2022 compensation mix 21% RSUs Fixed pay 18% Base salary Variable pay 29% Annual incentive 53% Equity-based incentives 32% PSUs 2023 target compensation mix 25% RSUs Fixed pay 15% Base salary Variable pay 23% Annual incentive 62% Equity-based incentives 37% PSUs Base salary Mr. Witherington’s salary was $950,000 in 2022 and was increased to $975,000 effective March 1, 2023. Annual incentive Mr. Witherington’s 2022 annual incentive award was approved and paid in February 2023. It was 122% of his target and 31% lower than his 2021 award. 10% of the award was delivered in Manulife common shares purchased on the open market. For 2023, Mr. Witherington’s annual incentive target was increased from 135% to 150% of base salary. Equity-based incentives Mr. Witherington’s 2022 equity-based incentive awards totaled $2,800,000. The awards, granted in March 2022, were based on his performance, the competitive position of his compensation compared to our compensation peer group and the board’s focus on aligning executive pay with the interests of our shareholders. In February 2023, the board approved $4,000,000 in equity-based incentives for Mr. Witherington and allocated 60% to performance share units and 40% to restricted share units. These awards are intended to be forward-looking. The actual amount Mr. Witherington realizes will be greater or less than the theoretical grant date amount based on our share price at the time of vesting and Manulife’s financial performance over the next three years. 74 Manulife Financial Corporation