PSE Circular for Brokers No. 2565-99

October 8, 1999 PSE CIRCULAR FOR BROKERS NO. 2565-99 FOR IMMEDIATE RELEASE October 7, 1999 Manulife Financial Corporation Announces Normal Course Issuer Bid TORONTO Manulife Financial Corporation ("MFC") announced today that it has received approval from The Toronto Stock Exchange and the Superintendent of Financial Institutions (Canada) for its proposed normal course issuer bid to purchase up to 25,045 161 common shares (the "Common Shares") representing approximately five per cent of the 500,903,225 currently outstanding Common Shares. The period of the normal course issuer bid will be from October 12, 1999 to October 11, 2000, or such earlier date as MFC may complete its purchases. The purchases will be made through the facilities of The Toronto Stock Exchange. The prices which MFC will pay for any Common Shares will be the market price of the Common Shares at the time of acquisition. MFC will make no purchases of Common Shares other than open-market purchases. Any Common Shares acquired by MFC will be canceled. MFC believes that from time to time, the market prices of its Common Shares may not fully reflect the value of its business and its future business prospects. As a result, MFC believes that its outstanding Common Shares may represent an attractive investment and an appropriate and desirable use of it available funds. prcd MFC is the holding company of The Manufacturers Life Insurance Company (established 1887) and its subsidiaries. The Manulife Financial group of companies is a leading provider of financial protection products and investment management services to individuals, families, businesses and groups in selected international markets. Canadian-based Manulife Financial operates in 16 counties and territories worldwide, with more than 28,000 employees and agents. Funds under management by Manulife Financial were Cdn.$103.5 billion as of June 30, 1999.