Peter Rubenovitch

1
FEI Canada Toronto Chapter Annual General
Meeting

• Peter Rubenovitch
• Senior Executive Vice President
• Chief Financial Officer
• September 22, 2004
• Toronto, Canada

2
Shareholders Net Income
10 Years of Tremendous Growth
3
Return on Shareholders Equity
More than doubled in 10 years
4
Drivers of Earnings / ROE Expansion

• Revenue growth
• Strong growth in higher margin / higher return
  markets
• Economies of scale
• Capital management
• Expense discipline
• Selected acquisitions

5
A New Global Insurance Leader
6
Global Market Leader
North American Life Insurers
Canadian Public Companies
Market capitalization C in billions as at
September 17, 2004
46.6
240.3
38.8
46.6
37.1
36.4
32.2
30.4
29.1
22.7
27.8
22.3
26.3
14.6
25.5
10.7
24.9
8.7
22.7
7.0
7
Top Brand Positions in Global Markets
8
Premier Market Positions
Sources Various independent market surveys
including LIMRA, Fraser, etc. Data as of
12/31/03 except where noted 1 Based on sales as
at 12/31/02 2 Based on sales as at 9/30/2003
9
Earnings Diversification
Second Quarter 2004
GSFP
Reinsurance
US Protection
Japan
US Wealth Mgmt
Asia
Canada
10
Integration ExecutionMaking the Deal Work

• Start managing the transition when the deal is
  announced
• Protect productivity / keep the focus on clients
  and your marketplace
• Tighten the integration period time frame
• Control the amount of destabilization
• Be realistic about cultural differences
• Set priorities carefully
• Put dollar signs on decisions
• Make everyone responsible for merger success

Source Smart Moves a Crash Course on Merger
Integration Management, Price Pritchett Ron
Pound
11
Integration on Track

• Major initiatives
• Human resources / organization structure
• Expense management
• Revenue synergies
• Investment strategy
• Legal entity structure
• Capital management
• Financial reporting

On target to complete restructuring by YE 2006
About 120 distinct integration projects in
progress
12
Expense Synergies

• Integrate back office processing and customer
  service
• Consolidate IT systems
• Rationalize office premises
• Eliminate duplicate management and infrastructure

Target Expense Savings US255 million
13
Revenue Synergies

• Integrate product portfolios
• Expand distribution
• Enhance investment platform
• Leverage the brand

14
Challenges of the Largest Cross-Border Merger

• Transaction structure
• Share flow back
• SP 500 index
• SOX compliance
• CGAAP

15
Measuring Success

• Deliver shareholder value
• Grow EPS / ROE
• Retain best and brightest employees

16
Delivering Shareholder ValueDividend Increased
24
C
MFC Quarterly Dividend Per Share
Dividend Payout Increased to New Target of 25-35
of Earnings
17
Delivering Shareholder ValuePerformance Since
Announcement
MFC46(on TSX)
SP/TSX Canadian Financials20
SP/ TSX Index15
September 29, 2003 through September 17, 2004
18
Question and Answer Session
19
Legal Disclaimer

• Forward-Looking Statements
• This presentation may contain forward-looking
  statements as defined in the U.S. Private
  Securities Litigation Reform Act of 1995.
• Investors are cautioned that all forward-looking
  statements involve risk and uncertainties and
  actual results may differ materially from those
  implied by such statements. Investors are
  directed to consider the risks and uncertainties
  in our business that may affect future
  performance and that are discussed in Manulife's
  most recent Annual Report on Form 40-F and John
  Hancock's most recent Annual Report on Form 10-K,
  in each case, filed with the U.S. Securities and
  Exchange Commission. Investors are cautioned not
  to place undue reliance on the Companys
  forward-looking statements. The Company does not
  undertake to update any forward-looking
  statements.