Scotia Capital's Comment on Manulife's Q4 2005 Earnings

� 17% EPS growth owing to strong new sales, excellent growth in in-force business, favourable investment results, and the emergence of expense synergies. 15.5% ROE, up from 14.9% in Q3/05, 14.3% in Q2/05 and 13.0% in Q4/04.� Significantly better-than-expected sales growth across all divisions, especially U.S. as Manulife continues to increase market share.� Results include an unexpected one-time