The table illustrates that the actual value of CEO compensation is closely aligned with the shareholder experience. This is consistent with our emphasis on aligning executive compensation with the longer-term success of Manulife. Total direct Actual value Value of $100 compensation on December 31, Manulife Manulife (in CAD$) awarded 2022 Period CEO shareholders 2018 $12,081,371 $10,395,423 Jan 1, 2018 to Dec 31, 2022 $86.05 $116.91 2019 $13,757,207 $13,185,077 Jan 1, 2019 to Dec 31, 2022 $95.84 $152.34 2020 $13,576,368 $11,910,863 Jan 1, 2020 to Dec 31, 2022 $87.73 $107.27 2021 $15,978,085 $16,440,659 Jan 1, 2021 to Dec 31, 2022 $102.90 $118.14 2022 $15,872,059 $15,347,900 Jan 1, 2022 to Dec 31, 2022 $96.70 $105.86 Value of $100 $180 $150 $120 $90 Manulife CEO $60 Manulife shareholders $30 0 2018 2019 2020 2021 2022 Total direct compensation awarded includes base salary, annual incentive, and equity-based incentives, as reported in the summary compensation table each year. Actual value (realized and realizable) represents the actual value to the CEO of compensation awarded each year, realized between grant and December 31, 2022 or still realizable on December 31, 2022. Value of $100 for CEO represents the actual value as of December 31, 2022 for each $100 of total direct compensation awarded in each year. Value of $100 for Manulife shareholders represents the cumulative value of a $100 investment in common shares made on the first trading day of each period, assuming reinvestment of dividends. Our pay-for-performance alignment review also includes a five-year lookback of our CEO’s compensation compared to our TSR performance against our peers and against various indices (see page 71). Details about the 2022 compensation decisions for our other named executives begin on page 72. CHANGES TO THE EXECUTIVE COMPENSATION PROGRAM FOR 2023 In 2022, we conducted a comprehensive review of our executive compensation program with the goals of simplifying the program design, responding to shareholder feedback, ensuring that the measures were driving the desired actions by executives, and adapting to changes as a result of IFRS 17 (a new accounting standard that replaced IFRS 4 on accounting for insurance contracts). Following this review, we implemented the adjustments noted on the next page. 44 Manulife Financial Corporation