Scotia Capital Modestly Reduces EPS Estimates of Life Insurance Cos

Event� We're doing a little housekeeping with respect to our EPS estimates, reflecting updated economic data as at the end of Q1/08, and slightly revised economic assumptions going forward.What It Means� We're reducing 2008 EPS estimates for GWO and MFC each by 1% in 2008, and reducing SLF by 2%. We're reducing 2009 EPS estimates for GWO, MFC and SLF each by 1%. We're leaving IAG unchanged.�