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 Metrics and Targets Our Climate Action Plan focuses on three areas: our operations, our general fund investments, and the products and services we offer to clients. It includes our commitment to achieve net zero financed emissions within our General Account portfolio by 2050 and our commitment to reduce our absolute scope 1 & 2 emissions by 40% by 2035. We are taking a combined sector and asset class approach and have established ambitious near-term decarbonization targets for our financing activities in the General Account. Interim targets for power generation project finance and listed equities and debt have been developed in accordance with the methodology for financial institutions outlined by the SBTi, in combination with PCAF methodologies for emissions accounting. Please see Our Investments section for more information on our interim targets. Please see Sustainable Investing section for more information on our green investments. In 2022, we advanced our approach to GHG management within Manulife Investment Management’s real estate portfolio with the roll-out of our proprietary GHG Management Workbook and conducting net zero carbon transition plans by external parties to select priority assets in our portfolio. To better understand our full impact, we undertook an initiative to inventory our scope 3 GHG emissions. This allowed us to assess our material emissions and consider reduction targets focused on major contributors. We also use a variety of metrics to manage climate alignment, including green investments, corporate carbon foot printing and emissions reduction targets, climate value at risk (climate VaR) and portfolio warming potential, sovereign climate risks, and monitoring strategy-level emissions within Manulife Investment Management’s Public Markets portfolio. For our third-party managed portfolios, we use various tools to manage physical and transition risk, such as scenario analysis, carbon footprinting, and metrics such as fossil fuel reserves, forward-looking company carbon reduction targets, green revenues, and sectoral reduction pathways. As an investor, we assess climate risk and seek to reduce our emissions or use our influence to encourage the companies we invest in to reduce their GHG emissions and align their business models with the realities of a changing climate. Please see Performance Data section for more information on our performance metrics and targets. Exposure to Carbon-related Assets within Manulife's General Fund (2022) * Energy 27% Utilities 62% Basic materials 9% Industrial 2% *Based on GICS sector classifications Our total exposure to carbon-related assets, held in our General Account, was $71,423 million, or 17% of the total portfolio as of December 31, 2022 57 . We include the sub-sectors oil and gas, oil and gas services, pipelines, coal, electric, gas, basic materials, building materials, and ship building as part of the industry sectors in scope. To minimize exposure to carbon-related assets, we continue to grow the General Account’s portfolio of green investments. Through our general fund we continue to make targeted investments in green asset categories such as energy efficiency, sustainably certified timberlands, and renewable energy. 57 Please note that the 2022 exposure value is not comparable to previous year's disclosure due to a change in methodology. 27% 62% 9% 2% $71,423 million 43