Executive Compensation Performance criteria and weighting for the 2022 awards Aligns compensation with shareholder experience Net income Threshold Target Maximum attributed to shareholders score 25* 100 200 25% performance 30% below target at target 40% above target *Below threshold performance results in a score of zero. Reflects the underlying earnings capacity and is an important factor in valuing Core Manulife’s share price earnings excluding core Threshold Target Maximum investment score 0 100 200 gains 25% performance 25% below target at target 25% above target Measures profitable growth in new business across our portfolio, including: New business • New business value for insurance businesses profitability • Global WAM core earnings 30% Threshold Target Maximum score 0 100 200 performance 50% below target at target 50% above target Represents an index of measures used to track performance against our ESG Strategic commitments and our five strategic priorities: Accelerate Growth, Digital Customer focus Leader, Portfolio Optimization, Expense Efficiency, and High Performing Team. 20% Includes quantifiable goals, subject to a qualitative overlay, that are established at the beginning of the year and approved by the management resources and compensation committee How the financial measures are defined Net income attributed to shareholders: as disclosed in our annual report, available at manulife.com. Core earnings excluding core investment gains: core earnings measures the underlying earnings capacity of our businesses. For our annual incentive, we exclude core investment gains to align with operational performance. New business profitability: measures profitable growth in new business across our portfolio. Includes the following measures: • New business value for insurance businesses represents the change in shareholders’ economic value as a result of sales in the period. Calculated as the present value of shareholders’ interest in expected future distributable earnings, after the cost of capital, on actual new business sold in the period. • Global WAM core earnings: core earnings of our Global WAM segment, which provides fee-based wealth and asset management solutions to our retail, retirement and institutional customers around the world. 2023 Management information circular 55