Impact of IFRS 17 changes

Footnotes From slide 5 1 Underlying ROE, underlying EPS, and underlying dividend payout ratio are medium-term financial objectives and non-IFRS financial measures. Refer to "Medium-term financial objectives" and "Non- IFRS financial measures" on slide 3 for more information 2 Represents a non-IFRS financial measure. Refer to "Non-IFRS financial measures" on slide 3 for more information From slide 6 1 Participating Insurance & Variable Universal Life, measured using the variable fee approach 2 Represents an approximation of business mix based on historical underlying net income; this is not intended to be guidance for business mix under IFRS 17 3 Represents a non-IFRS financial measure. Refer to "Non-IFRS financial measures" on slide 3 for more information 4 Life Insurance Capital Adequacy Test ("LICAT") 5 Based on OSFI's revised draft Life Insurance Capital Adequacy Test (LICAT) 2023 guidelines From slide 7 1 Represents an approximation of business mix based on historical underlying net income; this is not intended to be guidance for business mix under IFRS 17 2 Represents a non-IFRS financial measure. Refer to "Non-IFRS financial measures" on slide 3 for more information 3 Variable Universal Life From slide 8 1 Represents a medium-term financial objective. Refer to "Medium-term financial objectives" on slide 3 for more information 2 Represents a non-IFRS financial measure. Refer to "Non-IFRS financial measures" on slide 3 for more information From slide 11 1 Represents a non-IFRS financial measure. Refer to "Non-IFRS financial measures" on slide 3 for more information 2 ACMA are Actuarial Changes & Management Assumptions From slide 14 1 Other Liability Changes are largely related to discount rates, provisions for financial guarantees, and taxes 2 Includes the expected impact to shareholders' equity from IFRS 9, Financial Instruments 3 Based on OSFI's revised draft Life Insurance Capital Adequacy Test (LICAT) 2023 guidelines From slide 15 1 Represents a non-IFRS financial measure. Refer to "Non-IFRS financial measures" on slide 3 for more information 2 Largely comprised of U.S. In-Force Management and Sun Life UK 2 Represents a non-IFRS financial measure. This is anticipated to be a new non-IFRS financial measure to be included in our quarterly disclosures commencing Q1 2023 From slide 22 1 Represents a non-IFRS financial measure. Refer to "Non-IFRS financial measures" on slide 3 for more information SUN LIFE I FR S 1 7 • MAY 2022 32 22

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