[Type of Presentation]

1. [Type of Presentation] MARCH 2010

2. ABOUT US Sun Life Financial:

3. Our mission: help clients achieve lifetime security Providing solutions across a lifespan of financial needs Protection Savings Retirement Protect my business Protect assets from major health set back Early retirement Pass on assets Protect assets if a loved one becomes ill Protect loves ones if I die Travel Provide income if unable to work Buy a second home Importance Buy a home Protect savings from market volatility Begin retirement savings (tax advantages) Start a business Save for education Buy a car 20 30 40 50 60 70 80 Changing Needs (Age)

4. Global leader operating in 22 countries worldwide United Kingdom Ireland Rotterdam Canada Berlin London Toronto Munich Milan United States China Madrid Tokyo Bermuda Hong Kong Taipei Mexico City India Phillippines Singapore Indonesia Sao Paulo Bueno Aires Sydney Sun Life Financial around the world MFS Headquarters MFS investment and marketing/service offices

5. Fifth largest insurer in North America Market capitalization in billions * Bloomberg, October 30, 2009

6. Diversified mix of products and services Sun Life Financial Canada U.S. MFS Asia U.K. Products and Services • Individual Life and Health • Individual Annuity • Group Life and Health • Group Pension • Mutual Funds • Asset Management • Individual Life • Individual Annuity • Group Life and Health • Mutual Funds • Asset Management • Life and Annuity Policies • Individual Life and Health • Group Life and Health • Group Pension • Mutual Funds • Asset Management

7. Percent of revenue by geography and product category Diversified sources of revenue Geographic Diversification* Business Diversification** Asia Corporate 8% 7% MFS Wealth Management 6% Canada 42% 40% Protection 60% U.S. 40% LTM Q3 2009 * Based on LTM Q3 2009 Revenue (C$): Excludes proceeds from gain on sale of CI Financial ** Based on LTM Q3’09 VNB (C$)

8. Among the industry’s most highly rated companies Ratings from independent industry analysts 1 Outlook stable. 2 Negative outlook. As of September 31, 2009

9. Prudently invested company assets • Percentage of assets invested in different asset classes Real Estate Cash 5% 8% • Bond portfolio includes over 1,200 borrowers from around the world; and 97% of total bond portfolio was investment grade • Holding $8.9B in cash, cash equivalents and short-term securities, and $13B in government bonds • Exposure to residential sub-prime and Alt-A loans was $350M (92% issued before 2006 or have an AAA rating) Equities 4% Other1 7% Bonds 55% Mortgages and Corp Loans 21% 1 The Other category is composed primarily of policyholder loans, derivative assets, investments in limited partnerships, and our equity investments in MFS. Four percent, or $4.5 billion, is invested in equities. About 50% of this equity portfolio is invested in North American exchange-traded funds, with the remainder invested in common and preferred shares in Canada, the United States, the United Kingdom, and Asia (primarily in Hong Kong).

10. Disciplined investment philosophy 145 years of financial stability Total assets under management of US:$385 billion (as of September 30, 2009for the Sun Life Financial group of companies) How we manage risk: • Pillars of risk management • Safeguarding reserves and capital • Prudent investment approach • Active risk management

11. How we’re communicating our financial strength • Over 20 million customers worldwide • 145 years in business • A+ credit rating • Never taken bailout money

12. Sun Life Financial’s connection with Churchill

13. History of innovation 1971Enters annuity market with variable annuity 1989Introduces MFS Regatta brand 2004 Introduces Sun Life Financial Masters brand 1865Company is chartered 1982Acquires MFS 1999Introduces Earnings Enhancement Benefit 2008Introduces Retirement Income Escalator 1982Introduces first VA with no upfront sales charge 2000Initial Public Offering (ticker symbol SLF) 2007Introduces Income ON Demand 1988Introduces SLF Futurity brand 1895Enters U.S. market

14. Risk management: general In the U.S.: • 8 dedicated departments • 150+ employees • 75 actuaries hold FSA professional designation • 10 CFAs “Strong” enterprise risk management 2008 score from Standard & Poor’s. This rating placed us in the upper echelon of rated North American insurers for 2008.

15. Strategic ways we minimize risk • Risk management oversight of product development process • Peer review • Corporate Office sign-off • Hedging programs • First VA hedges put on in 1999 • VA dynamic hedging since 2004 — system originally developed in 1990s for other products • Externally peer reviewed • Risk tolerance limits • Board-mandated risk limits and reporting • Chief Risk Officer oversight and monitoring • Stochastic valuation • Canadian “principles-based” reserves • Regulatory capital — Canadian and U.S. • Economic Capital under development

16. Product levers to impact risk and profitability Ongoing de-risking of our variable annuity products Q1 2010

17. Strong corporate reserves and capital position • Sun Life Assurance Company of Canada (U.S.) • NAIC Risk Based Capital (“RBC”): Expected minimum ratio:200% • Sun Life Assurance Company of Canada • Minimum Continuing Capital & Surplus Requirement (MCCSR) Sun Life RBC ratio as of 12/31/08: 150% Sun Life RBC ratio as of 12/31/08: 357% Sun Life MCCSR ratio as of 9/30/09: 357%

18. Best practices risk management Best Practices HIGH Strategic Planning Integration Return Optimization Better Practices Risk Management Level of Strategic Alignment Risk Measurement Weak Practices Loss Minimization Compliance LOW Risk / Return Optimization Loss Control Balance Sheet Protection Value Maximization Risk Management Objective

19. Our annuity product strategy • Product focus • Focus on core VA product • Opportunistic approach to FA • Exiting non-registered FIA • Examining market and product extensions • Simplified VA product portfolio • Reduced number of living and death benefits from 12 to 3 • Product design changes to align interests of shareholder, customer & distributor • Reduced equity exposure • Reduced benefits/increased fees in line with competition • Reduced compensation Result:Current product improves profitability and has reduced the capital at risk

20. Well capitalized: MCCSR Ratio • MCCSR Ratio 238% 232% 222% 216% 213% Note: MCCSR applies to all Sun Life, while RBC applies to Sun Life U.S. only (approx 20% of total capital base) Represents the MCCSR ratio of Sun Life Assurance Company of Canada and the RBC ratio of Sun Life Assurance Company of Canada (U.S.).

21. About Sun Life Financial • BUSINESS OVERVIEW

22. Solid foundation for sustainable growth • Drive focus, build scale and simplify Markets The market potential for each business will drive our actions Products Develop focused portfolio to meet evolving distribution and customer needs and deliver shareholder value Distribution Expand distribution capacity and capability Operationsand Culture Anticipate and efficiently service customer needs through a high performance culture Financial and Risk Management Ensure growth is profitable and sustainable Leverage risk management as a core discipline

23. 2009 revenue by business unit • Percentage of revenues by business line Employee Benefits Group 21% Annuities 50% Individuals 29%

24. Aligning markets, products and distribution Business and Product Lines Annuities EBG Life • Variable Annuities • Core Universal Life • M Financial Marketing Wholesale Distribution (SLFD/EBG) Strategic Partnerships Wirehouses Regional Independent Firms Banks Broker General Agents Brokers Consultants Consumer

25. About Sun Life Financial • BRAND

26. Increasing brand awareness 9

27. Increasing brand awareness • Goal • Increase aided brand awareness to drive profitable growth • Targets • Financial professionals • Consumers • Advertising Strategy • Drive name recognition and inform • Be fun and engaging • Employ viral elements to create buzz

28. Consumers Media focus on thought leadership Financial Intermediaries

29. Cirque du Soleil sponsorship • Official Insurance Sponsor U.S. Big Top and Arena Touring Shows • Added touch points with our target • Alignment with premiere properties • On-site branding and visibility • Co-branded marketing exposure • Rights to use Cirque du Soleil logos, imagery and music

30. Sun Life stadium • Multi-year naming rights • National and international exposure • Florida Marlins • Miami Dolphins • University of Miami Hurricanes • Orange Bowl • BCS Championships • 2010 Pro-Bowl and Super Bowl • Over 1 Billion impressions BEFORE Super Bowl • 46.4 per cent of households watched the Super Bowl in the U.S. alone!

31. Philanthropic elements • Over $1 million commitment to improving educational opportunities for our nation’s at-risk youth. • Will recognize and provide grants, scholarships and financial education resources to at-risk high school students and the non-profit organizations who work on their behalf. • Focus is on six U.S. markets: Detroit, San Diego, New York, Seattle, Boston and Miami – markets in which the graduation rate falls below the national average. www.sunliferisingstar.com

32. Showcasing thought leadership “Lengthy Recovery Results in Pessimism” – Associated Press “More Planning to Postpone Retirement” – Ignites “Survey: Many Americans Now Plan to Work Past 67” – Time Magazine • “Sun Life: More Expect to Delay Retirement” – National Underwriter

33. Quality awards 2008, 2007, 2006, 2005Award for Financial Intermediary Post-Sale Service 1st out of 18 VA Providers2006 Study of Bank andBrokerage Retail Investment Services Operations Managers’ Roundtable 3rd out of 16 providers2008 Ranking of annuity insurance carriers’ back-office service

34. About Sun Life Financial • LEADERSHIP

35. SLF leadership: presidents

36. About Sun Life: biographies • Westley V. Thompson President Sun Life Financial U.S. • Westley V. Thompson is President, Sun Life Financial U.S. He was named to this position in October, 2008. • Prior to his appointment at Sun Life Financial, he was President of the Retirement Solutions division of Lincoln Financial Group. • Mr. Thompson joined Lincoln Financial Group in 1998, through the company’s acquisition of CIGNA individual insurance. In 2000, Thompson formed and built Lincoln Financial Distributors (LFD), the wholesaling distribution organization of Lincoln Financial Group. In 2006, Mr. Thompson was named president of the Employer Markets segment of Lincoln Financial Group. • Mr. Thompson started his career at Aetna in 1979 in their executive management program. He went on to a series of assignments of increasing responsibilities within Aetna’s personal financial security division and individual life strategic business unit. In 1994, Thompson joined CIGNA to build an independent brokerage distribution capability for CIGNA’s individual insurance division. • Mr. Thompson received a bachelor’s degree from Brown University. He is an active board member of LIMRA International and several community-based organizations, including the Boys and Girls Club of Greater Hartford, the Wadsworth Antheneum-Amistad Foundation and the Connecticut Science Center, located in Hartford. Mr. Thompson has been actively involved in youth soccer programs for the past 20 years.

37. About Sun Life: biographies • Terry Mullen President, Sun Life Financial Distributors, Inc. Sun Life Financial U.S. • Terry Mullen is President, Sun Life Financial Distributors, Inc. • Mr. Mullen joined Sun Life Financial in October 2008, and is responsible for all aspects of distribution for life and annuities products and services. • Prior to his appointment at Sun Life Financial, he was President and Chief Executive Officer of Lincoln Financial Distributors, Inc. (LFD), the wholesaling distribution organization for Lincoln Financial Group. He held this position since December 2006. • Mr. Mullen joined Lincoln Financial Group in June 2003 as Senior Vice President and Managing Director of the American Legacy business unit of LFD where he was responsible for the reorganization of the American Legacy wholesaling force. More recently, Mr. Mullen served as Senior Vice President and Head of Sales for LFD until his appointment as President and Chief Executive Officer. • Prior to joining Lincoln Financial, Mr. Mullen was the Senior Vice President, National Sales Manager and Managing Director for Seasons Select at AIG SunAmerica. Prior to joining AIG SunAmerica, Mr. Mullen had a nine-year career in sales and marketing, and held various marketing director roles within American Skandia, Dean Witter Reynolds, Inc., Keyport Life Insurance Company, Inc. and Planco Financial Services. • Mr. Mullen holds a Bachelor’s degree in Business Administration and Finance from the University of Delaware. He is a licensed securities dealer with Series 6, 26 and 63 designations, is insurance licensed, and an active board member of the Insurance Retirement Institute (IRI).

38. About Sun Life: biographies • Priscilla S. Brown Senior Vice President, Head of Marketing Sun Life Financial U.S. • Priscilla S. Brown is Senior Vice President, Head of Marketing, of Sun Life Financial U.S. She was named to this position in January 2009. • Recognizing that one’s perception of a brand is rooted in the interactions one has with the company and its products, Sun Life is broadening the traditional definition of brand to include all aspects of the customer experience. Ms. Brown is responsible for aligning Sun Life’s U.S. marketing efforts across all channels and creating an integrated marketing and branding strategy that enhances the profile of our brand and its value to our business. • Prior to her appointment at Sun Life Financial, she was Chief Marketing and Brand Officer of Lincoln Financial Group. She joined Lincoln Financial Group in 1991, where she was appointed to several leadership positions, beginning with Vice President, Lincoln National Investment Management. Two years later she became chairperson, Lincoln Advisor Funds. In 1994, Ms. Brown was appointed President, Lincoln National Equity Sales, and in 1998, she was appointed Vice President, Investor Relations. Ms. Brown was appointed Vice President, Corporate and Public Affairs in 2003, a position she held under her appointment as Chief Brand Officer in 2006. Strategic Marketing was added to her responsibilities in 2008. • Prior to joining Lincoln Financial Group, Ms. Brown held marketing, sales and sales management roles at The Equitable Life Assurance Society and Paine Webber. • Ms. Brown began her career in electronic news working as intern, reporter and producer for KQED-TV, the PBS affiliate in San Francisco and WMAQ, the NBC affiliate in Chicago. • She and her husband, Payne, have two children.

39. About Sun Life: biographies • Janet V. Whitehouse Senior Vice President and General Manager, Individual Life Insurance Sun Life Financial U.S. • Janet V. Whitehouse is Senior Vice President and General Manager of the Individual Life Insurance Division of Sun Life Financial’s U.S. Operations. She was appointed to this position in November 2008. In this role, Ms. Whitehouse is responsible for the strategic review, direction and execution of Sun Life’s Individual Life Insurance business. • Prior to her current role, Ms. Whitehouse served as Senior Vice President and General Manager of SLF’s Employee Benefits Group, from February to October 2008. In this role,she had profit and loss responsibility for SLF EBG’s Life, Disability, Stop-Loss, Dental and worksite businesses. • Ms. Whitehouse joined Sun Life Financial in 2000 as Vice President, Strategic Initiatives, in which she was responsible for Market Research and Development, E-Business and Development of new ventures into worksite marketing and other areas. In 2002, Ms. Whitehouse was appointed Senior Vice President, Human Resources and Public Relations for Sun Life’s Financial’s U.S. Operations, a position she held until February 2008. • In 2007, Ms. Whitehouse played key roles in the divestitures of Sun Life Retirement Services (U.S.), Inc. (RSI) and Independent Financial Marketing Group (IMFG), and led the integration of Genworth Financial, Inc., employee benefits group business acquisition. • Before joining Sun Life Financial, Ms. Whitehouse served as Senior Vice President at Duncanson & Holt, a subsidiary of UNUM Corporation. She also held various positions for UNUM and other subsidiaries since 1985, including Vice President, Corporate Development, Vice President, European Development and President and Chief Operating Officer for Commercial Life, a subsidiary of UNUM Corporation. • Ms. Whitehouse graduated from the University of Connecticut, where she received a Bachelor of Science, and the University of New Hampshire from which she earned a Masters of Business Administration, majoring in Marketing and Finance.

40. About Sun Life: biographies • Daniel O’Shea Senior Vice President, Individual Life Sales Sun Life Financial U.S. • Daniel O’Shea is Vice President of Individual Life Sales for Sun Life Financial Distributors. He was appointed to this position in October of 2009. In this role, Mr. O’Shea is responsible for expanding the distribution channel strategy for our Individual Life insurance business and creating a value proposition for differentiating in this channel.  • Mr. O’Shea has over 20 years of successful distribution, life sales and marketing experience. Previously, he worked at Principal Financial, where he led the strategic development, design, execution and management of the company’s Life Brokerage distribution channel. He also worked at Lincoln Financial in sales management leadership roles for BGA distribution and then as National Sales Manager of Retail distribution. • Mr. O’Shea has a BA from Framingham State College and holds his Series 6, 63, and 26.

41. About Sun Life: biographies • Gregory Smith Senior Vice President, Affiliated Channel Sun Life Financial U.S. • Gregory Smith is Senior Vice President of Sun Life Financial Distributors’ Affiliated Channel. He was appointed to this position in December of 2009. In this role, Mr. Smith is responsible for developing and executing the affiliated distribution channel strategy for the Individual Life insurance business.  • Mr. Smith was most recently Senior Vice President and Channel Head, Strategic Distribution for ING in Minnesota responsible for the design, implementation, and execution of ING’s closely aligned retail Life and Annuity distribution strategy.  Prior to that, he was Sr. Vice President and Channel Head of the Financial Institutions Division at Lincoln Financial where he oversaw the redesign and alignment of the bank channel’s product, marketing, and sales strategy. Past roles also include Sr. Vice President of Financial Institutions at Zurich Kempler where he successfully grew the bank channel's VA sales from $25 million annually to $2 billion in just three years. • Mr. Smith has a Masters Degree from the University of Chicago Graduate School of Business and a BA from Morehouse College, Atlanta, GA and holds his Series 7, 24, 52 and 63 licenses.