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2020 Annual Information Form Annual Information Form Sun Life Financial Inc. For the Year Ended December 31, 2020 February 10, 2021 Annual Information Form 2020 Table of Contents Management's Consolidated Annual Information Discussion & Financial Statements Form Analysis(1) and Notes(1) Corporate Structure 3 Development of the Business 3 Section B Business of Sun Life 5 Section B Financial Performance Section C Notes 8-12 Investments Section H Note 5 Risk Management Section J Note 6 Capital Structure 8 Section I Note 15 Dividends 12 Section I Note 15 Security Ratings 12 Section F Transfer Agents and Registrar 15 Directors and Executive Officers 16 Code of Conduct 20 Principal Accountant Fees and Services 20 Interests of Experts 21 Regulatory Matters 21 Section B Risk Factors 35 Legal and Regulatory Proceedings 52 Additional Information 52 Appendix A - Charter of the Audit Committee 53 (1) As indicated, parts of the Company’s MD&A, consolidated financial statements and accompanying notes for the year ended December 31, 2020 are incorporated by reference in this AIF. The 2020 MD&A (as defined below) and the 2020 Consolidated Financial Statements (as defined below) may be accessed at www.sedar.com and www.sec.gov, respectively. Sun Life Financial Inc. | sunlife.com 1 Annual Information Form 2020 The following defined terms are used in this document. Abbreviation Description Abbreviation Description Annual Information Form Office of the Superintendent of Financial AIF OSFI Institutions, Canada The Board of Directors of SLF Inc. United States Securities and Exchange Board SEC Commission International Financial Reporting Standards Sun Life Sun Life Assurance Company of Canada IFRS Assurance LICAT Life Insurance Capital Adequacy Test SLF Inc. Sun Life Financial Inc. Management's Discussion & Analysis The Superintendent under the Office of the MD&A Superintendent Superintendent of Financial Institutions Act National Association of Insurance Commissioners, NAIC United States Presentation of Information In this AIF, SLF Inc. and its consolidated subsidiaries are collectively referred to as “Sun Life”, the “Company”, “we”, “us” or “our” and also includes, where applicable, our joint ventures and associates. Unless otherwise indicated, all information in this AIF is presented as at and for the year ended December 31, 2020, and amounts are expressed in Canadian dollars. Financial information is presented in accordance with IFRS and the accounting requirements of OSFI. Documents Incorporated by Reference The following documents are incorporated by reference in and form part of this AIF: (i) SLF Inc.'s MD&A for the year ended December 31, 2020 (our “2020 MD&A”), and (ii) SLF Inc.'s Consolidated Financial Statements and accompanying notes for the year ended December 31, 2020 (our “2020 Consolidated Financial Statements”). These documents have been filed with securities regulators in Canada and with the SEC and may be accessed at www.sedar.com and www.sec.gov, respectively. Forward-looking Statements From time to time, the Company makes written or oral forward-looking statements within the meaning of certain securities laws, including the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Certain statements in this AIF and the documents incorporated by reference herein including, (i) statements relating to our strategies, (ii) statements that are predictive in nature, (iii) statements that depend upon or refer to future events or conditions, and (iv) statements that include words such as “achieve”, “aim”, “ambition”, “anticipate”, “aspiration”, “assumption”, “believe”, "continue", “could”, “estimate”, “expect”, “goal”, "initiatives", “intend”, “may”, “objective”, “outlook”, “plan”, "potential", “project”, “seek”, “should”, “strategy”, “strive”, “target”, “will” and similar expressions are forward-looking statements. Forward- looking statements include information concerning our possible or assumed future results of operations. These statements represent our current expectations, estimates and projections regarding future events and are not historical facts, and remain subject to change, particularly in light of the ongoing and developing COVID-19 pandemic and its impact on the global economy and its uncertain impact on our business. Forward-looking statements are not a guarantee of future performance and involve risks and uncertainties that are difficult to predict. Future results and shareholder value may differ materially from those expressed in these forward-looking statements due to, among other factors, the impact of the COVID-19 pandemic and related economic conditions on our operations, liquidity, financial conditions or results and the matters set out in this AIF under the heading Risk Factors and in our annual MD&A under the heading Forward-Looking Statements, and the factors detailed in our annual and interim financial statements and other filings with Canadian and U.S. securities regulators, which are available for review at www.sedar.com and www.sec.gov, respectively. Important risk factors that could cause our assumptions and estimates, and expectations and projections to be inaccurate and our actual results or events to differ materially from those expressed in or implied by the forward-looking statements contained in this document, are set out below. The realization of our forward-looking statements, essentially depends on our business performance which, in turn, is subject to many risks, which have been further heightened with the current COVID-19 pandemic given the uncertainty of its duration and impact. Factors that could cause actual results to differ materially from expectations include, but are not limited to: market risks - related to the performance of equity markets; changes or volatility in interest rates or credit spreads or swap spreads; real estate investments; and fluctuations in foreign currency exchange rates; insurance risks - related to policyholder behaviour; mortality experience, morbidity experience and longevity; product design and pricing; the impact of higher-than- expected future expenses; and the availability, cost and effectiveness of reinsurance; credit risks - related to issuers of securities held in our investment portfolio, debtors, structured securities, reinsurers, counterparties, other financial institutions and other entities; business and strategic risks - related to global economic and political conditions; the design and implementation of business strategies; changes in distribution channels or Client behaviour including risks relating to market conduct by intermediaries Sun Life Financial Inc. | sunlife.com 2 Annual Information Form 2020 and agents; the impact of mergers, acquisitions, strategic investments and divestitures; the impact of competition; the performance of our investments and investment portfolios managed for Clients; changes in the legal or regulatory environment, including capital requirements; the environment and social, environmental laws and regulations; operational risks - related to breaches or failure of information system security and privacy, including cyber-attacks; our ability to attract and retain employees; legal, regulatory compliance and market conduct, including the impact of regulatory inquiries and investigations; our information technology infrastructure; a failure of information systems and Internet-enabled technology; dependence on third-party relationships, including outsourcing arrangements; business continuity; model errors; information management; liquidity risks - the possibility that we will not be able to fund all cash outflow commitments as they fall due; and other risks - COVID-19 matters, including the severity, duration and spread of COVID-19, actions by governments, monetary authorities and regulators in response to the COVID-19 pandemic, its impact on the global economy and its impact on Sun Life's business, financial condition and/or results; risks associated with IFRS 17 and 9; our international operations, including our joint ventures; market conditions that affect our capital position or ability to raise capital; downgrades in financial strength or credit ratings; and tax matters, including estimates and judgments used in calculating taxes. The Company does not undertake any obligation to update or revise its forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, except as required by law. Corporate Structure SLF Inc. was incorporated under the Insurance Companies Act, Canada (the “Insurance Act”) on August 5, 1999, to become the holding company of Sun Life Assurance in connection with the demutualization of Sun Life Assurance. Sun Life Assurance was incorporated in 1865 as a stock insurance company and was converted into a mutual insurance company in 1962. On March 22, 2000, Sun Life Assurance implemented a plan of demutualization under which it converted back to a stock company pursuant to Letters Patent of Conversion issued under the Insurance Act. Under this plan of demutualization, Sun Life Assurance became a wholly-owned subsidiary of SLF Inc. The head and registered office of SLF Inc. is located at 1 York Street, Toronto, Ontario, M5J 0B6. SLF Inc. conducts its business worldwide through direct and indirect operating subsidiaries, joint ventures and associates. SLF Inc.’s principal subsidiaries are included in the subsidiaries listed in SLF Inc.’s annual report and that
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