Sun Life Financial completes offering of Subordinated Unsecured Debentures

    TORONTO, May 29 /CNW/ - Sun Life Financial Inc. (TSX/NYSE:SLF) announced
today the successful completion of a public offering in Canada of $400 million
principal amount of Series 2007-1 Subordinated Unsecured 5.40% Fixed/Floating
Debentures due in 2042, pursuant to its medium term note program. The proceeds
will be used for general corporate purposes, including investments in
subsidiaries.
    The debentures were sold under a pricing supplement dated May 24, 2007
issued pursuant to the Company's short form base shelf prospectus and its
prospectus supplement dated March 12, 2007, which are available on the SEDAR
website for Sun Life Financial Inc. at www.sedar.com.

    The Series 2007-1 Debentures have not been and will not be registered
under the United States Securities Act of 1933, as amended, and may not be
offered, sold or delivered within the United States of America and its
territories and possessions or to, or for the account or benefit of, United
States persons except in certain transactions exempt from the registration
requirements of such Act. This release does not constitute an offer to sell or
a solicitation to buy such securities in the United States.

    Sun Life Financial is a leading international financial services
organization providing a diverse range of protection and wealth accumulation
products and services to individuals and corporate customers. Chartered in
1865, Sun Life Financial and its partners today have operations in key markets
worldwide, including Canada, the United States, the United Kingdom, Ireland,
Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. As of
March 31, 2007, the Sun Life Financial group of companies had total assets
under management in excess of $446 billion.
    Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and
Philippine (PSE) stock exchanges under ticker symbol SLF.

    Note to Editors: All figures shown in Canadian dollars unless otherwise
    noted.