PRESS RELEASES

Hines sells 191 North Wacker in Chicago to Manulife Financial

732,000-square foot building, newest addition to Manulife’s extensive global real estate portfolio --

9/16/2004

CHICAGO – Manulife Financial, the world’s fifth largest life insurance company, has purchased 191 North Wacker Drive in downtown Chicago from National Office Partners Limited Partnership (NOP), a partnership of the California Public Employees’ Retirement System (CalPERS) and Hines, an international real estate firm, for US$222 million in a deal that closed yesterday afternoon. NOP was represented in the transaction by Brian Nagle of Cushman & Wakefield.
The 37-story, 732,000-square-foot office building is located at the corner of North Wacker Drive and West Lake Streets in the Central Business District’s West Loop. Designed by internationally acclaimed architects, Kohn Pedersen Fox, the award-winning building, with its contemporary façade and lanterned top, is one of the most recent trophy additions to Chicago’s skyline, boasting unobstructed views down Wacker Drive and north overlooking the Chicago River.

Developed by Hines in January 2003, 191 North Wacker is currently 90 per cent leased, with a high profile tenant base that includes: Gardner Carton & Douglas LLP; Much Shelist Freed Denenberg Ament & Rubenstein, P.C.; Watson Wyatt Worldwide; Heitman Financial; and RSM McGladrey.

“191 North Wacker provides Manulife with the superb combination of a high quality asset in one of the most vibrant urban markets in the United States,” said Steve Ferguson, Vice President of U.S. Real Estate Operations at Manulife Financial. “It’s an exceptional complement to our existing portfolio of high-quality properties, located in strong, diverse regions, and Chicago is key to that mix.”

Manulife has a long-standing presence in the Chicago marketplace having first entered the real estate market in 1973. Today, Manulife’s real estate holdings in the Chicago area total more than 5.3 million square feet of office and industrial space and represent a carrying value of more than US$570 million.

Hines will continue to manage and lease the property on behalf of Manulife Financial. Hines currently manages a portfolio of more than eight million square feet in the Chicago area.

“The project was developed during a challenging leasing market and attracted a great tenant roster,” said Hines Senior Vice President Greg Van Schaack. “We continue to see that well-designed and executed office developments in Chicago attract the best tenants and healthy investor interest.”

About National Office Partners

National Office Partners was formed in 1998. The investment partnership currently owns a portfolio of Class A office assets valued at more than US$2 billion. For more information on NOP, please refer to www.noplp.com.

CalPERS is the nation’s largest public pension fund with assets totaling US$166 billion, of which US$13 billion is invested in real estate. The System provides retirement and health benefits to more than one million state and public employees and their families. For further information on CalPERS, please visit the System’s web site at www.calpers.ca.gov.

Hines is a privately owned real estate firm involved in developing, acquiring, leasing and managing real estate, as well as providing extensive international investment management and advisory services. The Hines portfolio of projects completed, underway, acquired and managed for third parties includes more than 700 properties representing over 244 million square feet of office, mixed-use, industrial, hotel, medical, sports facilities and residential properties, as well as large, master-planned communities and land developments. With offices in 69 U.S. cities and 12 foreign countries, and controlled assets valued at approximately US$14 billion, Hines is one of the largest real estate organizations in the world. Access www.hines.com for more information.

About Manulife Financial

Through its Real Estate Division, Manulife Financial is actively involved in the ownership, development and management of commercial real estate. The portfolio includes a diversified mix of prime office and industrial properties in key metropolitan centers throughout Canada, the United States and Japan. In addition to equity real estate, the Real Estate Division manages Manulife Financial’s space requirements and own use facilities to accommodate the Company’s more than 20,000 employees worldwide. As at June 30, 2004, Manulife Financial’s real estate portfolio totals 25.5 million square feet and represents a carrying value of Cdn$4.5 billion (US$3.4 billion).

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.