Sun Life Financial Introduces 6% Bonus Credit for Masters Extra Variable Annuity Clients

WELLESLEY, Mass.--(BUSINESS WIRE)--The U.S. division of Sun Life Financial Inc. (NYSE:SLF, TSX:SLF) today announced an enhanced purchase payment interest rate for its Masters® Extra Variable Annuity (VA) product. The rate, which increased from 5% to 6%, is applicable for all new accounts and for add-on payments from existing clients for all new purchase payments regardless of the amount of the payment or the issue date of the contract.

“As part of a long-term retirement strategy, our new Masters Extra 6% upfront purchase payment interest provides new clients with an immediate boost to the account value and the opportunity for existing clients to earn 6% on additional purchase payments,” said Michele Van Leer, Senior Vice President and General Manager, Retail Insurance & Annuities. “With current market volatility, clients can allocate this enhanced interest to fixed income investments to help calm market fears or can even ‘buy low’ by allocating the 6% to equities for growth potential.”

The Sun Life Financial Masters Extra VA requires a minimum initial investment of $10,000; has total variable account annual expenses of 1.70%; and carries a seven-year surrender schedule. As an alternative to its enhanced 6% interest credit option (Option B), Masters Extra also offers a purchase payment interest option that pays a 2% upfront interest credit on all first-year purchase payments and an interest credit of 2% of the account value at the end of every fifth-year anniversary (Option A).

Available with the Sun Life Financial Masters Extra Variable Annuity and the entire Masters suite, are a number of living benefit options. (These options may not be available in all states, and conditions, restrictions and limitations apply; please see the prospectus for details). These living benefit options include Income ON Demand,® providing the ability to store income for future expenses whenever they occur, and Retirement Income Escalator, ^SM offering age-tiered withdrawal percentages and an attractive 7% deferral bonus.¹ For more information about Sun Life Financial’s Masters variable annuities and living benefit options, visit www.slfd.com or call our sales desk at 866.637.5348, Option 2.

About 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 June 30, 2008, the Sun Life Financial group of companies had total assets under management of US $404.7 billion. Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under ticker symbol SLF. Visit Sun Life Financial’s website at www.sunlife-usa.com.

Variable annuities are long-term investment vehicles designed for retirement purposes, and are subject to market fluctuation, investment risk and possible loss of principal.

Purchasers should be aware that variable annuities that credit purchase payment interest may have higher expenses than those that do not credit such interest. Over time, the higher expenses could offset the value of interest credited. Also, the contract may include surrender charges that apply for a longer period than those for a contract without an investment credit.

You should consider the investment objectives, risks, charges and expenses of any investment in a variable annuity. The prospectus contains this and other important information. Please request a prospectus for the variable annuity product and any underlying investment options from your financial professional. Read all prospectuses carefully before investing or sending money.

Sun Life Financial Masters variable annuities are issued by Sun Life Assurance Company of Canada (U.S.) (Wellesley Hills, MA) in all states except New York. In New York, the contracts are issued by Sun Life Insurance and Annuity Company of New York (New York, NY). All guarantees are based on the claims-paying ability of the issuing company. Variable products are distributed through Sun Life Financial Distributors, Inc. All three companies are members of the Sun Life Financial group of companies.

NOT FDIC/NCUA INSURED ▪ MAY LOSE VALUE ▪ NO BANK/CREDIT UNION GUARANTEE ▪ NOT A DEPOSIT ▪ NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

© 2008 Sun Life Assurance Company of Canada (U.S.). All rights reserved. Sun Life Financial and the globe symbol are registered trademarks of Sun Life Assurance Company of Canada.

SLPC 19239 (8/08)

Exp.8/09

¹ The current annual charge for Income ON Demand is 0.65% of the Income Benefit Base for a lifetime guarantee for one individual, and 0.85% if clients want income to also continue for their spouses if they outlive them. The current annual charge for Retirement Income Escalator is 0.75% of the Withdrawal Benefit Base or 0.95% for joint life coverage. Retirement Income Escalator’s annual withdrawal percentage is locked in once the first withdrawal is taken, and is set for life of this optional feature. Withdrawal percentage is 5% for ages 59 1/2 to 69, 6% for ages 70 to 79, and 7% for ages 80+. In New York, if joint life is elected, the annual withdrawal percentage is 5% for ages 63 to 74, 6% for ages 75 to 79, and 7% for ages 80+. Deferral bonus of 7% of the initial benefit base is available each year within the first 10 contract years that client waits to take a withdrawal. This bonus is independent of the purchase payment interest paid on the underlying Masters Extra variable annuity .Any time the withdrawal benefit base steps up during a bonus period, a new 10-year bonus period begins automatically.