Manulife Financial Corporation

Active Action

This action, which was commenced in July 2009, alleges that Manulife Financial Corporation (“Manulife”) and certain of its current and former officers and directors negligently made misrepresentations relating to Manulife’s risk management practices and policies during the period between April 1, 2004 and February 12, 2009.

If you purchased Manulife shares during the class period, please complete the online information form. Your information will be held in strict confidence. By completing the form, you are not retaining Siskinds, nor do you incur any obligations in connection with this lawsuit.

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Developments

Proposed Settlement

The parties to the Ontario and Québec actions have agreed to settle the plaintiffs' claims for CAD$69 million. A website containing further information regarding the settlement can be viewed here:  www.manulifesettlement.com

On March 21, 2011, the Honourable Justice George Strathy of the Ontario Superior Court of Justice released interim reasons conditionally approving a funding agreement between the plaintiffs in this action and Claims Funding International PLC. On May 24, 2011, His Honour released supplementary reasons, finally approving the agreement. On July 8, 2011, the action filed in Quebec against Manulife was authorized to proceed as a class action. This action is brought on behalf of all residents of Quebec (except those persons who are excluded from the Quebec class by virtue of the Code of Civil Procedure), who, during the class period, purchased or otherwise acquired shares or other securities of Manulife, directly or indirectly, through a mutual fund or otherwise, and who continued to hold those shares as of February 12, 2009. On July 25, 2013, Justice Belobaba of the Ontario Superior Court of Justice certified the Ontario action as a class proceeding, and appointed the Ironworkers Ontario Pension Fund and Leonard Schwartz as Representative Plaintiffs.  Justice Belobaba also granted leave to the plaintiffs in the Ontario action to commence an action under the secondary market liability provisions of the Ontario Securities Act and the analogous provisions of the securities legislation of each other Canadian Jurisdiction. The Defendants sought leave to appeal from Justice Belobaba’s order. Leave to appeal was denied on March 3, 2014. In May, 2014, notice of certification was sent to class members, providing them with an opportunity to opt-out of the action by August, 2014. The opt-out process completed in August of 2014 and this action is now in the discovery phase.

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