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Manulife Financial Corporation announces Conversion Privilege of Non-cumulative Rate Reset Class 1 Shares Series 17

C$ unless otherwise stated
TSX/NYSE/PSE: MFCAAAA SEHK: 945TORONTO, Nov. 8, 2019 /CNW/ -AManulife Financial Corporation ("Manulife") today announced that it does not intend to exercise its right to redeem all or any of its currently outstanding 14,000,000 Non-cumulative Rate Reset Class 1 Shares Series 17 (the "Series 17 Preferred Shares") (TSX: MFC.PR.M) on DecemberA19, 2019. As a result, subject to certain conditions described in the prospectus supplement dated AugustA11, 2014 relating to the issuance of the SeriesA17 Preferred Shares (the "Prospectus"), the holders of the Series 17 Preferred Shares have the right, at their option, to convert all or part of their Series 17 Preferred Shares on a one-for-one basis into Non-cumulative Floating Rate Class 1 Shares Series 18 of Manulife (the "SeriesA18 Preferred Shares") on DecemberA19, 2019. A formal notice of the right to convert SeriesA17 Preferred Shares into Series 18 Preferred Shares will be sent to the registered holders of the Series 17 Preferred Shares in accordance with the share conditions of the SeriesA17 Preferred Shares. Holders of Series 17 Preferred Shares are not required to elect to convert all or any part of their Series 17 Preferred Shares into SeriesA18 Preferred Shares. Holders who do not exercise their right to convert their SeriesA17 Preferred Shares into Series 18 Preferred Shares on such date will retain their SeriesA17 Preferred Shares, unless automatically converted in accordance with the conditions below.The foregoing conversion right is subject to the conditions that: (i) if, after DecemberA4, 2019, Manulife determines that there would be less than 1,000,000 Series 17 Preferred Shares outstanding on DecemberA19, 2019, then all remaining Series 17 Preferred Shares will automatically be converted into an equal number of Series 18 Preferred Shares on DecemberA19, 2019, and (ii) alternatively, if, after DecemberA4, 2019, Manulife determines that there would be less than 1,000,000 Series 18 Preferred Shares outstanding on DecemberA19, 2019, then no Series 17 Preferred Shares will be converted into SeriesA18 Preferred Shares. In either case, Manulife will give written notice to that effect to any registered holders of Series 17 Preferred Shares affected by the preceding minimums on or before December 11, 2019.The dividend rate applicable to the Series 17 Preferred Shares for the 5-year period commencing on DecemberA20, 2019, and ending on DecemberA19, 2024, and the dividend rate applicable to the Series 18 Preferred Shares for the 3-month period commencing on DecemberA20, 2019, and ending on MarchA19, 2020, will be determined and announced by way of a news release on NovemberA20, 2019. Manulife will also give written notice of these dividend rates to the registered holders of Series 17 Preferred Shares. Beneficial owners of Series 17 Preferred Shares who wish to exercise their right of conversion should instruct their broker or other nominee to exercise such right before 5:00 p.m. (Toronto time) on DecemberA4, 2019. Conversion inquiries should be directed to Manulife's Registrar and Transfer Agent, AST Trust Company (Canada), at 1-800-783-9495.
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