An anonymous director reports

SUN LIFE CAUTIONS SHAREHOLDERS REGARDING OCEHAN LLC'S BELOW-MARKET BID FOR SHARES

Sun Life Financial Inc. has been notified that Ocehan LLC has made an unsolicited mini-tender offer to purchase up to 100,000 common shares of Sun Life at a price that is significantly lower than recent market prices for Sun Life common shares on Canadian and U.S. stock exchanges.

Sun Life is not associated with Ocehan and does not recommend or endorse acceptance of Ocehan's unsolicited offer. Shareholders are not required to sell their shares to Ocehan.

Sun Life cautions that this offer represents a discount of 24.97 per cent and 24.93 per cent, respectively, to the closing prices of Sun Life's common shares on the Toronto Stock Exchange and the New York Stock Exchange on Aug, 27, 2026, the last trading day before the mini-tender offer was commenced.

About mini-tender offers

Securities regulators in Canada and the United States recommend that investors exercise caution with mini-tender offers. Mini-tender offers are designed to avoid the disclosure and procedural requirements applicable to most bids under Canadian and U.S. securities laws. Canadian Securities Administrators (CSA) and the U.S. Securities and Exchange Commission (SEC) have expressed serious concerns about mini-tender offers, including the possibility that investors might tender to such offers without understanding the offer price relative to the actual market price of their securities.

Information for Sun Life shareholders

According to Ocehan's offer documents, Sun Life shareholders who have already tendered their shares can withdraw their shares within 21 days in accordance with the procedures set forth in the offer documents.

Shareholders should carefully review the Ocehan offer documents, consult with their Sun Life advisor or investment adviser to discuss any offer they may receive, and review all available options for their investment in Sun Life 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 June 30, 2026, Sun Life had total assets under management of $1.70 trillion.