As at Dec31, Sept 30, Jun 30, Mar 31, Dec 31, ($ millions) 2022 2022 2022 2022 2021 Mortgages $ 54,638 $ 54,685 $ 53,422 $ 52,287 $ 52,014 Less: mortgages not held by Manulife Bank 32,640 32,847 31,704 30,950 31,073 Total mortgages held by Manulife Bank 21,998 21,838 21,718 21,337 20,941 Loans to bank clients 2,781 2,799 2,782 2,667 2,506 ManulifeBanknetlendingassets $ 24,779 $ 24,637 $ 24,500 $ 24,004 $ 23,447 ManulifeBankaveragenetlendingassets Beginning of period $ 24,637 $ 24,500 $ 24,004 $ 23,447 $ 23,139 End of period 24,779 24,637 24,500 24,004 23,447 ManulifeBankaveragenetlendingassetsbyquarter $ 24,708 $ 24,569 $ 24,252 $ 23,726 $ 23,293 ManulifeBankaveragenetlendingassets–fullyear $ 24,113 $ 23,105 Consolidated capital serves as a foundation of our capital management activities at the MFC level. Consolidated capital is calculated as the sum of: (i) total equity excluding accumulated other comprehensive income (“AOCI”) on cash flow hedges; and (ii) certain other capital instruments that qualify as regulatory capital. For regulatory reporting purposes under the LICAT framework, the numbers are further adjusted for various additions or deductions to capital as mandated by the guidelines defined by OSFI. As at Dec31, Sep 30, Jun 30, Mar 31, Dec 31, ($ millions) 2022 2022 2022 2022 2021 Total equity $ 56,379 $ 56,307 $ 55,798 $ 56,849 $ 58,869 Exclude AOCI gain/(loss) on cash flow hedges 8 (18) (48) (70) (156) Total equity excluding AOCI on cash flow hedges 56,371 56,325 55,846 56,919 59,025 Qualifying capital instruments 6,122 7,118 7,001 6,950 6,980 Consolidatedcapital $ 62,493 $ 63,443 $ 62,847 $ 63,869 $ 66,005 Core EBITDA is a financial measure which Manulife uses to better understand the long-term earnings capacity and valuation of our Global WAM business on a basis more comparable to how the profitability of global asset managers is generally measured. Core EBITDA presents core earnings before the impact of interest, taxes, depreciation, and amortization. Core EBITDA excludes certain acquisition expenses related to insurance contracts in our retirement businesses which are deferred and amortized over the expected lifetime of the customer relationship under the CALM. Core EBITDA was selected as a key performance indicator for our Global WAM business, as EBITDA is widely used among asset management peers, and core earnings is a primary profitability metric for the Company overall. 124 | 2022AnnualReport | Management’sDiscussionandAnalysis