Exposure change within the Sun Life Multi-Strategy Bond Fund

Q2 2020

Sun Life Global Investments ("SLGI") is enhancing the exposure Global Fixed income within the Sun Life Multi-Strategy Bond Fund (the "Fund") in the spring of 2020.

SLGI is committed to regularly monitoring portfolio managers to ensure they continue to deliver on their investment approach while meeting the objectives of their funds. After a thorough due diligence review, SLGI has decided to make the following change within the Fund:

Global Fixed Income

We are changing our exposure to Global Fixed Income within the Fund from Templeton Global Bond Fund to the Sun Life Opportunistic Fixed Income Private Pool, sub-advised by Wellington Management Canada ULC, a subsidiary of Wellington Investment Advisors Holdings LLP ("Wellington").

About the Sun Life Opportunistic Fixed Income Private Pool

The Fund's investment objective is to seek long-term capital appreciation and income by investing primarily in a diversified portfolio of global fixed income securities. The fund strives to achieve a return of 5-6%1 per annum over the course of a full business cycle, typically 3 to 5 years (before deduction of management fees and expenses). Wellington is one of the largest fund managers in the world with over $US 1 trillion in AUM. It has been managing investments since 1928. For further details, please refer to the attached one-pager here.

Sun Life Multi-Strategy Segregated Bond Fund is managed by Sun Life Assurance Company of Canada and invests in Series I units of Sun Life Multi-Strategy Bond Fund which is a mutual fund managed by Sun Life Global Investments (Canada) Inc. The Funds are offered by Sun Life Assurance Company of Canada through Sun Life Group Retirement Services. Sun Life Assurance Company of Canada and Sun Life Global Investments (Canada) Inc. are members of the Sun Life Financial group of companies.

© Sun Life Global Investments (Canada) Inc., 2020.

¹Actual fund results will be lower after the deduction of fees and expenses. No assurance or guarantee is made that any target return or volatility target can or will be achieved.