(nominated directors as at February 28, 2023) Female directors (as a percentage of total directors) 7 of 12 58% Female directors (as a percentage of independent directors) 7 of 11 64% 1 Directors who have self-identified as members of a visible minority (as a percentage of total directors) 3 of 12 25% 1 (as a percentage of independent Directors who have self-identified as members of a visible minority directors) 3 of 11 27% 1 As defined in the Employment Equity Act (Canada). The corporate governance and nominating committee reviews the board diversity policy and specific objectives annually and may recommend changes to the policy and the objectives as appropriate. The board and committee’s effectiveness at implementing the policy is taken into account during annual performance evaluations. SKILLS AND EXPERIENCE Starting in 2023, members of the The corporate governance and nominating corporate governance and nominating committee helps determine the necessary committee will participate in at least one qualities, skills and experience for a member of externally facilitated ESG-related education the board of a global financial services session every two years. The sessions may company and Manulife in particular. The be external courses or externally facilitated committee maintains a skills matrix to identify sessions tailored to cover issues relevant to any gaps or emerging areas of importance in Manulife and open to all board members. the board’s overall skill set. Directors must possess six core attributes: • a reputation for integrity and ethical behaviour • a demonstrated ability to exercise judgment and communicate effectively • financial knowledge • prominence in their area of expertise • experience relevant to our operations • sufficient time to dedicate to board and committee work. In addition to the core attributes, all members of the board have considerable senior executive experience, operations/governance experience in one or more of Asia, Canada and the U.S., and are financially literate within the meaning of applicable securities laws. The table on the following page shows the diverse experience of the board and individual nominees in areas identified as necessary for effective oversight of the company given its current operations and strategy. These qualifications are considered in reviewing board succession and evaluating potential board members. Experience in and an understanding of ESG matters are also considered essential characteristics because of the importance of ESG to Manulife and the board’s role in overseeing Manulife’s ESG framework. Directors are expected to have a significant knowledge and understanding of ESG issues relevant to and based on their respective experiences in their professional careers or as a corporate director. In addition to considering appropriate ESG experience possessed by potential director candidates, directors gain ESG experience through ongoing education sessions and reports on ESG strategy, trends, risks and opportunities and all directors are encouraged to attend sessions on ESG matters at meetings of the corporate governance and nominating committee. 130 Manulife Financial Corporation