Our executive compensation program and 2022 performance Our executive compensation program for our named executives includes base salary, annual and equity- based incentives, and other elements such as pension, benefits and wellness, and perquisites. Element Form Performance criteria Key characteristics Base salary Cash • Fixed compensation based on role, performance, and qualifications, experience Annual incentive Cash and Key measures: • Variable compensation based equity • Net income on company objectives and attributed to individual performance goals shareholders (25%) • Individual performance • Core earnings objectives are tied to excluding core financial performance and investment gains contribution to Manulife’s (25%) strategic priorities, including • New business value performance goals linked to (15%) diversity, equity and • Global Wealth and inclusion, employee Asset Management engagement, leadership (Global WAM) core accountability and Manulife’s earnings (15%) Climate Action Plan • Strategic focus • 10% of annual incentives are (20%) delivered in Manulife common shares Equity-based Performance 3-year vesting period • Ties compensation to incentives share units Key measures: company and share price (PSUs) (60%) • Book value per share performance over both the excluding AOCI medium and long term (50%) • Strengthens retention and • Core return on reinforces alignment with equity (50%) shareholder value • Relative TSR • 10% of the vesting value of modifier (+/- 20%) RSUs and PSUs is delivered compared to in Manulife common shares Manulife’s performance peer group Restricted 3-year vesting period share units (RSUs) (40%) 52 Manulife Financial Corporation