Impact of IFRS 17 changes

4 IFRS 17 will bring more transparency, stability and predictability to insurance business relative to IFRS 4 IFRS 17 change Timing of recognition Contractual Service Margin & Risk Adjustment Delinking of assets and liabilities Insurance assumption changes Non-IFRS 17 results (e.g., asset management) Impact on stability & transparency of earnings 1,2 Commentary Removal of present valuing of sales³ and investment trades will make underlying net income³ more stable and predictable CSM Amortization and Risk Adjustment releases will be stable and predictable. CSM qualifies as LICAT capital Removal of direct link between the asset and liability discount rates and the new requirements for certain financial guarantees expected to increase reported net income volatility Insurance assumption changes impact CSM, reducing volatility of reported net income; neutral to capital Non-IFRS 17 results separated from insurance results providing additional transparency in earnings with no change to capital SUN LIFE I FR S 1 7 MAY • 2022 Increase Decrease Note: This slide contains forward-looking statements. Refer to "Forward-looking statements" on slide 3 for more information Footnotes 1-3: Refer to slide 33 26 28

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