Executive Compensation Financial measures Despite difficult market conditions, Manulife demonstrated its resilience by delivering solid financial results in 2022: • Record net income attributed to shareholders of $7,294 million in 2022; up $189 million from 2021 1 • Core earnings before core investment gains of $5,782 million in 2022 compared to $6,136 million in 2021; supported by strong Canada and resilient Asia results • New business value (NBV) of $2,063 million in 2022 compared to $2,243 million in 2021; driven by strong growth in the U.S. and Canada, 25% and 18% respectively, but negatively impacted by the challenging operating environment in Asia • Global WAM core earnings of $1,241 million in 2022 compared to $1,406 million in 2021; primarily due to lower net fee income from lower average assets under management and administration • Delivered $6.9B in remittances in 2022, the highest in our company’s history Understanding the strategic focus score We made strong progress on our strategic priorities. For more information about our financial results and our progress on our strategic priorities, please see our 2022 annual report at manulife.com. Highlights from 2022 include: Accelerate growth: • Achieved net inflows in Global WAM versus industry outflows in North America, showcasing positive net flows in 12 out of 13 past years. We also drove double-digit growth rates in Canada on net income, core earnings and NBV in 2022 • Generated 63% of core earnings from highest potential businesses (Asia segment, Global WAM, Canada Group Benefits, and behavioral insurance products), up 9 percentage points from our 2017 baseline and in line with 2021 • Further bolstered our presence in high-growth attractive markets by acquiring control of our mainland Chinese asset management joint venture, Manulife TEDA Fund Management Co., Ltd (MTEDA), through the purchase of the remaining 51% of shares from our joint venture partner, making us the first global wealth and asset manager to acquire a 100% stake in a fully operating public fund management company in mainland China Digital, customer leader: • With $1 billion invested since 2018 in digital capabilities driving continued efficiencies, our relationship NPS (rNPS) score of +20 marked a significant 19-point improvement from our 2017 baseline ESG • Achieved straight-through-processing (STP) of 83%, representing a 15 percentage point improvement from our 2018 baseline due to improvement in app releases and increased digital capabilities ESG • Increased adoption of electronic point of sale (ePOS) in Asia, our proprietary digital onboarding app, by 15 percentage points to 89%. Accelerated the utilization of our digital claims platform in Canada and reduced Group Benefits claims processing times by 60% • Became the first insurer in Vietnam to offer health insurance on Vietnam’s most popular digital e-wallet with a 31 million user base Expense efficiency: • Maintained general expenses and core general expenses in line with 2021 and our 2022 expense 1 efficiency ratio was 50.9% despite the inflationary environment, reflecting our strategic focus on digitalization and efficiency, and the value of our disciplined approach to managing operating expenses • Delivered on our 2022 target of $1 billion in expense efficiencies in 2020, 2 years ahead of schedule The items marked with a ESG are directly linked to enterprise goals for 1 Core earnings and expense efficiency ratio are non-GAAP ESG-related measures that are key to measures. See Non-GAAP and other financial measures on our business strategy. page 57 for more information. 2023 Management information circular 59