Executive Compensation CEO total direct compensation (US$) 2018 2019 2020 2021 2022 Base salary $1,100,000 $1,100,000 $1,200,000 $1,200,000 $1,200,000 1 $3,088,800 $3,700,000 $2,822,400 $4,600,800 $2,923,200 Annual incentive 1 $5,200,000 $5,600,000 $6,325,000 $6,825,000 $8,200,000 Equity-based incentives Total direct compensation $9,388,800 $10,400,000 $10,347,400 $12,625,800 $12,323,200 1 Timing of awards: the 2022 column includes the annual incentive awarded for 2022 and paid in February 2023 and the equity- based incentives granted in March 2022. For 2023, the board increased Mr. Gori’s base salary to US$1,300,000 and maintained his annual incentive target at 200% of salary. He was granted an equity-based incentive award of US$8,500,000 in March 2023. EXECUTIVE COMPENSATION AND ESG As part of our ESG strategy, Manulife sets board-approved enterprise goals for ESG-related measures that are key to our business strategy and that factor into annual incentives for the named executives in two ways: • The strategic focus component of the company performance score is based in part on an assessment of performance against goals linked to diversity, equity and inclusion, climate action, employee engagement and customer satisfaction. • The individual performance goals for each named executive also include goals linked to diversity, equity and inclusion, climate action, employee engagement and leadership accountability, as well as risk goals related to cybersecurity and ethical business conduct (see the executive profiles starting on page 67). You can learn more about Manulife’s ESG strategy on our website at manulife.com/sustainability and in our annual ESG Report (the 2022 report will be published in the second quarter of 2023). LINKING CEO PAY TO SHAREHOLDER VALUE We look at pay for performance from different perspectives to ensure there is strong alignment between what our CEO earns and our total shareholder return (TSR). The CEO lookback table, on the following page, compares total direct compensation awarded to the CEO in each of the last five years to the actual value of that compensation as of December 31, 2022, illustrating how our share price affects what the CEO actually earns over time. The analysis also shows the actual value as of December 31, 2022 for each $100 of compensation awarded each year, and compares it to the value earned by shareholders over the same period. We have indexed these values at $100 to provide a meaningful comparison. 2023 Management information circular 43