Sun Life Financial announces offering of Subordinated Unsecured Debentures

    TORONTO, June 20 /CNW/ - Sun Life Financial Inc. (TSX/NYSE:  SLF) announced
today that it intends to issue in Canada up to $350 million principal amount
of Series 2008-2 Subordinated Unsecured 5.12% Fixed/Floating Debentures due in
2018. The offering is expected to close on June 26, 2008 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 and
its prospectus supplement dated March 12, 2007, which will be available on the
SEDAR website for Sun Life Financial Inc. at The Series 2008-2
Debentures will be sold on a best efforts agency basis by a syndicate led by
RBC Dominion Securities Inc. and Scotia Capital Inc.
    The Series 2008-2 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
March 31, 2008, the Sun Life Financial group of companies had total assets
under management of CDN$415 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 in Canadian dollars.

For further information:

For further information: Media Relations Contact: Susan Jantzi, Senior
Manager, External Communications & Corporate Affairs, Tel: (519) 888-3160,; Investor Relations Contact: Paul Petrelli,
Vice-President, Investor Relations, Tel: (416) 204-8163,

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