John Hancock Funds to Continue Focus on Strategic Growth for Investment Division

Investment Management Changes will Strengthen and Expand Expertise for John Hancock Mutual Funds

BOSTON, (Thursday, October 14, 2004)-Enhancing investment performance and ensuring a consistent and sustainable investment process have always been central to John Hancock Funds' growth and investment strategy. "It is with pleasure that I announce that Timothy Keefe and Thomas Finucane have joined John Hancock Funds as chief equity officer and portfolio manager, respectively," said Jamie Shepherdson, president and chief executive officer. "The addition of these two professionals will strengthen and expand the expertise of the organization as we continue to grow John Hancock Funds."

Mr. Keefe, who was with John Hancock Funds as a top value fund manager from 1996 to 2000, returns to the firm where he will oversee a team of approximately 30 equity investment management professionals and direct equity investment strategies for retail mutual funds, institutional funds and privately managed accounts.

Mr. Finucane, who was part of the firm's Financial Institutions' investment management team from 1990 to 2002, returns as a vice president and portfolio manager.

"We are fortunate to have Tim and Tom back at John Hancock Funds. Both had outstanding records during their tenure here and their return is an integral part of keeping John Hancock Funds focused on investment management and growing the business," Mr. Shepherdson said.

Mr. Keefe rejoins John Hancock Funds from Thomas Weisel Partners, where he ran a hedge fund for the past four years. Before his tenure there, he was a senior vice president, portfolio manager and a member of the Investment Policy Committee at John Hancock Funds. His team managed several large- and small-cap value funds with more than $1 billion in asset under management.

Before Hancock, he had been a vice president and portfolio manager at Federated Investors, and earlier in his career, had worked for NCR Corporation.

Mr. Finucane rejoins the firm's Financial Institutions' investment management team. The team, headed by executive vice president and portfolio manager Jim Schmidt, oversees the management of more than $5 billion in assets in privately managed accounts and closed-end and open-end mutual funds. Along with Mr. Schmidt and Vice President Lisa Welch, Mr. Finucane will be a co-portfolio manager.

Prior to re-joining John Hancock Funds, Mr. Finucane covered financial services stocks at State Street Research. Earlier in his career, he worked at the Federal Reserve Bank of Boston as a bank examiner and State Street Bank as a fund accountant.

John Hancock Funds, a premier investment management company, managed approximately $29 billion in open-end funds, closed-end funds, private accounts, retirement plans and related party assets for individual and institutional investors as of June 30, 2004. Additional information about the company can be found on the website: http://www.jhfunds.com.

John Hancock Funds is a wholly owned subsidiary of John Hancock Financial Services, Inc., a subsidiary of Manulife Financial Corporation. Founded in 1862, John Hancock Financial Services and its subsidiaries today offer a broad range of financial products and services, including whole, term, variable, and universal life insurance, as well as college savings products, mutual funds, fixed and variable annuities, long-term care insurance and various forms of business insurance.

Manulife Financial is a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and most of Asia, and primarily through John Hancock in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were Cdn$360 billion (US$269 billion) as at June 30, 2004.

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.

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