Performance criteria and weighting for awards starting in 2023 In 2022, we went through a comprehensive review of our executive compensation program and made some changes to the annual incentive plan to strengthen the alignment with shareholder interests, increase focus on the customer, and address reporting changes resulting from our implementation of IFRS 17 in 2023 (see page 44 for more information). Core earnings per share (excluding credit losses and loss reversals) Earnings Reflects underlying earnings capacity and is an important factor in valuing 40% Manulife’s share price Threshold Target Maximum score 0 100 200 performance 25% below target at target 25% above target New business value Growth Measures profitable growth in new business across our insurance segments 30% Threshold Target Maximum score 0 100 200 performance 40% below target at target 40% above target Relationship net promoter score (rNPS) Customer Measures improvement in customer loyalty and advocacy 10% Threshold Target Maximum score 0 100 200 performance 10 pts below target at target 10 pts above target Straight-through processing (STP) Measures improvement in Manulife’s processing time for customers Threshold Target Maximum score 0 100 200 performance 3 percentage points at target 3 percentage points below target above target Represents an index of measures used to track performance against our ESG Strategic commitments and our five strategic priorities: Accelerate Growth, Digital Customer focus Leader, Portfolio Optimization, Expense Efficiency, and High Performing Team. 20% Includes quantifiable goals, subject to a qualitative overlay, that are established at the beginning of the year and approved by the management resources and compensation committee. How the measures are defined Core earnings per share is defined as core earnings available to common shareholders divided by diluted weighted average common shares outstanding. Measures the underlying earnings capacity of our businesses on a per share basis, and is an important factor in valuing our share price. For our annual incentive, core earnings for the company exclude credit losses and loss reversals to minimize annual volatility under IFRS 17 and 9. 56 Manulife Financial Corporation