Sun Life Financial to purchase up to 2.55 million Common Shares for cancellation in Private Purchases

    TORONTO, Dec. 7 /CNW/ - Sun Life Financial Inc. (TSX/NYSE: SLF) announced
today that it intends to purchase for cancellation up to 2.55 million
(0.46 per cent) of its common shares currently outstanding pursuant to private
agreements between Sun Life Financial Inc. and an arm's-length third-party
seller (the "Private Purchases") between December 12, 2007 and December 31,
2007. The shares purchased for cancellation pursuant to the Private Purchases
will be included in calculating the maximum number of common shares that the
Company may purchase through its normal course issuer bid share repurchase
program that was announced on January 11, 2007.
    The Private Purchases will be made pursuant to an issuer bid exemption
order issued by the Ontario Securities Commission and a Notice of Intention to
make an exempt issuer bid filed with the Autorité des marchés financiers in
the Province of Quebec. The price that the Company will pay for the shares
purchased under the Private Purchases will be negotiated by the Company and
the seller, provided that in no circumstances will the price paid for the
shares be greater than the closing market price of those shares on the Toronto
Stock Exchange on the dates of the purchases. The Company believes that
purchasing its shares under the Private Purchases at a price below the market
price of its shares is an appropriate use of corporate funds.
    None of the directors or senior officers of the Company, nor any
associates or affiliates thereof or of the Company, nor any person holding 10%
or more of any class of equity securities of the Company, nor any associates
thereof are eligible to sell shares pursuant to the Private Purchases since
the Company intends to purchase shares only from the arms-length third-party
seller.

    Sun Life Financial

    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 of $427 billion.
    Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and
Philippine (PSE) stock exchanges under ticker symbol SLF.

    Forward-Looking Statements

    Certain statements contained in this document, including those relating
to the Company's strategies and other statements that are predictive in
nature, that depend upon or refer to future events or conditions, or that
include words such as "expects", "anticipates", "intends", "plans",
"believes", "estimates" or similar expressions, are forward-looking statements
within the meaning of securities laws. Forward-looking statements include the
information concerning possible or assumed future results of operations of the
Company. These statements represent the Company's expectations, estimates and
projections regarding future events and are not historical facts.
Forward-looking statements are not guarantees of future performance and
involve certain risks and uncertainties that are difficult to predict. Future
results and stockholder value may differ materially from those expressed in
these forward-looking statements due to, among other factors, the matters set
out under "Risk Factors" in the Company's AIF and the factors detailed in its
other filings with Canadian and U.S. securities regulators, including its
annual MD&A, and annual and interim financial statements, which are available
for review at www.sedar.com and www.sec.gov.

    Note to Editors: All figures in Canadian dollars.