Manulife Bank of Canada offers competitive, lower fixed rate on Manulife One:

Adds seven and 10-year terms to its Preferred Rate Mortgage

WATERLOO, ON, July 18, 2002 – Manulife One, Canada’s first and
flexible mortgage account, will now offer significantly lower rates
for its
“fixed-rate” component. This innovative account, which uses a
variable rate
along with account holders’ income to help dramatically lower
interest costs, also enables them to lock in a portion of their
mortgage at
fixed-rates, if they’re worried variable rates might climb.

These fixed rates have now been lowered by as much as 1.10 per
cent for
five-year terms.

“Although we believe that a variable rate is the best option for
Manulife One has always offered a fixed-rate component for those
clients who
want the security it offers,” says Roman Fedchyshyn, president of
Bank of Canada. “To date, only a handful of Manulife One account
holders have
elected to use the fixed-rate component.”

However, as interest rates rise, some consumers might want to
know that a
competitive option exists within their account should they decide to
he said.

“Since we already offer one of the best fixed-rate mortgages
available –
the Preferred Rate Mortgage – we thought it only made sense that
Manulife One
fixed rates be as competitive as the Preferred Rate Mortgage.”

Expanded offering for Preferred Rate Mortgage

The Preferred Rate Mortgage is a competitive fixed-rate mortgage
offers clients a no-hassle, no-haggle, low-cost alternative to the
approach to mortgages.

To enhance Manulife Bank’s competitive position, it is also
seven- and 10-year terms for its Preferred Rate Mortgage, effective

The addition of these terms to our current one-to-five year
rates rounds
out the Preferred Rate Mortgage offers, providing our clients with a
comprehensive and highly competitive package of options, Mr.
Fedchyshyn said.

About Manulife Financial

Manulife Financial is a leading Canadian-based financial
services group
operating in 15 countries and territories worldwide. Through its
network of employees, agents and distribution partners, Manulife
offers clients a diverse range of financial protection products and
management services. Funds under management by Manulife Financial
Cdn$146.7 billion as at March 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

For more information on Manulife Bank of Canada’s products,
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