Executive Compensation PAY FOR PERFORMANCE LINKAGE To ensure the effectiveness of our executive compensation program and its alignment to our core principle of paying for performance, we conduct analyses from a variety of perspectives. In addition to the analysis shown in the executive summary on page 43, another view of pay for performance is illustrated in the graph below which compares Manulife’s TSR to the performance of the S&P/TSX Composite Financials Index and to the median of our performance peer group. It also shows the CEO’s realized and realizable pay over the same period and how it aligns with our share price. When TSR has been lower, CEO pay has decreased; and when TSR has been higher, the CEO’s pay has increased. This alignment occurs because a significant portion of the CEO’s pay is equity-based. Total shareholder return Compensation (%) ($ millions) 50 30 30 25 20 10 15 -10 10 — Manulife TSR (TSX) -30 5 — S&P/ TSX CappedFinancials Index — Performance Peer Group -50 0 Realized and realizable pay for the CEO 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 Manulife TSR (on the TSX) (23.3%) 42.0% (9.2%) 11.6% 5.9% Median of our performance peer group (20.1%) 29.8% (5.1%) 37.3% 6.2% S&P/TSX Composite Financials Index (9.3%) 21.4% 1.6% 36.5% (9.4%) 1 Realized and realizable pay for the CEO $1.7M $23.8M $ 4.2M $18.2M $16.0M 1 Realized and realizable pay for Mr. Gori. Equity is valued based on $24.15, the closing prices of Manulife common shares on the TSX as at December 31 for each year. For 2022, reflects $11.5 million received in cash (realized pay), and an increase of $4.5 million in outstanding equity awards that have not yet been realized (change in realizable pay). Realized and realizable pay • cash compensation paid for a given year, including salary, annual incentive (earned for the year shown but paid the following year), • payouts of restricted share units and performance share units upon vesting and gains realized from exercising stock options, and • the change in value of outstanding restricted share units, performance share units, stock options, deferred share units and shares held in escrow on December 31 of a given year compared to December 31 of the previous year, based on our share price on the TSX as at each of those dates. Total shareholder return TSR is the change in value of an investment between January 1 and December 31 of a given year, assuming dividends are reinvested. For Manulife, TSR reflects the value of our common shares on the TSX. 2023 Management information circular 71