An anonymous director reports

SUN LIFE ANNOUNCES INTENDED RENEWAL OF NORMAL COURSE ISSUER BID

Sun Life Financial Inc. intends to renew its normal course issuer bid, subject to the approval of the Office of the Superintendent of Financial Institutions (OSFI) and the Toronto Stock Exchange.

The company's normal course issuer bid that commenced on Aug. 29, 2024, permits the repurchase of up to 15 million common shares, 13,018,997 of which have been repurchased as of May 7, 2025. Once the company has repurchased all 15 million common shares under the 2024 NCIB, the company expects to establish a new normal course issuer bid under which the company will be permitted to purchase up to an additional 10 million of its common shares, subject to the receipt of applicable approvals from OSFI and the TSX. The 2025 NCIB will expire on the date that is 12 months after its commencement or such earlier date as the company may determine. The 2025 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.

Purchases under the 2025 NCIB may be made through the facilities of the TSX, other Canadian stock exchanges, the New York Stock Exchange and/or alternative trading platforms in Canada and the United States, at prevailing market rates. Subject to regulatory approval, purchases under the 2025 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 2025 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 2025 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 and U.S. securities laws.

As of May 7, 2025, the company had purchased on the TSX, other Canadian stock exchanges and/or alternative Canadian trading platforms 13,018,997 common shares out of the 15 million common shares it was authorized to repurchase under the 2024 NCIB at a weighted average price paid per common share of approximately $80.79. In accordance with the requirements of the TSX, because the company is renewing its normal course issuer bid before the 2024 NCIB expires, the total number of common shares that the company repurchased under the 2024 NCIB will be deducted from the maximum number of common shares that the company may purchase under the 2025 NCIB. Accordingly, the company will seek TSX approval to purchase 25 million common shares under the 2025 NCIB, being the aggregate of 10 million common shares and the 2024 repurchased shares, representing approximately 4.1 per cent of the 564,731,703 common shares issued and outstanding as at May 5, 2025.

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 March 31, 2025, Sun Life had total assets under management of $1.55-trillion.

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

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