create operating efficiencies and achieve greater economies of scale

Toronto– Manulife Mutual Funds (a division of Elliott & Page Limited) is proposing to merge the following funds subject to unitholder approval:

• Elliott & Page Balanced Fund into E&P Manulife Balanced AA Portfolio
• Elliott & Page Blue Chip Fund into Elliott & Page Canadian Equity Fund
• Elliott & Page Global Sector Fund into MIX Global Sector Class
• Elliott & Page Total Equity Fund into MIX SEAMARK Total Global Equity Class
• Elliott & Page International Equity Fund into MIX SEAMARK Total Global Equity Class

“We are making these changes as part of our ongoing efforts to provide a strong yet streamlined family of investment funds. By merging similar funds, Manulife Mutual Funds will be in a position to generate greater operating efficiencies and achieve greater economies of scale,” said Eric Grove, Vice President, Investment Funds for Manulife Financial.

In addition, investors in the Elliott & Page RSP Total Equity Fund will be asked to approve a change to the investment objective of the Fund. Contingent on approval, this RSP clone fund will then link its performance to the MIX SEAMARK Total Global Equity Class.

The mergers and change in investment objective are subject to receiving all necessary regulatory approvals and the approval of affected unitholders at special meetings to be held on May 7, 2004. Prior to the special meetings, additional details of the proposed mergers will be set out in a management information circular, and distributed to unitholders of these funds with an appropriate proxy. If approved, the mergers and change in investment objectives will take effect on or about May 21, 2004.

Manulife Investments
Manulife Investments is the brand name describing certain Canadian subsidiaries and operating divisions of Manulife Financial Corporation that offer personal wealth management products and services in Canada. As one of Canada’s leading integrated financial services providers, Manulife Investments offers a variety of products and services including segregated funds, mutual funds, annuities and guaranteed investment contracts.

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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For media inquiries or to arrange an interview, please contact:
Rahim Rajpar
Marketing Manager
(416) 852-7570
rahim_rajpar@manulife.com