Impact of IFRS 17 changes

In this presentation, Sun Life Financial Inc. ("SLF" or "SLF Inc."), its subsidiaries and, where applicable, its joint ventures and associates are referred to as "we", "us", "our", "Sun Life" and the "Company". Forward-looking statements Certain statements in this presentation and certain oral statements made by senior management during the IFRS 17, Insurance Contracts ("IFRS 17") investor education conference call on May 31, 2022 (collectively, this "presentation"), including, but not limited to, statements that are not historical facts, are forward-looking and are subject to inherent risks, uncertainties and assumptions. Forward-looking statements made in this presentation include, but are not limited to, statements (i) relating to the impact of IFRS 17 on the presentation of our financial statements; (ii) relating to our growth strategies, financial objectives, future results of operations, and strategic goals; (iii) concerning our medium-term financial objectives; (iv) that are predictive in nature or that depend upon or refer to future events or conditions; and (v) that include words such as "achieve", "aim", "ambition", "anticipate", "aspiration", "assumption", "believe", "could", "estimate", "expect", "goal", "initiatives", "intend", "may", "objective", "outlook", "plan", "project", "seek", "should", "strategy", "strive", "target", "will" and similar expressions. The forward-looking statements made in this presentation are stated as at May 31, 2022, represent our current expectations, estimates and projections regarding future events and remain subject to change, particularly in light of the ongoing and developing COVID-19 pandemic and its impact on the global economy and its uncertain impact on our business. The results or events predicted in these forward-looking statements may differ materially from actual results or events and we cannot guarantee that any forward-looking statement will materialize. Except as may be required by law, we do not undertake any obligation to update or revise any forward-looking statements made in this presentation. Important risk factors that could cause our assumptions and estimates, and expectations and projections to be inaccurate and our actual results or events to differ materially from those expressed in or implied by the forward-looking statements contained in this document, are set out in our MD&A for the period ended March 31, 2022 ("Q1 2022 MD&A"), in SLF Inc.'s 2021 Annual Information Form under the heading Risk Factors, and the factors detailed in SLF Inc.'s other filings with Canadian and U.S. securities regulators, which are available for review at www.sedar.com and www.sec.gov, respectively. Non-IFRS financial measures The Company prepares its financial statements in accordance with international financial reporting standards ("IFRS"). This presentation includes financial measures that are not based on IFRS ("non-IFRS financial measures"). The Company believes that these non-IFRS financial measures provide information that is useful to investors in understanding the Company's performance and facilitate the comparison of the quarterly and full year results from period to period. These non-IFRS financial measures do not have any standardized meaning and may not be comparable with similar measures used by other companies. For certain non-IFRS financial measures, there are no directly comparable amounts under IFRS. These non-IFRS financial measures should not be viewed as alternatives to measures of financial performance determined in accordance with IFRS. For more information about these non-IFRS financial measures, refer to the Non-IFRS Financial Measures section in our Q1 2022 MD&A. Medium-term financial objectives Although considered reasonable, we may not be able to achieve our medium-term financial objectives as our assumptions may prove to be inaccurate. Accordingly, our actual results could differ materially from our medium-term financial objectives as described in this presentation. Our medium-term financial objectives do not constitute guidance. Our medium-term financial objectives are forward-looking non- IFRS financial measures. Additional information regarding medium-term financial objectives is provided in section O. Forward-looking Statements - Medium-Term Financial Objectives of our MD&A for the period ended December 31, 2021 ("Annual 2021 MD&A"). Important risk factors Important risk factors that could cause our assumptions and estimates, and expectations and projections to be inaccurate and our actual results or events to differ materially from those expressed in or implied by the forward-looking statements contained in this presentation. The realization of our forward-looking statements, essentially depends on our business performance which, in turn, is subject to many risks. Additional information regarding material risk factors are provided in section N. Forward-looking Statements of our Q1 2022 MD&A and sections M. Accounting and Control Matters - 2. Changes in Accounting Policies and O. Forward-looking Statements - Risk Factors of our Annual 2021 MD&A. Currency Unless otherwise noted, all amounts are in Canadian dollars. SUN LIFE IFRS 1 7 MAY • 2022 3

View entire presentation