Impact of IFRS 17 changes

1 Overview of key IFRS 17 changes (continued) Changes in measurement and composition of liabilities will result in higher sources of future profit Measurement of liabilities (Illustrative; not to scale) Contractual Service Margin (CSM) 1 Reinvestment PfADs Insurance PfADs Investment PfADs Non-attributable expenses Best estimate liability Risk Adjustment (RA) Provisions for financial guarantees IFRS 4 Sources of future profit CSM: Unearned insurance profits; significantly larger and more stable than existing reinvestment PfADS 2 RA: Provisions for non-financial risk expected to be relatively unchanged from current insurance PfAD releases 3 Present value of future cash flows Present value of future cash flows, which is not a best estimate liability, includes expected future profit sources related to provisions for financial guarantees and discount rates IFRS 17 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. PfADS Provisions for Adverse Deviation 12 23

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