Manulife Financial and IBM sign IT outsourcing MOU

TORONTO, Feb. 11 – Manulife Financial and IBM Canada Ltd. today signed a Memorandum of
Understanding (MOU) for management by IBM of Manulife’s information technology infrastructure.

IBM intends to provide operational services to support
Manulife’s North American IT requirements including data centres, help desk, desktop
computers, and voice and data networks. The agreement would also involve the transfer of
approximately 400 Manulife employees to IBM. Bell Nexxia will provide the support and
delivery of all local area network (LAN), metropolitan area network (MAN) and wide area
network (WAN) infrastructure, as well as all telephony services, to support Manulife’s
Voice and Data Communications requirements.

The agreement is an integral part of Manulife’s ongoing
technology transformation program. “Our decision to partner with IBM allows us to
harness their IT expertise with our strategic objectives for global growth. This agreement
will provide improved customer service and significant expense management
opportunities,” said John Mather, Executive Vice President and Chief Information
Officer of Manulife Financial.

“Finding an IT partner with the right cultural fit for
our employees was extremely important to us,” he added. “This is a real
opportunity for the people currently at Manulife to work for a top flight IT firm and grow
their professional capabilities, while still maintaining their connection to Manulife.”

“Manulife Financial is a premier global insurance
company and we are delighted they have selected IBM to provide their IT infrastructure
services,” said Rick Horton, general manager, IBM Global Services, IBM (Canada).
“IBM has a strong reputation as a leading provider of IT services and solutions for
financial services companies worldwide. We will leverage our experience and strength in
technology management to assist Manulife Financial in meeting their global business objectives.”

Manulife Financial has also agreed to be the premiere
participant in the recently-announced IBM Insurance Solutions Centre (ISC) that will be
centred in Kitchener-Waterloo with operations in Toronto. The ISC will be home to a
collection of some of the best minds and international resources, committed to developing,
deploying and managing cost-effective solutions that will help insurance companies address
the key business imperatives in the rapidly changing marketplace. IBM’s plans for the ISC
also include working closely with IBM Research and enhancing IBM’s broad research and
technology relationship with the University of Waterloo.

About Manulife Financial

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 Cdn$142.2 billion as at December 31, 2001.

Manulife Financial Corporation trades as ‘MFC’ on the TSE,
NYSE and PSE, and under ‘0945’ on the SEHK. Manulife Financial can be found on the Internet at

About IBM Global Services

IBM Global Services is the world’s largest information technology services provider, with
approximately 150,000 professionals serving customers in 160 countries and annual revenue
of approximately $35 billion (2001). IBM Global Services integrates IBM’s broad range of
capabilities to help companies of all sizes realize the full value of information technology. For more
information, visit