<SEC-DOCUMENT>0001086888-20-000043.txt : 20200512
<SEC-HEADER>0001086888-20-000043.hdr.sgml : 20200512
<ACCEPTANCE-DATETIME>20200512104555
ACCESSION NUMBER:		0001086888-20-000043
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20200512
FILED AS OF DATE:		20200512
DATE AS OF CHANGE:		20200512

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MANULIFE FINANCIAL CORP
		CENTRAL INDEX KEY:			0001086888
		STANDARD INDUSTRIAL CLASSIFICATION:	LIFE INSURANCE [6311]
		IRS NUMBER:				889897526
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14942
		FILM NUMBER:		20867103

	BUSINESS ADDRESS:	
		STREET 1:		200 BLOOR ST EAST, NT-10
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M4W1E5
		BUSINESS PHONE:		416-926-3000

	MAIL ADDRESS:	
		STREET 1:		200 BLOOR ST EAST, NT-10
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M4W1E5
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6-k.htm
<DESCRIPTION>FORM6-K-MFC-6TH&7THSUPPLINDENT-12MAY2020
<TEXT>
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    <div style="text-align: center; line-height: 15.95pt; font-family: 'Times New Roman Bold', 'Times New Roman', serif; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; line-height: 15.95pt; font-family: 'Times New Roman Bold', 'Times New Roman', serif; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">Washington, D.C. 20549</div>
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    </div>
    <div style="line-height: 15.95pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
    <div style="text-align: center; line-height: 15.95pt; font-family: 'Times New Roman', serif; font-size: 14pt; font-weight: bold;">Form 6-K</div>
    <div style="line-height: 9.1pt;"><br style="line-height: 9.1pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">
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    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">REPORT OF <font style="font-family: 'Times New Roman Bold', 'Times New Roman', serif;">FOREIGN</font> PRIVATE ISSUER
      PURSUANT TO RULE 13<font style="font-family: 'Times New Roman Bold', 'Times New Roman', serif;">a</font>-16 OR <font style="font-family: 'Times New Roman Bold', 'Times New Roman', serif;">15d</font>-16 UNDER THE</div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">SECURITIES EXCHANGE ACT OF 1934</div>
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    </div>
    <div style="line-height: 12.55pt; font-family: 'Times New Roman', serif; font-size: 11pt;">For the month of <u>May, 2020</u></div>
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    <div style="line-height: 12.55pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Commission File Number: 1-14942</div>
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    </div>
    <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
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    <div style="text-align: center; line-height: 11.4pt; font-family: 'Times New Roman', serif;"><font style="font-size: 16pt; font-weight: bold;">MANULIFE FINANCIAL CORPORATION</font>
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;">(Translation of registrant's name into English)</div>
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    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman Bold', 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">200 Bloor Street East</div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman Bold', 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">North Tower 10</div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman Bold', 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">Toronto, Ontario, Canada M4W 1E5</div>
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      <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman Bold', 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">(416) 926&#8209;3000</div>
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    <div style="text-align: center; line-height: 11.4pt; font-family: 'Times New Roman', serif;">(Address of principal executive office)</div>
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    </div>
    <div style="text-align: justify; line-height: 12.55pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</div>
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            <div style="line-height: 12.55pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Form 20-F</div>
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            <div style="line-height: 12.55pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Form 40-F</div>
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    <div style="line-height: 12.55pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): <font style="font-family: 'Times New Roman', Times, serif;">&#9723;</font></div>
    <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
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    <div style="line-height: 12.55pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): <font style="font-family: 'Times New Roman', Times, serif;">&#9723;</font></div>
    <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
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    <div style="line-height: 12.55pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission
      pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</div>
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            <div style="line-height: 12.55pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Yes</div>
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    <div style="line-height: 12.55pt; font-family: 'Times New Roman', serif; font-size: 11pt;">If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ________.</div>
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    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">DOCUMENTS FILED AS PART OF THIS FORM 6-K</div>
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    <div style="text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman', serif; font-size: 11pt;">The following documents, filed as exhibits to this Form 6-K, are incorporated by reference as part of this Form 6-K:</div>
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            <div style="line-height: 12.55pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Description of Exhibit</div>
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          <td style="width: 13.25%; vertical-align: top; border-top: #000000 2px solid;">&#160;</td>
          <td style="width: 86.75%; vertical-align: top; border-top: #000000 2px solid;">&#160;</td>
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            <div style="line-height: 12.55pt; font-family: 'Times New Roman', serif; font-size: 11pt;">99.1</div>
          </td>
          <td style="width: 86.75%; vertical-align: top;">
            <div style="line-height: 12.55pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Sixth Supplemental Indenture dated May 12, 2020 between Manulife Financial Corporation and BNY Trust Company of Canada</div>
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          <td style="width: 13.25%; vertical-align: top; font-family: 'Times New Roman',serif; font-size: 11pt;">99.2<br>
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          <td style="width: 86.75%; vertical-align: top; font-family: 'Times New Roman',serif; font-size: 11pt;">Seventh Supplemental Indenture dated May 12, 2020 between Manulife Financial Corporation and BNY Trust Company of Canada <br>
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    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">SIGNATURES</div>
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    <div style="text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
      the undersigned, thereunto duly authorized.</div>
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            <div style="line-height: 15.95pt; font-family: 'Times New Roman', serif; font-size: 14pt;">MANULIFE FINANCIAL CORPORATION</div>
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          <td style="width: 41.48%; vertical-align: top;">&#160;</td>
          <td style="width: 58.52%; vertical-align: top;">&#160;</td>
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          <td style="width: 41.48%; vertical-align: top;">&#160;</td>
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            <div style="line-height: 12.55pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt;">By:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', serif; font-size: 11pt;"><font style="font-style: italic;">/s/</font>&#160;<font style="font-style: italic;">Kay Song</font></font></div>
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            <div style="line-height: 12.55pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt;">Name:</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', serif; font-size: 11pt;">Kay Song</font></div>
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          <td style="width: 41.48%; vertical-align: top;">&#160;</td>
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            <div style="text-indent: -36.6pt; margin-left: 36.6pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt;">Title:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', serif; font-size: 11pt;">Assistant
                Corporate Secretary</font></div>
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            <div style="line-height: 12.55pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Date:&#160; May 12, 2020</div>
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    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">EXHIBIT INDEX</div>
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            <div style="line-height: 12.55pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Description of Exhibit</div>
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          <td style="width: 13.17%; vertical-align: top;">&#160;</td>
          <td style="width: 86.83%; vertical-align: top;">&#160;</td>
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            <div style="line-height: 12.55pt; font-family: 'Times New Roman', serif; font-size: 11pt;">99.1</div>
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          <td style="width: 86.83%; vertical-align: top;">
            <div style="line-height: 12.55pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Sixth Supplemental Indenture dated May 12, 2020 between Manulife Financial Corporation and BNY Trust Company of Canada</div>
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          <td style="width: 13.17%; vertical-align: top; font-family: 'Times New Roman',serif; font-size: 11pt;">99.2 <br>
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          <td style="width: 86.83%; vertical-align: top; font-family: 'Times New Roman',serif; font-size: 11pt;">Seventh Supplemental Indenture dated May 12, 2020 between Manulife Financial Corporation and BNY Trust Company of Canada <br>
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    <div style="line-height: 12.55pt; margin-top: 78pt; margin-bottom: 24pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;">MADE AS OF MAY 12, 2020</div>
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    <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;">MANULIFE FINANCIAL CORPORATION</div>
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    <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;">SIXTH SUPPLEMENTAL INDENTURE</div>
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    <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;">MADE AS OF MAY 25, 2016</div>
    <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;">and providing for the issue of</div>
    <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"><font style="font-weight: bold;">$1,000,000,000</font>&#160;<font style="font-weight: bold;">PRINCIPAL AMOUNT OF 2.237% FIXED/FLOATING</font><br>
      <font style="font-weight: bold;">SUBORDINATED DEBENTURES</font><br>
      <font style="font-weight: bold;">due</font><font style="font-weight: bold;"> May 12, 2030</font><br>
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    <div style="text-indent: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; text-align: left;">THIS SIXTH SUPPLEMENTAL INDENTURE made as of May 12, 2020</div>
    <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold; text-align: left;">BETWEEN:</div>
    <div style="margin-left: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; text-align: left;"><font style="font-weight: bold;">MANULIFE FINANCIAL CORPORATION</font>, a corporation existing under th<font style="font-style: italic;">e</font></div>
    <div style="margin-left: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; text-align: left;"><font style="font-style: italic;">Insurance Companies Act </font><font style="font-weight: bold;">(</font>Canada)

      and having its registered office in the City of Toronto in the Province of Ontario</div>
    <div style="margin-left: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; text-align: left;">(the &#8220;<font style="font-weight: bold;">Corporation</font>&#8221;),</div>
    <div style="margin-left: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; text-align: left;">- and -</div>
    <div style="margin-left: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; text-align: left;"><font style="font-weight: bold;">BNY TRUST COMPANY OF CANADA</font>, a trust company incorporated under
      the federal</div>
    <div style="margin-left: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; text-align: left;">laws of Canada and having an office in the City of Toronto in the Province of Ontario</div>
    <div style="margin-left: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; text-align: left;">(the &#8220;<font style="font-weight: bold;">Trustee</font>&#8221;)</div>
    <div style="margin-left: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; text-align: left;"> <br>
    </div>
    <div style="text-indent: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; text-align: left;"><font style="font-weight: bold;">WHEREAS </font>by a trust indenture made as of May 25, 2016 (the &#8220;<font style="font-weight: bold;">Principal Indenture</font>&#8221;) between the Corporation and the Trustee, provision was made for the issue in series of subordinated unsecured debentures; and</div>
    <div style="text-indent: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; text-align: left;"><font style="font-weight: bold;">WHEREAS</font> by a First Supplemental Indenture (the &#8220;<font style="font-weight: bold;">First Supplemental Indenture</font>&#8221;) made as of May 25, 2016 between the Corporation, the Trustee, The Bank of New York Mellon, London Branch as principal paying agent and calculation agent (the &#8220;<font style="font-weight: bold;">Principal Paying Agent and Calculation Agent</font>&#8221;) and the Bank of New York Mellon SA/NV, Luxembourg Branch as registrar and transfer agent (the &#8220;<font style="font-weight: bold;">Registrar and Transfer Agent</font>&#8221;),
      provision was made for the issue of a series of debt securities in Singapore, such series being the 3.85% Subordinated Notes due May 25, 2026 in the aggregate principal amount of S$500,000,000, upon the terms set forth in the Principal Indenture as
      supplemented by the First Supplemental Indenture; and</div>
    <div style="text-indent: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; text-align: left;"><font style="font-weight: bold;">WHEREAS</font> by a Second Supplemental Indenture (the &#8220;<font style="font-weight: bold;">Second Supplemental Indenture</font>&#8221;) made as of July 27, 2017 between the Corporation and the Trustee, amendment was made to the Principal Indenture to, among other things, amend the application of certain sections; and</div>
    <div style="text-indent: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; text-align: left;"><font style="font-weight: bold;">WHEREAS</font> by a Third Supplemental Indenture (the &#8220;<font style="font-weight: bold;">Third Supplemental Indenture</font>&#8221;) made as of August 15, 2017 between the Corporation and the Trustee, provision was made for the issue of a series of debt securities in Canada, such series being the 3.049%
      Fixed/Floating Subordinated Debentures due August 20, 2029 in the aggregate principal amount of $750,000,000, upon the terms set forth in the Principal Indenture as supplemented by the Second Supplemental Indenture and the Third Supplemental
      Indenture; and</div>
    <div style="text-indent: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; text-align: left;"><font style="font-weight: bold;">WHEREAS</font> by a Fourth Supplemental Indenture (the &#8220;<font style="font-weight: bold;">Fourth Supplemental Indenture</font>&#8221;) made as of November 21, 2017 between the Corporation, the Trustee, the Principal Paying Agent and Calculation Agent and the Registrar and Transfer Agent, provision was made for the
      issue of a series of debt securities in Singapore, such series being the 3.00% Subordinated Notes due November 21, 2029 in the aggregate principal amount of S$500,000,000, upon the terms set forth in the Principal Indenture as supplemented by the
      Second Supplemental Indenture and the Fourth Supplemental Indenture; and</div>
    <div style="text-indent: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; text-align: left;"><font style="font-weight: bold;">WHEREAS</font> by a Fifth Supplemental Indenture (the &#8220;<font style="font-weight: bold;">Fifth Supplemental Indenture</font>&#8221;) made as of May 9, 2018 between the Corporation and the Trustee, provision was made for the issue of a series of debt securities in Canada, such series being the 3.317% Fixed/Floating
      Subordinated Debentures</div>
    <div style="text-indent: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"> <br>
    </div>
    <div style="text-indent: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"> <br>
    </div>
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    <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; text-align: left;">due May 9, 2028 in the aggregate principal amount of $600,000,000, upon the terms set forth in the Principal Indenture as
      supplemented by the Second Supplemental Indenture and the Fifth Supplemental Indenture; and</div>
    <div style="text-indent: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; text-align: left;"><font style="font-weight: bold;">WHEREAS</font> the Corporation is duly authorized to create and issue a
      series of debt securities upon the terms set forth in the Principal Indenture. The terms, provisions and conditions of such series are provided for by the Second Supplemental Indenture and this Sixth Supplemental Indenture which supplement the
      Principal Indenture, such series being the 2.237% Fixed/Floating Subordinated Debentures due May 12, 2030 in an aggregate principal amount of $1,000,000,000 (the &#8220;<font style="font-weight: bold;">Debentures</font>&#8221;). In connection therewith, the
      Corporation has requested that the Trustee execute this Sixth Supplemental Indenture; and</div>
    <div style="text-indent: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; text-align: left;"><font style="font-weight: bold;">WHEREAS</font> all necessary corporate action has been taken by the
      Corporation to make the Debentures, when certified by the Trustee and issued as provided in this Sixth Supplemental Indenture, valid, binding and legal obligations of the Corporation with the benefit and subject to the terms of the Principal
      Indenture as supplemented by the Second Supplemental Indenture and this Sixth Supplemental Indenture; and</div>
    <div style="text-indent: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; text-align: left;"><font style="font-weight: bold;">WHEREAS </font>the foregoing recitals are made as representations and
      statements of fact by the Corporation and not by the Trustee; and</div>
    <div style="text-indent: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; text-align: left;"><font style="font-weight: bold;">WHEREAS </font>the terms of this Sixth Supplemental Indenture are to
      be executed and delivered by the parties hereto by way of supplement to the Principal Indenture in order to provide for the issue of the Debentures; and</div>
    <div style="text-indent: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; text-align: left;"><font style="font-weight: bold;">WHEREAS</font> the Trustee has full power and authority to execute this
      Sixth Supplemental Indenture and to accept and execute the trusts herein imposed upon it;</div>
    <div style="text-indent: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; text-align: left;"><font style="font-weight: bold;">NOW THEREFORE </font>the parties agree<font style="font-weight: bold;">&#160;</font>as

      follows:</div>
    <div style="line-height: 12.55pt; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;">ARTICLE&#160;1<br>
      INTERPRETATION</div>
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              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;">1.1</div>
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              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;"><u>To be read with Principal Indenture.</u></div>
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    <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; text-align: left;"><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font>This Sixth Supplemental Indenture and the Second Supplemental Indenture are
      integral to the Principal Indenture and shall hereafter be read together with the Principal Indenture and shall have effect as if all the provisions thereof and hereof were contained in one instrument.</div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z93095ed03a2e4c7eaa0a10dd7df26d78" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; color: rgb(0, 0, 0);">

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              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;">1.2</div>
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              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;"><u>Definitions.</u></div>
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    <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; text-align: left;"><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font>In this Sixth Supplemental Indenture, unless there is something in the subject
      matter or context inconsistent therewith:</div>
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              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(a)</div>
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              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">the expressions &#8220;<font style="font-weight: bold;">Article</font>&#8221; and &#8220;<font style="font-weight: bold;">Section</font>&#8221; followed by
                a number mean and refer to the specified Article and Section of this Sixth Supplemental Indenture unless otherwise expressly stated. Other expressions defined in the Principal Indenture have the same meanings when used in this Sixth
                Supplemental Indenture.</div>
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              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(b)</div>
            </td>
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              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">&#8220;<font style="font-weight: bold;">3-month CDOR</font>&#8221; means, for any quarterly floating rate interest period, the average bid rate
                of interest (expressed as an annual percentage rate) rounded to the nearest one-hundred-thousandth of 1.00% (with .000005 per cent being rounded up) for Canadian</div>
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"> <br>
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              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">dollar bankers&#8217; acceptances with maturities of three months which appears on the Reuters Screen CDOR Page as of 10:15 a.m., Toronto
                time, on the first Business Day of such quarterly interest period; provided that if such rate does not appear on the Reuters Screen CDOR Page on such day or if the Reuters Monitor Money Rates Service is not available or ceases to exist, the
                3-month CDOR for such period will be determined using an Alternative CDOR Page as of an Alternative Time on such day. If no such Alternative CDOR Page is available on such day, the 3-month CDOR for such period shall be the average of the
                bid rates of interest (expressed and rounded as set forth above) for Canadian dollar bankers&#8217; acceptances with maturities of three months for same day settlement as quoted by such of the Schedule I banks (as defined in the Bank Act
                (Canada)) as may quote such a rate as of 10:15 a.m., Toronto time, on the first Business Day of such quarterly interest period. Notwithstanding the foregoing, if the Corporation, a relevant regulatory supervisor or relevant administrator
                determines that the 3-month CDOR has been permanently or indefinitely discontinued, the Corporation, in its sole discretion, may appoint a calculation agent (the &#8220;<font style="font-weight: bold;">Calculation Agent</font>&#8221;) to assist in
                determining an appropriate alternative rate and adjustments thereto, and the decisions of such Calculation Agent shall be binding on the Corporation, the Trustee, and the holders of the Debentures. The Corporation or the Calculation Agent,
                as applicable, shall use, as a substitute for the 3-month CDOR and for each future interest payment date, the alternative reference rate selected or recommended by the central bank, reserve bank, monetary authority, relevant regulatory
                supervisor or any similar institution (including any committee or working group thereof), or identified through any other applicable regulatory or legislative action or guidance, that is consistent with accepted market practice for debt
                obligations such as the Debentures (the &#8220;<font style="font-weight: bold;">Alternative Rate</font>&#8221;). As part of such substitution, the Corporation or the Calculation Agent after consultation with the Corporation, as applicable, shall make
                such adjustments to the Alternative Rate and the spread thereon, as well as the business day convention, interest payment dates and related provisions and definitions, in each case that are consistent with accepted market practice or
                applicable regulatory or legislative action or guidance for the use of such Alternative Rate for debt obligations such as the Debentures (collectively, &#8220;<font style="font-weight: bold;">Adjustments</font>&#8221;), provided, however, that (i) if
                the Corporation determines that there is no clear accepted market practice or applicable regulatory or legislative action or guidance for such Adjustments, the Corporation shall appoint a Calculation Agent to make such Adjustments as it
                determines appropriate for the Alternative Rate, and (ii) if the Corporation or the Calculation Agent after consultation with the Corporation, as applicable, determines that there is no clear market consensus as to whether any rate has
                replaced the 3-month CDOR in customary market usage, the 3-month CDOR for such interest payment date shall be the 3-month CDOR for the immediately preceding interest payment date, and the process set forth in this paragraph to determine an
                Alternative Rate shall be repeated for each subsequent interest payment date until such time as an Alternative Rate is determined.</div>
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              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(c)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">&#8220;<font style="font-weight: bold;">Alternative CDOR Page</font>&#8221; shall mean the display designated as page &#8220;CDOR&#8221; on Bloomberg or an
                equivalent service that displays average bid rates of interest for Canadian dollar bankers&#8217; acceptances with maturities of three months.</div>
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          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(d)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">&#8220;<font style="font-weight: bold;">Alternative Time</font>&#8221;, for any Alternative CDOR Page, shall mean the time of day at which such
                Alternative CDOR Page becomes available.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
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          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(e)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">&#8220;<font style="font-weight: bold;">Business Day</font>&#8221; means any day on which Canadian chartered banks are open for business in
                Toronto and which is not a Saturday or Sunday.</div>
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"> <br>
              </div>
            </td>
          </tr>

      </table>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageFooter">
        <div style="line-height: 13.7pt; font-family: 'Times New Roman',serif; font-size: 12pt;"><font id="DSPFPageNumber">4</font></div>
        <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
        </div>
      </div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
      <div id="DSPFPageHeader">
        <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
        </div>
      </div>
    </div>
    <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z821ebe7fad8c43379d6f2de2c90e47fc" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(f)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">&#8220;<font style="font-weight: bold;">Debentures</font>&#8221; means the debentures of the series referred to in Article&#160;2 of this Sixth
                Supplemental Indenture.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zbc7bee727fe5487a98f18b7dec55a0cf" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(g)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">&#8220;<font style="font-weight: bold;">Indenture</font>&#8221; (when not qualified by the words &#8220;Principal&#8221;, &#8220;Original&#8221; or &#8220;Supplemental&#8221;), &#8220;<font style="font-weight: bold;">hereto</font>&#8221;, &#8220;<font style="font-weight: bold;">hereby</font>&#8221;, &#8220;<font style="font-weight: bold;">hereunder</font>&#8221;, &#8220;<font style="font-weight: bold;">hereof</font>&#8221;, &#8220;<font style="font-weight: bold;">herein</font>&#8221;
                and similar expressions refer to the Principal Indenture as supplemented by the Second Supplemental Indenture and this Sixth Supplemental Indenture and not to any particular Article, Section, subdivision or portion hereof.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zfea628c2a04545d689556201c5d57729" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(h)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">&#8220;<font style="font-weight: bold;">LICAT</font>&#8221; means the Life Insurance Capital Adequacy Test (or any successor or replacement
                capital requirements applicable to the Corporation) for Canadian federally regulated life insurance companies.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z0a8d35173d374fb782c9aa43e10eeb12" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(i)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">&#8220;<font style="font-weight: bold;">Program Amount</font>&#8221; means the aggregate principal amount of debentures qualified for issuance
                from time to time under the Prospectus then in effect. As of the date of this Sixth Supplemental Indenture the Program Amount is $10,000,000,000.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z903ae4c498f249a782acaf0b7433dda4" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(j)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">&#8220;<font style="font-weight: bold;">Prospectus</font>&#8221; means the short form base shelf prospectus of the Corporation with respect to
                the continuous offering of debentures filed with the securities regulatory authority in each of the provinces and territories of Canada from time to time, including any amendments or supplements thereto (other than any Prospectus
                Supplement).</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zc45f8be0ab00486d84005afe79086081" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(k)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">&#8220;<font style="font-weight: bold;">Prospectus Supplement</font>&#8221; means a prospectus supplement for the Debentures.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z6e225476f38943768c54cdf873096181" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(l)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">&#8220;<font style="font-weight: bold;">Reuters Screen CDOR Page</font>&#8221; means the display designated as page &#8220;CDOR&#8221; on the Reuters
                Monitor Money Rates Service (or such other page as may replace the CDOR page on that service) for purposes of displaying Canadian dollar bankers&#8217; acceptance rates.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zfccb3ef63a3d466d9555f557756e106f" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(m)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">&#8220;<font style="font-weight: bold;">S$</font>&#8221; means the lawful money of Singapore.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z33579be889b347f0a071b50e57fe1e60" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(n)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">&#8220;<font style="font-weight: bold;">Superintendent</font>&#8221; means the Superintendent of Financial Institutions appointed pursuant to
                the <font style="font-style: italic;">Office of the Superintendent of Financial Institutions Act</font> (Canada).</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z100ed2d9c9f84d3aa7b2bd1f27e65217" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(o)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">&#8220;<font style="font-weight: bold;">U.S. Person</font>&#8221; means a U.S. Person as defined in Regulation S under the U.S. Securities Act.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zf391cf9779774b02a4eeb9d3abf30c09" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(p)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">&#8220;<font style="font-weight: bold;">U.S. Securities Act</font>&#8221; means the United States <font style="font-style: italic;">Securities
                  Act of 1933</font>, as amended.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="za282e3dd0c3c4176b83d90e1b69810c1" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(q)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">&#8220;<font style="font-weight: bold;">Written Order of the Corporation</font>&#8221; has the meaning given in the Principal Indenture.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="line-height: 12.55pt; margin-top: 12pt; margin-bottom: 12pt;"><br>
      <font style="font-weight: bold;">ARTICLE 2</font><font style="font-family: 'Times New Roman',serif; font-size: 11pt;"><br>
      </font><font style="font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;">ISSUE OF SUBORDINATED DEBENTURES</font></div>
    <div>
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            <td style="width: 72pt; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;">2.1</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;"><u>Form, Terms and Certification and Delivery of the 2.237% Fixed/Floating Subordinated Debentures.</u></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zd43e31c18ed141f2a52739a3ec03e883" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(a)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">The fifth series of debentures authorized to be issued from time to time hereunder, as one series, are designated &#8220;2.237%
                Fixed/Floating Subordinated Debentures&#8221; and are herein sometimes called the &#8220;Debentures&#8221;. The Debentures may be issued by the Corporation from time to time in an unlimited aggregate principal amount and may only be validly</div>
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"> <br>
              </div>
            </td>
          </tr>

      </table>
    </div>
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      <div id="DSPFPageFooter">
        <div style="line-height: 13.7pt; font-family: 'Times New Roman',serif; font-size: 12pt;"><font id="DSPFPageNumber">5</font></div>
        <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
        </div>
      </div>
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        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
      <div id="DSPFPageHeader">
        <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
        </div>
      </div>
    </div>
    <!--PROfilePageNumberReset%Num%6%%%-->
    <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z0caa2c4caf474c3281680137e41f86c7" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"><br>
              </div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">issued when the aggregate principal amount of the Debentures to be issued, when added to the aggregate principal amount of all
                debentures previously or simultaneously issued under the Prospectus in effect on the date of issue, does not exceed the Program Amount. Upon any increase or decrease from time to time in the Program Amount, the Corporation shall forthwith
                deliver to the Trustee a certified copy of the resolution of the Directors of the Corporation approving such change, together with a copy of any amendment of or supplement to the Prospectus relating to such increase or decrease. Debentures
                shall be delivered to the Trustee on the respective terms set out in Article&#160;4 and, subject to compliance with the provisions of Section 2.2.1 of the Principal Indenture, shall be certified by or on behalf of the Trustee by a certificate
                substantially in the form specified on Schedule A and delivered by the Trustee upon receipt of the Written Order of the Corporation.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="line-height: 12.55pt; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;">ARTICLE&#160;3<br>
      TERMS OF THE DEBENTURES</div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z40135cf3b31347d49c05ba751d2a8481" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;">3.1</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;"><u>Designation and Issue.</u></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; text-align: left;"><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font>In accordance with the Principal Indenture the Corporation is authorized to issue
      under this Sixth Supplemental Indenture the 2.237% Fixed/Floating Subordinated Debentures as a series of debt securities, which will have the respective terms set out in this Article&#160;3 in addition to the terms set out in the Principal Indenture as
      supplemented by the Second Supplemental Indenture.</div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z9b62652404bc432ebfeb8a7e8f9a00ad" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(a)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"><font style="font-weight: bold; font-style: italic;">Principal Amount.</font> The initial principal amount of the Debentures which
                may be issued under this Sixth Supplemental Indenture is $1,000,000,000. The Corporation may, at its option, reopen this series of debt securities in accordance with the provisions of Section 2.2.3 of the Principal Indenture.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z122d4105f505434aa264924ff3c002d5" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(b)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"><font style="font-weight: bold; font-style: italic;">Issue Date</font><font style="font-weight: bold;">.</font> The Debentures will
                be dated May 12, 2020 (regardless of their actual date of issue) (the &#8220;<font style="font-weight: bold;">Issue Date</font>&#8221;).</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="ze9cc76105e8045409232f27c57e84bd1" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(c)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"><font style="font-weight: bold; font-style: italic;">Fixed Rate of Interest. </font>The Debentures will bear interest from the
                Issue Date to but excluding May 12, 2025 at a fixed annual rate of 2.237% payable in equal semi-annual installments on May 12 and November 12 of each year, with the first interest payment due on November 12, 2020 and the last interest
                payment due on May 12, 2025.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z63fd6808b0dd49d9a6cea489de8a711f" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(d)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"><font style="font-weight: bold; font-style: italic;">Floating Rate of Interest. </font>The Debentures will bear interest from and
                including May 12, 2025 to but excluding May 12, 2030, at a floating rate of interest equal to the 3-month CDOR plus 1.49% payable quarterly in arrears on the 12th<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#160;</sup>day of each of February, May, August and November in each year,
                commencing August 12, 2025. The Corporation shall provide to the Trustee its interest calculation in respect of any floating rate interest period.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z0dbee0cf20c540a696007ccd186c041b" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(e)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"><font style="font-weight: bold; font-style: italic;">Calculation of Interest. </font>Interest will be calculated on the basis of a
                year of 365 days.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z555c96b0a1a6440dab75e510a103cfac" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(f)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"><font style="font-weight: bold; font-style: italic;">Stated Maturity Date</font><font style="font-weight: bold;">.</font> The
                Debentures will mature on May 12, 2030.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z0701db3bc2b0420c94c94c37bc281823" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(g)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"><font style="font-weight: bold; font-style: italic;">Denominations</font><font style="font-weight: bold;">.</font> The Debentures
                will be issued in minimum denominations of $1,000 and integral multiples thereof, subject as provided in accordance with clause (k) below.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z44969edf16dd494e9fdee95c34b62b8b" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(h)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"><font style="font-weight: bold; font-style: italic;">Redemptions</font><font style="font-weight: bold;">.</font> The Corporation
                may, at its option, redeem the Debentures, with the prior approval of the Superintendent, in accordance with the provisions of Article 3 of the</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-indent: -9pt; margin-left: 9pt;"><br>
    </div>
  </div>
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    <div id="DSPFPageFooter">
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
    </div>
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">6</font></div>
    <div style="page-break-after: always;" id="DSPFPageBreak">
      <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
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      <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
      </div>
    </div>
  </div>
  <div style="text-align: center;"><br>
    <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z54ac01a7bbaa451baecc605e7e3f7cf2" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; text-align: center;"><br>
              </div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">Principal Indenture and on not less than 10 days&#8217; nor more than 60 days&#8217; prior notice to the applicable Holder, in whole or in
                part, on or after May 12, 2025 at a redemption price equal to par, together with accrued and unpaid interest to, but excluding, the date of redemption.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="za90eb54aa49b4a08b3620b7f612b3bb0" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; text-align: center;">(i)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"><font style="font-weight: bold; font-style: italic;">Defeasance.</font> On or after<font style="font-weight: bold;">&#160;</font>May 12,
                2025, the Corporation may, at its option, elect, with the prior approval of the Superintendent, to be released from the terms of the Indenture relating to the outstanding Debentures in accordance with the provisions of Article 8 of the
                Principal Indenture.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zcdc2248d25d3448087a1e970516733ea" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; text-align: center;">(j)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"><font style="font-weight: bold; font-style: italic;">Amendments Affecting Capital Treatment.</font> Each of the Corporation and the
                Trustee agrees, and each Holder of a Debenture, by such Holder&#8217;s acceptance thereof, likewise agrees, not to make any changes to this Indenture or the Debentures, without, but may from time to time with, the prior approval of the
                Superintendent, which might affect the classification afforded the Debentures from time to time for capital adequacy purposes pursuant to the <font style="font-style: italic;">Insurance Companies Act</font> (Canada) or the LICAT.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z7fb6d068155a49c5951df1b7783ba55e" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; text-align: center;">(k)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"><font style="font-weight: bold; font-style: italic;">Currency</font><font style="font-weight: bold;">.</font> The Debentures will
                be issued in Canadian Dollars.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z63355f7741e643e6920c6253b69370b4" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; text-align: center;">(l)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"><font style="font-weight: bold; font-style: italic;">Form</font><font style="font-weight: bold;">.</font> Each Debenture will be
                issued substantially in the form of the registered Debenture as set out in Article&#160;4.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z0f4d66cd46094f538b05c7e30f037fb2" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; text-align: center;">(m)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"><font style="font-weight: bold; font-style: italic;">Place of Payment</font><font style="font-weight: bold;">.</font> Payments of
                principal and interest on each registered interest bearing Debenture shall be made in Canadian Dollars at the head office of the Trustee in Toronto, Ontario.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z2d3462da1e254ce58213504ff9c790da" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; text-align: center;">(n)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"><font style="font-weight: bold; font-style: italic;">U.S. Legend</font><font style="font-weight: bold;">.</font> The Trustee
                acknowledges that the Debentures have not been and will not be registered under the U.S. Securities Act, and may not be offered or sold within the United States, except that the Debentures may be offered or sold to Qualified Institutional
                Buyers pursuant to Rule 144A under the U.S. Securities Act. Each Debenture issued to a U.S. Person pursuant to an exemption from the registration requirements of the U.S. Securities Act, and all Debentures issued in exchange or transfer
                therefor, shall bear the legend set forth on Schedule B in boldface print on the face of such certificate.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
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          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; text-align: center;">(o)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">Upon receipt by the Trustee of the documents and instruments required pursuant to Section 2.5.1 of the Indenture and this Sixth
                Supplemental Indenture, the Trustee shall certify the Debentures and cause the Debentures to be delivered in accordance with the Written Order of the Corporation.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zc6a8e3f319c54aa182f62eaf8886a5e4" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;">3.2</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;"><u>Execution and Delivery of Book-Entry Securities.</u></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; text-align: left;">The Corporation may establish that any Debentures are to be issued under the Book-Entry System in accordance with Section
      2.15 of the Principal Indenture, which Book-Entry Debentures shall be evidenced in the form of a single Definitive Security in the form set out in Article&#160;4 that may, notwithstanding Section 2.4 of the Principal Indenture, be executed by the
      Corporation using manual, facsimile or electronic signatures and shall bear a legend substantially to the following effect:</div>
    <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; text-align: left; margin-left: 72pt;">&#8220;Unless this certificate is presented by an authorized representative of CDS Clearing and Depository
      Services Inc. (&#8220;CDS&#8221;) to Manulife Financial Corporation (the &#8220;Issuer&#8221;) or its agent for registration of transfer, exchange or payment, and any certificate issued in respect thereof is registered in the name of CDS &amp; CO., or in such other name as
      is requested</div>
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      <div id="DSPFPageFooter">
        <div style="line-height: 13.7pt; font-family: 'Times New Roman',serif; font-size: 12pt;"><font id="DSPFPageNumber">7</font></div>
        <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
        </div>
      </div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
      <div id="DSPFPageHeader">
        <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
        </div>
      </div>
    </div>
    <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
    </div>
    <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; text-align: left; margin-left: 72pt;">by an authorized representative of CDS (and any payment is made to CDS &amp; CO. or to such other entity
      as is requested by an authorized representative of CDS), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered holder hereof, CDS &amp; CO., has a property interest in the securities
      represented by this certificate herein and it is a violation of its rights for another person to hold, transfer or deal with this certificate.&#8221;</div>
    <div style="line-height: 12.55pt; margin-top: 12pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;">ARTICLE&#160;4</font>
      <div><font style="font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;">FORM OF 2.237% FIXED/FLOATING SUBORDINATED DEBENTURES</font></div>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z6c06b18d8c8a41eaa1b7c12a48998f0b" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;">4.1</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;"><u>2.237% Fixed/Floating Subordinated Debentures.</u></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; text-align: left;"><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab"> </font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font>The English language version of the Definitive Securities representing the
      Debentures, the certificate of the Trustee and the registration panel for a Debenture shall be substantially in the respective forms set forth in Schedule A modified as may be necessary to reflect the specific terms and conditions of the Debentures
      determined in accordance with Article&#160;3.</div>
    <div style="line-height: 12.55pt; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;">ARTICLE&#160;5<br>
      SUNDRY PROVISIONS</div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z0fe318a486f442a8946594dfa8af06cb" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;">5.1</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;"><u>Acceptance of Trust.</u></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; text-align: left;"><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font>The Trustee hereby accepts the trusts in this Sixth Supplemental Indenture declared
      and provided for and agrees to perform the same upon the terms and conditions and subject to the provisions set forth in the Indenture. This agreement and all documents relating to the transactions covered hereby have been drawn up in English at the
      express wish of the parties. <font style="font-style: italic;">Ce contrat et tous les documents pertinents &#225; cette transaction ont &#233;t&#233; r&#233;dig&#233;s en anglais &#225; la volont&#233; expresse des parties</font>.</div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zf430ed51713a4161be87ff976b7ccde8" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;">5.2</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;"><u>Counterparts and Formal Date.</u></div>
            </td>
          </tr>

      </table>
    </div>
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            <div style="line-height: 12.55pt; margin-top: 2pt; margin-bottom: 18pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;">BNY TRUST COMPANY OF CANADA, as Trustee</div>
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            <div style="line-height: 12.55pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-style: italic;">&#8220;Denice Elleston&#8221;</div>
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    <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">SCHEDULE A</div>
    <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; text-align: left;">Certificate No.&#160;1</div>
    <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; text-align: left;">Unless this certificate is presented by an authorized representative of CDS Clearing and Depository Services Inc. (&#8220;CDS&#8221;)
      to Manulife Financial Corporation (the &#8220;Issuer&#8221;) or its agent for registration of transfer, exchange or payment, and any certificate issued in respect thereof is registered in the name of CDS &amp; CO., or in such other name as is requested by an
      authorized representative of CDS (and any payment is made to CDS &amp; CO. or to such other entity as is requested by an authorized representative of CDS), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
      WRONGFUL since the registered holder hereof, CDS &amp; CO., has a property interest in the securities represented by this certificate herein and it is a violation of its rights for another person to hold, transfer or deal with this certificate.</div>
    <div style="line-height: 12.55pt; font-family: 'Times New Roman',serif; font-size: 11pt; text-align: left;">THIS DEBENTURE CONSTITUTES SUBORDINATED INDEBTEDNESS OF THE CORPORATION</div>
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    <div style="line-height: 12.55pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;">MANULIFE FINANCIAL CORPORATION</div>
    <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(Existing under the<font style="font-style: italic;"> Insurance Companies Act</font> (Canada)),</div>
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            <div style="line-height: 12.55pt; font-family: 'Times New Roman',serif; font-size: 11pt;">56501RAH9</div>
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            <div style="line-height: 12.55pt; font-family: 'Times New Roman',serif; font-size: 11pt;">Interest Calculation:</div>
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            <div style="line-height: 12.55pt; font-family: 'Times New Roman',serif; font-size: 11pt;">Actual / 365</div>
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            <div style="line-height: 12.55pt; font-family: 'Times New Roman',serif; font-size: 11pt;">Issue Date:</div>
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            <div style="line-height: 12.55pt; font-family: 'Times New Roman',serif; font-size: 11pt;">May 12, 2020</div>
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            <div style="line-height: 12.55pt; font-family: 'Times New Roman',serif; font-size: 11pt;">Registered Holder:</div>
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            <div style="line-height: 12.55pt; font-family: 'Times New Roman',serif; font-size: 11pt;">CDS &amp; Co.</div>
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            <div style="line-height: 12.55pt; font-family: 'Times New Roman',serif; font-size: 11pt;">May 12, 2030</div>
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            <div style="line-height: 12.55pt; font-family: 'Times New Roman',serif; font-size: 11pt; text-align: left;">1,000,000,000</div>
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            <div style="line-height: 12.55pt; font-family: 'Times New Roman',serif; font-size: 11pt;">2.237% (0 &#8211; 5 years); 3-month CDOR + 1.49% (5<font style="font-weight: bold;"> </font>years - maturity)</div>
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            <div style="line-height: 12.55pt; font-family: 'Times New Roman',serif; font-size: 11pt;">May 12 and November 12 (0 &#8211; 5 years, commencing on November 12, 2020); </div>
            <div style="line-height: 12.55pt; font-family: 'Times New Roman',serif; font-size: 11pt;">February 12, May 12, August 12 and November 12 in each year, <br>
              commencing on August 12, 2025 (5 years - maturity)</div>
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    <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; text-align: left;"><font style="font-weight: bold;">MANULIFE FINANCIAL CORPORATION</font> (the &#8220;Corporation&#8221;) for value received hereby
      acknowledges itself indebted and promises to pay to the Holder hereof on the maturity date or on such earlier or later date as the principal amount hereof may become due in accordance with the provisions of the Indenture hereinafter mentioned, the
      above principal sum in lawful money of Canada on presentation and surrender of this Debenture at the head office of the Trustee (as defined below), if this instrument is issued in the book-entry system, or at any branch in Canada of the Royal Bank of
      Canada, as selected by the Holder, if this instrument is issued in definitive form, as selected by the Holder, and to pay interest on the principal amount hereof from the date hereof, or from the last Interest Payment Date to which interest has been
      paid or made available for payment, whichever is later, at the interest rate per annum set forth above calculated as set forth above, in like money; and should the Corporation at any time make default in the payment of any principal or interest, to
      pay interest on the amount in default at the same rate, calculated as set forth above, in like money, at one of the said places, as selected by the Holder, and on the same dates. Whenever interest is computed on a basis of a year (the &#8220;deemed year&#8221;)
      which contains fewer days than the actual number of days in the calendar year of calculation, such rate of interest shall be expressed as a yearly rate for purposes of the <font style="font-style: italic;">Interest Act</font> (Canada) by multiplying
      such rate of such interest by the actual number of days in the calendar year of calculation and dividing it by the number of days in the deemed year.</div>
    <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; text-align: left;">This Debenture is one of the debentures of the Corporation, issued or issuable in one series under the provisions of the
      Trust Indenture made as of May 25, 2016 (the &#8220;Principal Indenture&#8221;) as supplemented by the Second Supplemental Indenture made as of July 27, 2017 and the Sixth Supplemental Indenture made as of May 12, 2020 (collectively, the &#8220;Indenture&#8221;) between the
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      the provisions of the Indenture and in the manner provided therein, a cheque for such interest, in each case less any tax required by law to be deducted. Subject to the provisions of the Indenture, the transfer of such funds or the mailing of such
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    <div style="line-height: 12.55pt; margin-bottom: 6pt; font-family: 'Times New Roman',serif; font-size: 11pt; text-align: left;">Sign exactly as your name appears on the other side of this Debenture.</div>
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    <div style="margin-left: 36pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; text-align: left;">* This signature must be guaranteed by a Canadian chartered bank, trust company or a member of the
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    <div style="line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 12pt;">SCHEDULE B</div>
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    <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; text-align: left;">THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
      &#8220;SECURITIES ACT&#8221;), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF MANULIFE FINANCIAL CORPORATION (THE &#8220;CORPORATION&#8221;) THAT SUCH SECURITIES MAY BE OFFERED, SOLD,
      PLEDGED OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY, ONLY (A) TO THE CORPORATION, (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE SECURITIES ACT AND IN COMPLIANCE WITH LOCAL LAWS AND REGULATIONS OR (C) INSIDE
      THE UNITED STATES IN ACCORDANCE WITH (1) RULE 144A UNDER THE SECUR1TIES ACT OR (2) RULE 144 UNDER THE SECURITIES ACT, IF AVAILABLE, AND, IN EACH CASE, IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS. IN THE CASE OF (C) ABOVE, THE HOLDER MUST
      FURNISH TO THE CORPORATION AN OPINION OF COUNSEL OF RECOGNIZED STANDING IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE CORPORATION TO THE EFFECT THAT THE PROPOSED TRANSFER MAY BE EFFECTED WITHOUT REGISTRATION UNDER THE SECURITIES ACT OR
      APPLICABLE STATE SECURITIES LAWS. IF THE CORPORATION IS A &#8220;FOREIGN ISSUER&#8221; WITHIN THE MEANING OF REGULATION S AT THE TIME OF TRANSFER, A NEW CERTIFICATE, BEARING NO LEGEND, DELIVERY OF WHICH WILL CONSTITUTE &#8220;GOOD DELIVERY&#8221;, MAY BE OBTAINED FROM THE
      TRUST COMPANY (THE &#8220;TRUSTEE&#8221;) UPON DELIVERY OF THIS CERTIFICATE AND A DULY EXECUTED DECLARATION IN A FORM SATISFACTORY TO THE TRUSTEE AND THE CORPORATION, TO THE EFFECT THAT THE SALE OF THE SECURITIES REPRESENTED HEREBY IS BEING MADE IN COMPLIANCE
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    <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; text-align: left; margin-left: 45pt;"><u>provided</u>, that if the Debentures are being sold under Clause (B), the legend may be removed by
      providing a declaration to the Trustee, to the following effect (or in such form as the Corporation or the Trustee may from time to time prescribe):</div>
    <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; text-align: left; margin-left: 45pt;">The undersigned (A) acknowledges that the sale of <u>________ &#160;</u><u></u> Debentures, represented by
      certificate numbers&#160; <u>__________</u><u></u>, to which this declaration relates is being made in reliance upon Rule 904 of Regulation S under the United States Securities Act of 1933 (the &#8220;Securities Act&#8221;) and (B) certifies that (1) it is not an
      &#8220;affiliate&#8221; of Manulife Financial Corporation (as defined in Rule 405 under the Securities Act), (2) the offer of such securities was not made to a person in the United States and at the time the buy order was originated, the buyer was outside the
      United States, or the seller and any person acting on its behalf reasonably believe that the buyer was outside the United States and neither the seller nor any person acting on its behalf knows that the transaction has been prearranged with a buyer
      in the United States, (3) neither the seller nor any person acting on its behalf engaged or will engage in any directed selling efforts in connection with the offer and sale of such securities, and (4) the contemplated sale is not a transaction, or
      part of a series of transactions which, although in technical compliance with Regulation S, is part of a plan or scheme to evade the registration provisions of the Securities Act. Terms used herein have the meaning given to them by Regulation S.</div>
    <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; text-align: left; margin-left: 45pt;">and, <u>provided further</u>, that if any such securities are being sold under paragraph (C)(2) above
      the legend may be removed by delivery to the Trustee of an opinion of counsel, of recognized standing reasonably satisfactory to the Corporation, that such legend is no longer required under applicable requirements of the Securities Act or state
      securities laws.</div>
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    <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; text-align: left; margin-left: 45pt;">Prior to the issuance of the Debentures, the Corporation shall notify the Trustee, in writing,
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<DOCUMENT>
<TYPE>EX-99.2
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<DESCRIPTION>EXHIBIT99-2-MFC-7THSUPPLINDENT-12MAY2020
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    <div style="text-align: center; line-height: 12.55pt; margin-top: 78pt; margin-bottom: 24pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;">MADE AS OF MAY 12, 2020</div>
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    <div style="text-align: center; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;">MANULIFE FINANCIAL CORPORATION</div>
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    <div style="text-align: center; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;">THE TRUST INDENTURE</div>
    <div style="text-align: center; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;">MADE AS OF MAY 25, 2016</div>
    <div style="text-align: center; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;">and providing for the issue of</div>
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      <font style="font-weight: bold;">SUBORDINATED DEBENTURES</font><br>
      <font style="font-weight: bold;">due</font><font style="font-weight: bold;"> May 13, 2035</font><br>
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    <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">THIS SEVENTH SUPPLEMENTAL INDENTURE made as of May 12, 2020</div>
    <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;">BETWEEN:</div>
    <div style="text-align: justify; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"><font style="font-weight: bold;">MANULIFE FINANCIAL CORPORATION</font>, a corporation existing under
      the</div>
    <div style="text-align: justify; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"><font style="font-style: italic;">Insurance Companies Act </font><font style="font-weight: bold;">(</font>Canada)


      and having its registered office in the City of Toronto in the Province of Ontario</div>
    <div style="text-align: justify; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(the &#8220;<font style="font-weight: bold;">Corporation</font>&#8221;),</div>
    <div style="text-align: justify; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"> <br>
    </div>
    <div style="text-align: justify; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">- and -</div>
    <div style="text-align: justify; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"> <br>
    </div>
    <div style="text-align: justify; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"><font style="font-weight: bold;">BNY TRUST COMPANY OF CANADA</font>, a trust company incorporated
      under the federal</div>
    <div style="text-align: justify; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">laws of Canada and having an office in the City of Toronto in the Province of Ontario</div>
    <div style="text-align: justify; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(the &#8220;<font style="font-weight: bold;">Trustee</font>&#8221;)</div>
    <div style="text-align: justify; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"><font style="font-weight: bold;">WHEREAS </font>by a trust indenture made as of May 25, 2016 (the &#8220;<font style="font-weight: bold;">Principal Indenture</font>&#8221;) between the Corporation and the Trustee, provision was made for the issue in series of subordinated unsecured debentures; and</div>
    <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"><font style="font-weight: bold;">WHEREAS</font> by a First Supplemental Indenture (the &#8220;<font style="font-weight: bold;">First Supplemental Indenture</font>&#8221;) made as of May 25, 2016 between the Corporation, the Trustee, The Bank of New York Mellon, London Branch as principal paying agent and calculation agent (the &#8220;<font style="font-weight: bold;">Principal Paying Agent and Calculation Agent</font>&#8221;) and the Bank of New York Mellon SA/NV, Luxembourg Branch as registrar and transfer agent (the &#8220;<font style="font-weight: bold;">Registrar and Transfer Agent</font>&#8221;),
      provision was made for the issue of a series of debt securities in Singapore, such series being the 3.85% Subordinated Notes due May 25, 2026 in the aggregate principal amount of S$500,000,000, upon the terms set forth in the Principal Indenture as
      supplemented by the First Supplemental Indenture; and</div>
    <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"><font style="font-weight: bold;">WHEREAS</font> by a Second Supplemental Indenture (the &#8220;<font style="font-weight: bold;">Second Supplemental Indenture</font>&#8221;) made as of July 27, 2017 between the Corporation and the Trustee, amendment was made to the Principal Indenture to, among other things, amend the application of certain sections; and</div>
    <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"><font style="font-weight: bold;">WHEREAS</font> by a Third Supplemental Indenture (the &#8220;<font style="font-weight: bold;">Third Supplemental Indenture</font>&#8221;) made as of August 15, 2017 between the Corporation and the Trustee, provision was made for the issue of a series of debt securities in Canada, such series being the 3.049%
      Fixed/Floating Subordinated Debentures due August 20, 2029 in the aggregate principal amount of $750,000,000, upon the terms set forth in the Principal Indenture as supplemented by the Second Supplemental Indenture and the Third Supplemental
      Indenture; and</div>
    <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"><font style="font-weight: bold;">WHEREAS</font> by a Fourth Supplemental Indenture (the &#8220;<font style="font-weight: bold;">Fourth Supplemental Indenture</font>&#8221;) made as of November 21, 2017 between the Corporation, the Trustee, the Principal Paying Agent and Calculation Agent and the Registrar and Transfer Agent, provision was made for the
      issue of a series of debt securities in Singapore, such series being the 3.00% Subordinated Notes due November 21, 2029 in the aggregate principal amount of S$500,000,000, upon the terms set forth in the Principal Indenture as supplemented by the
      Second Supplemental Indenture and the Fourth Supplemental Indenture; and</div>
    <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"><font style="font-weight: bold;">WHEREAS</font> by a Fifth Supplemental Indenture (the &#8220;<font style="font-weight: bold;">Fifth Supplemental Indenture</font>&#8221;) made as of May 9, 2018 between the Corporation and the Trustee, provision was made for the issue of a series of debt securities in Canada, such series being the 3.317% Fixed/Floating
      Subordinated Debentures</div>
    <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"> <br>
    </div>
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    <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">due May 9, 2028 in the aggregate principal amount of $600,000,000, upon the terms set forth in the Principal Indenture
      as supplemented by the Second Supplemental Indenture and the Fifth Supplemental Indenture; and</div>
    <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"><font style="font-weight: bold;">WHEREAS</font> by a Sixth Supplemental Indenture (the &#8220;<font style="font-weight: bold;">Sixth Supplemental Indenture</font>&#8221;) made as of the date hereof between the Corporation and the Trustee, provision was made for the issue of a series of debt securities in Canada, such series being the 2.237%
      Fixed/Floating Subordinated Debentures due May 12, 2030 in the aggregate principal amount of $1,000,000,000, upon the terms set forth in the Principal Indenture as supplemented by the Second Supplemental Indenture and the Sixth Supplemental
      Indenture; and</div>
    <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"><font style="font-weight: bold;">WHEREAS</font> the Corporation is duly authorized to create and
      issue a series of debt securities upon the terms set forth in the Principal Indenture. The terms, provisions and conditions of such series are provided for by the Second Supplemental Indenture and this Seventh Supplemental Indenture which supplement
      the Principal Indenture, such series being the 2.818% Fixed/Floating Subordinated Debentures due May 13, 2035 in an aggregate principal amount of $1,000,000,000 (the &#8220;<font style="font-weight: bold;">Debentures</font>&#8221;). In connection therewith, the
      Corporation has requested that the Trustee execute this Seventh Supplemental Indenture; and</div>
    <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"><font style="font-weight: bold;">WHEREAS</font> all necessary corporate action has been taken by the
      Corporation to make the Debentures, when certified by the Trustee and issued as provided in this Seventh Supplemental Indenture, valid, binding and legal obligations of the Corporation with the benefit and subject to the terms of the Principal
      Indenture as supplemented by the Second Supplemental Indenture and this Seventh Supplemental Indenture; and</div>
    <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"><font style="font-weight: bold;">WHEREAS </font>the foregoing recitals are made as representations
      and statements of fact by the Corporation and not by the Trustee; and</div>
    <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"><font style="font-weight: bold;">WHEREAS </font>the terms of this Seventh Supplemental Indenture are
      to be executed and delivered by the parties hereto by way of supplement to the Principal Indenture in order to provide for the issue of the Debentures; and</div>
    <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"><font style="font-weight: bold;">WHEREAS</font> the Trustee has full power and authority to execute
      this Seventh Supplemental Indenture and to accept and execute the trusts herein imposed upon it;</div>
    <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"><font style="font-weight: bold;">NOW THEREFORE </font>the parties agree<font style="font-weight: bold;">&#160;</font>as follows:</div>
    <div style="text-align: center; line-height: 12.55pt; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;">ARTICLE&#160;1<br>
      INTERPRETATION</div>
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              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;">1.1</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;"><u>To be read with Principal Indenture.</u></div>
            </td>
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    <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">This Seventh Supplemental Indenture and the Second Supplemental Indenture are integral to the
      Principal Indenture and shall hereafter be read together with the Principal Indenture and shall have effect as if all the provisions thereof and hereof were contained in one instrument.</div>
    <div>
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              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;">1.2</div>
            </td>
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              <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;"><u>Definitions.</u></div>
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    <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">In this Seventh Supplemental Indenture, unless there is something in the subject matter or context
      inconsistent therewith:</div>
    <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"> <br>
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    </div>
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              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(a)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">the expressions &#8220;<font style="font-weight: bold;">Article</font>&#8221; and &#8220;<font style="font-weight: bold;">Section</font>&#8221;
                followed by a number mean and refer to the specified Article and Section of this Seventh Supplemental Indenture unless otherwise expressly stated. Other expressions defined in the Principal Indenture have the same meanings when used in this
                Seventh Supplemental Indenture.</div>
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              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(b)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">&#8220;<font style="font-weight: bold;">3-month CDOR</font>&#8221; means, for any quarterly floating rate interest period,
                the average bid rate of interest (expressed as an annual percentage rate) rounded to the nearest one-hundred-thousandth of 1.00% (with .000005 per cent being rounded up) for Canadian dollar bankers&#8217; acceptances with maturities of three
                months which appears on the Reuters Screen CDOR Page as of 10:15 a.m., Toronto time, on the first Business Day of such quarterly interest period; provided that if such rate does not appear on the Reuters Screen CDOR Page on such day or if
                the Reuters Monitor Money Rates Service is not available or ceases to exist, the 3-month CDOR for such period will be determined using an Alternative CDOR Page as of an Alternative Time on such day. If no such Alternative CDOR Page is
                available on such day, the 3-month CDOR for such period shall be the average of the bid rates of interest (expressed and rounded as set forth above) for Canadian dollar bankers&#8217; acceptances with maturities of three months for same day
                settlement as quoted by such of the Schedule I banks (as defined in the Bank Act (Canada)) as may quote such a rate as of 10:15 a.m., Toronto time, on the first Business Day of such quarterly interest period. Notwithstanding the foregoing,
                if the Corporation, a relevant regulatory supervisor or relevant administrator determines that the 3-month CDOR has been permanently or indefinitely discontinued, the Corporation, in its sole discretion, may appoint a calculation agent (the
                &#8220;<font style="font-weight: bold;">Calculation Agent</font>&#8221;) to assist in determining an appropriate alternative rate and adjustments thereto, and the decisions of such Calculation Agent shall be binding on the Corporation, the Trustee, and
                the holders of the Debentures. The Corporation or the Calculation Agent, as applicable, shall use, as a substitute for the 3-month CDOR and for each future interest payment date, the alternative reference rate selected or recommended by the
                central bank, reserve bank, monetary authority, relevant regulatory supervisor or any similar institution (including any committee or working group thereof), or identified through any other applicable regulatory or legislative action or
                guidance, that is consistent with accepted market practice for debt obligations such as the Debentures (the &#8220;<font style="font-weight: bold;">Alternative Rate</font>&#8221;). As part of such substitution, the Corporation or the Calculation Agent
                after consultation with the Corporation, as applicable, shall make such adjustments to the Alternative Rate and the spread thereon, as well as the business day convention, interest payment dates and related provisions and definitions, in
                each case that are consistent with accepted market practice or applicable regulatory or legislative action or guidance for the use of such Alternative Rate for debt obligations such as the Debentures (collectively, &#8220;<font style="font-weight: bold;">Adjustments</font>&#8221;), provided, however, that (i) if the Corporation determines that there is no clear accepted market practice or applicable regulatory or legislative action or guidance for such Adjustments,
                the Corporation shall appoint a Calculation Agent to make such Adjustments as it determines appropriate for the Alternative Rate, and (ii) if the Corporation or the Calculation Agent after consultation with the Corporation, as applicable,
                determines that there is no clear market consensus as to whether any rate has replaced the 3-month CDOR in customary market usage, the 3-month CDOR for such interest payment date shall be the 3-month CDOR for the immediately preceding
                interest payment date, and the process set forth in this paragraph to determine an Alternative Rate shall be repeated for each subsequent interest payment date until such time as an Alternative Rate is determined.</div>
              <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"> <br>
              </div>
              <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"> <br>
              </div>
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              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(c)</div>
            </td>
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              <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">&#8220;<font style="font-weight: bold;">Alternative CDOR Page</font>&#8221; shall mean the display designated as page
                &#8220;CDOR&#8221; on Bloomberg or an equivalent service that displays average bid rates of interest for Canadian dollar bankers&#8217; acceptances with maturities of three months.</div>
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              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(d)</div>
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              <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">&#8220;<font style="font-weight: bold;">Alternative Time</font>&#8221;, for any Alternative CDOR Page, shall mean the time
                of day at which such Alternative CDOR Page becomes available.</div>
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              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(e)</div>
            </td>
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              <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">&#8220;<font style="font-weight: bold;">Business Day</font>&#8221; means any day on which Canadian chartered banks are
                open for business in Toronto and which is not a Saturday or Sunday.</div>
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              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(f)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">&#8220;<font style="font-weight: bold;">Canada Yield Price</font>&#8221; means a price per $1,000 principal amount of
                Debentures, calculated by the Corporation at approximately 10:00 am (Toronto time) on the third Business Day preceding the date fixed for redemption of Debentures, which would provide a yield thereon from the date fixed for redemption to,
                but excluding, May 13, 2030 equal to the Government of Canada Yield, compounded semi-annually in arrears, plus 56.5 basis points.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z6fcf4e950c4d40f0ade67cb3834f204d">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(g)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">&#8220;<font style="font-weight: bold;">Debentures</font>&#8221; means the debentures of the series referred to in
                Article&#160;2 of this Seventh Supplemental Indenture.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z8c5d20bc543c4aea8d7ef68569972e73">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(h)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">&#8220;<font style="font-weight: bold;">Government of Canada Yield</font>&#8221; means, on any date that is three (3)
                Business Days prior to a date fixed for redemption, the bid yield to maturity on such date, compounded semi-annually, which a non-callable Government of Canada nominal bond would be expected to carry if issued, in Canadian dollars in
                Canada, at 100% of its principal amount on such date with a&#160; term to&#160; maturity equal to the period between the date fixed&#160; for redemption and May 13, 2030 (the &#8220;<font style="font-weight: bold;">Applicable Term</font>&#8221;), as determined by two
                independent Canadian investment dealers (each of&#160; which is&#160; a&#160; member&#160; of the&#160; Investment Industry&#160; Regulatory Organization of Canada) selected by the Corporation, and based on a linear interpolation of the yields represented by the
                arithmetic average of bids observed in the market at or about 10:00 am (Toronto time) on the relevant date for each of the two outstanding non-callable Government of Canada nominal bonds which have the terms to maturity which most closely
                span the Applicable Term on such date, where such arithmetic average is based in each case on the bids quoted to such independent investment dealers.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z0f29a6196e484570a50c2268f78bee5b">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(i)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">&#8220;<font style="font-weight: bold;">Indenture</font>&#8221; (when not qualified by the words &#8220;Principal&#8221;, &#8220;Original&#8221;
                or &#8220;Supplemental&#8221;), &#8220;<font style="font-weight: bold;">hereto</font>&#8221;, &#8220;<font style="font-weight: bold;">hereby</font>&#8221;, &#8220;<font style="font-weight: bold;">hereunder</font>&#8221;, &#8220;<font style="font-weight: bold;">hereof</font>&#8221;, &#8220;<font style="font-weight: bold;">herein</font>&#8221; and similar expressions refer to the Principal Indenture as supplemented by the Second Supplemental Indenture and this Seventh Supplemental Indenture and not to any particular Article, Section,
                subdivision or portion hereof.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z202e931555ac4fdc91006bb4de8b350b">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(j)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">&#8220;<font style="font-weight: bold;">LICAT</font>&#8221; means the Life Insurance Capital Adequacy Test (or any
                successor or replacement capital requirements applicable to the Corporation) for Canadian federally regulated life insurance companies.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="za864a642ccd047c39fe4f1c0b123a214">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(k)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">&#8220;<font style="font-weight: bold;">Program Amount</font>&#8221; means the aggregate principal amount of debentures
                qualified for issuance from time to time under the Prospectus then in effect. As of the date of this Seventh Supplemental Indenture the Program Amount is $10,000,000,000.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z6fe75a37daf34d5b977a534b129e9a40">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(l)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">&#8220;<font style="font-weight: bold;">Prospectus</font>&#8221; means the short form base shelf prospectus of the
                Corporation with respect to the continuous offering of debentures filed with the securities regulatory authority in</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageFooter">
        <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',serif; font-size: 12pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">5</font></div>
        <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
        </div>
      </div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      <div id="DSPFPageHeader">
        <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
        </div>
      </div>
    </div>
    <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zb12a7bdea1b94181ad811ba64867f85c">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="text-align: center; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"><br>
              </div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">each of the provinces and territories of Canada from time to time, including any amendments or supplements
                thereto (other than any Prospectus Supplement).</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z270f42864fd2415b86662b8cb1104fc7">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(m)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">&#8220;<font style="font-weight: bold;">Prospectus Supplement</font>&#8221; means a prospectus supplement for the
                Debentures.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z21c3c24369a04fd099af10f0eddc7655">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(n)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">&#8220;<font style="font-weight: bold;">Reuters Screen CDOR Page</font>&#8221; means the display designated as page &#8220;CDOR&#8221;
                on the Reuters Monitor Money Rates Service (or such other page as may replace the CDOR page on that service) for purposes of displaying Canadian dollar bankers&#8217; acceptance rates.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z27db45475bdc4e96ac783aadded2e0b6">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(o)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">&#8220;<font style="font-weight: bold;">S$</font>&#8221; means the lawful money of Singapore.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z2b2190a49046479e83001ec65f4cd1b5">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(p)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">&#8220;<font style="font-weight: bold;">Superintendent</font>&#8221; means the Superintendent of Financial Institutions
                appointed pursuant to the <font style="font-style: italic;">Office of the Superintendent of Financial Institutions Act</font> (Canada).</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z18092b5aab1640b3be01b467da04da27">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(q)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">&#8220;<font style="font-weight: bold;">U.S. Person</font>&#8221; means a U.S. Person as defined in Regulation S under the
                U.S. Securities Act.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z46d4190a9c95499fbff3e442003f324b">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(r)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">&#8220;<font style="font-weight: bold;">U.S. Securities Act</font>&#8221; means the United States <font style="font-style: italic;">Securities Act of 1933</font>, as amended.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="za8e7e00f14a749a9ac792678eb357bfe">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(s)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">&#8220;<font style="font-weight: bold;">Written Order of the Corporation</font>&#8221; has the meaning given in the
                Principal Indenture.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: center; line-height: 12.55pt; margin-top: 12pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;"><font style="font-weight: bold;">ARTICLE 2<br>
        </font></font><font style="font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;">ISSUE OF SUBORDINATED DEBENTURES</font></div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z5bd97a5e48e64a358d143184d03497f3">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;">2.1</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;"><u>Form, Terms and Certification and Delivery of the 2.818% Fixed/Floating Subordinated
                  Debentures.</u></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z93e330ba41c84d8fa848be8a139d5693">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(a)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">The sixth series of debentures authorized to be issued from time to time hereunder, as one series, are
                designated &#8220;2.818% Fixed/Floating Subordinated Debentures&#8221; and are herein sometimes called the &#8220;Debentures&#8221;. The Debentures may be issued by the Corporation from time to time in an unlimited aggregate principal amount and may only be
                validly issued when the aggregate principal amount of the Debentures to be issued, when added to the aggregate principal amount of all debentures previously or simultaneously issued under the Prospectus in effect on the date of issue, does
                not exceed the Program Amount. Upon any increase or decrease from time to time in the Program Amount, the Corporation shall forthwith deliver to the Trustee a certified copy of the resolution of the Directors of the Corporation approving
                such change, together with a copy of any amendment of or supplement to the Prospectus relating to such increase or decrease. Debentures shall be delivered to the Trustee on the respective terms set out in Article&#160;4 and, subject to
                compliance with the provisions of Section 2.2.1 of the Principal Indenture, shall be certified by or on behalf of the Trustee by a certificate substantially in the form specified on Schedule A and delivered by the Trustee upon receipt of
                the Written Order of the Corporation.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: center; line-height: 12.55pt; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;">ARTICLE&#160;3<br>
      TERMS OF THE DEBENTURES</div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zf031b9329d6c4c2dbfcf0934cda77c82">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;">3.1</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;"><u>Designation and Issue.</u></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">In accordance with the Principal Indenture the Corporation is authorized to issue under this Seventh
      Supplemental Indenture the 2.818% Fixed/Floating Subordinated Debentures as a series of debt</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter">
        <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',serif; font-size: 12pt;"><font id="DSPFPageNumber">6</font></div>
        <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
        </div>
      </div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
      <div id="DSPFPageHeader">
        <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
        </div>
      </div>
    </div>
    <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
    </div>
    <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">securities, which will have the respective terms set out in this Article&#160;3 in addition to the terms set out in the
      Principal Indenture as supplemented by the Second Supplemental Indenture.</div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="za0c15c91317f4db0ad9672d8ac1d7a1e">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(a)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"><font style="font-weight: bold; font-style: italic;">Principal Amount.</font> The initial principal amount of
                the Debentures which may be issued under this Seventh Supplemental Indenture is $1,000,000,000. The Corporation may, at its option, reopen this series of debt securities in accordance with the provisions of Section 2.2.3 of the Principal
                Indenture.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zaec3687394034f8ab10ec1f0e45064e8">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(b)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"><font style="font-weight: bold; font-style: italic;">Issue Date</font><font style="font-weight: bold;">.</font>
                The Debentures will be dated May 12, 2020 (regardless of their actual date of issue) (the &#8220;<font style="font-weight: bold;">Issue Date</font>&#8221;).</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zcd3807cab47a4f29850398f23f3719ac">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(c)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"><font style="font-weight: bold; font-style: italic;">Fixed Rate of Interest. </font>The Debentures will bear
                interest from the Issue Date to but excluding May 13, 2030 at a fixed annual rate of 2.818% payable in equal semi-annual installments on May 13 and November 13 of each year, other than in November, 2020, with the first interest payment due
                on November 13, 2020 and the last interest payment due on May 13, 2030. The amount payable from and including the Issue Date to but excluding November 13, 2020 will be $14.16720548 per $1,000 principal amount of Debentures.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z71b41672f52242d5aa0441d602f400d7">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(d)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"><font style="font-weight: bold; font-style: italic;">Floating Rate of Interest. </font>The Debentures will
                bear interest from and including May 13, 2030 to but excluding May 13, 2035, at a floating rate of interest equal to the 3-month CDOR plus 1.82% payable quarterly in arrears on the 13th<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#160;</sup>day of each of February, May, August and
                November in each year, commencing August 13, 2030. The Corporation shall provide to the Trustee its interest calculation in respect of any floating rate interest period.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z3120e56f8dba4dde92ee233364f9561c">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(e)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"><font style="font-weight: bold; font-style: italic;">Calculation of Interest. </font>Interest will be
                calculated on the basis of a year of 365 days.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z83d00163fd0b43e08a6f6f3389c6c3f6">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(f)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"><font style="font-weight: bold; font-style: italic;">Stated Maturity Date</font><font style="font-weight: bold;">.</font> The Debentures will mature on May 13, 2035.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z4225bb01298047f39a0e5238946a570b">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(g)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"><font style="font-weight: bold; font-style: italic;">Denominations</font><font style="font-weight: bold;">.</font>
                The Debentures will be issued in minimum denominations of $1,000 and integral multiples thereof, subject as provided in accordance with clause (k) below.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z62e8b4a7a63d4062b9d75dc6e7e1388b">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(h)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"><font style="font-weight: bold; font-style: italic;">Redemptions</font><font style="font-weight: bold;">.</font>
                The Corporation may, at its option, redeem the Debentures, with the prior approval of the Superintendent, in accordance with the provisions of Article 3 of the Principal Indenture and on not less than 10 days&#8217; nor more than 60 days&#8217; prior
                notice to the applicable Holder, in whole or in part, on or after May 13, 2025 to, but excluding, May 13, 2030 at a redemption price equal to the greater of (i) the Canada Yield Price and (ii) par, and on or after May 13, 2030 at a
                redemption price equal to par, together, in each case,&#160; with accrued and unpaid interest to, but excluding, the date of redemption.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z784683683e014711b07c42f1b7438bad">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(i)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"><font style="font-weight: bold; font-style: italic;">Defeasance.</font> On or after<font style="font-weight: bold;">&#160;</font>May 13, 2030, the Corporation may, at its option, elect, with the prior approval of the Superintendent, to be released from the terms of the Indenture relating to the outstanding Debentures in accordance with the provisions
                of Article 8 of the Principal Indenture.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zc08760f26b734033b990988531178104">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(j)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"><font style="font-weight: bold; font-style: italic;">Amendments Affecting Capital Treatment.</font> Each of
                the Corporation and the Trustee agrees, and each Holder of a Debenture, by such Holder&#8217;s acceptance thereof, likewise agrees, not to make any changes to this Indenture or the Debentures, without, but may from time to time with, the prior
                approval of the Superintendent, which might affect the classification afforded the Debentures from time to time for capital adequacy purposes pursuant to the <font style="font-style: italic;">Insurance Companies Act</font> (Canada) or the
                LICAT.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter">
        <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',serif; font-size: 12pt;"><font id="DSPFPageNumber">7</font></div>
        <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
        </div>
      </div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
      <div id="DSPFPageHeader">
        <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
        </div>
      </div>
    </div>
    <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z80cb2d139339451788cd6029f5a8a7f5">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(k)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"><font style="font-weight: bold; font-style: italic;">Currency</font><font style="font-weight: bold;">.</font>
                The Debentures will be issued in Canadian Dollars.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="zfbc0545666274accb5d7292da0b48fae">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(l)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"><font style="font-weight: bold; font-style: italic;">Form</font><font style="font-weight: bold;">.</font> Each
                Debenture will be issued substantially in the form of the registered Debenture as set out in Article&#160;4.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z012d2794e5dc4bec8f50c960fa7159b4">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(m)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"><font style="font-weight: bold; font-style: italic;">Place of Payment</font><font style="font-weight: bold;">.</font>
                Payments of principal and interest on each registered interest bearing Debenture shall be made in Canadian Dollars at the head office of the Trustee in Toronto, Ontario.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z387ef46670944b93b9deeb73dde39569">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(n)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"><font style="font-weight: bold; font-style: italic;">U.S. Legend</font><font style="font-weight: bold;">.</font>
                The Trustee acknowledges that the Debentures have not been and will not be registered under the U.S. Securities Act, and may not be offered or sold within the United States, except that the Debentures may be offered or sold to Qualified
                Institutional Buyers pursuant to Rule 144A under the U.S. Securities Act. Each Debenture issued to a U.S. Person pursuant to an exemption from the registration requirements of the U.S. Securities Act, and all Debentures issued in exchange
                or transfer therefor, shall bear the legend set forth on Schedule B in boldface print on the face of such certificate.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z4c831368a75140cd86f364daf6ad1a52">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="margin-left: 21.6pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(o)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">Upon receipt by the Trustee of the documents and instruments required pursuant to Section 2.5.1 of the
                Indenture and this Seventh Supplemental Indenture, the Trustee shall certify the Debentures and cause the Debentures to be delivered in accordance with the Written Order of the Corporation.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="za88c77c5836747fabd4846fabcbb3cdb">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;">3.2</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;"><u>Execution and Delivery of Book-Entry Securities.</u></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">The Corporation may establish that any Debentures are to be issued under the Book-Entry System in accordance with
      Section 2.15 of the Principal Indenture, which Book-Entry Debentures shall be evidenced in the form of a single Definitive Security in the form set out in Article&#160;4 that may, notwithstanding Section 2.4 of the Principal Indenture, be executed by the
      Corporation using manual, facsimile or electronic signatures and shall bear a legend substantially to the following effect:</div>
    <div style="text-align: justify; margin-right: 72pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">&#8220;Unless this certificate is presented by an authorized representative of CDS
      Clearing and Depository Services Inc. (&#8220;CDS&#8221;) to Manulife Financial Corporation (the &#8220;Issuer&#8221;) or its agent for registration of transfer, exchange or payment, and any certificate issued in respect thereof is registered in the name of CDS &amp; CO.,
      or in such other name as is requested by an authorized representative of CDS (and any payment is made to CDS &amp; CO. or to such other entity as is requested by an authorized representative of CDS), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
      OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered holder hereof, CDS &amp; CO., has a property interest in the securities represented by this certificate herein and it is a violation of its rights for another person to hold, transfer
      or deal with this certificate.&#8221;</div>
    <div style="text-align: center; line-height: 12.55pt; margin-top: 12pt; margin-bottom: 12pt; margin-left: 9pt;"><br>
      <div style="line-height: 12.55pt; margin-top: 12pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;"><font style="font-weight: bold;">ARTICLE 4<br>
          </font></font><font style="font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;">FORM OF 2.818% FIXED/FLOATING SUBORDINATED DEBENTURES</font></div>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z60257efe7e6f40978111466c01a8d41a">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;">4.1</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;"><u>2.818% Fixed/Floating Subordinated Debentures.</u></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">The English language version of the Definitive Securities representing the Debentures, the
      certificate of the Trustee and the registration panel for a Debenture shall be substantially in the respective</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter">
        <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',serif; font-size: 12pt;"><font id="DSPFPageNumber">8</font></div>
        <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
        </div>
      </div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
      <div id="DSPFPageHeader">
        <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
        </div>
      </div>
    </div>
    <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
    </div>
    <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">forms set forth in Schedule A modified as may be necessary to reflect the specific terms and conditions of the
      Debentures determined in accordance with Article&#160;3.</div>
    <div style="text-align: center; line-height: 12.55pt; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;">ARTICLE&#160;5<br>
      SUNDRY PROVISIONS</div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z09560269b5cc4836b24c9fee987721d6">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;">5.1</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;"><u>Acceptance of Trust.</u></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">The Trustee hereby accepts the trusts in this Seventh Supplemental Indenture declared and provided
      for and agrees to perform the same upon the terms and conditions and subject to the provisions set forth in the Indenture. This agreement and all documents relating to the transactions covered hereby have been drawn up in English at the express wish
      of the parties. <font style="font-style: italic;">Ce contrat et tous les documents pertinents &#225; cette transaction ont &#233;t&#233; r&#233;dig&#233;s en anglais &#225; la volont&#233; expresse des parties</font>.</div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z5e28a94a1e594d6891839c18e5dc059b">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;">5.2</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;"><u>Counterparts and Formal Date.</u></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">This Seventh Supplemental Indenture may be executed in several counterparts and delivered by
      facsimile or other electronic transmission of a counterpart hereof bearing a manual, facsimile or other electronic signature, each of which so executed shall be deemed to be an original, and such counterparts together shall be deemed to bear the same
      date as the Issue Date.</div>
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            <div style="line-height: 12.55pt; margin-top: 2pt; margin-bottom: 18pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;">BNY TRUST COMPANY OF CANADA, as Trustee</div>
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            <div style="text-align: justify; line-height: 12.55pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-style: italic;">&#8220;Bhawna Dhayal&#8221;</div>
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        <div style="text-align: center; line-height: 10.25pt; font-family: 'Times New Roman',serif; font-size: 9pt; font-style: italic;">[Signature page to Seventh Supplemental Indenture]</div>
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    <div style="text-align: center; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">SCHEDULE A</div>
    <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">Certificate No.&#160;1</div>
    <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">Unless this certificate is presented by an authorized representative of CDS Clearing and Depository Services Inc.
      (&#8220;CDS&#8221;) to Manulife Financial Corporation (the &#8220;Issuer&#8221;) or its agent for registration of transfer, exchange or payment, and any certificate issued in respect thereof is registered in the name of CDS &amp; CO., or in such other name as is requested
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      WRONGFUL since the registered holder hereof, CDS &amp; CO., has a property interest in the securities represented by this certificate herein and it is a violation of its rights for another person to hold, transfer or deal with this certificate.</div>
    <div style="line-height: 12.55pt; font-family: 'Times New Roman',serif; font-size: 11pt;">THIS DEBENTURE CONSTITUTES SUBORDINATED INDEBTEDNESS OF THE CORPORATION</div>
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    <div style="text-align: center; line-height: 12.55pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;">MANULIFE FINANCIAL CORPORATION</div>
    <div style="text-align: center; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(Existing under the<font style="font-style: italic;"> Insurance Companies Act</font> (Canada)),</div>
    <div style="text-align: center; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;">2.818% FIXED/FLOATING SUBORDINATED DEBENTURES</div>
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            <div style="text-align: justify; line-height: 25.1pt; font-family: 'Times New Roman',serif; font-size: 11pt;">56501RAJ5</div>
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            <div style="text-align: justify; line-height: 25.1pt; font-family: 'Times New Roman',serif; font-size: 11pt;">Interest Calculation:</div>
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            <div style="text-align: justify; line-height: 25.1pt; font-family: 'Times New Roman',serif; font-size: 11pt;">Issue Date:</div>
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            <div style="text-align: justify; line-height: 25.1pt; font-family: 'Times New Roman',serif; font-size: 11pt;">May 12, 2020</div>
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            <div style="text-align: justify; line-height: 25.1pt; font-family: 'Times New Roman',serif; font-size: 11pt;">Registered Holder:</div>
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            <div style="text-align: justify; line-height: 25.1pt; font-family: 'Times New Roman',serif; font-size: 11pt;">May 13, 2035</div>
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            <div style="line-height: 25.1pt; font-family: 'Times New Roman',serif; font-size: 11pt; text-align: left;">1,000,000,000</div>
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            <div style="text-align: justify; line-height: 25.1pt; font-family: 'Times New Roman',serif; font-size: 11pt;">2.818% (0 &#8211; 10 years); 3-month CDOR + 1.82% (10<font style="font-weight: bold;"> </font>years - maturity)</div>
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            <div style="line-height: 25.1pt; font-family: 'Times New Roman',serif; font-size: 11pt;">May 13 and November 13 (0 &#8211; 10 years, commencing on November 13, 2020); </div>
            <div style="line-height: 25.1pt; font-family: 'Times New Roman',serif; font-size: 11pt;">February 13, May 13, August 13 and November 13 in each year,</div>
            <div style="line-height: 25.1pt; font-family: 'Times New Roman',serif; font-size: 11pt;">commencing on August 13, 2030 (10 years - maturity)</div>
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    <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"><font style="font-weight: bold;">MANULIFE FINANCIAL CORPORATION</font> (the &#8220;Corporation&#8221;) for value received hereby
      acknowledges itself indebted and promises to pay to the Holder hereof on the maturity date or on such earlier or later date as the principal amount hereof may become due in accordance with the provisions of the Indenture hereinafter mentioned, the
      above principal sum in lawful money of Canada on presentation and surrender of this Debenture at the head office of the Trustee (as defined below), if this instrument is issued in the book-entry system, or at any branch in Canada of the Royal Bank of
      Canada, as selected by the Holder, if this instrument is issued in definitive form, as selected by the Holder, and to pay interest on the principal amount hereof from the date hereof, or from the last Interest Payment Date to which interest has been
      paid or made available for payment, whichever is later, at the interest rate per annum set forth above calculated as set forth above, in like money; and should the Corporation at any time make default in the payment of any principal or interest, to
      pay interest on the amount in default at the same rate, calculated as set forth above, in like money, at one of the said places, as selected by the Holder, and on the same dates. Whenever interest is computed on a basis of a year (the &#8220;deemed year&#8221;)
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          <td style="width: 100%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
            <div> <br>
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          <td style="width: 100%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
            <div> <br>
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          <td style="width: 100%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; line-height: 25.1pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">(Insert assignee&#8217;s social insurance or security or tax identifying number)</div>
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    <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">and irrevocably appoint<u> &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; </u>&#160; agent to transfer this Debenture on the books of the
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          <td style="width: 35.47%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 2.86%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <div style="text-align: justify; line-height: 25.1pt; margin-top: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">Your Signature:</div>
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        <tr>
          <td colspan="6" style="width: 100%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
            <div> <br>
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    <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 6pt; font-family: 'Times New Roman',serif; font-size: 11pt;">Sign exactly as your name appears on the other side of this Debenture.</div>
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    <div style="text-align: justify; text-indent: 288pt; line-height: 12.55pt; margin-bottom: 6pt; font-family: 'Times New Roman',serif; font-size: 11pt;">* Signature Guarantee</div>
    <div style="text-align: justify; text-indent: 288pt; line-height: 12.55pt; margin-bottom: 6pt; font-family: 'Times New Roman',serif; font-size: 11pt;"> <br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">* This signature must be guaranteed by a Canadian chartered bank, trust company or a member of the
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    <div style="text-align: center; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;">FORM OF U.S. LEGEND</div>
    <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
      (THE &#8220;SECURITIES ACT&#8221;), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF MANULIFE FINANCIAL CORPORATION (THE &#8220;CORPORATION&#8221;) THAT SUCH SECURITIES MAY BE OFFERED,
      SOLD, PLEDGED OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY, ONLY (A) TO THE CORPORATION, (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE SECURITIES ACT AND IN COMPLIANCE WITH LOCAL LAWS AND REGULATIONS OR (C)
      INSIDE THE UNITED STATES IN ACCORDANCE WITH (1) RULE 144A UNDER THE SECUR1TIES ACT OR (2) RULE 144 UNDER THE SECURITIES ACT, IF AVAILABLE, AND, IN EACH CASE, IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS. IN THE CASE OF (C) ABOVE, THE HOLDER
      MUST FURNISH TO THE CORPORATION AN OPINION OF COUNSEL OF RECOGNIZED STANDING IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE CORPORATION TO THE EFFECT THAT THE PROPOSED TRANSFER MAY BE EFFECTED WITHOUT REGISTRATION UNDER THE SECURITIES ACT OR
      APPLICABLE STATE SECURITIES LAWS. IF THE CORPORATION IS A &#8220;FOREIGN ISSUER&#8221; WITHIN THE MEANING OF REGULATION S AT THE TIME OF TRANSFER, A NEW CERTIFICATE, BEARING NO LEGEND, DELIVERY OF WHICH WILL CONSTITUTE &#8220;GOOD DELIVERY&#8221;, MAY BE OBTAINED FROM THE
      TRUST COMPANY (THE &#8220;TRUSTEE&#8221;) UPON DELIVERY OF THIS CERTIFICATE AND A DULY EXECUTED DECLARATION IN A FORM SATISFACTORY TO THE TRUSTEE AND THE CORPORATION, TO THE EFFECT THAT THE SALE OF THE SECURITIES REPRESENTED HEREBY IS BEING MADE IN COMPLIANCE
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    <div style="text-align: justify; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;"><u>provided</u>, that if the Debentures are being sold under Clause (B), the legend may be removed by
      providing a declaration to the Trustee, to the following effect (or in such form as the Corporation or the Trustee may from time to time prescribe):</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">The undersigned (A) acknowledges that the sale of<u> &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;</u> Debentures,
      represented by certificate numbers&#160; ____________<u></u>, to which this declaration relates is being made in reliance upon Rule 904 of Regulation S under the United States Securities Act of 1933 (the &#8220;Securities Act&#8221;) and (B) certifies that (1) it is
      not an &#8220;affiliate&#8221; of Manulife Financial Corporation (as defined in Rule 405 under the Securities Act), (2) the offer of such securities was not made to a person in the United States and at the time the buy order was originated, the buyer was outside
      the United States, or the seller and any person acting on its behalf reasonably believe that the buyer was outside the United States and neither the seller nor any person acting on its behalf knows that the transaction has been prearranged with a
      buyer in the United States, (3) neither the seller nor any person acting on its behalf engaged or will engage in any directed selling efforts in connection with the offer and sale of such securities, and (4) the contemplated sale is not a
      transaction, or part of a series of transactions which, although in technical compliance with Regulation S, is part of a plan or scheme to evade the registration provisions of the Securities Act. Terms used herein have the meaning given to them by
      Regulation S.</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">and, <u>provided further</u>, that if any such securities are being sold under paragraph (C)(2)
      above the legend may be removed by delivery to the Trustee of an opinion of counsel, of recognized standing reasonably satisfactory to the Corporation, that such legend is no longer required under applicable requirements of the Securities Act or
      state securities laws.</div>
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    <div style="text-align: justify; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 12pt; font-family: 'Times New Roman',serif; font-size: 11pt;">Prior to the issuance of the Debentures, the Corporation shall notify the Trustee, in writing,
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&7 >H?__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
