Impact of IFRS 17 changes

2 1 New Drivers of Earnings ¹ will complement IFRS 17 income statement Drivers of Earnings: Net Income Analysis (illustrative) Risk adjustment release CSM amortization Earnings on other short term insurance businesses Impact of new insurance business (onerous contracts) Insurance experience gains/losses² Insurance assumption changes³ Net Insurance Service Result Expected investment earnings Market experience gains/losses Economic assumption changes that flow directly through income5 Earnings on surplus Net Investment Result Asset management Other fee income Non-directly attributable and other expenses Tax, income attributed to non-controlling interest and participating policyholders Reported Net Income The Drivers of Earnings (DOE) analysis will provide additional detail on the sources of IFRS 17 earnings Net Insurance Service Result Expected to be stable under IFRS 17. Insurance Risk assumption changes impact the CSM Net Investment Result Net Investment Results on traditional insurance are impacted by three sources of volatility: 1. The removal of the direct link between asset and insurance liability discount rates 2. The new requirements related to financial guarantees Financial risk assumption changes 3. SUN LIFE IFRS 1 7 • MAY 2022 Note: This slide contains forward-looking statements. Refer to "Forward-looking statements" on slide 3 for more information Footnotes 1-6: Refer to slide 33 25 25

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