The updated interest rate is calculated based on the current Government of Canada Yield plus a spread of 2.604%. Investors will continue to receive payments semi-annually, with the first installment under the new rate scheduled for December 31, 2026. These notes, which are set to mature on June 30, 2081, operate under a structure where recourse for noteholders is tied to the assets of the Sun Life LRCN Trust, specifically the Class A Non-Cumulative Rate Reset Preferred Shares Series 14.

Sun Life retains the right to redeem the notes in whole or in part during specific windows, beginning May 31, 2031, subject to the approval of the Superintendent of Financial Institutions. Any such redemption requires the concurrent redemption of an equivalent aggregate face amount of the Series 14 Shares. All financial figures are denominated in Canadian dollars.