Sun Life Financial Inc. announced that it intends to issue in CAD 750 million principal amount of Series 2024-1 Subordinated Unsecured 5.12% Fixed/Floating Debentures due 2036 (the "Debentures"). The offering is expected to close on May 15, 2024. The Debentures will represent Sun Life's third offering of sustainability bonds in Canada.

An amount equal to the net proceeds from the offering of the Debentures will be used to finance or refinance, in whole or in part, green and social assets within the Company's general account that meet the eligibility criteria set out under Sun Life's 2024 Sustainability Bond Framework (the "Sustainability Bond Framework"). Sun Life completed its inaugural sustainability bond offering in 2019. As part of the Company's focus on sustainable investing, Sun Life manages general account assets with material environmental, social and governance (ESG) factors embedded in its investment processes.

In addition, Sun Life invests general account assets in ways that support a low-carbon and more inclusive society. Details of the offering will be set out in a pricing supplement that the Company intends to issue pursuant to its short form base shelf prospectus and its prospectus supplement, each dated March 24, 2023, all of which are or will be available on the SEDAR+ profile for Sun Life Financial Inc. The Debentures will be sold on a best-efforts agency basis by a syndicate led by RBC Capital Markets, BMO Capital Markets, and Scotiabank, as co-lead agents. The proceeds from this offering are expected to qualify for Tier 2 capital.