Manulife Financial Corp. and John Hancock Canadian Corp. (JHCC) today announced that Manulife has agreed to provide full and unconditional subordinated guarantees of the payment obligations to series of JHCC notes.

The guarantees cover JHCC’s $220 million of 6.672% senior unsecured notes due May 31, 2011 and $175 million of 6.496% senior unsecured notes due November 30, 2011

Manulife and John Hancock Financial Services, Inc. completed their merger on Apr. 28, 2004. As a result, JHCC became an indirect wholly owned subsidiary of Manulife.

Historically, John Hancock has provided noteholders and filed with the Canadian securities regulatory authorities, on behalf of JHCC, certain continuous disclosure materials filed by John Hancock with the United States Securities and Exchange Commission.

On June 29, 2005, John Hancock’s reporting and disclosure obligations in the United States were suspended and John Hancock is no longer obligated to prepare and file annual, quarterly or current reports separate from reports prepared and filed by Manulife as parent company of John Hancock.

Consequently, JHCC is no longer able to provide to noteholders and file with the Canadian securities regulatory authorities John Hancock continuous disclosure documents filed with the SEC. However, John Hancock continues to be obligated under the John Hancock guarantees.

Pursuant to the subordinated guarantee agreements, Manulife has agreed to provide full and unconditional subordinated guarantees of JHCC’s payment obligations under the JHCC notes.

Manulife says its subordinated guarantee agreements are substantially similar to the John Hancock guarantees and the terms of the JHCC Notes and related obligations have not changed. In addition, Manulife will make available to noteholders on an ongoing basis Manulife’s audited annual financial statements and unaudited interim financial statements (including management’s discussion and analysis thereon) and other Manulife disclosure documents.