Ms. Krista Wilson reports

SUN LIFE INCREASES COMMON SHARE DIVIDEND AND DECLARES DIVIDENDS ON PREFERRED SHARES PAYABLE IN Q2 2023

Sun Life Financial Inc. has declared a dividend of 75 cents per share on the common shares of the company, payable June 30, 2023, to shareholders of record at the close of business on May 31, 2023. This represents a three-cent increase to the amount paid in the previous quarter.

The board also announced that the following dividends have been declared on the company's Class A non-cumulative preferred shares, payable on June 30, 2023, to shareholders of record at the close of business on May 31, 2023. Please see the table for details.

Series 3                $0.278125 per share                    
Series 4                $0.278125 per share                    
Series 5                $0.28125 per share                     
Series 8R               $0.114063 per share 
Series 9QR              $0.372352 per share
Series 10R              $0.185438 per share                    
Series 11QR             $0.419722 per share                    

Common shares of the company acquired under the company's Canadian dividend reinvestment and share purchase plan will be purchased by the plan agent on the open market through the facilities of the Toronto Stock Exchange and through the facilities of other Canadian stock exchanges and alternative Canadian trading platforms.

Sun Life Financial has designated the dividends referred to above as eligible dividends for the purposes of the Income Tax Act (Canada).

About Sun Life Financial Inc.

Sun Life is a leading international financial services organization providing asset management, wealth, insurance and health solutions to individual and institutional Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of March 31, 2023, Sun Life had total assets under management of $1.36-trillion.