Strategic Highlights Leveraging our integrated business model and global scale, we have a clear strategy to pursue high-growth opportunities in the most attractive markets globally through our three business lines: Retirement, Retail and Institutional Asset Management. Our strategy includes being a global retirement leader by supporting financial wellness; expanding our presence in retail distribution platforms across the globe; leveraging a multi-manager model; and providing differentiated institutional active asset management capabilities across high performing equity and fixed income strategies, outcome-oriented solutions and alternative assets. We executed on a number of initiatives to accelerate growth in our franchise. In 2022, we: • Further bolstered our presence in high-growth attractive markets by acquiring control of MTEDA through the purchase of the remaining 51% of shares from our joint venture partner, making us the first global wealth and asset manager to acquire a 100% stake in a fully operating public fund management company in mainland China; • Continued to expand our Private Markets capabilities with the acquisition of a significant minority equity position in ARCH Capital, an Asia-focused real estate private equity investment manager; • Expanded our Environmental, Social and Governance investment offerings with the launch of the Global Climate Action Strategy in Europe and Asia, and the launch of the Manulife Forest Climate strategy in the U.S., which will promote climate change mitigation by investing in sustainably managed forests that prioritize carbon sequestration. Additionally, we published our 2022 Manulife Investment Management Stewardship report, detailing our commitment to sustainability as a global investment manager and outlining actions we are taking to address material sustainability risks and opportunities, build more resilient portfolios, and pursue long-term value creation; • Expanded our Global Retail product lineup with the launch of the Manulife Real Asset Investment strategy that will give Canadian retail high-net-worth investors access to a combination of private and public real asset investments. Additionally, we also launched our first actively managed equity ETF, the U.S. High Dividend ETF, managed by MIM; and • Expanded and broadened our financial wellness offering in Global Retirement with the launch of new and enhanced financial management tools in the U.S. (Personal Finance Organizer) and Canada (PlanRight Through Mobile). We also expanded the availability of in-plan advice to a larger portion of our clients. We continue to make progress on our digital customer leader strategy. In 2022, we: • Continued to invest in our mobile app in U.S. Retirement, making significant improvements in the user experience that have resonated with customers and resulted in a 99% growth in users in 2022; • Enhanced our digital experience in Canada Retirement with the launch of new features that enable members to make additional contributions to their Registered Retirement Savings Plans and to book one-on-one meetings with Manulife PlanRight financial advisors directly in the mobile app. This generated successful engagement, resulting in over 1,780 advisor meeting requests and a 14% increase in member adoption of the mobile app since the launch; • Launched multiple new mobile app features in Hong Kong Retirement to enable our members to manage their investment portfolio with greater convenience, receive the latest market updates and get access to exclusive member benefits. These new features resulted in 156,000 customers opting for e-statements, and contributed to over 177,000 new mobile app downloads; • Launched a new, end-to-end digital and mobile-friendly enrollment experience in Canada Retirement for our members. The improved enrollment experience offers a more intuitive and guided experience for our members, helping them feel more confident about their long-term investment choices. 82% of our eligible sponsors adopted the new experience for their employees in 2022; and • Improved the website experience in U.S. Retail in 2Q22 by making it easier for customers to log-in, which resulted in a 45% decrease in customer log-in help inquiries in 2022 compared with the same period last year. 35