IBM Canada Ltd.

IBM Canada Ltd.

June 24, 2008 08:30 ET

IBM and Manulife Sign a Service Agreement Expansion

TORONTO, ONTARIO--(Marketwire - June 24, 2008) - IBM (NYSE:IBM) today announced an expansion and extension of its current service agreement to manage Manulife Financial's (TSX:MFC)(NYSE:MFC)(PSE:MFC)(SEHK:0945) information technology operations. The current agreement, which remains in effect until March 31, 2012, includes services for mainframe, midrange and desktop computers, as well as helpdesk support, business continuity and disaster recovery. The value of the expanded agreement to March 31, 2012 was not released.

The expanded scope includes a new server virtualization solution for Intel and Unix to improve server utilization, and generate savings through reduced costs in equipment, software, facilities and energy consumption. The agreement also establishes a new IBM global delivery model to provide technology services for Manulife, and support for Manulife's implementation of global IT Service Management standards.

"Manulife has a strategy to establish global IT standards to enhance our effectiveness and improve our efficiency," said Joseph Cooper, executive vice president and Chief Information Officer, Manulife Financial. "Our expanded agreement with IBM will support this strategy as we integrate our technology across the enterprise."

The agreement allows for ongoing cooperation in technology innovation and introduces a newly established relationship with IBM Research to explore first-of-a-kind financial service solutions. IBM Research will collaborate with Manulife to identify, develop and implement these projects, using IBM's global research teams.

"IBM is ideally suited to assist Manulife with their Global IT transformation agenda," said Bernard Elharrar, general manager, Global Technology Services, IBM Canada. "We will use IBM's innovation and research to support Manulife's technology goals, and ensure our global delivery capabilities will satisfy Manulife's need for high quality and efficient service."

The expanded scope took effect in May 2008. The current agreement was originally signed in 2002.

About Manulife Financial

Manulife Financial is a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and Asia, and primarily through John Hancock in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were Cdn$400 billion (US$389 billion) as at March 31, 2008. Manulife Financial is one of two publicly traded life insurance companies in the world whose rated life insurance subsidiaries hold Standard & Poor's Rating Services' highest "AAA" rating. Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '0945' on the SEHK. Manulife Financial can be found on the Internet at

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