Sun Life Financial’s Indian joint venture acquires Indian mutual funds business of Alliance Capital Mutual Fund

Toronto, ON (September 27, 2005) – Sun Life Financial announced today that Birla Sun Life Asset Management Company Limited (BSLAMC) and Birla Sun Life Trustee Company Private Limited, its 50 percent-owned joint ventures in India, have acquired and will manage the Indian mutual fund business of Alliance Capital Mutual Fund.

The transaction, first announced in October 2004, has received all necessary approvals and closed on September 23, 2005.

“This transaction aligns well with our strategy of building sustainable scale and scope in the businesses and geographies in which we choose to compete,” said Donald A. Stewart, Chief Executive Officer, Sun Life Financial. “India is an increasingly significant market for us, and we are building on an excellent platform.”

Alliance Capital had assets under management of approximately CDN$349.1 million (Rs.1,305 crores) as of September 23, 2005, of which equity mutual fund assets represented 46 per cent. With this acquisition, BSLAMC has approximately CDN$3.5 billion (over Rs. 13,000 crores) under management.

About Sun Life Financial

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. Chartered in 1865, 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, China and Bermuda. As of June 30, 2005, the Sun Life Financial group of companies had total assets under management of CDN$377 billion.

Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under ticker symbol SLF.