Ms. Krista Wilson reports

SUN LIFE INCREASES COMMON SHARE DIVIDEND AND DECLARES DIVIDENDS ON PREFERRED SHARES PAYABLE IN Q4 2023

The board of directors of Sun Life Financial Inc. today declared a dividend of 78 cents per share on the common shares of the company, payable Dec. 29, 2023, to shareholders of record at the close of business on Nov. 29, 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 Dec. 29, 2023, to shareholders of record at the close of business on Nov. 29, 2023.

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 herein 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, 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 Sept. 30, 2023, Sun Life had total assets under management of $1.34-trillion.