Mitsubishi Tokyo Financial Group Inc

Manulife Financial Corporation (Headquarters: Toronto, Ontario, Canada,
President & CEO: Dominic D'Alessandro) along with its affiliate Manulife Life
Insurance Company (President & CEO: Trevor Matthews) and The Bank of
Tokyo-Mitsubishi, Ltd. (BTM; President: Shigemitsu Miki), an affiliate of
Mitsubishi Tokyo Financial Group, Inc. (MTFG; President & CEO: Shigemitsu Miki)
agreed today to enter into a strategic alliance in individual annuity insurance
product development and sales. At the same time, BTM decided to invest five
billion yen in the preferred stock of Manulife Life Insurance by March 2004, in
light of establishing a long-term relationship with Manulife Financial and
Manulife Japan.

The purpose of this alliance is to bring together the advantages of Manulife
Life Insurance as well as its parent company Manulife Financial, one of the top
financial and insurance companies worldwide that enjoys leading-edge
products/service development capability, and BTM, which has a wide range of
excellent clientele throughout Japan. The companies will cooperate in using
their experiences inside and outside Japan to develop and sell competitive and
innovative products that can win a significant share in the individual annuity
market in Japan, which is expected to grow quickly.

BTM has been actively promoting the sales of individual annuity insurance since
it was deregulated to the banks in October 2002. Among its product line-up are
capital guarantee variable annuity and foreign currency-denominated fixed
annuity insurance with currency switching features between US dollar and Euro, a
first of its kind to be introduced in Japan. The alliance with Manulife
Financial and Manulife Japan will provide BTM with the power in product
development through the two companies that have extensive global experiences
including North America, and with the capability of offering more attractive and
cutting-edge individual annuity insurance products to customers in Japan. In
turn, Manulife Life Insurance will be able to offer its annuity insurance to a
large number of Japanese customers through BTM.

As the first step of the product development alliance, BTM plans to launch a new
product in April this year at all of its branches, provided FSA approval will be
issued in time. The product will also be offered at The Mitsubishi Trust and
Banking Corporation and Mitsubishi Securities Co., Ltd. soon after.

About Manulife Life Insurance Company

Since its start of Japan operation in April 1999, Manulife Life Insurance
Company (Manulife Japan) has been providing customers with innovative insurance
products including universal life insurance, medical insurance, and investment
type annuity. Also Manulife Japan is proud of its strong financial ground and
holds a top-class "AA+" credit rating from one of the world's most prestigious
credit rating agencies, Standard and Poor's Co. (As of December 2003)

More information about Manulife Japan can be found on the Internet at
www.manulife.co.jp.

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$150.8
billion as at September 30, 2003. 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 Internet at www.manulife.com.

About The Bank of Tokyo-Mitsubishi, Ltd.

The Bank of Tokyo-Mitsubishi, Ltd. (BTM) is a leading commercial bank in Japan,
offering an extensive scope of commercial, investment, and trust banking
products and services to businesses, governments and individuals worldwide.
BTM's domestic network comprises more than 260 branches, sub-branches and
agencies. The BTM Group's global network, spanning more than 40 countries, is
unrivaled among its Japanese peers.

About Mitsubishi Tokyo Financial Group, Inc.

Mitsubishi Tokyo Financial Group, Inc. (MTFG) is the holding company established
in April 2001 to oversee the operations of The Bank of Tokyo-Mitsubishi, Ltd.,
The Mitsubishi Trust and Banking Corporation and their subsidiaries. Its primary
responsibilities center on facilitating business synergies among the entities of
the MTFG, on setting the Group's overall strategic direction, and on managing
the Group's risk globally. Shares of the holding company trade on the Tokyo,
Osaka, New York (NYSE: MTF), and London stock exchanges.

For more information, please contact: 

Minoru Shimizu 
Manulife Life Insurance Company Tel: 0424-42-7076

Seiji Itai 
Mitsubishi Tokyo Financial Group, Inc. Tel: 03-3240-8136

Yuichiro Hattori 
The Bank of Tokyo-Mitsubishi, Ltd. Tel: 03-3240-2950