Executive Compensation Defined benefit pension plan (cash balance) 401(k) plan Retirement Normal retirement is 65, but benefits Participants receive the value of their can be paid at any retirement age based account when they leave employment on the value of the participant’s account or if they become permanently disabled on the date their pension begins Payments are normally made as a life annuity, but participants can choose a lump sum or other payment option Closed defined benefit pension plan (final average pay) and defined benefit Defined contribution supplemental arrangement supplemental arrangement Mr. Hartz earned final average pay We credit 8% of eligible compensation benefits in these plans until December above the IRS maximum to a notional 31, 2011. None of the other named account for each participant executives participate in these plans. Eligible compensation is calculated as The final average pay benefit is the base salary and the annual incentive, sum of the following: including the amount taken as i) 1.43% of average compensation deferred share units (highest 3 years) up to the average Our notional contributions vest after Social Security Wage Base (SSWB) for three years of service each year of pre-2012 service up to Investment income credits are based 30 years, on the investment options selected by ii) 1.80% of average compensation in the participant excess of the average SSWB for Participants receive the value of their each year of pre-2012 service up to account in 18 monthly instalments 30 years, and beginning the seventh month after iii)1.00% of the sum of (i) and (ii) for leaving employment each year of pre-2012 service in excess of 30 years. Hong Kong Defined contribution plan (Manulife Mandatory Provident Fund (MPF) Top-up) Who All Hong Kong permanent employees participates Terms Participants contribute 5% of annual salary Contributions on salary up to the MPF maximum (HK$360,000 in 2022) go to the mandatory account. Contributions on salary above the MPF maximum go to the voluntary account Participants choose from a range of options to invest their account Pension We contribute based on length of service as follows: formula Less than 5 years 5% of annual salary 5 to 10 years 7.5% of annual salary More than 10 years 10% of annual salary All our contributions, other than the first 5% of annual salary up to the MPF maximum, go to the voluntary account Our contributions to the mandatory account vest immediately Our contributions to the voluntary account vest on a sliding scale based on length of service that grades by 10% per year starting at 30% after three years to 100% after 10 years Retirement Participants can receive the value of the voluntary account at any time but can receive the value of the mandatory account only after age 60 2023 Management information circular 97