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Manulife Financial Corporation announces Dividend Rates on Non-cumulative Rate Reset Class 1 Shares Series 19 and Non-cumulative Floating Rate Class 1 Shares Series 20

C$ unless otherwise stated
TSX/NYSE/PSE: MFCA A A A  SEHK: 945
TORONTO, Feb. 19, 2020 /CNW/ - Manulife Financial Corporation ("Manulife") today announced the applicable dividend rates for its Non-cumulative Rate Reset Class 1 Shares Series 19 (the "SeriesA 19 Preferred Shares") (TSX: MFC.PR.N) and Non-cumulative Floating Rate Class 1 Shares SeriesA 20 (the "Series 20 Preferred Shares").With respect to any Series 19 Preferred Shares that remain outstanding after MarchA 19, 2020, holders thereof will be entitled to receive fixed rate non-cumulative preferential cash dividends on a quarterly basis, as and when declared by the Board of Directors of Manulife and subject to the provisions of the Insurance Companies Act (Canada). The dividend rate for the five-year period commencing on MarchA 20, 2020, and ending on MarchA 19, 2025, will be 3.6750% per annum or $0.229688 per share per quarter, being equal to the sum of the five-year Government of Canada bond yield as at FebruaryA 19, 2020, plus 2.30%, as determined in accordance with the terms of the Series 19 Preferred Shares.With respect to any Series 20 Preferred Shares that may be issued on MarchA 19, 2020A in connection with the conversion of the Series 19 Preferred Shares into the Series 20 Preferred Shares, holders thereof will be entitled to receive floating rate non-cumulative preferential cash dividends on a quarterly basis, calculated on the basis of actual number of days elapsed in each quarterly floating rate period divided by 365, as and when declared by the Board of Directors of Manulife and subject to the provisions of the Insurance Companies Act (Canada). The dividend rate for the three-month period commencing on MarchA 20, 2020, and ending on JuneA 19, 2020, will be 0.99259% (3.9380% on an annualized basis) or $0.248148 per share, being equal to the sum of the three-month Government of Canada Treasury bill yield as at February 19, 2020, plus 2.30%, as determined in accordance with the terms of the SeriesA 20 Preferred Shares.Beneficial owners of Series 19 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 MarchA 4, 2020. The news release announcing such conversion right was issued on FebruaryA 3, 2020A and can be viewed on SEDAR or Manulife's website. Conversion inquiries should be directed to Manulife's Registrar and Transfer Agent, AST Trust Company (Canada), at 1a??800a??783a??9495.
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