An anonymous director reports

SUN LIFE ANNOUNCES DIVIDEND RATES ON CLASS A NON-CUMULATIVE RATE RESET PREFERRED SHARES SERIES 8R AND CLASS A NON-CUMULATIVE FLOATING RATE PREFERRED SHARES SERIES 9QR

Sun Life Financial Inc. has set the applicable dividend rates for its Class A non-cumulative rate reset preferred shares, Series 8R, and Class A non-cumulative floating-rate preferred shares, Series 9QR.

With respect to any Series 8R shares that remain outstanding after June 30, 2025, commencing as of such date, holders thereof will be entitled to receive non-cumulative preferential cash dividends on a quarterly basis, as and when declared by the board of directors of Sun Life and subject to the Insurance Companies Act (Canada). The dividend rate for the five-year period commencing on June 30, 2025, to but excluding June 30, 2030, will be 4.230 per cent per annum or 26.4375 cents per share per quarter, being equal to the sum of the government of Canada yield, as defined in the terms of the Series 8R shares, on Friday, May 30, 2025, plus 1.41 per cent, as determined in accordance with the terms of the Series 8R shares.

With respect to any Series 9QR shares that remain outstanding after June 30, 2025, holders thereof will be entitled to receive floating-rate non-cumulative preferential cash dividends on a quarterly basis, as and when declared by the board of directors of Sun Life and subject to the Insurance Companies Act (Canada), based on a dividend rate equal to the sum of the treasury bill rate, as defined in the terms of the Series 9QR shares, plus 1.41 per cent (calculated on the basis of the actual number of days elapsed in such quarterly floating-rate period divided by 365 days), subject to certain adjustments in accordance with the terms of the Series 9QR shares. The dividend rate for the period commencing on June 30, 2025, to but excluding Sept. 30, 2025, will be equal to 4.054 per cent per annum or 25.5458 cents per share per share, as determined in accordance with the terms of the Series 9QR shares.

Beneficial owners of Series 8R shares and Series 9QR shares who wish to exercise their right of conversion should communicate as soon as possible with their broker or other nominee and ensure that they follow their instructions to meet the deadline to exercise such right, which is 5 p.m. ET on Monday, June 16, 2025.

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

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