Manulife Financial to Issue $1 Billion of 4.896% Notes Maturing in 2014

    TORONTO, May 28 /CNW/ - Manulife Financial Corporation (the "Company")
intends to issue $1 billion principal amount of medium term notes constituting
senior indebtedness pursuant to its medium term note program.
    The medium term notes, to be offered on a best efforts basis through an
agency syndicate led by RBC Dominion Securities Inc. and CIBC World Markets
Inc., are expected to be issued on June 2, 2009. The notes will pay a fixed
rate of 4.896 per cent until maturity on June 2, 2014. At 4.896 per cent, the
notes are priced at a spread of 230 basis points over the five-year Government
of Canada Bond.
    The notes will be direct unsecured obligations of the Company and will
rank equally with all other unsecured indebtedness of the Company that is not
subordinated. The net proceeds of the offering will be used primarily to
reduce amounts outstanding under Manulife's credit facility with Canadian
chartered banks and the balance of the net proceeds will be used for general
corporate purposes.
    The Company intends to file in Canada a pricing supplement to its amended
and restated short form base shelf prospectus dated May 8, 2009 (amending and
restating its March 30, 2009 short form base shelf prospectus) and prospectus
supplement dated April 21, 2009 in respect of this issue. Details of the
offering are set out in the prospectus, which will be available on the SEDAR
website for the Company at
    The medium term notes have not been and will not be registered in the
United States under the Securities Act of 1933, as amended, and may not be
offered, sold or delivered in the United States or to U. S. Persons absent
registration or applicable exemption from the registration requirement of such
Act. This press release does not constitute an offer to sell or a solicitation
to buy the medium term notes in the United States.

    About Manulife Financial

    Manulife Financial is a leading Canadian-based financial services group
serving millions of customers in 19 countries and territories worldwide.
Operating as Manulife Financial in Canada and Asia, and primarily through John
Hancock in the United States, the Company offers customers a diverse range of
financial protection products and wealth management services through its
extensive network of employees, agents and distribution partners. Funds under
management by Manulife Financial and its subsidiaries were Cdn$405.3 billion
(US$321.7 billion) as at March 31, 2009.
    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

For further information:

For further information: Media inquiries: Laurie Lupton, (416) 852-7792,; Investor Relations: Amir Gorgi, 1-800-795-9767,

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