Ms. Krista Wilson reports

SUN LIFE DECLARES DIVIDENDS ON COMMON AND PREFERRED SHARES PAYABLE IN Q1 2024

The board of directors of Sun Life Financial Inc. has declared a dividend of 78 cents per share on the common shares of the company, payable March 28, 2024, to shareholders of record at the close of business on Feb. 28, 2024. This is the same amount as 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 March 28, 2024 to shareholders of record at the close of business on February 28, 2024:

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  $0.402145 per share
Series 10R  $0.185438 per share
Series 11QR $0.449515 per share

Common shares of the Company acquired under the Company's Canadian Dividend Reinvestment and Share Purchase Plan (the "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 Inc. has designated the dividends referred to above as eligible dividends for the purposes of the Income Tax Act (Canada).

About Sun Life

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 December 31, 2023, Sun Life had total assets under management of $1.40 trillion.

Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.