Date Closed

December 11, 2008

Lead Office

Toronto

On November 6, 2008, the six largest Canadian Banks agreed to provide a 5-year term loan of $3 billion to Manulife Financial Corporation ("MFC"). The loan was fully drawn down by November 20, 2008 and provided additional regulatory capital for MFC's operating subsidiaries. The credit agreement was structured as a club deal with no agent and the Banks each financed a pro rata share of the overall commitment. The loan was subsequently amended and replaced on December 11, 2008 to a C$2 billion facility. Concurrently, MFC issued C$2.125 billion in common equity thereby raising its regulatory capital ratio to one of the highest levels in MFC’s history.

McCarthy Tétrault LLP advised the lenders with a team led by Barry Ryan.