Muddy Waters is short Manulife Financial Corp. (“MFC”). MFC’s life insurance subsidiary, The Manufacturers Life Insurance Company (“Manulife”), just concluded a trial that could significantly damage its earnings, capital, creditworthiness, business, and solvency – per its own expert’s sworn affidavit. We believe a verdict is likely by the end of this year. There are therefore material risks to the financial wellbeing of MFC. We do not believe investors are aware of these risks, nor do we believe they have been priced into MFC shares.