2022 ESG Report Introduction ESG at Manulife Environmental Climate Action Plan Our Operations Our Investments Our Products and Services Climate-related Risks and Opportunities Nature and Biodiversity Social Governance Performance Data Abbreviations and Acronyms We are currently piloting decarbonization technologies in select markets: • Timberland: Joint project in New Zealand to trial a hydrogen-powered truck transporting logs from forest to port. The electricity required to produce ‘green’ hydrogen is generated from renewables, which comprise 80% of New Zealand’s power generation. Hydrogen is seen as more appropriate fuel source for heavy machinery than electric, as batteries would make loaded trucks too heavy for many roads in New Zealand. We believe that as this technology matures, we could significantly reduce the scope 1 & 3 emissions associated with the management of our timberland operations. • Agriculture: The incorporation of biochar (carbon-rich material remaining after burning biomass in absence of oxygen) into the soils of fruit orchards in the Pacific Northwest is gaining traction commercially and may enable permanent carbon storage in soils and improve soil health and moisture. This technology could potentially reduce the need for fertilizers and pesticides, as well as the emissions associated with their manufacture and application. Biochar ’s emissions reduction potential is poorly understood but may be significant, and we aim to understand its benefits through this trial project. In 2023, we will continue to make progress towards decarbonization by achieving higher confidence levels for all scope 1 & 2 emissions estimates, with well- documented, non-technical, and easily accessible methodological explanations for their calculation. We will also continue to develop an asset-specific decarbonization menu for the most significant emitters in both timberland and agriculture. Real Estate 26 To ensure we are accountable to all stakeholders, we report on our performance using globally accepted standards and disclosure frameworks, including PRI real estate module and GRESB Real Estate Assessment. We leverage internal proprietary tools such as our Sustainable Building Standards and external data management platforms to enable continuous monitoring of ESG performance across our global portfolio. In 2017, we set five-year reduction targets for energy (10%), water (7.5%), and waste diversion (60%). In 2022, we surpassed our energy targets, achieving a five-year reduction of 23.7% 27, 28 . We also achieved a 4.5% 29 , 30 water consumption reduction compared to our 2017 baseline. Many employees were largely working from home since 2020, so an increase in generated waste for 2022 was anticipated as employees returned to office. Our total waste generation has decreased by 5% compared with 2020, while maintaining a diversion rate of 48%. This, however, falls short of our five-year target of 60% waste diversion for 2022. We will continue to make waste management a priority and look for opportunities to increase diversion and reduce waste generation across our portfolio. We have set a GHG reduction target for our global real estate portfolio of 80% by 2050, using 2018 as the baseline 31 . As of 2022, over 81% 32, 33 of our global portfolio carries a green building certification. Across our global portfolio, we have energy reduction, water use, waste diversion, and GHG emissions reduction targets. We report on metrics and targets on an annual basis in our publicly available Real Estate Sustainability Report. In 2022, we continued to identify emissions reduction levers across our global real estate portfolio: • Our internally created Carbon Management Working Group developed the GHG Management and Planning Standard to help asset management and property operations teams to create property specific emissions reduction plans. The GHG Management and Planning Standard includes a GHG 101 webinar designed for property managers and building operations teams to provide education on addressing greenhouse gases in building operations. • We introduced guidance and proprietary tools to help each asset build their decarbonization plan and budget. These asset-level plans aim to support meeting our long-term GHG emissions reductions target by identifying asset-level reductions. Emissions reduction plans will include asset-specific equipment inventories and direction to assess each property’s GHG reduction opportunities and the outputs can be included in OPEX and CAPEX annual budgets. • In addition to developing in-house tools to guide GHG emissions reductions, some properties have leveraged third-party certification to demonstrate their efforts to decarbonization. 980 Howe, Vancouver, and Maison Manuvie, Montreal, achieved a ‘Zero Carbon Building’ certification from the Canada Green Building Council. In 2023, we will continue to make progress towards decarbonization by increasing the number of properties with individual GHG reduction plans, focusing on the highest emitters, and guiding the real estate development team to build low carbon or net zero new developments. 26 Manulife Investment Management is a signatory to the Principles for Responsible Investment (PRI). For more information www.unpri.org. 27 Energy data includes electricity, natural gas, heating oil and steam consumption. 28 2017-2019 energy intensity is normalized for weather, occupancy (where data is available) and extraordinary use. 2020-2022 Energy intensity is only normalized for weather and extraordinary use due to the impact of COVID-19 on occupancy normalization. 2017-2021 values restated due to data updates. 29 2017-2021 values restated due to data updates. 30 2017-2019 water intensity is normalized for occupancy (where data is available) and extraordinary use. 2020-2022 water intensity is only normalized for extraordinary use due to the impact of COVID-19 on occupancy normalization. 31 Intensity-based target is for Scope 1 & 2 emissions under operational control. 32 Based on assets that are direct equity investments and Manulife Investment Management has asset management control on. 33 Data is as of December 31, 2022. Based on square footage or building size of the gross floor area (GFA) of properties in the global portfolio. Totals from different certification standards do not sum as properties with multiple certifications are only counted once. Certifications are provided by LEED, Energy Star Certification or BOMA BEST, GBCA Greenstar, BCA Green Mark, NABERS, Casbee, BOMA360, Fitwel. 25