Each year the board also engages in a review to In 2022 the board chair assessment assess the performance and effectiveness of consisted of a deep dive on the attributes the Chair of the Board in carrying out his and priorities required of the next Chair of mandate. the Board to support Manulife in achieving Each of the committee chairs solicits feedback its strategic objectives. from committee members on their respective committee’s performance against the prior year objectives and proposed objectives for the following year. Each committee also meets in camera to discuss the assessment and to review and assess the adequacy of their respective committee charters and confirm all requirements of the charter were met during the year. An independent consultant facilitated the self-assessment process in 2021. In 2022, in light of the planned retirement of Mr. Cassaday at the end of his term, the board conducted the self-assessment in tandem with the chair succession process that included extensive feedback from all board members on, among other things, the attributes and priorities required of the next Chair of the Board to support Manulife in achieving its strategic objectives. This review included extensive interviews of each board member conducted by a subcommittee of the board to solicit feedback. The process included one-on-one interviews between the incoming Chair of the Board and each director to obtain feedback on the performance of the board, committees, committee chairs and individual directors and to aid in developing the board’s objectives for the following year. 134 Manulife Financial Corporation