Manulife Financial CorporationListing Date, Offer Price and Trading Symbol

September 24, 1999 PSE CIRCULAR FOR BROKERS NO. 2409-99 SUBJECT : Manulife Financial Corporation Listing Date, Offer Price and Trading Symbol EXECUTIVE SUMMARY The Exchange approved on September 8, 1999 the application of MANULIFE FINANCIAL CORPORATION for the secondary listing by way of introduction of 500,955,645 common shares, at an offer price of Canadian $18.00 or P496.143*, in line with the demutualization of The Manufacturers Life Insurance Company. LibLex In view thereof, the listing of 500,955,645 common shares is set for Monday, September 27,.1999. The stock trading symbol of MANULIFE FINANCIAL CORPORATION is "MFC". We have been informed that the Letters Patent of Conversion, which confirms the effectivity of the demutualization of The Manufacturers Life Insurance Company, shall be issued by the Minister of Finance of Canada at 12:00 noon (Manila time). MANULIFE FINANCIAL CORPORATION shall list in Toronto, Montreal and New York tomorrow morning. For your information and guidance. (SGD.) JOSE LUIS U.YULO, JR. President& CEO * The P to US$ conversion rate is based on the PDS weighted average as of September 23, 1999, while the Canadian$ to US$ conversion rate is based on the rates quoted in Bloomberg as of September 23, 1999.