Ms. Connie Soave reports

SUN LIFE COMPLETES ACQUISITION OF BELL PARTNERS

Sun Life Financial Inc. has completed its acquisition of Bell Partners, a leading United States multifamily real estate investment manager and vertically integrated property management business.

Bell Partners will continue to operate as a distinct, vertically integrated business under BGO and oversee the broader company's U.S. multifamily assets. The acquisition expands Sun Life's asset management capabilities in one of the largest and most resilient sectors of the U.S. real estate market.

Bell Partners will continue to operate under its current leadership and will retain its distinct property-level branding, office locations, investment vehicles and client focus.

Sun Life acquired a 100-per-cent interest in Bell Partners for a purchase price of $350-million (U.S.), with approximately 80 per cent paid in Sun Life common shares.

About Sun Life Financial Inc.

Sun Life is a leading international financial services organization providing asset management, wealth, insurance, and health solutions to individual and institutional clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of March 31, 2026, Sun Life had total assets under management of $1.58-trillion.

Sun Life Financial trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.

About Bell Partners Inc.

Established in 1976, Bell Partners is one of the nation's leading apartment investment and management companies, focused on quality multifamily rental communities throughout the United States. The company manages approximately 65,000 apartment homes in 12 regions across the U.S., including communities in Seattle, San Francisco, Southern California, Denver, Dallas/Ft. Worth, Austin, Atlanta, central and southeast Florida, Charlotte/Raleigh, Washington, D.C., and Boston. With approximately 1,800 associates and nine offices, Bell Partners offers an extensive full-service vertically integrated national platform with expertise in property management, acquisitions, construction, financing, accounting, risk management and related support functions. Led by a senior management team with an average of 27 years of experience, Bell Partners has invested throughout all phases of the real estate cycle and has completed almost $12-billion (U.S.) of realized apartment transactions since 2002. Bell Partners is a part of BGO, the global real estate investment management business within SLC Management, the institutional alternatives and traditional asset management business of Sun Life.