Strategic priorities progress update Strategy Our ambition is to be the most digital, customer-centric global company in our industry. The goals for our stakeholders are: Customers 1 Improve Net Promoter Score (“NPS”) by +36 points and delight customers Employees 2 Engage our employees — maintain top quartile engagement Shareholders 3 Deliver top quartile returns Our mission, strategic priorities and values are summarized below: Decisions made easier. Mission Lives made better. Portfolio Expense Accelerate Digital, High Strategic Optimization Effciency Growth Customer Performing Priorities Leader Team Values • Obsess about customers • Get it done together • Do the right thing • Own it • Think big • Share your humanity Our values enable the achievement of our mission and strategic priorities, reflect our culture, inform our behaviours, and help define how we work together: • Obsess about customers – Predict their needs and do everything in our power to satisfy them. • Do the right thing – Act with integrity and do what we say. • Think big – Anything is possible. We can always find a better way. • Get it done together – We’re surrounded by an amazing team. Do it better by working together. • Own it – Feel empowered to make decisions and take action to deliver our mission. • Share your humanity – Build a supportive, diverse and thriving workplace. StrategicPriorities Our strategy is underpinned by five strategic priorities, and we have made substantial progress on the ambitious targets that we set for ourselves. Our 2022 targets were announced at our 2018 Investor Day and 2025 targets were announced at our 2021 Investor Day. Accelerate Growth 4 We remain committed to generating 75% of core earnings from our highest potential businesses by 2025, and 50% of core earnings from our Asia region (Asia segment and Asia wealth and asset management (“Asia WAM”)) by 2025. Focus areas: • Execute on organic and inorganic growth opportunities in Asia and Global WAM • Leverage global footprint and business diversity to allocate capital and resources to higher growth opportunities • Expand North American behavioural insurance offerings to provide innovative solutions and support positive health for customers • Drive new business growth and persistency in group insurance in Canada 1 As compared to a baseline of +1 in 2017, by 2025. 2022 results are discussed in the “Strategic Priorities” section below. 2 Top quartile employee engagement compared to global financial services companies and insurance peers. 2022 results are discussed in the “Strategic Priorities” section below. 3 MFC’s Total Shareholder Return was 27th percentile compared with our performance peer group for the five-year period ended December 31, 2022. Please refer to Manulife’s most recent Management Information Circular for more information on our performance peer group. 4 Highest potential businesses include Asia, Global WAM, Canada group benefits, and behavioural insurance products. 17