Executive Compensation • Delivered an expense efficiency ratio of 50.9% and maintained general expenses in line with 2021 despite the inflationary environment but 0.9 percentage points above our target for 2022, as lower expenses were offset by lower core earnings • Delivered on our 2022 target of $1 billion in expense efficiencies in 2020, two years ahead of schedule • Delivered industry leading IFRS 17 communication and educational materials to our shareholders including a joint publication on IFRS 17 with Canadian peers, updated targets and KPIs, and the Opening Balance Sheet published in the 2022 financial statement notes • Further transformed Finance in the areas of expense planning and forecasting, management reporting, strategic cost management treasury, and • Closed two transactions to reinsure over 80% of Manulife’s legacy U.S. variable annuity block, releasing $2.45 billion of capital and significantly reducing our risk 4 ESG • Increased employee engagement score for Finance, improving on already top quartile results • Continued to upgrade talent in key roles and build a more diverse Finance team through internal appointments, external appointments, and ongoing talent development ESG • Advanced the DEI strategy for Finance by establishing a global committee to drive geographically- focused actions ESG • Continued to serve as the executive sponsor of the PROUD Employee Resource Group and as the executive leadership team’s mental health ambassador ESG 4 Quartile ranking based on the Gallup overall global multi-industry database. TOTAL DIRECT COMPENSATION The table below shows the total direct compensation the board approved for Mr. Witherington for 2022, and his base salary and equity-based incentives for 2023, based on the recommendation of the CEO and the management resources and compensation committee. 2020 2021 2022 2023 Base salary $915,000 $915,000 $950,000 $975,000 1 Annual incentive $1,453,000 $2,280,000 $1,562,000 $1,462,500 (target) Equity-based incentives1 • PSUs $1,250,000 $1,620,000 $1,680,000 $2,400,000 • RSUs $500,000 $1,080,000 $1,120,000 $1,600,000 • stock options $750,000 $0 $0 $0 Total direct compensation $4,868,000 $5,895,000 $5,312,000 $6,437,500 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 2023 Management information circular 73