Manulife Financial Corporation

October 22, 1999 PSE CIRCULAR FOR BROKERS NO. 2711-99 SUBJECT : Manulife Financial Corporation Manulife Financial Corporation ("MFC"), in its letter dated October 15, 1999 informed the Exchange that: "Following the successful demutualization of The Manufacturers Life Insurance Company on September 23, 1999 and the subsequent listing of Manulife Financial Corporation common shares on five stock exchanges including The Philippine Stock Exchange, Inc., Manulife has begun distributing demutualization benefits to its eligible policyholders. cdll . . . please find a sample of the material that was mailed recently to eligible policyholders in the Philippines who are receiving their benefits in the form of all shares. The package consists of a cover letter from the President, a personalized Ownership Statement showing the number of shares issued to the holder, a shareholder information booklet containing basic information about the share issued, and another booklet of request forms to be used for various transactions such as transferring shares to brokerage account, obtaining a share certificate or notifying of an address change. It is important for holders of an Ownership Statement and the broker community-to note that the Ownership Statement is not a share certificate and is not negotiable or transferable. If a holder wants to sell his shares he has two options. He can sell all his shares at once using the Manulife-sponsored Share Sales Program. Alternately, he can request HSBC to transfer his shares to his brokerage account where he can trade his shares just like any other shares listed on the PSE. The request form for selling shares through the Share Sales Program is on the back of the Ownership Statement. The request form for transferring shares to a brokerage account is included in the booklet of request forms. The "Transfer to Brokerage Account" request form must be completed by the shareholder with assistance from his broker and returned to HSBC for processing. Instructions for transferring shares to a brokerage account are contained in the shareholder information booklet and on the request form itself. In summary, the brokers should ensure that MFC shares issued as part of the demutualization process have been transferred from HSBC to the shareholder's broker account before trading. " Samples of the MFC's Share Ownership Statement, Shareholder Information Booklet and Shareholder' Request Forms are available for reference at the PSE Center and PSE Plaza Libraries. LexLib For your information. (SGD.) MARIA ISABEL T. GARCIA OIC, Listings and Disclosure Group