Sun Life Financial Inc. guarantees certain obligations of Sun Life Assurance Company of Canada to streamline reporting obligations

    TORONTO, Nov. 15 /CNW/ - Sun Life Financial Inc. (TSX/NYSE:SLF) ("SLF
Inc.") and Sun Life Assurance Company of Canada ("SLA") announced today that
SLF Inc. has provided full and unconditional subordinated guarantees of SLA's
publicly-held subordinated debentures and Preferred Shares. As a result of
these guarantees, SLA is entitled to rely on exemptive relief from most
continuous disclosure requirements and the certification requirements of
Canadian securities laws. Specifically, for as long as the guarantees are in
place, SLA will no longer be required to file interim financial statements,
annual and interim management's discussion and analysis, annual information
forms, press releases and material change reports in respect of changes that
are also material changes in the affairs of SLF Inc., material contracts, and
Chief Executive Officer and Chief Financial Officer certifications. However,
SLA will continue to file annual audited financial statements, and certain
summary financial information regarding SLA will be filed on a quarterly
basis.
    The effect of the guarantees is that holders of SLA's public debentures
and Preferred Shares will be entitled to receive payment from SLF Inc. within
15 days of any failure by SLA to make a required payment, except in the event
of a winding-up order where special conditions apply.
    Concurrently with the exemptive relief granted to SLA described above,
Sun Life Capital Trust (the "Trust") obtained new exemptive relief from most
of its continuous disclosure requirements and the certification requirements
that is similar to the disclosure and certification relief previously granted
to the Trust.
    A copy of the guarantee of SLA's public debentures will be filed on SEDAR
under the profiles of SLF Inc. and SLA. A copy of the guarantee of SLA's
Preferred Shares will be filed on SEDAR under the profiles of SLF Inc., SLA
and the Trust.

    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
September 30, 2007, the Sun Life Financial group of companies had total assets
under management in excess of CDN$427 billion.
    Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and
Philippine (PSE) stock exchanges under ticker symbol SLF.