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 Climate Action Plan Our Journey to Net Zero We are taking steps to reduce our environmental footprint, support the transition to a low carbon economy, and invest in climate change mitigation and resilience. Our business can make an impact through the investments we make and the ways in which we manage assets on behalf of our clients, including timberland, agriculture, and real estate. We acknowledge the serious threats posed by climate change to our business, society, and the livelihoods of the communities in which we operate. We also recognize the value of nature and the necessary betterment and protection of biodiversity. Our effort to combat climate change is embedded across our business strategy. We are taking steps to becoming a net zero company through: • Our operations: Real estate, timberland, and agriculture investment property operations and day-to-day business activities across Manulife’s business segments. • Our investments: Asset ownership under the management of the General Account. • Our products and services: Life and health insurance, and asset management and investment strategies on behalf of clients. Our Climate Change Statement summarizes our approach and more information can be found at Manulife.com/climate, which further outlines our commitments, across our operations, investments, products and services. Our Operations Summary of Our Approach • Our vast natural resource holdings enable us to realize net zero emissions in our operations 24 , and we have committed to reduce absolute emissions (scope 1 & 2) by 40% by 2035 25 . • We take action to minimize our operational footprint and reduce operating costs by preparing our businesses for a sustainable path forward. • We actively look for opportunities to work more effectively across our value chain to reduce Manulife’s broader emissions footprint, through aspects such as sustainable procurement and green leases. Learn more: Our Operations Reducing our Carbon Footprint Keeping our real estate, timberland, and agriculture operating takes energy. This year, we continued to deepen our understanding of our GHG emissions and assessed decarbonization opportunities across our properties. Timberland and Agriculture Investment Properties We are proud of the climate benefits of the carbon removals from our forests and farms and continue to go beyond carbon removal in pursuit of our emissions reduction goals. In 2022, we identified levers to reduce GHG emissions across our global timberland and agriculture portfolio: • Held sessions with timberland and agriculture senior leadership to discuss and socialize the decarbonization imperative. • Co-led a WBCSD Forest Solutions Groups project culminating in a report, Forest Sector Net-Zero Roadmap Phase I: Enabling the transition to a net-zero economy. This industry-wide collaboration by leading sustainable forestry companies identified most emissions reduction opportunities in the downstream value chain in processing and manufacturing as opposed to forest production, where levers include those we already practice (e.g., precision forestry, fire prevention measures) or those still relatively immature (e.g., fuel switching). • Invested in improving emissions data acquisition processes and accuracy to improve signal-to-noise ratio (i.e., tightening estimates and refining methodologies so that year-over-year changes can be measured more accurately). 24 W e are net zero in our operations as at December 31, 2022. This includes the following emissions categories: scope 1, scope 2, and select scope 3 emissions categories in our operations (paper use, data centres, waste, business travel, corporate leased properties). 25 Our commitment to emissions reductions apply to any properties where we have operational control. Manulife has developed interim targets as part of our Climate Action Plan in accordance with the methodology for financial institutions outlined by the SBTi. As a result of alignment to SBTi guidance, our target for scope 1 & 2 emissions reduction has been updated to 40% by 2035. 24