Sun Life Announces Conversion Privilege of Class A Non-Cumulative Rate Reset Preferred Shares Series 8R and Class A Non-Cumulative Floating Rate Preferred Shares Series 9QR

TORONTO, May 15, 2025 /PRNewswire/ - Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF)  ("Sun Life") today announced that it does not intend to exercise its right to redeem its currently outstanding Class A Non-Cumulative Rate Reset Preferred Shares Series 8R (the "Series 8R Shares") nor its currently outstanding Class A Non-Cumulative Floating Rate Preferred Shares Series 9QR (the "Series 9QR Shares") on June 30, 2025. As a result, subject to certain conditions, the holders of Series 8R Shares have the right to convert all or a part of their Series 8R Shares on a one-for-one basis into Series 9QR Shares, and the holders of Series 9QR Shares have the right to convert all or a part of their Series 9QR Shares on a one-for-one basis into Series 8R Shares, in each case on June 30, 2025. Holders of Series 8R Shares who do not exercise their right to convert their Series 8R Shares into Series 9QR Shares on such date will retain their Series 8R Shares, and holders of Series 9QR Shares who do not exercise their right to convert their Series 9QR Shares into Series 8R Shares on such date will retain their Series 9QR Shares.

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