Caution regarding forward-looking statements From time to time, Manulife Financial Certain material factors or assumptions are obligations to pledge additional collateral; Corporation (“MFC”) makes written and/ applied in making forward-looking statements the availability of letters of credit to provide or oral forward-looking statements, and actual results may differ materially capital management flexibility; accuracy of including in this document. In addition, our from those expressed or implied in such information received from counterparties representatives may make forward-looking statements. Important factors that could and the ability of counterparties to meet statements orally to analysts, investors, cause actual results to differ materially from their obligations; the availability, affordability the media and others. All such statements expectations include but are not limited to: and adequacy of reinsurance; legal and are made pursuant to the “safe harbour” general business and economic conditions regulatory proceedings, including tax audits, provisions of Canadian provincial securities (including but not limited to the performance, tax litigation or similar proceedings; our laws and the U.S. Private Securities Litigation volatility and correlation of equity markets, ability to adapt products and services to the Reform Act of 1995. interest rates, credit and swap spreads, changing market; our ability to attract and inflation rates, currency rates, investment retain key executives, employees and agents; The forward-looking statements in this losses and defaults, market liquidity and the appropriate use and interpretation of document include, but are not limited to, creditworthiness of guarantors, reinsurers complex models or deficiencies in models statements with respect to possible share and counterparties); the ongoing prevalence used; political, legal, operational and other buybacks under our normal course issuer bid, of COVID-19, including any variants, as well risks associated with our non-North American expected expense savings in 2023 related as actions that have been, or may be taken operations; geopolitical uncertainty, including to actions taken in 2021, the Company’s by governmental authorities in response international conflicts; acquisitions and our strategic priorities and 2025 targets for its to COVID-19, including the impacts of any ability to complete acquisitions including the highest potential businesses, net promoter variants; changes in laws and regulations; availability of equity and debt financing for score, straight-through-processing, ongoing changes in accounting standards applicable this purpose; the disruption of or changes expense efficiency, portfolio optimization, in any of the territories in which we operate; to key elements of the Company’s or public employee engagement, its medium-term changes in regulatory capital requirements; infrastructure systems; environmental financial and operating targets, its ability to our ability to obtain premium rate increases concerns including climate change; our achieve our financed emissions and absolute on in-force policies; our ability to execute ability to protect our intellectual property and scope 1 and 2 emissions targets, its ability strategic plans and changes to strategic exposure to claims of infringement; and our to manage its long-term care and variable plans; downgrades in our financial strength inability to withdraw cash from subsidiaries. annuity blocks of business to maturity and or credit ratings; our ability to maintain its ability to secure future premium rate our reputation; impairments of goodwill or Additional information about material risk increases in respect of its long-term care intangible assets or the establishment of factors that could cause actual results to policies and also relate to, among other provisions against future tax assets; the differ materially from expectations and about things, our objectives, goals, strategies, accuracy of estimates relating to morbidity, material factors or assumptions applied in intentions, plans, beliefs, expectations and mortality and policyholder behaviour; the making forward-looking statements may estimates, and can generally be identified by accuracy of other estimates used in applying be found in this document under “Risk the use of words such as “may”, “will”, “could”, accounting policies, actuarial methods and Management and Risk Factors” and “Critical “should”, “would”, “likely”, “suspect”, “outlook”, embedded value methods; our ability to Actuarial and Accounting Policies” and in the “expect”, “intend”, “estimate”, “anticipate”, implement effective hedging strategies and “Risk Management” note to the Consolidated “believe”, “plan”, “forecast”, “objective”, “seek”, unforeseen consequences arising from such Financial Statements as well as elsewhere in “aim”, “continue”, “goal”, “restore”, “embark” strategies; our ability to source appropriate our filings with Canadian and U.S. securities and “endeavour” (or the negative thereof) assets to back our long-dated liabilities; regulators. The forward-looking statements and words and expressions of similar level of competition and consolidation; our in this document are, unless otherwise import, and include statements concerning ability to market and distribute products indicated, stated as of the date hereof and possible or assumed future results. Although through current and future distribution are presented for the purpose of assisting we believe that the expectations reflected channels; unforeseen liabilities or asset investors and others in understanding our in such forward-looking statements are impairments arising from acquisitions and financial position and results of operations, reasonable, such statements involve risks dispositions of businesses; the realization of our future operations, as well as our and uncertainties, and undue reliance should losses arising from the sale of investments objectives and strategic priorities, and may not be placed on such statements and they classified as available-for-sale; our liquidity, not be appropriate for other purposes. We do should not be interpreted as confirming including the availability of financing to not undertake to update any forward-looking market or analysts’ expectations in any way. satisfy existing financial liabilities on statements, except as required by law. expected maturity dates when required; 8 | 2022 Annual Report