Manulife Q4 2010 Earnings

Scotia Capital, 11 February 2011Event� The incremental cost of hedging more equity market and interest rate risk of C$0.08 per share garnered a disproportionate amount of attention compared to decent underlying trends in the business and the substantial reduction in risk exposure.Implications� We estimate base line run-rate earnings on a normalized basis of C$1.50 per share, including incremental