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This paper addresses all these issues by measuring the impact of luck on mutual fund performance. Specifically, we use the False Discovery Rate (F DR) introduced by Benjamini and Hochberg (1995) in the statistical literature—the F DR measures the proportion of lucky funds among the significant funds. We extend this methodology by developing a new approach which allows us to separately compute the F DR among funds with significant positive estimated alphas (called hereafter the best funds) and funds with significant negative estimated alphas (called hereafter the worst funds). A main virtue of the F DR and these new measures is that they are very easy to. | C unless otherwise stated TSX NYSE PSE MFC SEHK 945 For Immediate Release February 7 2013 Manulife Financial reports 2012 net income of billion core earnings of billion a strong regulatory capital ratio of 211 per cent and record insurance and wealth sales. Substantive progress made on our strategic priorities in the fourth quarter of 2012 Developing our Asian opportunity to the fullest - Achieved record wealth sales1 2 more than double last year. Total insurance sales increased 20 per cent compared with fourth quarter 2011 with record insurance sales in Indonesia driven by robust growth in both the agency and bank channels and double digit insurance sales growth in Hong Kong driven by agency growth. We also enhanced our distribution network with additional partners in Japan. Growing our wealth and asset management businesses in Asia Canada and the . -Manulife Asset Management had record institutional sales we launched the Strategic Income Fund in Japan contributing to record 2 wealth sales in Asia we achieved record mutual fund sales and assets under management in Canada and also generated record mutual fund and 401 k sales and assets under management in the . all contributing to record funds under management1 for the company as a whole. Continuing to build our balanced Canadian franchise - Maintained leading market positions in group businesses with strong sales growth in both Group Benefits and Group Retirement Solutions3 record lending assets for Manulife Bank and completed the acquisition of Benesure Canada in early January 2013. Continuing to grow higher ROE lower risk . businesses - Double digit sales growth in life insurance over the fourth quarter of 2011 two additional state approvals for Long-Term Care in-force re-pricing recorded billion of positive net flows in mutual funds and added new mutual funds to platforms at key firms. Highlights for the fourth quarter of 20124 Reported net income attributed to shareholders of 1 057 .

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