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Celebrating their entry into the South Boston neighborhood and recognizing those officials who helped to make that entry possible, Manulife Financial hosted a reception today at the World Trade Center, overlooking the construction site of the Company's new U.S. Headquarters located at 601 Congress Street. This event coincided with the installation of the building's unique double-skin curtain wall and the 100th anniversary of Manulife's entrance into the United States.

In 1958, 55 years after first entering the U.S. market, Manulife began operating in Massachusetts with a small life insurance field office. As the U.S. division grew, so did the need for a U.S. corporate office. A financial hub with proximity to Manulife's global headquarters in Toronto, Boston was a fitting home for the division. Since opening the U.S. corporate office in 1995, Manulife's Boston-based workforce has grown from 40 employees to over 700, currently housed in offices on Tremont and Boylston Streets. The new facility will consolidate these two offices into one headquarters for the U.S. Division.

"The U.S. Division is a substantial piece of Manulife Financial's global operations, and we are pleased with its consistent growth and strong performance," said Dominic D'Alessandro, President and CEO of Manulife Financial. "The construction of Manulife USA's new headquarters is providing an excellent opportunity for the organization to utilize the strengths of Manulife's Real Estate Division in the development of our flagship U.S. office, and the positive results of this collaboration are quite clear to all of us today."

John D. DesPrez III, Chairman and President of Manulife USA, opened the reception with a welcome and an introduction of the honored guests. "I am excited to be here today, in the centennial year of Manulife's U.S. Operations, celebrating the construction of this new building and thanking those who have played an important part in promoting Manulife USA's move to South Boston," said Mr. DesPrez. "Manulife USA is proud of our role as an employer and a corporate citizen in Boston, and we are looking forward to continuing the growth and success of this division from our new location."

Following Mr. DesPrez's address, Governor Mitt Romney, Mayor Thomas M. Menino, and Mr. D'Alessandro each gave remarks acknowledging the significance of the new building's construction. At the close of the ceremony, tours of the construction site at 601 Congress Street were offered to all in attendance, with representatives from the building's architect, world-renown firm Skidmore, Owings & Merrill LLP, on-hand to answer questions about the structure's unique green design.

"With their move to South Boston, Manulife USA has made a commitment to bring jobs to the Commonwealth and help revitalize a rebounding neighborhood," stated Governor Romney. "I look forward to their continued growth and wish them the best of luck as they start a new era of success at their new location."

"Today's event marks an exciting chapter in Boston's history. I am proud to stand with Manulife Financial - a world-class institution - as they help the city achieve its vision for the South Boston Waterfront. The approximately $140 million project will breathe new life into this area by bringing good jobs, an environmentally friendly building and 24-hour activity to the neighborhood," said Mayor Menino.

Double-Skin Curtain Wall Design

The event was the first opportunity to view the new building's state-of-the-art double-skin curtain wall fagade, a feature being utilized for the first time in the United States on a building of this size. With this design, the building is expected to use less energy overall compared to a typical high-rise building with a conventional curtain wall. The double-skin provides a cavity for airflow through the wall, reducing heating and cooling expenses, as well as initial mechanical equipment costs.

The 14-story, 420,000 square foot building is on schedule for completion at the end of 2003, with occupancy taking place during the first quarter of 2004. Its construction is indicative of Manulife USA's commitment to the city of Boston and the South Boston neighborhood in particular, contributing to the achievement of the city's overall development goals for the waterfront. Ground-floor retail space will provide additional opportunity for economic growth in the area.

About Manulife

The Manufacturers Life Insurance Company (U.S.A.) (Manulife USA) is committed to offering the highest quality annuity, life insurance, pension, college savings, and separately managed account products to its clients. Its family of products has been built around a powerful combination of investment options chosen with the goal of providing attractive risk-adjusted returns and broad diversification across asset classes, investment styles, and asset managers. With its extensive product lines, competitive underwriting, excellent ratings, and quality customer service, Manulife USA is dedicated to providing quality products designed to help create and preserve wealth for its clients.

Manulife Financial is a leading Canadian-based financial services group operating in 15 countries and territories worldwide. Through its extensive network of employees, agents and distribution partners, Manulife Financial offers clients a diverse range of financial protection products and wealth management services. Funds under management by Manulife Financial were US $92.5 billion (Cdn $146.2 billion) as at December 31, 2002.

Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '0945' on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com.

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