Manulife Financial issues C$250 million of preferred shares

On May 24, 2012, Manulife Financial Corporation ("Manulife") issued C$250 million of non-cumulative rate reset Class 1 shares, Series 9. The offering was underwritten on a bought deal basis by a syndicate co-led by Scotiabank, CIBC and RBC Capital Markets and included BMO Capital Markets, TD Securities Inc., National Bank Financial Inc., Desjardins Securities Inc., HSBC Securities (Canada) Inc., Canaccord Genuity Corp., Laurentian Bank Securities Inc., and Manulife Securities Incorporated.

The shares were issued to the public at a price of C$25.00 per preferred share and holders will be entitled to receive non-cumulative preferential quarterly dividends as and when declared by the board of directors of Manulife, to yield 4.40% annually commencing on the closing date and ending on, and including, September 19, 2017. Thereafter, the dividend rate will reset every five years to be equal to the 5-Year Government of Canada Bond Yield plus 2.86%. Subject to certain conditions, holders may elect to convert any or all of their Preferred Shares into an equal number of Non-Cumulative Floating Rate Class A Preferred Shares Series 10 on September 19, 2017 and on September 19 of every fifth year thereafter.

The offering was announced on May 16, 2012 and closed on May 24, 2012.

Manulife Financial is a financial services company providing financial protection and wealth management products and services, to individual and group customers in Canada, the United States and Asia.