Portfolio optimization • Delivered $9 billion of cumulative freed-up capital since 2018 • Executed on two legacy U.S. variable annuity transactions; collectively these two transactions freed up approximately $2.45 billion in capital • Reduced our long term care and variable annuity core earnings contribution from 25% in 2020 to 18% • Bought back 4.1% of common shares in 2022 for $1.9 billion • Dividend increased at 10% compound annual growth rate in the 5-year period from 2017 to 2022; including 3.5 cents or 11% increase in quarterly dividend for the first quarter 2023 Expense efficiency • Delivered expense efficiency ratio of 50.9%, with expenses maintained in line with 2021 despite the inflationary environment, but 0.9 percentage points above our target for 2022, as lower expenses were offset by lower core earnings • Achieved our 2022 target expense efficiencies of $1 billion in 2020, two years ahead of schedule High performing team th 3 • Ranked in the top 6 percentile amongst global financial services and insurance companies on our 2022 employee engagement survey, up from top 14th percentile in 2021 ESG • Named a World’s Best Employer by Forbes for the third consecutive year ESG • Increased total company gender diversity of women at the Vice President level and above to 32%, exceeding our target and building on the positive trend from 2021 ESG • Recognized on Bloomberg’s Gender-Equality Index for the fourth year in a row ESG ESG • Prioritized ESG as a key competitive differentiator and accelerated progress on our global impact agenda, including the launch of the Global Climate Action strategy in Europe and Asia and Manulife Forest Climate strategy in the U.S. ESG • Named again to the S&P Dow Jones Sustainability North America Index, one of only seven insurers across North America to be included, placing us within the top ten percent of our industry peers globally ESG • Achieved net zero operational scope 1 and scope 2 greenhouse gas emissions ESG • Engaged with regulators and policymakers on pressing ESG matters, including proposed mandatory climate disclosures by the Office of the Superintendent of Financial Institutions, the U.S. Securities and Exchange Commission, Monetary Authority of Singapore and Bermuda Monetary Authority ESG • Established science-aligned interim financed emission targets within our General Account investment portfolio ESG The items marked with a ESG are directly linked to enterprise goals for 3 Percentile ranking based on the Gallup global financial ESG-related measures that are key to services and insurance database. our business strategy. 68 Manulife Financial Corporation