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    George Burmann

    Research Analyst at JP Turner and Company

    George Burmann's questions to MIL leadership

    George Burmann's questions to MIL leadership • Q2 2015

    Question

    George Burmann from JP Turner and Company asked for details on the acquired bank's planned operations, its funding model, and questioned the timing of selling Canadian oil and gas assets in a depressed market.

    Answer

    CEO Gerardo Cortina explained the acquisition will function as an in-house bank to provide trade finance solutions to their existing supply chain partners, not as a retail bank, and that it would enhance, not compete with, their Austrian banking relationships. CFO Sam Morrow added it would be funded internally and via corresponding banks. Regarding the energy assets, CEO Cortina acknowledged the poor market conditions but reiterated that energy is not a core business and they will make a responsible, unhurried, long-term decision on the sale.

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    George Burmann's questions to MANULIFE FINANCIAL (MFC) leadership

    George Burmann's questions to MANULIFE FINANCIAL (MFC) leadership • Q1 2015

    Question

    George Burmann of JP Turner and Company questioned how a potential partnership with a European bank would affect margins, the status of the African power plant, currency impacts on European operations, and the company's plans for the Wabush mine.

    Answer

    CFO Sam Morrow and CEO Gerardo Cortina explained that a banking partnership would introduce new structured finance solutions to improve gross margins, which fell to 8.5% in Q1. Sam Morrow confirmed the African power plant is operational, generating $0.7 million in revenue, and that European operations are hedged to mitigate currency risk. Regarding the Wabush mine, Gerardo Cortina stated there were no new developments and Cliffs continues to make lease payments.

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    George Burmann's questions to MANULIFE FINANCIAL (MFC) leadership • Q4 2014

    Question

    George Burmann of J.P. Turner & Company inquired about the impact of the weak Euro on business, the elimination of the cash dividend, the nature of the large non-cash impairment charge, and the company's strategy to close the gap between its book value and stock price, including details on the 'in-house bank' concept.

    Answer

    CFO Sam Morrow explained that the depreciated Euro is helpful for exports and that the company hedges by matching assets and liabilities. He confirmed the dividend was eliminated in light of other strategic announcements and clarified the impairment charge was directly tied to declining long-term hydrocarbon price forecasts. President and CEO Gerardo Cortina added that the plan to improve the bottom line and stock price centers on expanding trade finance services through a partnership with a European bank.

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