Phil Witherington Chief Financial Officer Mr. Witherington is responsible for managing Manulife’s financial affairs, including financial accounting and reporting; planning and analysis; taxation; investor relations; treasury; capital management and financial regulation, while also overseeing the strategy, transformation and corporate development functions, and our property and casualty reinsurance operations. He is a member of Manulife’s executive leadership team. In 2022, Mr. Witherington delivered several standout milestones, especially in terms of operational delivery and financial discipline, and made significant contributions to the company’s achievement of a wide range of strategic objectives. Mr. Witherington played a key role in optimizing our legacy portfolio, as demonstrated by two transactions to reinsure over 80% of Manulife’s U.S. variable annuity block. He contributed to all aspects of enterprise-wide strategic planning, resource prioritization and initiative governance, with a continued focus on supporting the growth of our highest potential businesses, and our digital and customer priorities. Under Mr. Witherington’s financial leadership, the Company is well-prepared to adopt IFRS 17 and continued to be an industry leader in IFRS 17 implementation and communication of related impacts to external stakeholders. Mr. Witherington delivered on a broad range of capital deployment actions, leading to common share buy-backs and a common share dividend increase, enabled by a strong capital position and record remittances. In leading the Global Finance function, he drove finance transformation by continuing to modernize management information systems as well as reporting and forecasting capabilities and led our global culture of expense discipline. These accomplishments were enabled by an outstanding global team with further improved top quartile employee engagement. The information below describes the company’s financial results and other factors that went into determining his compensation for 2022. 2022 FINANCIAL MEASURES • Record net income attributed to shareholders was $7.3 billion, up $0.2 billion from 2021 • ROE was 14.1% and core ROE 11.9% (compared with 13.0% and 14.2% in 2021 respectively) 1 • Core earnings were $6.2 billion, down 7% from 2021 2 • Remittances were $6.9 billion, an increase of $2.5 billion over 2021 • The Manufacturers Life Insurance Company’s Life Insurance Capital Adequacy Test (LICAT) total ratio3 was 131% as at December 31, 2022 • Capital deployment actions include deploying a portion of excess capital to buy-back 4.1% of common shares in 2022 and an 11% increase in quarterly dividend for the first quarter of 2023 CONTRIBUTION TO THE DELIVERY OF MANULIFE’S FIVE STRATEGIC PRIORITIES • Delivered strong core earnings lower new business in Asia and a challenging macroeconomic environment • Continued to support the growth of our highest potential businesses with a targeted allocation of capital and internal resources to initiatives in our Asia and Global WAM segments resulting in 63% of core earnings from our highest-potential businesses in 2022, a notable improvement of 9 percentage points from the 2017 baseline of 54% 1 Percentage growth in core earnings is stated on a constant exchange rate basis. The items marked with a ESG are directly 2 For more information on this metric, see non-GAAP and other financial measures on page 57. linked to board-approved enterprise goals 3 LICAT ratio is disclosed under the Office of the Superintendent of for ESG-related measures that are key to Financial Institutions Canada’s (“OSFI’s”) Life Insurance Capital our business strategy. Adequacy Test Public Disclosure. 72 Manulife Financial Corporation