Sun Life Financial announces offering of Senior Unsecured Debentures

    TORONTO, Feb. 21 /CNW/ - Sun Life Financial Inc. (TSX/NYSE:SLF) announced
today that it intends to issue in Canada an additional $250 million principal
amount of Series B Senior Unsecured 4.95% Fixed/Floating Debentures due in
2036 pursuant to its medium term note program. The Company currently has
outstanding $700 million principal amount of Series B Debentures. The offering
is expected to close on February 26, 2007 and the proceeds will be used for
general corporate purposes, including investments in subsidiaries.
    Details of the offering will be set out in a pricing supplement that the
Company intends to issue pursuant to its short form base shelf prospectus
dated November 4, 2005 and its prospectus supplement dated June 22, 2006,
which will be available on the SEDAR website for Sun Life Financial Inc. at
www.sedar.com. The Series B Debentures will be sold on a best efforts agency
basis by a syndicate led by RBC Dominion Securities Inc.

    The Series B 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
December 31, 2006, the Sun Life Financial group of companies had total assets
under management of $436 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.