TORONTO, ON – (February 8, 2023) – The Board of Directors (the “Board”) of Sun Life Financial Inc. (the “Company”) (TSX: SLF) (NYSE: SLF) today announced that a dividend of $0.72 per share on the common shares of the Company has been declared, payable March 31, 2023 to shareholders of record at the close of business on March 1, 2023. This is the same amount as paid in the previous quarter.

The Board also announced that the following dividends have been declared on the Company’s Class A
Non-Cumulative Preferred Shares, payable on March 31, 2023 to shareholders of record at the close of
business on March 1, 2023:

Series 3 $0.278125 per share
Series 4 $0.278125 per share
Series 5 $0.28125 per share
Series 8R $0.114063 per share
Series 9Q$0.341692 per share
Series 10R $0.185438 per share
Series 11QR $0.388541 per share

Common shares of the Company acquired under the Company’s Canadian Dividend Reinvestment and
Share Purchase Plan (the “Plan”) will be purchased by the Plan agent on the open market through the
facilities of the Toronto Stock Exchange and through the facilities of other Canadian stock exchanges and
alternative Canadian trading platforms.

Sun Life Financial Inc. has designated the dividends referred to above as eligible dividends for the
purposes of the Income Tax Act (Canada).