Slides – Conceptual overview of Manulife's adoption of IFRS 17 and IFRS 9

From time to time, Manulife makes written and/or oral forward-looking statements, including in this presentation. In addition, our representatives may make forward-looking statements orally to analysts, investors, the media and others. All such statements are made pursuant to the "safe harbour" provisions of Canadian provincial securities laws and the U.S. Private Securities Litigation Reform Act of 1995.

The forward-looking statements in this presentation include, but are not limited to, statements with respect to the expected improved stability of Manulife's core earnings, net income attributed to shareholders ("net income"), book value and capital (LICAT ratio) under IFRS 17; the impact on net income attributed to shareholders resulting from the application of IFRS 9 hedge accounting; and the stability of expected credit losses in most market conditions; and also relate to, among other things, our objectives, goals, strategies, intentions, plans, beliefs, expectations and estimates, and can generally be identified by the use of words such as "may", "will", "could", "should", "would", "likely", "suspect", "outlook", "expect", "intend", "estimate", "anticipate", "believe", "plan", "forecast", "objective", "seek", "aim", "continue", "goal", "restore", "embark" and "endeavour" (or the negative thereof) and words and expressions of similar import, and include statements concerning possible or assumed future results. Although we believe that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements and they should not be interpreted as confirming market or analysts' expectations in any way.

Certain material factors or assumptions are applied in making forward-looking statements and actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from expectations include but are not limited to: general business and economic conditions (including but not limited to the performance, volatility and correlation of equity markets, interest rates, credit and swap spreads, currency rates, investment losses and defaults, market liquidity and creditworthiness of guarantors, reinsurers and counterparties); the ongoing prevalence of COVID-19, including any variants, as well as actions that have been, or may be taken by governmental authorities in response to COVID-19, including the impact of any variants; changes in laws and regulations; changes in accounting standards applicable in any of the territories in which we operate; changes in regulatory capital requirements applicable in any of the territories in which we operate; our ability to execute strategic plans and changes to strategic plans; downgrades in our financial strength or credit ratings; our ability to maintain our reputation; impairments of goodwill or intangible assets or the establishment of provisions against future tax assets; the accuracy of estimates relating to morbidity, mortality and policyholder behaviour; the accuracy of other estimates used in applying accounting policies, actuarial methods and embedded value methods; our ability to implement effective hedging strategies and unforeseen consequences arising from such strategies; our ability to source appropriate assets to back our long-dated liabilities; level of competition and consolidation; our ability to market and distribute products through current and future distribution

channels; unforeseen liabilities or asset impairments arising from acquisitions and dispositions of businesses; the realization of losses arising from the sale of investments classified as available-for-sale; our liquidity, including the availability of financing to satisfy existing financial liabilities on expected maturity dates when required; obligations to pledge additional collateral; the availability of letters of credit to provide capital management flexibility; accuracy of information received from counterparties and the ability of counterparties to meet their obligations; the availability, affordability and adequacy of reinsurance; legal and regulatory proceedings, including tax audits, tax litigation or similar proceedings; our ability to adapt products and services to the changing market; our ability to attract and retain key executives, employees and agents; the appropriate use and interpretation of complex models or deficiencies in models used; political, legal, operational and other risks associated with our non-North American operations; acquisitions or divestitures, and our ability to complete transactions; environmental concerns; our ability to protect our intellectual property and exposure to claims of infringement; and our inability to withdraw cash from subsidiaries.

Additional information about material risk factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found in the Management's Discussion and Analysis in our most recent interim report under "Risk Management and Risk Factors Update" and "Critical Actuarial and Accounting Policies", under "Risk Management and Risk Factors" and "Critical Actuarial and Accounting Policies", in the Management's Discussion and Analysis in our most recent annual report and, in the "Risk Management" note to the consolidated financial statements in our most recent annual and interim reports and elsewhere in our filings with Canadian and U.S. securities regulators. The forward-looking statements in this presentation are, unless otherwise indicated, stated as of the date hereof and are presented for the purpose of assisting investors and others in understanding our financial position and results of operations, our future operations, as well as our objectives and strategic priorities, and may not be appropriate for other purposes. We do not undertake to update any forward-looking statements, except as required by law.

Fair value through OCI choice arising from interest rates

reduces variability in net income

An illustration of hedge accounting impact with fair value through OCI1

• Core earnings and net income attributed to shareholders reflect thebook yield of assets and liabilities, which is aligned with thelong-termnature of our insurance business
• The impact of interest rate movements on our fixed income (FI) assets and liabilities is initially recorded directly on the balance sheet, mostly in OCI, and then reflected in core earnings and net income over time
• Manulife uses derivatives for economic hedging purposes. The mark-to-market on the derivatives is recorded outside of core

earnings, in net income (see slide 8 for more detail). Manulife

applies IFRS 9 hedge accounting to align the presentation of interest rate impacts for fixed income assets, liabilities and derivatives

• However, the application of hedge accounting could result in some noise in net income. We expect thisnoise to decrease over time as we continue to enhance our hedge accounting programs

Impact of interest rate

movements on

derivatives in net income

Impact of interest rate movements on FI assets in OCI

With

Hedge Accounting

Impact of interest rate

movements on

derivatives in net income

A portion is transferred to

net income to offset impact on derivatives

The residual portion

remains in OCI

Impact of interest rate movements on FI assets in OCI

4

OCI impact

IFRS 41

Current period net income

New business gains

Insurance experience gains (losses)

Investing activities

Change in insurance assumptions

Change in retuassumptions - ALDA & public equities

Interest rate impacts

Expected credit losses (ECL)

Other market impacts:

• ALDA and public equities
• Realized gains (losses) on FVOCI fixed income assets
• Hedge ineffectiveness

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IFRS 17

Recognition

Recognized in CSM and capital initially and amortized into core earnings over contract life

Variance in claims (current period) recognized in core earnings and variance in reserves (future impact) recognized in CSM 10

Recognized in net income and capital over life of asset

Recognized in CSM and capital and amortized into core earnings over contract life, or immediately into net income if no CSM3

No longer recognized immediately in net income and capital at the time of change, flows through core earnings over time

Elected fair value through OCI, therefore most of the impact is recorded in OCI and CSM.4 Capital sensitivity is expected to reduce

Recognized in core earnings and offset in OCI for most of our FVOCI assets, reflecting change in macro economic environment 11

Overall variability from quarter to quarter is expected to be similar in magnitude as under IFRS 4