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Manulife Announces Chair Transition and Succession

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TORONTO, Dec. 8, 2017 /PRNewswire/ - Richard DeWolfe, Chair of the Board of Directors of Manulife Financial Corporation and The Manufacturers Life Insurance Company, today announced on behalf of the Board the appointment of John M. Cassaday as Vice Chair, effective December 7, 2017.

Mr. DeWolfe will retire from the Board in May 2018, having completed his term. Mr. Cassaday, as Vice Chair, will work with Mr. DeWolfe in managing a smooth transition of the affairs of the Board until the annual meeting on May 3, 2018, following which Mr. Cassaday will become Chair of the Board.

"I could not be more pleased that John will be the next Chair of the Board," Mr. DeWolfe said. "John was selected following a comprehensive and diligent process in which all of Manulife's directors took part, and we are privileged that someone with his vast experience, leadership strength and track record of important Board contributions will take on this critical role."

"Thanks to his many years of service on Manulife's Board, John has a unique perspective on both the history and the future of our business, which will be particularly valuable as we work to realign and transform our Company around our customers," said Roy Gori, Manulife President and Chief Executive Officer. "I look forward to partnering closely with John and the Board as we seek to delight our customers, engage and inspire our employees and drive significant shareholder value."

Mr. Cassaday, who joined the Board in 1993, was previously President and Chief Executive Officer of Corus Entertainment Inc. Prior to Corus, he was Executive Vice President of Shaw Communications, President and Chief Executive Officer of CTV Television Network and President of Campbell Soup Company in Canada and the United Kingdom.

Mr. Cassaday is a director of Sleep Country Canada Holdings Inc., Spin Master Corp. and Sysco Corporation and has an MBA (Dean's List) from the Rotman School of Management as well as an Honorary Doctor of Laws from the University of Toronto.

About Manulife

Manulife Financial Corporation is a leading international financial services group that helps people achieve their dreams and aspirations by putting customers' needs first and providing the right advice and solutions. We operate primarily as John Hancock in the United States and Manulife elsewhere. We provide financial advice, insurance, as well as wealth and asset management solutions for individuals, groups and institutions. At the end of 2016, we had approximately 35,000 employees, 70,000 agents, and thousands of distribution partners, serving more than 22 million customers. As of September 30, 2017, we had over $1 trillion (US$806 billion) in assets under management and administration, and in the previous 12 months we made $27.1 billion in payments to our customers. Our principal operations are in Asia, Canada and the United States where we have served customers for more than 100 years. With our global headquarters in Toronto, Canada, we trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges and under '945' in Hong Kong.