2004 News Releases

Toronto - Manulife Financial Corporation plans to recommence purchases of its common shares and purchases of common stock of John Hancock Financial Services, Inc., subject to market conditions.

The purchases of Manulife common shares and John Hancock common stock are part of Manulife’s planned repurchase of its outstanding equity previously announced at the time of its agreement to merge with John Hancock.

Purchases of Manulife common shares will be made on the Toronto Stock Exchange (TSX) under Manulife’s normal course issuer bid and in accordance with applicable TSX rules. Purchases may also be made in other jurisdictions in which Manulife common shares are traded in compliance with applicable laws and stock exchange rules in the relevant jurisdiction.

Purchases of John Hancock common stock will be made on the New York Stock Exchange (NYSE). After the completion of the planned merger between Manulife and John Hancock, the purchased John Hancock common stock will be cancelled.

Manulife will disclose purchases under its share purchase program in accordance with stock exchange rules and otherwise in accordance with applicable law.

No purchases of Manulife common shares or John Hancock common stock will be made at any time where such purchases would be prohibited under applicable U.S. or Canadian securities laws.

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).