Executive Compensation Compensation of the named executives Roy Gori President and CEO Mr. Gori is President and CEO and a member of the board of directors. He has overall responsibility for Manulife’s strategy, operations, and performance. Mr. Gori joined Manulife in 2015 as President and CEO, Manulife Asia, and was promoted to his current role in 2017. Mr. Gori led Manulife to solid 2022 results, demonstrating the resilience and strength of our diverse, global franchise. Under his leadership, we continued to make progress on the strategic priorities that we set in 2018, improved on our already top quartile employee engagement scores, expanded our environmental, social and governance investment offerings, and delivered solid financial results despite difficult market conditions that impacted our Global WAM results and a challenging operating environment in Asia due to the ongoing prevalence of COVID-19. The information below describes the company’s financial results and other factors that went into determining his compensation for 2022. 2022 FINANCIAL MEASURES • Record net income attributed to shareholders was $7.3 billion, up $0.2 billion from 2021 • ROE was 14.1% and core ROE1 was 11.9% (compared with 13.0% and 14.2% in 2021 respectively) 2 • Core earnings were $6.2 billion, down 7% from 2021 • NBV was $2.1 billion, down 9%2 from 2021 2 • APE sales were $5.7 billion, down 7% from 2021 • Global WAM net inflows were $3.3 billion • TSR on the TSX for 2022 was 5.9%, in line with our performance peers and above that of the S&P/TSX Composite and Composite Financials indices (see page 51 for a list of our performance peers) PROGRESS AGAINST MANULIFE’S FIVE STRATEGIC PRIORITIES Accelerate growth • Generated 63% of core earnings from our highest potential businesses, an improvement of 9 percentage points from the 2017 baseline • Achieved net inflows in Global WAM, compared to outflows for most North American peers in 2022 • Drove 25% and 18% NBV growth in the U.S. and Canada, respectively, and double-digit growth achieved in net income and core earnings in Canada for 2022 • Completed the acquisition of the remaining 51% stake in MTEDA, making Manulife the first foreign firm to take full control of a funds joint venture in China Digital, customer leader • Improved relationship net promotor score (rNPS) (+20) by 19 points from the 2017 baseline and a 1-point reduction from 2021 ESG • Launched digital roadmap and accelerated initiatives to make measurable progress towards digital customer leadership • Increased straight-through processing to 83% (vs. 68% in 2018) ESG • Accelerated electronic point of sale (ePOS) case adoption in Asia to 89%, a 15% increase over 2021 • Reduced Group Benefits claims processing times by 60% through the acceleration of our digital claims platform in Canada • Gained access to 31 million users through Vietnam’s most popular digital e-wallet to offer health insurance The items marked with a ESG are 1 Core ROE is a non-GAAP ratio. See Non-GAAP and other directly linked to enterprise goals for financial measures on page 57 for more information. ESG-related measures that are key to 2 Percentage growth in core earnings, NBV, and APE sales is our business strategy. stated on a constant exchange rate basis. 2023 Management information circular 67