The committee did not make any adjustment to the targets for the unanticipated disruptions to our Asia business due to COVID-19 challenges, or to address changes experienced in the macro-economic environment. In line with principles the committee had established several years ago regarding the treatment of any changes in our P&C Reinsurance business, approximately $80 million (out of $256 million) of the P&C Reinsurance claims provision incurred for Hurricane Ian was excluded from the determination of the annual incentive award score. This adjustment increased the overall performance score by 2 points. For more information about each named executive’s annual incentive award, and a discussion of their performance against their individual goals, see the named executive profiles starting on page 67. Our plan design includes an adjustment for individual performance to determine each named executive’s final payout. Company performance score for 2022 Funding range Threshold Target Maximum Weighted 2021 Performance criteria 0 100 200 Results Score score actual1 and weighting 2 2 $5,137 $7,339 $10,275 $7,294 101% 25% $7,105 Net income attributed to shareholders3 ($ millions) 25% 2 2 $4,684 $6,245 $7,806 $5,782 75% 19% $6,136 Core earnings excluding core investment gains ($ millions) 25% New business profitability ($ millions) 30% $1,250 $2,500 $3,750 $2,063 65% 10% $2,243 New business value (15%) $787 $1,573 $2,360 $1,241 58% 9% $1,406 Global WAM core earnings (15%) 120% 24% 115% Strategic focus4 Customer, employee and strategic initiatives including ESG 20% 3 2022 company performance 87% score 1 This column shows the 2021 actual results for reference. The 2021 company performance score was 142%. 2 The board approved an adjustment of $80 million to partly offset the $256 million charge in P&C Reinsurance related to Hurricane Ian. This amount was determined by applying an approach previously agreed to by the committee that allows for an adjustment to the extent that average return on capital for the P&C Reinsurance business exceeds a specified target. The adjustment had a 3 and 5 point positive impact on the net income and core earnings scores, respectively, and increased the final 2022 company performance score by 2 points. While a full adjustment for Hurricane Ida and European floods would have been allowed in the prior year, the board did not make any adjustment to 2021 scores. 3 Performance at threshold results in a performance score of 25%. Performance below threshold results in a performance score of zero. 4 Performance is assessed against predetermined goals established in our business plan. 58 Manulife Financial Corporation