Manulife Financial Corporation · TSX:MFC
Manulife Financial — Merger or Acquisition (August 2025)
12 slides from Manulife Financial's merger presentation, Aug 6, 2025
Slide 1: Manulife announces acquisition of Comvest Credit Partners
Manulife announces acquisition of Comvest Credit Partners August 6, 2025 1
Slide 2: Caution regarding forward-looking statements
Caution regarding include but are not limited to: general business and economic conditions (including but not limited to the performance, volatility and this purpose; the disruption of or changes to key elements of the Company’s or public infrastructure systems; environmental concerns, correlation o
Slide 3: Highly strategic acquisition that accelerates growth of private markets platform
Highly strategic acquisition that accelerates growth of private markets platform and enhances asset management capabilities 1. Scales and enhances private market platform, adding highly complementary private credit capabilities Executing on strategy of driving growth in the high potential Global W
Slide 4: Comvest Credit Partners is a rapidly growing, middle market direct lending private credit manager
Comvest Credit Partners is a rapidly growing, middle market direct lending private credit manager with a differentiated offering • A high-growth middle market direct lending private credit investment firm founded in 2006 US$14.7B >200 • 25+ year history of providing debt capital with a focus on non-
Slide 5: Highly complementary platform that enhances and scales private markets capabilities
Highly complementary platform that enhances and scales Manulife Investment Management’s private markets asset management capabilities Highly complementary private credit platform Enhances and scales Manulife Investment Management’s private market capabilities (US$ billions) Creates a US$18.4B1 platf
Slide 6: Extensive benefits to both Global WAM and Manulife Core EPS
While offering extensive benefits to both Global WAM and Manulife • Provides access to deal origination and underwriting infrastructure, strengthening existing platform Broadens Asset • Allows Global WAM to offer a broader range of solutions to fixed income investors, complementing our long-standing
Slide 7: Transaction summary
Transaction summary • Manulife to acquire 75% interest in Comvest Credit Partners for US$937.5 million • Additional consideration subject to achievement of performance thresholds: up to US$337.5 million payable dependent on achieving certain growth milestones. Payable in two tranches, 3 years and 5
Slide 8: Appendix
Appendix • Overview of Private Credit Market • Footnotes 8
Slide 9: Overview of Private Credit Market
Overview of Private Credit Market Overview of private credit Global private credit AUM1 (US$ trillions) ~1.7x Directly negotiated loans between a borrower and a non-bank or non-traditional lender 2.6 Represents one of the fastest growing segments of alternative asset management ~1.9x Multiple privat
Slide 10: Non-GAAP and other financial measures
Non-GAAP and other financial measures Manulife prepares its Consolidated Financial Statements in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board. We use a number of non-GAAP and other financial measures to evaluate overal
Slide 11: Footnotes
Footnotes Slide Footnote 1 As of June 30, 2025. Includes Comvest fee paying assets under management (“AUM’) of US$11 billion and Comvest committed capital of US$3.7 billion. Manulife’s AUM is a non-GAAP financial measure – see “Non-GAAP and other financial measures” above for more information. 2 Inc
Slide 12: Manulife
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