Mr. David Garg reports

SUN LIFE INCREASES COMMON SHARE DIVIDEND AND DECLARES DIVIDENDS ON PREFERRED SHARES PAYABLE IN Q2 2024

Sun Life Financial Inc. has declared a dividend of 81 cents per share on the common shares of the company, payable June 28, 2024, to shareholders of record at the close of business on May 29, 2024. This represents a three-cent increase to the amount paid in the previous quarter.

The board also announced that dividends have been declared on the company's Class A non-cumulative preferred shares, payable on June 28, 2024, to shareholders of record at the close of business on May 29, 2024.

Series 3:  27.8125 cents per share

Series 4:  27.8125 cents per share

Series 5:  28.125 cents per share

Series 8R:  11.4063 cents per share

Series 9QR:  39.8343 cents per share

Series 10R:  18.5438 cents per share

Series 11QR:  44.5713 cents per share

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 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 service 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, 2024, Sun Life had total assets under management of $1.47-trillion.

Sun Life trades on the Toronto, New York and Philippine stock exchanges under the ticker symbol SLF.