Ms. Krista Wilson reports

SUN LIFE DECLARES DIVIDENDS ON COMMON AND PREFERRED SHARES PAYABLE IN Q3 2023

The board of directors of Sun Life Financial Inc. today declared a dividend of 75 cents per share on the common shares of the company, payable Sept. 29, 2023, to shareholders of record at the close of business on Aug. 30, 2023. This is the same amount as paid in the previous quarter.

The board also declared dividends on the company's Class A non-cumulative preferred shares, payable on Sept. 29, 2023, to shareholders of record at the close of business on Aug. 30, 2023, as shown in the attached table.

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 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 June 30, 2023, Sun Life had total assets under management of $1.37-trillion.

Sun Life trades on the TSX, the New York Stock Exchange and Philippine Stock Exchange under the ticker symbol SLF.