Mr. David Garg reports

SUN LIFE ANNOUNCES INTENTION TO LAUNCH NORMAL COURSE ISSUER BID

Subject to the approval of the Office of the Superintendent of Financial Institutions (OSFI) and the Toronto Stock Exchange (the TSX), Sun Life Financial Inc. intends to launch a normal course issuer bid to purchase up to 17 million of its common shares (representing approximately 2.9 per cent of the 586,902,472 common shares issued and outstanding as at June 30, 2023) (the NCIB). The company will file a notice of intention with the TSX in this regard.

The NCIB will provide the company with the flexibility to acquire common shares in order to return capital to shareholders as part of its overall capital management strategy.

The NCIB is expected to commence on Aug. 21, 2023, or such earlier date determined by the company following receipt of applicable approvals by OSFI and the TSX, and will end at the latest on the date that is 12 months after the commencement of the NCIB. Purchases under the NCIB may be made through the facilities of the TSX, other Canadian stock exchanges and/or alternative Canadian trading platforms, at prevailing market rates. Subject to regulatory approval, purchases under the NCIB may also be made by way of private agreements or share repurchase programs under issuer bid exemption orders issued by securities regulatory authorities. Any purchases made under an exemption order issued by a securities regulatory authority will generally be at a discount to the prevailing market price. The actual number of common shares purchased under the NCIB, and the timing of such purchases (if any), will be determined by the company. Any common shares purchased by the company pursuant to the NCIB will be cancelled or used in connection with certain equity settled incentive arrangements.

From time to time, when the company does not possess material non-public information about itself or its securities, it may enter into a predefined plan with its broker to allow for the repurchase of common shares of the company at times when the company ordinarily would not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. Any such plans entered into with the company's broker will be adopted in accordance with applicable Canadian securities laws.

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.

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