Manulife Q3 2009 Earnings

Scotia Capital, 6 November 2009Q3/09 Misses but Underlying EPS in Line� A miss on larger reserve hits than expected (interest and lapse related) - but underlying EPS in line. As expected Q3/09 was noisy. Details are outlined in Exhibit 1. We were relatively impressed that the underlying EPS was in line with our estimate, and was 4% higher QOQ than the underlying EPS of $0.48 in Q2/09. Credit hits