Executive Compensation Share-based awards Exchange rate for The grant date fair value of performance Grant date Share price awards in U.S. dollars share units, restricted share units and 2022 March 1 $ 26.54 US$1.00 = $1.2728 deferred share units awarded to the named August 29 $ 23.80 US$1.00 = $1.2952 2021 March 2 $ 25.15 US$1.00 = $1.2634 executives is shown in the table to the right. 2020 March 3 $ 24.38 US$1.00 = $1.3298 For 2022 and 2021 share-based award grants, the grant price is the average closing price for the 10 trading days before the grant date. For the 2020 shared-based award grant, the grant date fair value is the closing price of a Manulife common share on the TSX on the last trading day before the grant date or the average closing price for the last 10 trading days before the grant date (whichever is higher). Mr. Costantini’s amount for 2022 includes a one-time award of US$1,500,000 in restricted share units, granted on August 29, 2022, to replace compensation of similar value and with similar vesting conditions that he forfeited from his previous employer. The restricted share units vest 50% on August 29, 2023 and 50% on August 29, 2024. Option-based awards We have not awarded stock options since 2020. Exchange rate The grant date fair value of stock options awarded Exercise Fair value for awards in to the named executives was calculated using the Grant date price factor U.S. dollars data in the table to the right. 2020 March 3 $24.38 15.0% US$1.00 = $1.3298 We used the Black-Scholes methodology to determine the fair value of the stock option Expected life Expected Risk-free Expected awards (using the same assumptions we use (years) volatility interest rate dividend yield for accounting purposes): 2020 8.0 23.0% 1.50% 3.50% Annual incentive Exchange rate for Paid in cash in the year following the fiscal year in which the award was earned. The awards in U.S. dollars U.S. dollar amounts were converted to Canadian dollars using the exchange rates 2022 US$1.00 = $1.3411 that applied on the previous pay dates. 2021 US$1.00 = $1.2686 2020 US$1.00 = $1.2686 Pension value The sum of the amounts under compensatory change for each named executive in the pension tables on pages 93 and 94. All other compensation Mr. Gori’s amount includes: • 2022: $27,035 for club membership fees and a $100,000 flexible spending account allowance. • 2021: $31,139 for club membership fees and a $100,000 flexible spending account allowance. • 2020: $23,249 for club membership fees, $43,557 reimbursement for a disallowed tax credit related to his relocation to Canada in 2017 and a $100,000 flexible spending account allowance. Mr. Witherington’s amount includes: • 2022: a $50,000 flexible spending account allowance. • 2021: a $50,000 flexible spending account allowance. • 2020: a $50,000 flexible spending account allowance. Mr. Costantini’s amount includes: • 2022: a one-time payment of US$750,000 to replace compensation forfeited from his previous employer. Ms. Harrison’s amount includes: • 2022: $8,189 in total perquisites. • 2021: $7,416 in total perquisites. • 2020: $7,416 in total perquisites. 2023 Management information circular 87