Dah Sing Bank and Sun Life Join Forces in 15-Year Exclusive Bancassurance Partnership in Hong Kong

healthier lives."

"This partnership is a natural next step for our business and enhances our distribution capabilities," said Clement Lam, CEO, Sun Life Hong Kong. "Sun Life and Dah Sing Bank share a long history in Hong Kong and a deep knowledge of the needs of our Clients. Together we are committed to designing the best products and digital solutions for Clients and providing them with simple, fast, and enjoyable experiences at every touchpoint. We look forward to partnering with Dah Sing Bank to help Clients of all ages and stages of life achieve their goals."

Sun Life will pay an amount of HKD 1.5 billion (approximately C$ 260 million)3 for this exclusive arrangement, with ongoing variable payments to Dah Sing Bank based on the success of the partnership.

Caption: Dah Sing Bank and Sun Life have signed an exclusive 15-year life bancassurance partnership in Hong Kong.

(From left to right) Cliff Chan, Executive Director, Group Head of Wealth Management, Dah Sing Bank; Phoebe Wong, Deputy Chief Executive, Senior Executive Director, Group Head of Personal Banking, Dah Sing Bank; Nicholas Mayhew, Deputy Chief Executive, Senior Executive Director, Head of Treasury, Global Markets & Corporate Finance, Dah Sing Bank; Harold Wong, Managing Director and Chief Executive, Dah Sing Bank; Ingrid Johnson, President, Sun Life Asia; Karim Gilani, President, Greater China, Singapore and International High Net Worth, Sun Life; Clement Lam Chief Executive Officer, Sun Life Hong Kong

About Dah Sing Bank

Dah Sing Bank, Limited is a wholly-owned subsidiary of Dah Sing Banking Group (HKG:2356). Founded in Hong Kong 75 years ago, Dah Sing Bank has been providing quality banking products and services to its customers with a vision to be "The Local Bank with a Personal Touch". Over the years, the Bank

has been rigorous in delivering on its brand tagline to grow with its customers in Hong Kong, the Greater Bay Area and beyond - "Together We Progress and Prosper". Building on our experience and solid foundation in the industry, our scope of professional services now spans retail banking, private banking, business and commercial banking. Meanwhile, the Bank is also making significant investments in its digital banking capabilities to stay abreast with smart banking developments in Hong Kong and to support financial inclusion at large.

In addition to its Hong Kong banking operations, Dah Sing Bank has wholly-owned subsidiaries including Dah Sing Bank (China) Limited, Banco Commercial de Macau, and OK Finance Limited. It is also a strategic shareholder of Bank of Chongqing with a shareholding of about 13%. Dah Sing Bank and its subsidiaries now have around 70 operating locations in Hong Kong, Macau and Mainland China.

About Sun Life

Sun Life is a leading international financial services organization providing asset management, wealth, insurance and health solutions to individual and institutional Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of September 30, 2022, Sun Life had total assets under management of $1.27 trillion. For more information please visit www.sunlife.com.

Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF. Sun Life Financial Inc. is the holding company of Sun Life Assurance Company of Canada. Sun Life Hong Kong Limited is a wholly-owned subsidiary of Sun Life Assurance Company of Canada.

Advisors

BNP Paribas served as financial advisor to Dah Sing Bank, Limited. Linklaters served as legal advisor to Dah Sing Bank, Limited.

Morgan Stanley served as financial advisor to Sun Life. Debevoise & Plimpton served as legal advisor to Sun Life.

Note to editors: All figures in Canadian dollars unless otherwise stated.

1. Source: Mercer MPF Market Share Report - December 2021
2. Based on market rate (1 HKD = 0.1621 CAD) as at December 31, 2021.
3. Based on market rate (1 HKD = 0.1724 CAD) as at January 19, 2023.