(TORONTO – MAY 1, 2001) — Sun Life Assurance Company of
Canada announced today that it has signed a letter of intent to enter into a strategic
partnership with Morningstar Research Inc. to provide Morningstar’s web-based and
PC-based products to Sun Life Financial’s Canadian customer, plan sponsor, and
advisor client base. Upon settlement of a final binding, agreement, it is expected that
the partnership will commence June 1, 2001.

Morningstar’s web-based products include Quicktakes,
Fund Finder, Fund Selector, Morningstar’s Institutional Data
Analytics Service (“MIDAS”) for Group Plan Sponsors
, and Portfolio
. Morningstar’s PC-based products include BellCharts� , PALTrak� ,
Personal Portfolio Monitor (“PPM”), and PALTrak� for Pooled Funds.

Morningstar’s Stock Selector and Stock Quicktakes products
will also be offered as they become available later this year.

Upon settlement of the final, binding
agreement, Morningstar products will be launched over the coming months for Sun Life
Financial’s Group Retirement Services Division, Sun Life Securities Inc. and Sun Life
Financial Advisory Services Inc.

Sun Life Financial’s Group Retirement
Services division will become the first Canadian provider of group retirement services to
offer the following Morningstar web-based software products to plan sponsors and plan members:

MIDAS, Morningstar’s newly
developed web-based product specifically designed for plan sponsors. MIDAS enables
the plan sponsor to monitor the complete Group Retirement Services’ fund database,
provides a convenient web-based platform in addition to superior data access and
reporting, fund peer group analysis, and flexible comparison reporting. MIDAS will
showcase Morningstar’s fund classification and rating system as well as the scope of
complete portfolio holdings-based information. Plan sponsors can register to receive
Morningstar “alerts” if certain fundamental changes take place in any fund.

Group plan members will have access to information on the funds available within
their company-sponsored plan using Morningstar’s web-based technology.

Group plan members will be able to access a
consolidated view of their complete investment portfolio, including funds available within
their company-sponsored plan in combination with any mutual fund held externally. Through Portfolio
plan members will be able to obtain a detailed analysis which “looks
through” their complete investment portfolio.

Clients of Sun Life Securities Inc. will have
access to a complete suite of Morningstar products, including Portfolio X-ray.

Morningstar will provide Sun Life
Financial Advisory Services Inc. with a white-labelled version of,
supplemented by, and fully integrated with, Morningstar’s suite of advisor PC-based products.

“The proposed arrangement will
demonstrate our strategic commitment to help Canadians achieve financial peace of
mind,” said Marcel Gingras, Executive Vice-President, Canadian Operations.
“Morningstar is an objective source of accurate and timely investment information.
This relationship will enable us to partner with a leader in its field to provide
consistent and authoritative investment information across our Canadian customer base.”

“We are fully committed to becoming Sun
Life Financial’s preferred supplier of investment-information products and services
in Canada,” said Scott Mackenzie, President and Chief Operating Officer, Morningstar
Research Inc. “In particular, we welcome this opportunity to partner with Sun Life
Financial to launch our new web-based products for the group retirement marketplace.”

Sun Life Financial is a leading international
financial services organization providing a diverse range of wealth accumulation and
protection products and services to individuals and corporate customers. Tracing its roots
back to 1871, Sun Life Financial and its partners today have operations in key markets
worldwide, including Canada, the United States, the United Kingdom, Hong Kong, the
Philippines, Japan, Indonesia, India, and Bermuda. As of March 31, 2001 the Sun Life
Financial group of companies has total assets under management of CDN$316 billion.

Sun Life Financial Services of Canada Inc.
trades on the Toronto (TSE), New York (NYSE) and Philippine (PSE) stock exchanges under
ticker symbol “SLC”, and on the London Stock Exchange under Ticker symbol “SFC”.

Toronto-based Morningstar Canada is a leading
provider of mutual and pooled fund information. An independent firm, Morningstar Canada
does not own, operate, or hold any interest in investment funds or stocks. Providing data
on more than 3,800 mutual and pooled funds, the firm supplies financial organizations with
custom data and commentary for their publications and on-line services. In addition,
Morningstar Canada provides institutional and corporate clients with a range of customized
products to meet their investment-information analysis, reporting and communications
needs. Morningstar Canada is the choice of individual investors, financial professionals,
institutions and the financial media, for objective and comprehensive investing information.

Media contacts:

John Vincic
(416) 979-6070
Francine Cl�roux
(514) 866-2561