PSE Circular for Brokers No. 2661-99

October 18, 1999 PSE CIRCULAR FOR BROKERS NO. 2661-99 SEHK: MANULIFE; PSE/TSE/NYSE/ME: MFC FOR IMMEDIATE RELEASE 4 October 14, 1999 Manulife Financial sells its share in Korean joint venture Hong Kong Manulife Financial Corporation (SEHK: MANULIFE; PSE/TSE/NYSE/ME: MFC) has agreed to sell its 50 per cent share in its South Korean joint venture company to its partner in that venture, the Young Poong Group. The joint venture company, Young Poong Manulife, was established in 1989. "Young Poong Manulife is still a small company," said Vic Apps. Executive Vice President Asia Operations. "We have, with our partners, been exploring ways for the joint venture to provide greater value to our respective shareholders. During this process, our partner made us an offer, and we elected to sell." Manulife Financial made a small book gain on the sale. "Manulife continues to be committed to pursuing opportunities in Asia and may apply to re-enter Korea at a later date," said Mr. Apps. LibLex Manulife has the longest history of continuous operation in Asia of any international life insurer with its first of office in Asia opening just 10 years after its incorporation in 1887. Last month Manulife and its partner, Chinfon Global, became the first and only foreign owned company licensed to sell life insurance in Vietnam. This past April, Manulife Century Life of Japan began operations with more than 6,000 sales representatives and 2,000 employees. Manulife s investment is the largest ever in Japan by a Canadian company. Manulife Financial (Manulife Financial Corporation, The Manufacturers Life Insurance Company and its subsidiaries) 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 15 countries and territories worldwide, with more than 28,000 employees and agents. Funds under management by the Company and its subsidiaries were Cdn$103.5 billion as of June 30, 1999.