Date Closed

September 15, 2014

Lead Office

Toronto

Value

2.26 Billion CAD

On September 15, 2014, Manulife Financial Corporation ("Manulife") completed the C$2.26 billion subscription receipt offering, pursuant to which approximately C$1.76 billion of subscription receipts were sold to a syndicate of underwriters co-led by Scotia Capital Inc. and Morgan Stanley Canada Limited in a public bought deal offering, which included the exercise in full of the underwriters’ over-allotment option, and C$500 million of subscription receipts were sold by way of private placement to the Caisse de dépôt et placement du Québec.

The net proceeds from the subscription receipts were used to finance the C$4 billion acquisition by The Manufacturers Life Insurance Company ("MLI"), a wholly-owned subsidiary of Manulife, of the holding company of The Standard Life Assurance Company of Canada and Standard Life Investments Inc. from Standard Life plc (“Standard Life”).

This acquisition allows Manulife and its subsidiaries, including MLI, to leverage Standard Life's strong presence, and deep understanding of the unique attributes of the Québec market. This was a high profile equity offering by a major Canadian financial institution to finance the acquisition of another major Canadian subsidiary of an international financial institution.

McCarthy Tétrault LLP represented Scotia Capital and Morgan Stanley, the lead underwriters, in the subscription receipts offering with a team led by Barry Ryan and Andrew Parker that included David Woollcombe, Richard Higa, Ryan Hornby and Gabrielle Richards.