Impact of IFRS 17 changes

Impact of IFRS 17 changes . At transition Shareholders' equity impact at transition driven by changes to composition and remeasurement of insurance liabilities IFRS 17 generally defers new business gains ¹ over life of contract (vs. IFRS 4, which recognized gains at time of origination) Required to apply IFRS 17 for all existing in-force contracts as well as new business • At transition, for in-force contracts, there will be a transfer from shareholders' equity to insurance liabilities • • Subsequent to transition Modest reduction to underlying net income 1 in the 2022 comparative year New business gains are deferred and recognized over the life of contracts Higher volumes and profitability of annual sales¹ lead to earnings decline on transition, but will result in higher earnings going forward Majority of our diverse business mix is largely unimpacted and continues to grow Capital: Positive to LICAT on transition; neutral to capital generation & volatility SUN LIFE I FR S 1 7 . MAY 2022 Note: This slide contains forward-looking statements. Refer to "Forward-looking statements" on slide 3 for more information Represents a non-IFRS financial measure. Refer to "Non-IFRS financial measures" on slide 3 for more information 13

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