2022 ESG Report Introduction ESG at Manulife Environmental Social Governance Corporate Governance Human Rights Risk Management Ethics and Compliance Tax Strategy Data Security and Privacy Executive Compensation Practices Responsible Product Governance Public Policy Performance Data Abbreviations and Acronyms Responsible Product Governance Summary of Our Approach • The materials we provide to customers, investors, and other stakeholders must meet high standards of professionalism. • Advertising and sales materials must be factual, easy to understand, and based on the principles of fair dealing and good faith. • We commit to reflecting diverse representation throughout our advertising and marketing and ensure our materials are accessible to all. Learn more: Responsible Product Governance Managing conduct risk is central to Manulife’s values of Obsessing about Customers and Doing the Right Thing. Our values underpin our commitment to treating customers fairly and ensuring positive customer interactions. We are enhancing our Conduct Risk Framework, which outlines best practices that our business should follow in all phases of the product and service cycle, including those regarding the fair treatment of customers, to continue to adhere to evolving regulator and customer expectations. The framework is composed of business principles for ensuring that conduct risk is appropriately identified, mitigated, managed, monitored, and reported. This ensures management has sufficient data, including both quantitative and qualitative risk and performance indicators, to understand whether the business is effectively managing conduct risk. We continue to update our policies and processes to adhere to the regulatory requirements in the jurisdictions in which we operate. Conduct risk is a priority of global regulators. We define conduct risk as the risk of financial loss or other adverse consequences that arises from Manulife and/ or our Distributors conducting business in a way that treats customers unfairly or in a harmful way. Conduct risk is generally considered to include a number of core components regarding the fair treatment of customers, including 71 : • Developing and marketing products in a way that pays due regard to the interests of customers • Providing customers with clear information before, during, and after the point of sale • Reducing the risk of sales that are not appropriate to customers’ needs • Reasonably ensuring that any advice given is of a high quality • Dealing with customer complaints and disputes in a fair manner • Protecting the privacy of information obtained from customers • Managing the reasonable expectations of customers In 2022, we began updating and improving these guidelines in line with regulatory expectations on customer suitability and vulnerability based on markets and we are making these enhancements in response to operating changes in a post-pandemic world, as trends shift to less face-to-face sales due to technology advancements. At a high level, our guidelines outline our approach to product development, design, distribution, and servicing, as well as point-of-sale and post-sale processes. We also outline our approach to proactive monitoring and issue remediation within our guidelines. We continue to ensure that the information disclosed regarding products, services, and markets is accurate and comprehensive in nature and that only suitable products should be presented to our customers. In addition, we continue to ensure our sales practices are ethical and compliant with relevant laws and regulations, as well as appropriate to the needs of the customer. Processes and procedures for servicing products and providing services should be accessible, transparent, and communicated appropriately throughout the product lifecycle. We also maintain a continuous assessment of the effectiveness of conduct risk mitigants and controls, which includes proactively monitoring for misconduct to enable timely remediation of issues. Each business unit is expected to develop standards and processes to ensure regulatory compliance and is to take a proportionate approach considering the nature, scale, and complexity of their business, the jurisdiction, and market practices. Manulife’s Code of Business Conduct and Ethics also addresses expectations and guidance on company materials. The materials we provide to customers, investors, and other stakeholders must meet high standards of professionalism and information accuracy. Advertising and sales materials must be factual, easy to understand and based on the principles of fair dealing and good faith. All promotional efforts, illustrations of products, and marketing concepts must be factual. 71 These components align with the International Association of Insurance Supervisors (IAIS) Insurance Core Principle (ICP) 19.2.4. 77