Sun Life Financial : Sustainability Report – 2023 Performance

Table of contents

Sun Life is a leading international financial services company offering a broad range of protection and wealth products and services to individuals, businesses and institutions. Our countries of operation include Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. Learn more about who we are in our 2023 Annual Report and atwww.sunlife.com.

INTRODUCTION

• - About this report

• - Sun Life at a glance

• - 2023 sustainability highlights

• - Global context and megatrends

• - Message from our President and CEO

• - Q&A with our Chief Sustainability Officer

• - Sustainability at Sun Life

PROGRESS ON MATERIAL TOPICS

Increasing financial security

- Financial security

Fostering healthier lives

• - Client health

• - Employee wellness

• - Community wellness

Advancing sustainable investing

- Sustainable investing

Building resilience to climate change

- Climate change

Operating as a trusted and responsible business

• - Diversity, equity and inclusion

• - Client experience

• - Data security and privacy

• - Talent management

• - Risk management

• - Governance and ethics

APPENDICES

I: Stakeholder engagement and materiality

II: ESG performance tables

III: Recognition

Reporting Suite

The following resources complement our Sustainability Report:

Sustainability webpage

GRI Index and SASB Index (PDF)

Sustainability Highlights (PDF)

Supporting the Sustainable Development Goals (PDF)

Net Zero by 2050 (PDF)

Annual Report (PDF)

Management Information Circular (PDF)

Visit our Data and Reports hub for more resources.

About this report

Every year, we publish our Sustainability Report to provide an update on the progress we've made globally on key sustainability topics.

Reporting Scope

This report presents the most relevant environmental, social and governance (ESG) issues and impacts of our activities during 2023. We determine the ESG issues of greatest importance to our business and our stakeholders through a periodic materiality assessment. Refer to Stakeholder Engagement and Materiality for more details. Reports from previous years are available on our website.

Reporting Frameworks

We have followed the Global Reporting Initiative (GRI) framework since 2014 to guide our reporting. We have reported in accordance with the GRI Standards for the period from January 1 to December 31, 2023. We also report on select disclosure topics identified in the Asset Management and Insurance standards developed by the Sustainability Accounting Standards Board (SASB).

• • GRI Index

• • SASB Index

FORWARD-LOOKING STATEMENTS

Our Process

We strive to give an accurate and balanced account of our sustainability performance. To achieve this, several groups review the content of this report:

• • internal subject-matter experts;

• • senior management responsible for key sustainability-related activities;

• • members of our Executive Sustainability & Climate Change Council;

• • our internal Disclosure Committee; and

• • the Governance, Investment & Sustainability Committee of our Board of Directors, prior to recommending to the Board approval of the report for publication.

We obtained external and independent limited assurance of our Scope 1, 2 and selected Scope 3 data for our 2023 greenhouse gas (GHG) emissions, and total operational emissions for our 2019 base year. Refer to the Assurance Statement and GHG Emissions Reporting Methodology for more information. We did not seek an external, independent review of our full report.

Reporting Boundaries

This Sustainability Report ("Report") is for Sun Life Financial Inc., and where applicable, its subsidiaries, joint ventures and associates. It covers the fiscal year January 1 to December 31, 2023. Unless otherwise noted, we presented all information in this Report as at and for the year ended December 31, 2023. All dollar amounts are in Canadian currency, unless otherwise stated. References to "we", "our", "us", "the Company" and "Sun Life" mean Sun Life Financial Inc. and, where applicable, its subsidiaries, joint ventures and associates.

This Report reflects the data that is available to

Sun Life for each of the disclosed metrics. The default scope for disclosures in this Report reflects the following Sun Life business groups (collectively, the "Core Data Group"): Canada, U.S., Asia (includes Hong Kong, Indonesia, Philippines, International) and SLC Management. For clarity, sustainable investing content generally also includes MFS and SLC Management affiliates (BGO, InfraRed and Crescent). Exceptionsbased on data availability are reflected in footnotes throughout the Report and, where indicated, vary from the Core Data Group as follows:

NOTE 1: Includes Vietnam

NOTE 2: Excludes SLC Management; includes UK and Vietnam

NOTE 3: Includes Vietnam, MFS, UK, SLC Management affiliates (BGO, InfraRed, Crescent and Advisors Asset Management) and Asia joint ventures

NOTE 4: Includes Vietnam and Asia joint ventures

(Malaysia and Philippines)

NOTE 5: Includes UK and Vietnam

NOTE 6: Excludes Asia (International) and SLC

Management; includes Vietnam and Asia joint venture (Malaysia)

NOTE 7: Includes MFS

NOTE 8: Includes MFS, UK and Vietnam

Certain statements made in this report are forward-looking statements within the meaning of certain securities laws, including the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements contained in this report include statements (i) relating to our strategies, plans, targets, goals and priorities; (ii) relating to our ESG processes, social and governance-related objectives, sustainable investment commitments and net-zero greenhouse gas emissions reduction goals and targets, including our interim emissions reduction targets; (iii) relating to our intention to enhance our emissions measurements; (iv) relating to the development of our climate transition plan; (v) that are predictive in nature or that depend upon or refer to future events or conditions; and (vi) 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 represent our current expectations, estimates and projections regarding future events and are not historical facts, and remain subject to change. These forward-looking statements are not a guarantee of future performance, involve inherent risks and uncertainties and are based on key factors and assumptions, all of which are difficult to predict. Future results may differ materially from those expressed in forward-looking statements. Our ability to achieve our net-zero GHG emissions reduction goals and targets is based on a number of assumptions and is subject to a number of factors beyond our control, including the availability of comprehensive, comparable and high-quality GHG emissions data, the need for active and continued participation of stakeholders (including enterprises, financial institutions and governmental and non-governmental organizations), the establishment and fulfilment of climate commitments and net-zero targets by governments and companies, the development and deployment of new technologies and industry-specific solutions including in hard-to-abate sectors, international cooperation, and the development of regulations internationally. The energy transition will not be linear and the pace of decarbonization for different sectors and countries will vary. We intend to review and potentially revise our emissions reduction goals and targets as appropriate, as data quality and methodologies improve and as best practices, regulations and climate science continue to evolve. This report may contain examples of our internal ESG research processes and is not intended to represent any particular product's or strategy's performance or how any particular product or strategy will be invested at any particular time. Other factors that may cause actual results to differ materially from those expressed in forward-looking statements include the matters set out in the Company's Annual Information Form for the year ended December 31, 2023 under the heading "Risk Factors" and other factors detailed in the Company's annual and interim financial statements and management's discussion and analysis and any other filings with Canadian and U.S. securities regulators made available onwww.sedarplus.ca and www.sec.gov, respectively. The forward-looking statements contained in this report describe our current expectations and are subject to change. The Company does not undertake any obligation to update or revise its forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, except as required by law.

Sun Life at a glance

A leading global financial services organization

Balanced & diversified business model6

 41% Wealth & asset management  32% Group - Health & Protection  27% Individual - Protection

Includes Asia joint ventures.

• 1 Rounded to the nearest million.

• 2 Rounded to the nearest hundred.

• 3 Represents full-time equivalent employees and includes 30,941 regular employees, 999 temporary employees and employees in Asia joint ventures (25,775 regular employees and 530 temporary employees).

• 4 Refer to Report Scope - Note 4.

• 5 Represents a Non-IFRS financial measure; Refer to the Non-IFRS Financial Measures section in our MD&A for the period ended December 31, 2023.

• 6 Business Mix based on underlying net income, excluding Corporate expenses and other. Wealth & asset management includes MFS Investment Management, SLC Management, Canada Individual Wealth, Group Retirement Services, Asia Wealth & Asset Management, Group - Health & Protection includes Canada Sun Life Health, U.S. Group Benefits (Employee Benefits and Health and Risk Solutions) and U.S. Dental. Individual - Protection includes Canada Individual Insurance, U.S. In-force Management and Asia Individual - Protection.

2023 sustainability highlights

Increasing financial security

95,874

financial roadmaps created for Clients in Canada using the Sun Life One Plan digital tool, up from 45,822 in 2022. The tool supports our ambition for every Sun Life Client across Canada to have a financial plan.

2.4 million

lives covered through affordable insurance policies issued in Asia1

Enhanced disability coverage options

for physicians, dentists, nurses and other health-care professionals by launching Sun Life for Healthcare Professionals in the U.S.

Fostering healthier lives

$52.4 million

committed to the fight against diabetes globally since 2012, including $5.7 million in 2023

Provided Group Benefits Clients in

Canada with the convenience of a pharmacist at their fingertips through the launch of Lumino HealthTM2 Pharmacy provided by Pillway

Enhanced inclusive benefits and resources

for employees and their families in Canada, the U.S. and Asia to ensure they feel supported regardless of how they choose to identify

Advancing sustainable investing

Issued Sun Life's

second sustainability bond,

raising $500 million to finance new and/or existing green or social assets3

Set four interim net-zero targets

for our general account investments4

$77 billion

portfolio value of investments in assets and businesses that support the transition to a low-carbon and more inclusive economy5

Building resilience to climate change

Maintained

CarbonNeutral®6 company certification

across our global operations

32%

of global electricity consumption from renewable sources such as solar and wind

Launched the

climate change academy

to educate employees globally on the effects of climate change and the actions they can take

Operating as a trusted and responsible business

Completed Phase 2

of the Progressive Aboriginal Relations certification in Canada

$48 million

invested in employee training and development programs globally, up from $34 million in 20227

Introduced a

Sustainability Modifier

to our Senior Executive Sun

Share Unit Plan, enhancing accountability for delivering on our sustainability commitments8

• 1 Affordable insurance products help people in the mass market (including lower-income segments) meet risk protection needs at an accessible price point. The criteria for a product to be considered affordable insurance varies by country and is based on factors such as: insurance premium amount relative to average income, coverage period, underwriting requirements and/or government regulation. Refer to Report Scope - Note 1.

• 2 Used under license by Simpill Health Group Inc.

• 3 An amount equivalent to the net proceeds from the offering will be used to finance or refinance, in whole or in part, new and/or existing green or social assets that meet the eligibility criteria set out under Sun Life's Sustainability Bond Framework.

• 4 Refer to Sun Life's Net Zero by 2050 report for more details and the latest updates.

• 5 Sustainable investment assets under management meet one or more of the criteria for investments based on ICMA Green Bond Principles, ICMA Sustainability Bond Principles, GRESB Real Estate Benchmark, and/or PRI Impact Investing Market Map. Where issuers do not obtain a third-party opinion or provide an internal opinion on their issuance, our investment professionals apply judgement to assess whether the use of proceeds meets the standards set out in the ICMA principles. Assets included may not align with criteria in the Sun Life Sustainability Bond Framework. Does not include all holdings in companies that may be defined as sustainable under other taxonomies.

• 6 CarbonNeutral® is a registered trademark of Climate Impact Partners and is achieved in accordance with The CarbonNeutral Protocol, the leading global framework for carbon neutrality.

• 7 Refer to Report Scope - Note 3.

• 8 Refer to Sun Life's Management Information Circular dated March 15, 2024 for more details.

Global context and megatrends

Events and trends that influenced our sustainability actions in 2023

A concerning climate trajectory	Rapid growth of green energy	Increasing sustainability reporting regulations	Growing scrutiny over sustainability practices	The new normal for working	Intensifying affordability crisis
Global greenhouse gas emissions continue to rise. The goal of limiting global warming to 1.5 °C is at significant risk, prompting heightened pressure across all sectors to accelerate climate action and ensure resiliency. Climate change is quickly emerging as a defining force across the global economy. Sun Life is committed to being a part of the climate solution. We're decarbonizing our business by integrating climate action into everything we do. By achieving net zero by 2050 in our operations and investments, we can have a meaningful and lasting positive impact on the environment. In 2023, Sun Life participated in COP28 to engage and collaborate with industry, government and other organizations on solutions to the climate challenge. To learn more, refer to pages 28-32 and 34-36.	In 2023, low-carbon energy investments nearly doubled investments in fossil fuels1. The International Energy Agency estimated that global renewable energy capacity will increase by over 30% in 20232. This annual growth in renewables represents the largest absolute increase ever. Supporting the transition to the low-carbon economy, Sun Life is investing in sustainable innovation including green buildings, renewable energy and transportation infrastructure. Our goal is to invest $20 billion in new sustainable investments between 2021-2025. To learn more, refer to pages 28-32.	Regulators and policymakers across the world introduced comprehensive sustainability policies and regulations. Additionally, the International Sustainability Standards Board issued its inaugural standards with broad endorsement from the international community, including by the International Organization of Securities Commissions, as the new global standards for sustainability disclosures. As a result, companies will face additional, more complex disclosure requirements in numerous jurisdictions. They must identify risk areas, improve controls and implement stronger governance structures. Sun Life is preparing to comply with federal regulations related to environmental, social and governance (ESG) topics and plans to enhance its disclosures in line with these regulations.	In line with increasing regulatory requirements for sustainability reporting, scrutiny over what companies disclose continues to grow - both over accuracy and impact. This trend is occurring across a range of sustainability topics including disclosures, climate, social issues, supply chain, human capital and diversity, equity and inclusion. In this climate, sustainability governance becomes increasingly more important. Sun Life delivers consistent and transparent information on ESG topics. We maintain strong governance and rigorous disclosure practices to ensure we uphold the trust of our stakeholders. To learn more, refer to pages 3 and 11.	The future of work is here. Hybrid work arrangements and digital collaboration are no longer pandemic phenomena, but rather the new normal for workplaces. Companies are endeavouring to determine the optimal balance between virtual and in-office work. They will also need to adapt the tools they use and make the necessary investments to optimize outcomes in a hybrid work environment. Sun Life is reimagining how and where we work to create flexibility for our people and business as we serve Clients. We are designing modern workspaces, adopting innovative collaboration tools and developing the talent on our teams to empower our modern workforce to thrive in the new era of hybrid work. To learn more, refer to pages 45-46.	People around the world are increasingly grappling with affordability challenges. The impacts have trickled down to the cost of essentials such as food, housing, transportation and electricity. Many families are struggling to make ends meet, while communities already underserved are being disproportionately affected. Realizing our Purpose to help our Clients achieve lifetime financial security and live healthier lives is even more essential today. We're committed to continuously increasing access to insurance and wealth products, and health and dental care. We're also removing barriers - particularly for underserved communities. To learn more, refer to pages 14-15 and 17-19.

• 1 International Energy Agency. "Clean energy investment is extending its lead over fossil fuels, boosted by energy security strengths". 2023.

2

International Energy Agency. "Renewable Energy Market Update - June 2023". 2023.

Message from our President and CEO

Sustainably-driven by our Purpose

For Sun Life, sustainability is critical to our culture and strategy, who we are and who we want to be in the future.

Having a long-term, positive impact for our Clients, colleagues, communities and climate means doing our part to drive change across Sun Life's business and investments. We're committed to being a Purpose-driven and sustainable company, one that cares for our Clients' financial security and health and the future of our planet.

As a globally trusted and responsible company, we know that embedding sustainability into ourbusiness - from our governance structure, policies and practices to our philanthropic work, training and reporting - creates resiliency and a brighter future. A future where individuals, families and communities are empowered to live healthier lives and be financially resilient.

While we're proud of our progress, there is work to do.

The landscape in which we operate has evolved over the past decade and continues to do so. In 2023, we experienced increasing geopolitical tensions, impacts of climate change and a warming world, and cyber threats. While the height of the pandemic is behindus, inflation, affordability and access to care continue to affect individuals and families around the world, but particularly those from underserved groups.

Through these challenges we leaned in, leveraging our scale, experience and resources to make Sun Life and society better. Throughout the year:

• • We evolved our enterprise strategy, wrapping sustainability around everything we do to ensure it remains relevant, impactful and inclusive.

• • We sharpened our focus on the climate, publishing interim net-zero targets for our general accountinvestments, reinforcing our commitment to reducing the climate impacts of the investments we own.

• • We brought financial education programs to thousands across Sun Life's global footprint, especially in Asia.

• • We made it easier for Clients and employees to understand and access culturally-relevant covered health expenses.

• • We reached a new philanthropic milestone committing more than $50 million since 2012 to fight diabetes globally.

What we do, and how we do it, matters.

I'm encouraged by our progress, spurred by our talented and diverse teams who live Sun Life's Purpose and values every day. It's their work you'll see highlighted in our 2023 Sustainability Report and in action in your community.

Our journey is far from over. More collective energy, work and creativity is needed to drive sustainable solutions and create a lasting impact for current and future generations. By sharpening our strategic focus and scaling positive impact across our diverse

"We're committed to being a Purpose-driven and sustainable company, one that cares for our Clients' financial security and health and the future of our planet."

footprint, we'll accelerate our actions to go further and faster to continue to build resilience into our business.

My commitment is to use our expertise, experience and resources, and invest in developing and empowering our people, to create positive impacts that make life brighter under the sun.

Kevin D. Strain

President and Chief Executive Officer

About this reportSun Life at a glance2023 sustainability highlightsGlobal context and megatrendsSustainability at Sun Life

Q&A with our Chief Sustainability Officer

It's been five years since Sun Life launched a comprehensive Sustainability Plan. Stepping back, what achievements on the journey stand out for you?

When I reflect on the past few years, I'm most proud of how the sustainability discipline at Sun Life has matured. Since 2019, the shift within the company has been incredible. We've moved from connecting the concept of sustainability to our core business and values, to more deeply embedding sustainability into everything we do. This shows up in so many ways - our enterprise strategy, our products and services, and the way we speak about our business. Above all, it's the way our leaders and employees see sustainability asfoundational to our long-term success. This will allow us to deliver in a way that is helpful for society and is a differentiator for our business.

Along the way, there have certainly been some big milestone initiatives. Whether it's our net-zero commitments within our operations and investments, our $20 billion sustainable investment target or starting our journey to achieve Progressive Aboriginal Relations certification, there's a lot to be proud of. While these are just some of the actions we've taken, what inspires me the most is the authentic commitment of our people across Sun Life - in Canada, the U.S. and our Asia businesses.

It sounds like a lasting internal culture shift has taken place?

There's a palpable difference, and I've observed a meaningful shift in mindset. I see our leaders and teams really 'digging in' to learn and apply the issues of sustainability and climate change in ways that are directly connected to our business. Every business group at Sun Life now has accountability for sustainability. That responsibility is leading us to think differently about how we create impact, who we partner with, as well as new operational approaches that strive to be better for our Clients, employees, shareholders and society as a whole.

You evolved your sustainability strategy five years on, why did you feel the need to do that?

It starts with the belief that sustainability is a journey, not a destination. As a leader in sustainability, we recognize the world has evolved in terms of the expectations on corporations and the important role we can play. This is particularly true when it comes to climate change. We also realize that sustainability continues to be a complex and rapidly evolving priority - whether that's the global regulatory environment or changing social norms in different geographies.

When we first developed the Sustainability Plan, the connection of climate change to our business wasn't as clear as it is today. That's why we didn't initially include it as a pillar. We also knew we needed to bring in the right resources to determine the most meaningful way to have an impact on climate change. Our actions need to be about real, legitimate resiliency and not just lip service. The challenge of climate change goes beyond emissions and net zero; it's about the company we want to be for the next 150 years.

Looking ahead, what are you most excited to see Sun Life achieve in the next five years?

We've made big strides in Sun Life's sustainability ambition and there's so much more we can do. The past few years have really been about building the foundation and critical capabilities to move our strategy forward. Now, we're in a terrific position to accelerate the execution of our plans. That includes fostering more innovation, building upon our robust disclosures and data, and improving measurable outcomes for our Clients and society. In particular, I think we have an opportunity to lead our industry in addressing the needs of underserved groups through our life, health and wealth offerings. It's a business opportunity with a positive impact that can truly be measured.

I remain more excited than ever about the future of sustainability at Sun Life. We have an amazing team, deep expertise and a Purpose-driven culture that is committed to creating a better future.

Alanna Boyd

Senior Vice-President and Chief Sustainability Officer

About this reportSun Life at a glance

Sustainability at Sun Life

Sustainability at Sun Life

Sun Life's Purpose is to help our Clients achieve lifetime financial security and live healthier lives. Our commitment to sustainability brings our Purpose to life.

Thinking sustainably: The key to our future

Our sustainability ambition is to maximize our positive impact and ensure the resiliency of our organization, in support of our Purpose. We aim to create competitive advantage and differentiation for our business through the following focus areas of our sustainability plan:

Increasing financial security

We aspire to increase the lifetime financial security of our Clients, employees and communities. We're increasing access to and use of insurance and wealth products, and empowering and educating people to improve financial security outcomes.

Fostering healthier lives

We aspire to improve health and wellness outcomes for our Clients, employees and communities. We're improving access to and use of health insurance and health care, and empowering people to navigate and manage their health journey to improve health outcomes. Our investments in community health complement these efforts.

Building resilience to climate changeAdvancing sustainable investing

We aspire to deliver sustainable returns for Clients. We manage assets with material environmental, social and governance (ESG) factors embedded in our investment processes and offer our Clients sustainable investing opportunities. In addition, we invest our own assets in ways that support a low-carbon and more inclusive economy.

We are committed to being part of the climate solution. We're decarbonizing our business and engaging with our stakeholders to support the transition to a low-carbon economy. Meaningful climate action is essential to achieving our Purpose and ensuring the resiliency of our business.

Operating as a trusted and responsible business

Our sustainability plan builds from our foundation as a trusted and responsible business. We aspire to be a responsibly-managed business that is Client-focused, Purpose-driven, competitive, forward-thinking and sustainable for the long term. From expanding our diversity, equity and inclusion efforts, to ensuring our Clients and employees feel valued, we're building on our long-standing sustainability practices and achievements.

Sustainability Driven

10

About this reportSun Life at a glance

Sustainability at Sun Life

Five years since we launched our Purpose-led Sustainability Plan

We've achieved a number of milestones on our journey to realize our Sustainability Plan. Through these achievements, and others, we're making good progress on the road to building a more sustainable future.

Launched new Sustainability Plan

Made "Sustainability Driven" a core part of Sun Life's overall business strategyElevated Climate Change as a cross-cutting lens in our Sustainability Plan

2019

2020

2021

2022

2023

Demonstrated our commitment to the climate by meeting our 20% by 2020 operational greenhouse gas (GHG) emissions intensity reduction target	Broadened infrastructure equity and sustainable investment options for Clients by acquiring a majority stake in InfraRed Capital Partners	Strengthened sustainability leadership and accountability by appointing Sun Life's first-ever Chief Sustainability Officer	Increased access to dental care for underserved people through the acquisition of DentaQuest, the largest provider of Medicaid dental benefits in the U.S.4	Provided Clients in Canada with affordable, on-demand access to quality care through the acquisition of Dialogue Health Technologies Inc.
Became the first life insurance company to issue a sustainability bond	Supported the transition to a low-carbon economy by committing $20 billion in new sustainable investments by 2025	Stepped up climate action plans by committing to net zero by 2050 in our operations and investments; set interim operational target for 2030	Advanced our commitment to net zero in our investments by setting interim targets for several of our asset management businesses	Advanced our support for green and social assets by issuing our second sustainability bond
Demonstrated our commitment to diversity by becoming the first insurance company to introduce Kaleidoscope by Hive Learning, a leading DE&I education program	Enhanced the quality of our reporting by obtaining external assurance for GHG emissions accounting for the first time	Focused efforts to build an inclusive culture by launching our DE&I Strategy 20252	Strengthened diversity on our Board of Directors by achieving our aim of gender parity	Strengthened accountability for climate-related performance by publishing Sun Life's first Net Zero by 2050 report and setting interim net-zero targets for our general account investments
Helped more Clients and other Canadians get access to the health-care resources they need, when and how they need them by expanding the Lumino Health network	Strengthened sustainability disclosures by beginning to report in line with the TCFD framework and against select Sustainability Accounting Standards Boards metrics	Helped group benefits Clients in Canada prevent or address mental health issues by launching our Mental Health Coach	Expanded sustainable investing options for Clients by launching Stellar, the first ESG-focused savings plan in Hong Kong5	Contributed to closing the savings and protection gap in Asia by covering 2.4 million lives through affordable insurance policies6
Helped Canadians be their authentic selves by introducing gender affirmation coverage within group benefits	Accelerated efforts to develop representative leadership by establishing aspirational DE&I goals at the senior management level	Demonstrated our commitment to the climate by achieving CarbonNeutral®3 company certification across our global operations	Provided more diverse support for family building by adding new surrogacy, adoption and fertility services benefits to group benefits plans in Canada	Reached a milestone in the global fight against diabetes by surpassing $50 million committed since 2012
Strengthened our commitment to being a trusted and responsible business by launching Client Data Privacy Principles	Helped Clients in Canada take 1.2 million positive financial actions to increase their financial security1	Helped Canadians with diabetes get access to affordable insurance by launching the Diabetes Signature Solutions pilot program	Assisted Clients in reducing health-care costs by recording US$30.5 million in savings for Sun Life and our stop-loss Clients through our Clinical 360 program in the U.S.	Enhanced leadership accountability by introducing a Sustainability Modifier to our Senior Executive Sun Share Unit Plan7

• 1 Examples of positive financial actions include adding voluntary benefits, adding a voluntary savings product, or making a lump sum deposit.

• 2 Refer to Diversity, Equity & Inclusion Strategy 2025.

• 3 CarbonNeutral® is a registered trademark of Climate Impact Partners and is achieved in accordance with The CarbonNeutral Protocol, the leading global framework for carbon neutrality.

• 4 Based on number of members as of September 2023. Ranking compiled by Sun Life U.S. using publicly available data from the September 2023 Medicaid & CHIP Enrollment Data Highlights, state Medicaid agencies and other sources, and information disclosed by competitors.

5

Based on market conditions as of April 12, 2022 and comparison among other savings plans for new Composite and Long-Term Businesses as defined by the Insurance Authority in the Register of Authorized Insurers.

6 Affordable insurance products help people in the mass market (including lower-income segments) meet risk protection needs at an accessible price point. The criteria for a product to be considered affordable insurance varies by country and is based on factors such as: insurance premium amount relative to average income, coverage period, underwriting requirements and/or government regulation. Refer to Report Scope - Note 1.

7

Refer to Sun Life's Management Information Circular dated March 15, 2024 for more details.