Manulife Financial Corporation announces Conversion Privilege of Non-cumulative Rate Reset Class 1 Shares Series 17

Core Viewpoint - Manulife Financial Corporation announced it will not redeem its Series 17 Preferred Shares on December 19, 2024, allowing holders the option to convert to Series 18 Preferred Shares [1]. Group 1: Conversion Rights and Conditions - Holders of Series 17 Preferred Shares can convert to Series 18 Preferred Shares on a one-for-one basis on December 19, 2024 [1]. - If there are fewer than 1,000,000 Series 17 Preferred Shares outstanding after December 4, 2024, all remaining Series 17 Preferred Shares will automatically convert to Series 18 Preferred Shares [2]. - Conversely, if there are fewer than 1,000,000 Series 18 Preferred Shares outstanding after December 4, 2024, no Series 17 Preferred Shares will be converted [2]. Group 2: Dividend Rates - The dividend rate for Series 17 Preferred Shares for the period from December 20, 2024, to December 19, 2029, and for Series 18 Preferred Shares for the period from December 20, 2024, to March 19, 2025, will be announced on November 20, 2024 [3]. Group 3: Conversion Process - Beneficial owners of Series 17 Preferred Shares must instruct their broker to exercise the conversion right by 5:00 p.m. (Toronto time) on December 4, 2024 [4]. Group 4: Redemption Rights - Manulife may redeem Series 17 Preferred Shares on December 19, 2029, and every five years thereafter, and may redeem Series 18 Preferred Shares after December 19, 2024 [5]. Group 5: Listing Information - The Toronto Stock Exchange has conditionally approved the listing of Series 18 Preferred Shares, which will be listed under the trading symbol "MFC.PR.S" upon conversion [6]. Group 6: Company Overview - Manulife Financial Corporation is a leading international financial services provider with over 38,000 employees and serves more than 35 million customers globally [8].