Executive Compensation Scott Hartz Chief Investment Officer Mr. Hartz is Chief Investment Officer for Manulife. He oversees all of Manulife’s General Account investments in Canada, the United States, Asia and Europe. Mr. Hartz is also the Chief Investment Officer for John Hancock Life Insurance Company (U.S.A.), a wholly owned subsidiary of Manulife. He is a member of Manulife’s executive leadership team. In 2022, under the leadership of Mr. Hartz, the General Account function has had strong results with investment related experience. Mr. Hartz’s decisiveness, depth of investment experience, and measured approach helped us navigate a year of exceptional market volatility. He seeks to be proactive in outlook, brings a value-added perspective to a range of issues, and optimizes actions given what is in the best interests of the company, customers, and shareholders. The information below describes the company’s financial results, general fund performance and other factors that went into determining his compensation for 2022. 2022 FINANCIAL MEASURES • Delivered solid investment experience over the last year, with 2022 total gain of $1.2 billion. This was driven by strong credit experience, gains from fixed income reinvestment activities, and higher-than- expected returns (including fair value changes) on alternative long duration assets (ALDA) • General fund invested assets were $414 billion as at December 31, 2022 • The carrying value of ALDA of $51.7 billion represented 12% (2021 – $44.4 billion and 10%) of the General fund invested assets • Investments in renewable energy and energy projects had a carrying value of $13.6 billion as at December 31, 2022 (2021 – $13.1 billion). ESG • A net charge of $840 million for the direct impact of markets, primarily from the impact of unfavourable equity market performance and losses from the sale of available-for-sale bonds, partially offset by gains due to fixed income reinvestments rates resulting from the flattening of the yield curve in the U.S. and Canada CONTRIBUTION TO THE DELIVERY OF MANULIFE’S FIVE STRATEGIC PRIORITIES • Delivered strong performance, with investment returns in the ALDA portfolio being particularly strong, exceeding long term assumptions • Maintained a high-quality fixed income portfolio throughout 2022, which was 96% investment grade with 71% rated A or higher • Sustained our excellent credit experience through a robust risk management framework leading to $252 million of investment gains in 2022 • Streamlined our commercial mortgage origination processes following an end-to-end review, resulting in a 10% reduction in expenses • Redesigned the credit review process for publicly rated bonds to be more efficient and effective with the expected long-term benefit of improving our credit experience • Invested in timberland where harvesting is curtailed to produce carbon credits ESG • Allocated $500 million in private equity investments focused on the energy transition away from fossil fuels ESG 1 ESG • Maintained top quartile employee engagement The items marked with a ESG are directly linked to enterprise goals for ESG-related 1 Quartile ranking based on the Gallup overall workgroup level measures that are key to our business global/multi-industry database. strategy. 2023 Management information circular 81