Impact of IFRS 17 changes

1 The new income statement provides additional transparency into sources of profit Simplified IFRS 17 Income Statement (Illustrative) Insurance revenue Insurance service expenses Net Insurance Service Result Net investment income Net finance expenses from insurance contracts Changes in investment contract liabilities Net Investment Result¹ Fee income Non-attributable expenses Net Income/(Loss) • Net Insurance Service Result Isolates the revenue and expenses from providing insurance contract services Net Investment Result Investment income earned on all general account assets over discount rates used in insurance liabilities Does not differentiate between market experience and expected investment earnings Non-IFRS 17 Results Separates asset management and Administrative Services Only ("ASO") businesses from Insurance business Non-attributable expenses are: o Expenses associated with non-insurance business (e.g., asset management) ○ Expenses that support the broader business (e.g., corporate support) SUN LIFE I FR S 1 7 • MAY 2022 Note: This slide contains forward-looking 1 Includes earnings on surplus assets statements. Refer to "Forward-looking statements" on slide 3 for more information 23

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