Executive Compensation Marc Costantini Global Head of Inforce Management Mr. Costantini was appointed Global Head of Inforce Management on June 13, 2022 and is responsible for leading all initiatives to improve the profitability and risk profile of Manulife’s Inforce business. He is a member of Manulife’s executive leadership team. Mr. Costantini previously worked with Manulife from 1990 to 2014 , holding a variety of executive leadership roles in Corporate Strategy, Corporate Development, Finance, and the operating businesses. Prior to rejoining the company, he was President & CEO, Corporate Development, Strategy and Digital Solutions for Munich Re’s North America Life & Health business. Since rejoining Manulife, Mr. Costantini has rapidly integrated himself into the company, building strong partnerships with peers and other colleagues, immediately making an impact on our company’s Inforce Management activities, and ensuring the transition to his leadership was seamless. In his role, Mr. Costantini is responsible for delivery of portfolio optimization as a key strategic priority. He is also committed to driving greater diversity within his own team and the company more broadly. The information below describes the company’s financial results and other factors that went into determining his compensation for 2022 . 2022 FINANCIAL MEASURES • Executed two transactions in 2022 to reinsure over 80% of our legacy U.S. variable annuity business and released $2.45 billion of capital • Delivered $9 billion of cumulative capital benefits from our legacy businesses since 2017 , exceeding the portfolio optimization target by $4 billion and showcased significant reduction to market sensitivities • Delivered reduction in long term care and variable annuity core earnings contributions from 25% in 2020 to 18% CONTRIBUTION TO THE DELIVERY OF MANULIFE’S STRATEGIC PRIORITIES • Launched a comprehensive care concierge wellness program in the United States, a refined service model for Inforce customers in Canada, and improved Inforce analytics across Asia ESG • Achieved long term care 2019 program-to-date premium rate adjustment approvals of $2 billion from U.S. regulatory authorities • Fully incorporated considerations related to the new IFRS 17 accounting standard into the Inforce Strategy • Leveraged advanced analytics to develop fraud models to detect and prevent potential fraud instances and to accelerate auto adjudication time and consistency in U.S. long term care claim management 1 ESG • Increased employee engagement score for Inforce, resulting in top quartile positioning • Contributed to achieving increased black, Indigenous and people of color (BIPOC) representation across the organization, as well as advancing diversity, equity and inclusion efforts ESG The items marked with a ESG are directly linked to enterprise goals for 1 Quartile ranking based on the Gallup overall global multi- ESG-related measures that are key to industry database. our business strategy. 2023 Management information circular 75