Manulife Financial Corporation

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1 Manulife Financial Corporation The Manufacturers Life Insurance Company Annual Meeting May 3, 2012

2 Opening Remarks Gail Cook-Bennett Chair, Board of Directors Manulife Financial Corporation The Manufacturers Life Insurance Company

3 Platform Introductions Michael Bell Senior Executive Vice President and Chief Financial Officer Donald Guloien President and Chief Executive Officer J-P. Bisnaire Senior Executive Vice President, Corporate Development and General Counsel Angela Shaffer Vice President and Corporate Secretary

4 Manulife Financial Corporation The Manufacturers Life Insurance Company Annual Meeting May 3, 2012

5 The Stars of Excellence This year s honourees come from 10 countries and territories: China Hong Kong Indonesia Japan Singapore Taiwan The Philippines Vietnam United States of America Canada

6 Retiring Board Member Linda Bammann Director Since: 2009 Manulife Financial Corporation The Manufacturers Life Insurance Company

7 Manulife Financial Corporation The Manufacturers Life Insurance Company Annual Meeting May 3, 2012

8 Calling the Meeting to Order Manulife Financial Corporation The Manufacturers Life Insurance Company

9 Legal Disclaimer Caution Regarding Forward-looking Statements This presentation contains forward-looking statements within the meaning of the safe harbour provisions of Canadian provincial securities laws and the U.S. Private Securities Litigation Reform Act of The forward-looking statements in this presentation include, but are not limited to, our 2015 management objectives for earnings and return on equity, management objectives with respect to hedging equity markets and interest rate risks, potential future changes related to fixed income URR assumptions if current low interest rates persist, and the estimated impact of new equity calibration parameters for guaranteed variable annuity and segregated funds. The forward-looking statements in this presentation also relate to, among other things, our objectives, goals, strategies, intentions, plans, beliefs, expectations and estimates, and can generally be identified by the use of words such as may, will, could, should, would, likely, suspect, outlook, expect, intend, estimate, anticipate, believe, plan, forecast, objective, seek, aim, continue, goal, and endeavour (or the negative thereof) and words and expressions of similar import, and include statements concerning possible or assumed future results. Certain material factors or assumptions are applied in making forwardlooking statements, including in the case of our 2015 management objectives for earnings and return on equity, the assumptions described under Key Planning Assumptions and Uncertainties in our 2011 Annual Report and actual results may differ materially from those expressed or implied in such statements. Information about material factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found under Risk Factors in our most recent Annual Information Form, under Risk Management, Risk Management and Risk Factors Update and Critical Accounting and Actuarial Policies in the Management s Discussion and Analysis in our most recent annual and interim reports, in the Risk Management note to consolidated financial statements in our most recent annual and interim reports, our press release announcing our 2012 first quarter results and elsewhere in our filings with Canadian and U.S. securities regulators. We do not undertake to update any forward-looking statements except as required by law.

10 Note to Users Performance and Non-GAAP Measures We use a number of non-gaap financial measures to measure overall performance and to assess each of our businesses. A financial measure is considered a non-gaap measure for Canadian securities law purposes if it is presented other than in accordance with generally accepted accounting principles used for the Company s audited historical financial statements which is prior Canadian GAAP for 2010 and earlier and IFRS for 2011 and beyond. Non-GAAP measures include Earnings Excluding Notable Items; Constant Currency Basis and Sales Earnings (loss) excluding notable items is a non-gaap profitability measure. It shows what the net income (loss) attributed to shareholders would have been assuming that interest and equity markets performed as assumed in our policy valuation and the notable items indicated in our 2011 Annual Report had not occurred. The Company also uses financial performance measures that are prepared on a constant currency basis, which exclude the impact of currency fluctuations and which are non-gaap measures. Annual amounts stated on a constant currency basis in this presentation are calculated, as appropriate, using the income statement and balance sheet exchange rates effective for 2010 and for the first quarter 2012, respectively. Sales are measured according to product type. (i) For total individual insurance, sales include 100 per cent of new annualized premiums and 10 per cent of both excess and single premiums. For individual insurance, new annualized premiums reflect the annualized premium expected in the first year of a policy that requires premium payments for more than one year. Sales are reported gross before the impact of reinsurance. Single premium is the lump sum premium from the sale of a single premium product, e.g. travel insurance. (ii) For group insurance, sales include new annualized premiums and administrative services only premium equivalents on new cases, as well as the addition of new coverages and amendments to contracts, excluding rate increases. (iii) For individual wealth management contracts, all new deposits are reported as sales. This includes individual annuities, both fixed and variable; variable annuity products; mutual funds; college savings 529 plans; and authorized bank loans and mortgages. (iv) For group pensions/retirement savings, sales of new regular premiums and deposits reflect an estimate of expected deposits in the first year of the plan with the Company. Single premium sales reflect the assets transferred from the previous plan provider. Sales include the impact of the addition of a new division or of a new product to an existing client. Total sales include both new regular and single premiums and deposits. For further information regarding non-gaap measures, see our press release announcing our 2012 first quarter results and our 2011 Annual Report, accessible on our website at Earnings excluding notable items Total (C$ millions) Asia Canada U.S. Corp & Other Company Net Income (loss) $(48) $910 $638 $(1,371) $129 Direct impact of equity markets & interest rates (1,159) 12 (397) 480 (1,064) Net income excluding the direct impact of equity markets & interest rates 1, ,035 (1,851) 1,193 Other notable items (1,641) (1,389) Earnings (loss) excluding notable items $938 $834 $1,020 $(210) $2,582 10

11 Notice of Meeting, Confirmation of Quorum and Voting Instructions Manulife Financial Corporation The Manufacturers Life Insurance Company

12 Election of Directors Manulife Financial Corporation The Manufacturers Life Insurance Company

13 Election of Directors Manulife Financial Corporation

14 Nominees for the Election of Directors of Manulife Financial Corporation Joseph Caron John Cassaday Gail Cook-Bennett Thomas d Aquino Richard DeWolfe Robert Dineen Sheila Fraser Donald Guloien Scott Hand Robert Harding Luther Helms Tsun-yan Hsieh Donald Lindsay Lorna Marsden John Palmer Andrea Rosen Hugh Sloan

15 Election of Directors The Manufacturers Life Insurance Company

16 Nominees for Election of Policyholders Directors of The Manufacturers Life Insurance Company John Cassaday Thomas d Aquino Richard DeWolfe Scott Hand Lorna Marsden Hugh Sloan

17 Election of Directors The Manufacturers Life Insurance Company

18 Nominees for Election of Shareholder s Directors of The Manufacturers Life Insurance Company Joseph Caron Gail Cook-Bennett Robert Dineen Sheila Fraser Donald Guloien Robert Harding Luther Helms Tsun-yan Hsieh Donald Lindsay John Palmer Andrea Rosen

19 Appointment of the Auditors Manulife Financial Corporation The Manufacturers Life Insurance Company

20 Proposed Auditor Appointee Ernst & Young LLP, Chartered Accountants

21 Manulife Financial Corporation Shareholders Approval of Advisory Resolution Accepting Approach to Executive Compensation Manulife Financial Corporation

22 Tabling of 2011 Consolidated Financial Statements and Reports of the Auditor and Actuary Thereon Manulife Financial Corporation The Manufacturers Life Insurance Company

23 Tabling of 2011 Information for Participating Policyholders as set out in the 2011 Report to Policyholders The Manufacturers Life Insurance Company

24 Presentation by the Chief Financial Officer Michael W. Bell Senior Executive Vice President & Chief Financial Officer May 3, 2012

25 Overview Progress on Strategic Priorities 2011 Financial and Operating Results 2012 First Quarter Results 25

26 Progress on Strategic Priorities Leveraged our strong market position and brand to drive profitable growth Managed risk by significantly reducing equity and interest rate sensitivity Maintained strong capital levels and the financial strength which supports our strong brands Shifted our business mix strategically to improve ROE and grow earnings Continued to deliver a quality value proposition to clients 26

27 2011 Financial and Operating Results Net income attributable to shareholders of $129 million in 2011: Significant improvement relative to net loss of $1,663 million in earnings included the unfavorable impacts of: Changes in interest rates and equity markets (including volatility) Changes in actuarial methods and assumptions A goodwill impairment charge 2011 earnings benefited from: Substantial benefit of expanded hedging in Significant investment gains 27

28 Asia Growing High Return Insurance and Wealth Management Businesses Sales 1 Growth China Japan Taiwan Record C$1.2 billion in insurance sales more than half of Manulife s total Insurance sales increased 13% 2 Targeted wealth sales increased 17% Thailand Hong Kong Macau Philippines Vietnam Earnings 34% of Earnings excl. Notable Items 3 Strong long-term earnings growth Malaysia Singapore Indonesia 1 Sales is a non-gaap measure. 2 Sales growth stated on a constant currency basis, a Non- GAAP measure. 3 Non-GAAP measure. See Note to Users - Performance and Non-GAAP Measures above yr CAGR is calculated using Earnings excluding Notable Items. 28

29 Canada Executing a Broad-based, Diversified Financial Services Strategy Canada Sales 1 Growth Individual wealth targeted for growth sales up 8% Record mutual fund deposits of $2 billion the second fast growing firm of the top ten 2 Manulife Bank continued profitable growth achieving a record $20 billion in assets and a record $4.7 billion in new loan volumes Group Retirement business ranked #1 in defined contribution sales, surpassing #2 and #3 competitors combined 3 Demonstrated continued market leadership with individual insurance price increases Earnings 30% of Earning excl. Notable Items 4 Well-diversified sources of earnings 1 Sales is a non-gaap measure. 2 Based on IFIC report of Mutual fund assets for top 30 Fund Companies in Canada as at December 31, For full year Based on quarterly sales survey by LIMRA, an insurance industry organization. 4 Non-GAAP measure. See Note to Users - Performance and Non-GAAP Measures above. 29

30 U.S. Continuing Focus on Balanced New Business Sales Mix Sales 1 Growth Leveraging strong brand, market position and distribution capabilities JH Mutual Funds delivered record sales of US$12.5 billion, up 29% 2 Sales of targeted insurance products increased 28% with the continued product repositioning to reduce focus on long-term guarantees United States Earnings 36% of Earnings excl. Notable Items 3 Well positioned for 2012 earnings growth 1 Sales is a non-gaap measure. 2 Sales growth stated on a constant currency basis, a non-gaap measure. 3 Non-GAAP measure. See Note to Users - Performance and Non-GAAP Measures above. 30

31 Ahead of Our Timeline for Equity Risk Reduction Earnings Sensitivity to Equity Markets 1 (C$ millions) 60% - 70% of underlying earnings sensitivity to equity market changes hedged as at December 31, 2011: Achieved our goal to hedge 60% by the end of 2012 At 93% of our goal to hedge 75% by the end of Earnings sensitivity to equity markets is defined by the impact of a 10 per cent decline in the market value of equity funds on the net income attributed to shareholders. 31

32 Exceeded our 2014 Goal for Interest Rate Risk Reduction Earnings Sensitivity to Interest Rates 1 (C$ millions) 2 Exceeded our 2014 goal for reducing interest rate sensitivity to $1.1 billion excluding AFS bond offset, as at December 31, Earnings sensitivity to interest rates is defined by the impact of a one per cent parallel decline in interest rates on the net income attributed to shareholders. 2 See page 53 of our 2011 Annual Report. 32

33 Solid First Quarter 2012 Results Net income attributable to shareholders of $1.2 billion Strong insurance sales 1 growth: Record insurance sales, up 35% vs. 1Q11 Record insurance sales in Asia Wealth sales impacted by challenging market environment, down 8% from 1Q11 Expecting notable charges to earnings later in 2012: Update of the ultimate reinvestment rates in 2Q12 New equity calibration parameters for variable annuities in 3Q12 1 Non-GAAP measure; see Note to Users Performance and Non-GAAP Measures below. 33

34 Manulife Is Strong MLI s MCCSR at 225% as at 1Q12 even without explicit credit for our expanded hedging programs Significantly reduced earnings and capital sensitivity to equity market and interest rate changes stronger position to withstand market shocks MLI s capital position supports our Manulife and John Hancock brands 34

35 Summary Excellent progress in 2011 towards strategic priorities Significantly improved 2011 results in a challenging environment Strong start for

36 Manulife Financial Corporation The Manufacturers Life Insurance Company Annual Meeting May 3, 2012

37 President & Chief Executive Officer Address Donald A. Guloien, President & CEO, Manulife Financial May 3, 2012

38 Manulife Financial Corporation The Manufacturers Life Insurance Company Annual Meeting May 3, 2012

39 Voting Results Manulife Financial Corporation The Manufacturers Life Insurance Company

40 Conclusion of Meeting Manulife Financial Corporation The Manufacturers Life Insurance Company

41 Question and Answer Period Manulife Financial Corporation The Manufacturers Life Insurance Company

42 Manulife Financial Corporation The Manufacturers Life Insurance Company Annual Meeting May 3, 2012

43 Annual Meeting will resume shortly Manulife Financial Corporation The Manufacturers Life Insurance Company

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