Sun Life Announces Intention to Renew Its Normal Course Issuer Bid

Sun Life Financial Inc. (PSE: SLF) announced today that, subject to the approval of the Office of the Superintendent of Financial Institutions and the Toronto Stock Exchange, it intends to launch a normal course issuer bid to purchase for cancellation up to 15,000,000 of its common shares (representing approximately 2.54% of the 591,038,889 common shares issued and outstanding as at June 30, 2019) (the “NCIB”). The Company will file a notice of intention with the TSX in this regard.

The NCIB will provide the Company with the flexibility to acquire common shares in order to return capital to shareholders as part of its overall capital management strategy.

The NCIB is expected to commence on August 14, 2019 and continue until August 13, 2020, or such earlier date as the Company may determine or as the Company completes its purchases pursuant to the NCIB. Purchases under the NCIB may be made through the facilities of the TSX, other Canadian stock exchanges and/or alternative Canadian trading platforms, at prevailing market rates. Purchases under the NCIB may also be made by way of private agreements or share repurchase programs under issuer bid exemption orders issued by securities regulatory authorities. Any purchases made under an exemption order issued by a securities regulatory authority will generally be at a discount to the prevailing market price. The actual number of common shares purchased under the NCIB, and the timing of such purchases (if any), will be determined by the Company. Any common shares purchased by the Company pursuant to the NCIB will be cancelled.

From time to time, when the Company does not possess material non-public information about itself or its securities, it may enter into a pre-defined plan with its broker to allow for the repurchase of common shares of the Company at times when the Company ordinarily would not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. Any such plans entered into with the Company’s broker will be adopted in accordance with applicable Canadian securities laws.

Under its current normal course issuer bid, which expires on August 13, 2019, the Company is authorized to purchase for cancellation up to 18,000,000 of its common shares. To date, the Company has purchased 16,377,550 common shares for cancellation at a volume weighted average price of approximately $50.38 per common share.

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