Mr. David Garg reports

SUN LIFE ANNOUNCES INTENTION TO REDEEM SERIES 2016-2 SUBORDINATED UNSECURED 3.05% FIXED/FLOATING DEBENTURES

Sun Life Financial Inc. intends to redeem all of the outstanding $1-billion principal amount of Series 2016-2 subordinated unsecured 3.05 per cent fixed/floating debentures in accordance with the redemption terms attached to the debentures. The redemption will be financed from existing cash and liquid assets.

The debentures are redeemable at Sun Life's option on or after Sept. 19, 2023, at a redemption price per debenture equal to the principal amount together with accrued and unpaid interest to the date of redemption. Sun Life intends to redeem the debentures on Sept. 19, 2023. Notice will be delivered to the holders of the debentures in accordance with the terms outlined in the trust indenture governing the debentures.

After the debentures are redeemed, interest will cease to accrue from and after the redemption date and holders of debentures will not be entitled to exercise any rights as holders other than to receive the redemption price.

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.

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