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

1. Sun Life announced preferred share conversions effective June 30, 2025. 2. 1,400 Series 8R Shares will convert to Series 9QR Shares. 3. 2.66 million Series 9QR Shares will convert back to Series 8R Shares. 4. Exchange listings for both shares to be on the Toronto Stock Exchange. 5. Share redemption options exist for both series but require regulatory approval.

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Why Neutral?

The conversions and redemptions do not directly penalize or substantially benefit SLF's stock price in the near term, similar past corporate actions had muted impacts due to investor behavior and economic conditions at that time.

How important is it?

The article provides insight into SLF’s share management strategy, which could appeal to long-term investors and affect stock perceptions.

Why Long Term?

These share conversions and their respective redemptions could strategically enable better financial management in future, potentially stabilizing or boosting confidence in SLF over time.

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SLF.PR.GSLF.PR.J
, /PRNewswire/ - Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF) today announced that 1,400 of its 6,217,331 Class A Non-cumulative Rate Reset Preferred Shares Series 8R (the "Series 8R Shares") have been elected for conversion on June 30, 2025, on a one-for-one basis, into Class A Non-cumulative Floating Rate Preferred Shares Series 9QR (the "Series 9QR Shares"), and 2,664,916 of its 4,982,669 Series 9QR Shares have been elected for conversion on June 30, 2025 on a one-for-one basis into Series 8R Shares. Consequently, on June 30, 2025, Sun Life will have 8,880,847 Series 8R Shares and 2,319,153 Series 9QR Shares issued and outstanding. The Series 8R Shares and Series 9QR Shares will be listed on the Toronto Stock Exchange under the symbols SLF.PR.G and SLF.PR.J, respectively. Subject to regulatory approval, Sun Life may redeem all or any part of the outstanding Series 8R Shares, at Sun Life's option, by the payment of an amount in cash for each share so redeemed of $25.00, together with all declared and unpaid dividends to the date fixed for redemption, on June 30, 2030 and on June 30 every five years thereafter. Subject to regulatory approval, Sun Life may redeem all or any part of the then outstanding Series 9QR Shares, at Sun Life's option, by the payment of an amount in cash for each share so redeemed of (i) $25.00, together with all declared and unpaid dividends to the date fixed for redemption in the case of redemptions on June 30, 2030 and on June 30 every five years thereafter, or (ii) $25.50, together with all declared and unpaid dividends to the date fixed for redemption in the case of redemptions on any other date. The Series 8R Shares and the Series 9QR Shares have not been and will not be registered under the United States Securities Act of 1933, as amended, and subject to certain exceptions, may not be offered, sold or delivered, directly or indirectly, in the United States of America for the account or benefit of U.S. persons. This release does not constitute an offer to sell or a solicitation to buy such securities in the United States. About Sun Life 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 March 31, 2025, Sun Life had total assets under management of $1.55 trillion. For more information, please visit sunlife.com.  Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF. Note to editors: All figures in Canadian dollars To contact Sun Life media relations, please email [email protected] To contact Sun Life investor relations, please email [email protected] SOURCE Sun Life Financial Inc. WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

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