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2007 News Releases

For Immediate Release

March 15, 2007

Manulife Mutual Funds announces increase in distribution targets

Toronto - Manulife Mutual Funds (a division of Elliott & Page Limited) announced today an increase in the quarterly distributions target from $0.075 to $0.10 per unit for the Elliott & Page Dividend Fund and $0.055 to $0.060 per unit for the Elliott & Page Monthly High Income Fund. Distributions may consist of income, capital gains and return of capital. This change is effective as of the end of the first quarter in 2007.

“As one of Canada’s leading financial services firms, Manulife provides its clients with access to high quality investment funds, managed by some of the best people in the industry,” said Jeff Ray, Assistant Vice President of Manulife Mutual Funds Products. “In a changing regulatory environment, these dividend increases will be welcome news to many of our investors and those who are seeking tax-efficient sources of income.”

The Elliott & Page Dividend Fund invests primarily in a diversified portfolio of dividend-paying Canadian common and preferred shares as well as royalty trusts and real estate investment trusts. Since its inception in August of 2003, investors in the Fund have benefited from solid performance and consistent, tax-efficient income in the form of dividends.

The Elliott & Page Monthly High Income Fund has a broader mandate. The Fund invests primarily in a diversified portfolio of dividend paying Canadian equities and Canadian fixed income securities as well as royalty trusts and real estate investment trusts. Investors in the Fund have benefited from superior risk-adjusted returns, top-quartile long- term performance and steady, tax-efficient monthly income since the Fund’s inception in September of 1997.

Both funds are managed by Alan Wicks, Senior Portfolio Manager with MFC Global Investment Management, who enjoys an established reputation as one of Canada’s top value managers.

About Manulife Investments
Manulife Investments is the brand name describing certain Canadian subsidiaries and operating divisions of Manulife Financial Corporation that offer personal wealth management products and services in Canada. As one of Canada's leading integrated financial services providers, Manulife Investments offers a variety of products and services including segregated funds, mutual funds, annuities and guaranteed investment contracts.

About Manulife Financial
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 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$414 billion (US$355 billion) as at December 31, 2006.

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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Media contact:
Tom Nunn
Manulife Financial
519-594-8578
tom_nunn@manulife.com