Sun Life Financial Inc. and Sun Life Assurance Company of Canada announced today that Sun Life Financial has provided full and unconditional subordinated guarantees of Sun Life Assurance’s publicly held subordinated debentures and preferred shares.

As a result of these guarantees, Sun Life Assurance is entitled to rely on exemptive relief from most continuous disclosure requirements and the certification requirements of Canadian securities laws. Specifically, for as long as the guarantees are in place, Sun Life Assurance will no longer be required to file interim financial statements, annual and interim management’s discussion and analysis, annual information forms, press releases and material change reports in respect of changes that are also material changes in the affairs of Sun Life Financial, material contracts, and CEO and CRO certifications. However, Sun Life Assurance will continue to file annual audited financial statements, and certain summary financial information regarding Sun Life Assurance will be filed on a quarterly basis.

The effect of the guarantees is that holders of Sun Life Assurance’s public debentures and preferred shares will be entitled to receive payment from Sun Life Financial within 15 days of any failure by Sun Life Assurance to make a required payment, except in the event of a winding-up order where special conditions apply.

Concurrently with the exemptive relief granted to Sun Life Assurance described above, Sun Life Capital Trust obtained new exemptive relief from most of its continuous disclosure requirements and the certification requirements that is similar to the disclosure and certification relief previously granted to the rust.