Sun Life Financial:

ABOUT US*

*Our mission: help clients achieve lifetime security

ProtectionSavingsImportanceBuy a carChanging Needs (Age)Protect loves ones if I dieProvide income if unable to workSave for educationBegin retirement savings (tax advantages)Buy a homeProtect savings from market volatilityStart a businessProtect my businessProtect assets if a loved one becomes illBuy a second homeEarly retirementTravelProtect assets from major health set backRetirementPass on assets2030405060

7080Providing solutions across a lifespan of financial needs

*Global leader operating in 22 countries worldwideSun Life Financial around the worldMFS HeadquartersMFS investment and marketing/service officesCanadaUnited StatesBermudaIrelandUnited KingdomChinaHong KongIndiaPhillippinesIndonesiaTorontoMexico CitySao PauloBueno AiresLondonMadridMilanRotterdamBerlinMunichTokyoTaipeiSydneySingapore

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

*U.S.CanadaMFSAsiaU.K.Individual Life and HealthGroup Life and HealthGroup PensionMutual FundsAsset Management

Mutual FundsAsset ManagementLife and Annuity PoliciesIndividual LifeIndividual AnnuityGroup Life and Health

Individual Life and HealthIndividual AnnuityGroup Life and HealthGroup PensionMutual FundsAsset ManagementProducts and ServicesSun Life FinancialDiversified mix of products and services

Diversified sources of revenue Percent of revenue by geography and product category*Geographic Diversification*Business Diversification***Based on LTM Q3 2009 Revenue (C$): Excludes proceeds from gain on sale of CI Financial **Based on LTM Q309 VNB (C$)LTM Q3 200940%Wealth Management60%ProtectionCanada42%40%U.S.8%6%7%CorporateAsiaMFS

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

A.M.Best(as of Feb. 2009)Standard & Poors(as of March 2009)Moodys(as of Feb. 2009)Sun Life Assurance Company of CanadaA+1 (Superior)Second of 16 rating levelsAA2 (Very Strong)Third of 20 rating levelsAa31 (Excellent)Fourth of 21 rating levelsSun Life Assurance Company of Canada (U.S.)A+1 (Superior)Second of 16 rating levelsAA2 (Very Strong)Third of 20 rating levelsAa32 (Excellent)Fourth of 21 rating levelsSun Life Insurance and Annuity Company of New YorkA+1 (Superior)Second of 16 rating levelsAA2 (Very Strong)Third of 20 rating levelsNot rated

*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).Prudently invested company assets Percentage of assets invested in different asset classes8%EquitiesCashReal EstateOther15%4%7%Bonds55%Mortgages and Corp Loans21%Bond portfolio includes over 1,200 borrowers from around the world; and 97% of total bond portfolio was investment gradeHolding $8.9B in cash, cash equivalents and short-term securities, and $13B in government bondsExposure to residential sub-prime and Alt-A loans was $350M (92% issued before 2006 or have an AAA rating)

*Disciplined investment philosophy145 years of financial stabilityTotal assets under management of US: $385 billion (as of September 30, 2009 for the Sun Life Financial group of companies)How we manage risk:Pillars of risk management Safeguarding reserves and capitalPrudent investment approachActive risk management

*How were communicating our financial strengthOver 20 million customers worldwide145 years in businessA+ credit ratingNever taken bailout money

*Sun Life Financials connection with Churchill

*1988 Introduces SLF Futurity brand1982 Introduces first VA with no upfront sales charge1971 Enters annuity market with variable annuity2000 Initial Public Offering (ticker symbol SLF)1989 Introduces MFS Regatta brand2004 Introduces Sun Life Financial Masters brand2007 Introduces Income ON Demand1865 Company is chartered1982 Acquires MFS1999 Introduces Earnings Enhancement Benefit2008 Introduces Retirement Income Escalator1895 Enters U.S. marketHistory of innovation

*Risk management: general

*Strategic ways we minimize riskRisk management oversight of product development processPeer reviewCorporate Office sign-offHedging programsFirst VA hedges put on in 1999VA dynamic hedging since 2004 system originally developed in 1990s for other productsExternally peer reviewedRisk tolerance limitsBoard-mandated risk limits and reportingChief Risk Officer oversight and monitoringStochastic valuationCanadian principles-based reservesRegulatory capital Canadian and U.S.Economic Capital under development

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

FeesCompensationOptional Death BenefitsWithdrawal Benefit % and TiersInitial Equity AllocationOngoing Equity AllocationStep UpsNo. of BenefitsPhase 1 Q1 & Q2 200912Phase 2 Q3 2009Phase 3 20103

*Strong corporate reserves and capital positionSun 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%

*Level of Strategic AlignmentHIGHLoss ControlBalance Sheet ProtectionComplianceLoss MinimizationRisk MeasurementRisk ManagementReturn OptimizationRisk Management ObjectiveWeak PracticesBetter PracticesBest PracticesRisk / Return OptimizationValue MaximizationLOWBest practices risk managementStrategic Planning Integration

*Our annuity product strategyProduct focusFocus on core VA productOpportunistic approach to FAExiting non-registered FIAExamining market and product extensions

Simplified VA product portfolioReduced number of living and death benefits from 12 to 3Product design changes to align interests of shareholder, customer & distributorReduced equity exposureReduced benefits/increased fees in line with competitionReduced compensationResult: Current product improves profitability and has reduced the capital at risk

MCCSR Ratio

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

RBC Ratio 404% 407% 339% 358%300-350%

*About Sun Life FinancialBUSINESS OVERVIEW

*The market potential for each business will drive our actionsMarketsProductsDevelop focused portfolio to meet evolving distribution and customer needs and deliver shareholder valueOperations and CultureAnticipate and efficiently service customer needs through a high performance cultureFinancial and Risk ManagementDistributionExpand distribution capacity and capabilityEnsure growth is profitable and sustainable Leverage risk management as a core disciplineSolid foundation for sustainable growthDrive focus, build scale and simplify

2009 revenue by business unit Percentage of revenues by business line

*50%Annuities29%Individuals21%Employee Benefits Group

* Aligning markets, products and distribution

*About Sun Life FinancialBRAND

*9Increasing brand awareness

*Increasing brand awarenessGoalIncrease aided brand awareness to drive profitable growth

TargetsFinancial professionalsConsumers

Advertising StrategyDrive name recognition and informBe fun and engagingEmploy viral elements to create buzz

*ConsumersFinancial IntermediariesMedia focus on thought leadership

*Cirque du Soleil sponsorshipOfficial Insurance Sponsor U.S. Big Top and Arena Touring Shows Added touch points with our targetAlignment with premiere propertiesOn-site branding and visibilityCo-branded marketing exposureRights to use Cirque du Soleil logos, imagery and music

*Sun Life stadiumMulti-year naming rightsNational and international exposureFlorida MarlinsMiami DolphinsUniversity of Miami HurricanesOrange BowlBCS Championships2010 Pro-Bowl and Super Bowl Over 1 Billion impressions BEFORE Super Bowl46.4 per cent of households watched the Super Bowl in the U.S. alone!

*Philanthropic elementsOver $1 million commitment to improving educational opportunities for our nations 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

*Showcasing thought leadershipLengthy Recovery Results in Pessimism Associated PressMore Planning to Postpone Retirement IgnitesSurvey: Many Americans Now Plan to Work Past 67 Time MagazineSun Life: More Expect to Delay Retirement National Underwriter

*Operations Managers Roundtable3rd out of 16 providers 2008 Ranking of annuity insurance carriers back-office service1st out of 18 VA Providers 2006 Study of Bank and Brokerage Retail Investment Services 2008, 2007, 2006, 2005 Award for Financial Intermediary Post-Sale ServiceQuality awards

*About Sun Life FinancialLEADERSHIP

*SLF leadership: presidents

*About Sun Life: biographiesWestley V. ThompsonPresidentSun 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 companys 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 Aetnas personal financial security division and individual life strategic business unit. In 1994, Thompson joined CIGNA to build an independent brokerage distribution capability for CIGNAs individual insurance division. Mr. Thompson received a bachelors 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.

*About Sun Life: biographiesTerry MullenPresident, 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 Bachelors 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).

*About Sun Life: biographiesPriscilla S. BrownSenior Vice President, Head of MarketingSun 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 ones 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 Lifes 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.

*About Sun Life: biographiesJanet V. WhitehouseSenior Vice President and General Manager, Individual Life InsuranceSun Life Financial U.S.Janet V. Whitehouse is Senior Vice President and General Manager of the Individual Life Insurance Division of Sun Life Financials 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 Lifes Individual Life Insurance business.Prior to her current role, Ms. Whitehouse served as Senior Vice President and General Manager of SLFs Employee Benefits Group, from February to October 2008. In this role,she had profit and loss responsibility for SLF EBGs 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 Lifes Financials 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.

Daniel OSheaSenior Vice President, Individual Life SalesSun Life Financial U.S.Daniel OShea 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. OShea 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. OShea 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 companys 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. OShea has a BA from Framingham State College and holds his Series 6, 63, and 26.

*About Sun Life: biographies

*Gregory Smith Senior Vice President, Affiliated ChannelSun 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 INGs 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 channels 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.

About Sun Life: biographies

****This chart illustrates how Sun Life Financial is Global Financial Services Company and is well diversified by Products, Markets and Geography. *All the Sun Life Financial companies have an established a record of financial strength that few companies can match. In fact, were ranked in the top 20% of ratings agencies rankings according to their definitions.For the most current ratings information, visit our website at www.sunlife-usa.com********In the U.S., NAIC Risk Based Capital (RBC) requirements provide a method for measuring the minimum acceptable amount of adjusted capital that a life insurer should have, as determined under statutory accounting principles, taking into account the risk characteristics of its investments and products. Sun Life Assurance Company of Canada (U.S.)s total adjusted capital exceeds its minimum RBC requirement, with a RBC ratio of 357%.

Sun Life Assurance, the Companys principal operating subsidiary in Canada is subject to OSFIs Minimum Continuing Capital and Surplus Requirements. OSFI generally expects life insurance companies to maintain a MCCSR ratio of 150% or greater. With an MCCSR ratio of 232%, Sun Life Assurance was well above minimum regulatory capital levels as of December 31, 2008.The Sun Life Financial Group of companies operates under the Sun Life Financial name. In the United States and elsewhere, insurance products are offered by members of the Dun Life Financial group that are insurance companies. Sun Life Financial Inc., the holding company for the Sun Life Financial group of companies, is a public company. It is not an insurance company and does not offer insurance products for sale in the United States or elsewhere, and does not guarantee the obligation of its insurance company subsidiaries.

*Opportunity for differentiation.Our strategy is to command a price premium for:Best-in-class distributionSuperior financial strengthBrand strengthReduced capital at risk and stronger risk management affords us the:Ability to deliver on our promise to our shareholders, customers, and distributorsCapacity to grow our businessOpportunity to differentiate our offerings

***We only measure an RBC ratio for Sun Life Assurance Company of Canada (U.S.), our US annuity-writing subsidiary. The final calculation for Dec 31, 2008 hasn't been filed yet, but it is expected to be between 300% and 350%. It is important to note that the US subsidiary is only a small part of Sun Life, representing less than 20% of our capital base. Our larger, Canadian subsidiarySun Life assurance Company of Canada--which holds 80% of our capital, has an MCCSR (Cnd equivalent of RBC) of 232%. A 200% MCCSR would be considered the gold standard and equivalent to a 400+% RBC.

Need to speak to difference between RBC & MCCSR and how each relates to reps asking about reserves/solvency*So, What do we mean when we point to the need to execute effectively around these key dimensions of our business.

Well, Its about having a clear understanding and focus on the markets that provide the greatest potential for profitable growth.

Its Developing competitive products that meet the needs of the markets we select to focus on.

Its Having both the distribution capability, capacity and access to Shelf Space to deliver our products through Financial Intermediaries.

Its Having a service model that drives operational efficiencies, and delivers value to our customers, and having a clear understanding of the financial drivers, and the ability to effectively recognize and manage risk.

*******Local Judging Panels will be formed to add credibility, build relationships, and evaluate applications.SLF currently commissioning a Financial Fitness survey to identify the current state of financial literacy amongst at-risk youth and how it affects their educational goals. Cirque du Soleil adding value to the program with hosting and experiential opportunities. Programs national launch is in January and will culminate with a national summit that brings together non-profits, students, and educational experts to discuss best practices and financial literacy.

**We also continue to be recognized for quality service.

At Sun Life, we believe that quality service will help us attract new producers and retain loyal producers. We value our customers and strive to offer the very best. In honor of our efforts, we are very proud to receive many accolades for our service.Dalbar for the last 3 consecutive years, we have been awarded for post-sale service to financial intermediariesAmerican Banker recognized Sun Life Financial as #1 out of 18 Variable Annuity providers for overall service excellenceOperations Managers' Roundtable In 2007, we were ranked 5th overall of 15 insurance carriers by the 2007 Operations Managers Roundtable survey (this group evaluates back office support to the firms)

***