Scotia Capital's Analyst Meeting with Manulife CEO

Scotia Capital, 10 July 2009� Following yesterday's MFC lunch, we met with CEO Don Guloien.� In our opinion, the lunch did a good job of clearing the air. Guloien mentioned to us in our subsequent meeting he was amazed that a sell-side only meeting held June 25 "produced" everything from a dividend cut to an equity raise when nothing suggesting anything of the sort was ever mentioned (in our