Sun Life Financial Inc. announced that it intends to issue in Canada $650 million principal amount of Series 2022-1 Subordinated Unsecured 4.78% Fixed/Floating Debentures due 2034 (the "Debentures"). The offering is expected to close on August 10, 2022. The net proceeds will be used for general corporate purposes of the Company, which may include investments in subsidiaries, repayment of indebtedness and other strategic investments.

The Debentures will be sold on a best efforts agency basis by a syndicate led by RBC Capital Markets, BMO Capital Markets and TD Securities, as co-leads. The proceeds from this offering are expected to qualify for Tier 2 capital. The Debentures have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered, sold or delivered, directly or indirectly, within the United States of America and its territories and possessions or to, or for the account or benefit of, United States persons except in certain transactions exempt from the registration requirements of such Act.

This release does not constitute an offer to sell or a solicitation to buy such securities in the United States.