Impact of IFRS 17 changes

No impact on business strategy; reported net income for a majority of Sun Life businesses not significantly impacted IFRS 17 impacts on earnings timing, earnings volatility, and capital by business type Asset management, wealth & group benefits Pass-through & fee- based insurance1 Traditional insurance 60% 20% 20% Business mix² Total impact on: Underlying net income³ timing Low Moderate Significant Reported net Low Low Significant income volatility LICAT4 capital Positive5 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 Footnotes 1-5: Refer to slide 32 6

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