Sun Life Financial : Subordinated Debt (slf series 2024 1 sub debt pricing supplement)

This pricing supplement, together with the prospectus supplement dated March 24, 2023 and the short form base shelf prospectus dated March 24, 2023 to which it relates, as amended or supplemented, and each document incorporated by reference into the short form base shelf prospectus and the prospectus supplement, constitutes a public offering of these securities only in those jurisdictions where they may be lawfully offered for sale and therein only by persons permitted to sell such securities. No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise.

The securities to be issued hereunder have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and, subject to certain exceptions, may not be offered, sold or delivered, directly or indirectly, in the United States of America or for the account or benefit of U.S. persons (as defined in Regulation S under the U.S. Securities Act)

SUN LIFE FINANCIAL INC.

Pricing Supplement 2

Dated May 13, 2024

(to the short form base shelf prospectus of Sun Life Financial Inc. ("SLF") dated March 24, 2023 as supplemented by the prospectus supplement of SLF dated March 24, 2023 (collectively, the "Prospectus")).

$750,000,000

SERIES 2024-1 SUBORDINATED UNSECURED 5.12% FIXED/FLOATING DEBENTURES DUE 2036

The $750,000,000 principal amount of Series 2024-1 Subordinated Unsecured 5.12% Fixed/Floating Debentures due 2036 (the "Debentures") will be issued under a trust indenture dated as of November 23, 2005, as supplemented by

1. twenty-fifthsupplemental indenture to be dated as of the closing date (together, the "Trust Indenture"), between SLF and BNY Trust Company of Canada, as successor indenture trustee (the "Trustee").

The following is a summary of certain of the material attributes and characteristics of the Debentures offered hereby, which does not purport to be complete and is qualified in its entirety by reference to the Trust Indenture. Reference is made to the Prospectus for a summary of the other material attributes and characteristics applicable to the Debentures and reference is made to the Trust Indenture for the full text of such attributes and characteristics.

Issuer:	Sun Life Financial Inc.
Designation:	Series 2024-1 Subordinated Unsecured 5.12% Fixed/Floating Debentures due 2036.
Principal Amount:	$750,000,000 aggregate principal amount of Debentures.
Issue Price:	$1,000 per $1,000 principal amount of Debentures.
Issue Date:	May 15, 2024.
Delivery Date:	May 15, 2024.
Interest Reset Date:	May 15, 2031.
Maturity Date:	The Debentures will mature on May 15, 2036.
Interest Payment Dates1:	Each Debenture will bear interest (i) during the period from the closing date of this
	offering to, but excluding, May 15, 2031, at a fixed annual rate of 5.12%, payable in
	arrears in equal semi-annual instalments on May 15 and November 15 in each year,
	with the first payment of interest due on November 15, 2024 and the last payment of
	interest due on May 15, 2031, and (ii) from and including May 15, 2031 to, but
	excluding, the Maturity Date of the Debentures, at a variable rate equal to Daily
	Compounded CORRA determined for the Observation Period in respect of such
	Floating Interest Period plus 1.46%, payable quarterly in arrears on February 15, May
	15, August 15 and November 15 in each year, with the first such payment to be made

	on August 15, 2031. The Debentures will mature on the Maturity Date.
Daily Compounded CORRA:	For an Observation Period, the rate will be calculated as follows, with the resulting
	percentage rounded if necessary to the fifth decimal place, with 0.000005% being
	rounded upwards and (-) 0.000005% being rounded downwards:

	Where:
	• "CORRA Compounded Indexstart" is equal to the CORRA Compounded
	Index value on the date that is two Bank of Canada Business Days preceding
	the first date of the relevant Floating Interest Period;
	• "CORRA Compounded Indexend" is equal to the CORRA Compounded
	Index value on the date that is two Bank of Canada Business Days preceding
	the Interest Payment Date relating to such Floating Interest Period (or, in the
	case of the final Interest Payment Date, the Maturity Date or, if the
	Debentures are redeemed prior to the Maturity Date, the date of redemption
	of such Debentures, as applicable); and
	• "d" is the number of calendar days in the relevant Observation Period.
Floating Interest Period:	The period from and including each Interest Payment Date commencing on the
	Interest Reset Date to, but excluding, the next succeeding Interest Payment Date or,
	in the case of the final Interest Payment Date, the Maturity Date or, if Debentures are
	redeemed prior to the Maturity Date, the date of redemption of such Debentures, as
	applicable.
Observation Period:	In respect of each Floating Interest Period, the period from, and including, the date
	two Bank of Canada Business Days preceding the first date in such Floating Interest
	Period to, but excluding, the date two Bank of Canada Business Days preceding the
	Interest Payment Date or, in the case of the final Interest Payment Date, the Maturity
	Date or, if Debentures are redeemed prior to the Maturity Date, the date of
	redemption of such Debentures, as applicable.
Business Day Convention:	If any Interest Payment Date on or before May 15, 2031 falls on a day that is not a
	Business Day, it shall be postponed until the next succeeding Business Day (without
	any additional interest or other payment in respect of any such delay).
	If any Interest Payment Date after May 15, 2031 falls on a day that is not a Bank of
	Canada Business Day, it shall be postponed until the next succeeding Bank of
	Canada Business Day, unless that day falls in the next calendar month, in which case
	the Interest Payment Date will be the immediately preceding day that is a Bank of
	Canada Business Day.
	If the Maturity Date falls on a day that is not a Bank of Canada Business Day, the
	required payment of principal and interest shall be made on the next succeeding Bank
	of Canada Business Day.
Yield:	The effective yield of the Debentures, if held to May 15, 2031, will be 5.12%.
	Thereafter the effective yield will fluctuate with the interest rate.
Denominations:	Debentures will be available in denominations of $1,000 and integral multiples
	thereof.

PS - 2

Redemption:	At its option, and subject to prior approval of the Superintendent, SLF may redeem
	the Debentures, in whole or in part, on or after May 15, 2029, to, but excluding May
	15, 2031, at a redemption price equal to the greater of (i) the Canada Yield Price and
	(ii) par, and on or after May 15, 2031, at a redemption price equal to par, together in
	each case with accrued and unpaid interest to, but excluding, the date fixed for the
	redemption. Any Debentures redeemed on or after May 15, 2031 must be redeemed
	on an Interest Payment Date. SLF will give notice of redemption at least 10 days but
	not more than 60 days before the date fixed for redemption. Where less than all of the
	Debentures are to be redeemed, the Debentures to be redeemed will be selected by lot
	by the Trustee or redeemed on a proportionate basis according to the principal
	amount of Debentures registered in the respective name of each holder of Debentures
	or in such other manner as the Trustee may consider equitable.
	"Canada Yield Price" means a price per $1,000 principal amount of Debentures,
	calculated by SLF at approximately 10:00 am (Toronto time) on the third Business
	Day preceding the date fixed for redemption of Debentures, which would provide a
	yield thereon from the date fixed for redemption to, but excluding, May 15, 2031
	equal to the Government of Canada Yield (as defined below), compounded semi-
	annually in arrears, plus 0.355%.
	"Government of Canada Yield" means, on any date that is three (3) Business Days
	prior to a date fixed for redemption, the bid yield to maturity on such date,
	compounded semi-annually, which a non-callable Government of Canada nominal
	bond would be expected to carry if issued, in Canadian dollars in Canada, at 100% of
	its principal amount on such date with a term to maturity equal to the period between
	the date fixed for redemption and May 15, 2031 (the "Applicable Term"), as
	determined by two independent Canadian investment dealers (each of which is a
	member of the Canadian Investment Regulatory Organization (or any successor
	thereto)) selected by SLF, and based on a linear interpolation of the yields
	represented by the arithmetic average of bids observed in the market at or about
	10:00 am (Toronto time) on the relevant date for each of the two outstanding non-
	callable Government of Canada nominal bonds which have the terms to maturity
	which most closely span the Applicable Term on such date, where such arithmetic
	average is based in each case on the bids quoted by such independent investment
	dealers.
Defeasance:	On or after May 15, 2029, subject to the prior approval of the Superintendent, SLF
	may exercise its option under the Trust Indenture to have the Trustee release it from
	its obligations under the Trust Indenture with respect to all outstanding Debentures,
	including its obligation to make payments, provided that: (i) the Trustee is satisfied
	that SLF has deposited with it funds or governmental securities sufficient for
	payment of all amounts due or to become due in respect of the Debentures; (ii) no
	Event of Default under the Trust Indenture has occurred and is continuing; and (iii)
	the other conditions specified in the Trust Indenture have been met.
Rank:	The Debentures will be direct, unsecured subordinated obligations of SLF
	constituting subordinated indebtedness for the purpose of the Insurance Companies
	Act (Canada), ranking equally and rateably with all other subordinated unsecured
	indebtedness of SLF from time to time issued and outstanding, other than
	subordinated indebtedness of SLF that, by its terms, ranks subordinate to the
	Debentures. The Debentures will rank among themselves equally and rateably
	without preference or priority. The Trust Indenture will provide that in the event of
	the insolvency or winding-up of SLF, the indebtedness evidenced by the Debentures
	will be subordinate in right of payment to all other liabilities of SLF (including senior
	indebtedness and policy holder liabilities of SLF, if any), except those other liabilities
	that, by their terms, rank equally with or are subordinate to the Debentures.

PS - 3

	Upon any distribution of assets of SLF resulting from any dissolution, winding-up,
	liquidation or reorganization, payments on the Debentures will be subordinated to the
	extent provided in the Trust Indenture in right of payment to the prior payment in full
	of all senior indebtedness of SLF, but the obligation of SLF to make payments on the
	Debentures will not otherwise be affected except as described below. SLF may not
	make any payment on the Debentures at any time when there is a default in respect of
	or under the terms of its senior indebtedness. Because the Debentures are
	subordinated in right of payment to any senior indebtedness of SLF, in the event of a
	distribution of assets upon insolvency of SLF, some creditors of SLF may recover
	more, rateably, than holders of Debentures. Holders of Debentures will be subrogated
	to the rights of holders of senior indebtedness of SLF, to the extent of payments made
	on senior indebtedness of SLF, upon any distribution of assets in any proceedings in
	respect of Debentures.
Form of Debentures:	The Debentures will be issued in the form of a global certificate registered in the
	name of "CDS & Co."
ISIN/CUSIP:	CA86682ZAU09 / 86682ZAU0.
Credit Ratings:	The Debentures have been rated "A" by DBRS Limited ("DBRS") and "A" by S&P
	Global Ratings, acting through S&P Global Ratings Canada, a business unit of S&P
	Global Canada Corp. ("S&P"). A credit rating generally provides an indication of the
	creditworthiness of the borrower or the risk that the borrower will not fulfill its
	obligations in a timely manner to pay both interest and principal on the indebtedness
	that is the subject of the rating. Rating categories range from highest credit quality
	(generally "AAA") to very highly speculative (generally "C").
	For DBRS, a credit rating of "A" is an indication of good credit quality and is the
	third highest of the rating categories used by DBRS for long-term debt obligations.
	DBRS uses a "(high)" or "(low)" modifier to indicate relative strength within a rating
	category, with the absence of such a modifier indicating a rating in the middle of a
	category. For S&P, a rating of "A" is an indication that the borrower's capacity to
	meet its financial commitments on its obligations is strong and is the third highest of
	the rating categories used by S&P for long-term debt obligations, with the addition of
	a plus "+" or minus "-" sign showing relative standing within a particular rating
	category.
	Credit ratings are intended to provide investors with an independent assessment of
	the credit quality of an issue or issuer of securities and do not speak to the suitability
	of any particular securities for any particular investor. The credit rating assigned to
	the Debentures is not a recommendation to purchase, hold or sell the Debentures.
	Prospective investors should consult the relevant rating organization with respect to
	the interpretation and implications of the ratings and any recent actions concerning
	the ratings. Ratings may be revised or withdrawn at any time by the respective rating
	organization.
	SLF has paid customary rating fees to DBRS and S&P in connection with the above-
	mentioned ratings and will pay customary rating fees to DBRS and S&P in
	connection with the confirmation of such rating for purposes of this offering. In
	addition, SLF has made customary payments in respect of certain other services
	provided to SLF by each of DBRS and S&P during the last two years.
Agents:	RBC Dominion Securities Inc., BMO Nesbitt Burns Inc. and Scotia Capital Inc. (as
	Joint Bookrunners)
	CIBC World Markets Inc., TD Securities Inc., Merrill Lynch Canada Inc. and
	National Bank Financial Inc. (as Co-Managers)
	PS - 4

Agents' Fee:	$3.70 per $1,000 principal amount of Debentures for a total of $2,775,000.
Use of Proceeds:	SLF intends to use an amount equal to the net proceeds of the sale of the Debentures
	to finance or refinance, in whole or in part, new and/or existing Eligible Assets (as
	defined in SLF's Sustainability Bond Framework dated April 2024 (the "SLF
	Sustainability Bond Framework")). See "SLF Sustainability Bond Framework"
	below.
Method of Distribution:	Agency.

1 If, on or after the Interest Reset Date (i) the CORRA Compounded Indexstart or the CORRA Compounded Indexend is not published or displayed by the Reference Rate Administrator or an authorized distributor by 11:30 a.m. Toronto time (or an amended publication time, if any, as specified in the Reference Rate Administrator's methodology for calculating the CORRA Compounded Index) on the Interest Determination Date for such Floating Interest Period, but an Index Cessation Effective Date with respect to the CORRA Compounded Index has not occurred, or (ii) an Index Cessation Effective Date with respect to the CORRA Compounded Index has occurred, then Daily Compounded CORRA will be calculated by the Calculation Agent as follows, with the resulting percentage being rounded, if necessary, to the fifth decimal place, with 0.000005% being rounded upwards and (-) 0.000005% being rounded downwards:

where:

• "d0" for any Observation Period is the number of Bank of Canada Business Days in the relevant Observation Period;
• "i" is a series of whole numbers from one to d0, each representing the relevant Bank of Canada Business Day in chronological order from, and including, the first Bank of Canada Business Day in the relevant Observation Period;
• "CORRAi" means, in respect of any Bank of Canada Business Day "i" in the relevant Observation Period, a reference rate equal to the daily CORRA rate for that day, as published or displayed by the Reference Rate Administrator or an authorized distributor at 11:00 a.m. Toronto time (or an amended publication time, if any, as specified in the Reference Rate Administrator's methodology for calculating CORRA) on the immediately following Bank of Canada Business Day, which is Bank of Canada Business Day "i" + 1;
• "ni" means, for any Bank of Canada Business Day "i" in the relevant Observation Period, the number of calendar days from, and including, such Bank of Canada Business Day "i" to, but excluding, the following Bank of Canada Business Day, which is Bank of Canada Business Day "i" + 1; and
• "d" is the number of calendar days in the relevant Observation Period.

If neither the Reference Rate Administrator nor authorized distributors provide or publish CORRA and an Index Cessation Effective Date with respect to CORRA has not occurred, then, in respect of any day for which CORRA is required, references to CORRA will be deemed to be references to the last provided or published CORRA.

If an Index Cessation Effective Date occurs with respect to CORRA, the Trust Indenture will provide that the interest rate for an Interest Determination Date which occurs on or after such Index Cessation Effective Date will be the CAD Recommended Rate, to which the Calculation Agent will apply the most recently published spread and make such adjustments as are necessary to account for any difference in the term, structure or tenor of the CAD Recommended Rate in comparison to CORRA.

If there is a CAD Recommended Rate before the end of the first Bank of Canada Business Day following the Index Cessation Effective Date with respect to CORRA, but neither the Reference Rate Administrator nor authorized distributors provide or publish the CAD Recommended Rate and an Index Cessation Effective Date with respect to the CAD Recommended Rate has not occurred, then, in respect of any day for which the CAD Recommended Rate is

PS - 5

required, references to the CAD Recommended Rate will be deemed to be references to the last provided or published CAD Recommended Rate.

If: (a) there is no CAD Recommended Rate before the end of the first Bank of Canada Business Day following the Index Cessation Effective Date with respect to CORRA; or (b) there is a CAD Recommended Rate and an Index Cessation Effective Date subsequently occurs with respect to the CAD Recommended Rate, the Trust Indenture will provide that the interest rate for an Interest Determination Date which occurs on or after such applicable Index Cessation Effective Date will be the BOC Target Rate, to which the Calculation Agent will apply the most recently published spread and make such adjustments as are necessary to account for any difference in the term, structure or tenor of the BOC Target Rate in comparison to CORRA.

In respect of any day for which the BOC Target Rate is required, references to the BOC Target Rate will be deemed to be references to the last provided or published BOC Target Rate as of the close of business in Toronto on that day.

In connection with the implementation of an Applicable Rate, the Calculation Agent may, in consultation with SLF, make such adjustments to the Applicable Rate or the spread thereon, if any, as well as the business day convention (including the Business Day Convention), the calendar day count convention, Interest Determination Dates, and related provisions and definitions (including observation dates for reference rates), in each case as are consistent with accepted market practice for the use of the Applicable Rate for debt obligations such as the Debentures in such circumstances.

Any determination, decision or election that may be made by SLF or the Calculation Agent, as applicable, in relation to the Applicable Rate, including any determination with respect to an adjustment or the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection: (i) will be conclusive and binding, absent manifest error; (ii) if made by SLF, will be made in the sole discretion of SLF, or, as applicable, if made by the Calculation Agent will be made after consultation with SLF and the Calculation Agent will not make any such determination, decision or election to which SLF objects and will have no liability for not making any such determination, decision or election; and (iii) shall become effective without consent from the holders of the Debentures or any other party.

"Applicable Rate" means one of CORRA Compounded Index, CORRA, the CAD Recommended Rate or the BOC Target Rate, as applicable.

"Bank of Canada Business Day" means a day that Schedule I banks under the Bank Act (Canada) are open for business in Toronto, Ontario, Canada, other than a Saturday or a Sunday or a public holiday in Toronto (or such revised regular publication calendar for an Applicable Rate as may be adopted by the Reference Rate Administrator from time to time).

"BOC Target Rate" means the Bank of Canada's target for the overnight rate as set by the Bank of Canada and published on the Bank of Canada's website.

"Business Day" means any day on which Canadian chartered banks are open for business in Toronto and which is not a Saturday or Sunday.

"CAD Recommended Rate" means the rate (inclusive of any spreads or adjustments) recommended as the replacement for CORRA by a committee officially endorsed or convened by the Bank of Canada for the purpose of recommending a replacement for CORRA (which rate may be produced by the Bank of Canada or another administrator) and as provided by the administrator of that rate or, if that rate is not provided by the administrator thereof (or a successor administrator), published by an authorized distributor.

"Calculation Agent" means a third party trustee or financial institution of national standing with experience providing such services, which has been selected by SLF.

"CORRA" means the Canadian Overnight Repo Rate Average, as published by the Bank of Canada, as the administrator of CORRA (or any successor Reference Rate Administrator), on the website of the Bank of Canada or any successor website.

"CORRA Compounded Index" means the measure of the cumulative impact of CORRA compounding over time administered and published by the Bank of Canada (or any successor Reference Rate Administrator).

PS - 6

"Index Cessation Effective Date" means, in respect of an Index Cessation Event, the first date on which the Applicable Rate is no longer provided. If the Applicable Rate ceases to be provided on the same day that it is required to determine the rate for an Interest Determination Date, but it was provided at the time at which it is to be observed (or, if no such time is specified, at the time at which it is ordinarily published), then the Index Cessation Effective Date will be the next day on which the rate would ordinarily have been published.

"Index Cessation Event" means:

1. a public statement or publication of information by or on behalf of the Reference Rate Administrator or provider of the Applicable Rate announcing that it has ceased or will cease to provide the Applicable Rate permanently or indefinitely, provided that, at the time of the statement or publication, there is no successor Reference Rate Administrator or provider of the Applicable Rate that will continue to provide the Applicable Rate; or
2. a public statement or publication of information by the regulatory supervisor for the Reference Rate Administrator or provider of the Applicable Rate, the Bank of Canada, an insolvency official with jurisdiction over the Reference Rate Administrator or provider of the Applicable Rate, a resolution authority with jurisdiction over the Reference Rate Administrator or provider of the Applicable Rate or a court or an entity with similar insolvency or resolution authority over the Reference Rate Administrator or provider of the Applicable Rate, which states that the Reference Rate Administrator or provider of the Applicable Rate has ceased or will cease to provide the Applicable Rate permanently or indefinitely, provided that, at the time of the statement or publication, there is no successor Reference Rate Administrator or provider of the Applicable Rate that will continue to provide the Applicable Rate.

"Interest Determination Date" means the date that is two Bank of Canada Business Days preceding each Interest Payment Date, or, in the case of the final Floating Interest Period, preceding the Maturity Date, or, if applicable, preceding the date of redemption of any Debentures.

"Reference Rate Administrator" means the Bank of Canada or any successor administrator for CORRA and/or the CORRA Compounded Index or the administrator (or its successor) of another Applicable Rate, as applicable.

			Agents'		Net
	Price to the Public		Fee(1)		Proceeds to SLF(2)
Per $1,000 principal amount of the
Debentures	$1,000	$3.70	$996.30
Total	$750,000,000	$2,775,000	$747,225,000

1. SLF has agreed to pay the Agents a fee equal to $3.70 for each $1,000 principal amount of the Debentures sold.
2. Before deduction of expenses of the offering payable by SLF estimated to be $1,100,000, which together with the Agents' fee will be paid from the proceeds of the offering.

PS - 7

SLF SUSTAINABILITY BOND FRAMEWORK

Overview

SLF, its subsidiaries and, where applicable, its joint ventures and associates (collectively, "Sun Life") are committed to the principle of sustainability in conducting its business. Sun Life defines sustainability as taking accountability for its social, environmental, economic and governance impacts, risks and opportunities, in ways that help to ensure Sun Life's long-term ability to deliver value to its clients, employees, shareholders and communities.

The Debentures are being issued as "sustainability bonds" under the SLF Sustainability Bond Framework ("Sustainability Bonds") that SLF published in April 2024. By issuing Sustainability Bonds, SLF is demonstrating its commitment to embed sustainability into its business while contributing positively to society and supporting the transition to a low-carbon economy.

For the purpose of issuing Sustainability Bonds on or after April 22, 2024, SLF has developed the following SLF Sustainability Bond Framework, which addresses the four core components of the International Capital Markets Association ("ICMA") Green Bond Principles (the "Green Bond Principles"), the ICMA Social Bond Principles (the "Social Bond Principles") and the ICMA Sustainability Bond Guidelines (the "Sustainability Bond Guidelines")1 and their recommendations on the use of external reviews and impact reporting:

1. Use of proceeds;
2. Project selection and evaluation process;
3. Management of proceeds;
4. Reporting; and
5. External review.

Eligible Assets (as defined below) financed or re-financed by Sustainability Bonds are also intended to align with the United Nations Sustainable Development Goals.

Use of Proceeds

An amount equal to the net proceeds of each Sustainability Bond will be used to finance or re-finance, in part or in full, new and/or existing green and social assets within SLF's general account that meet the eligibility criteria outlined below (the "Eligible Assets").

Eligible Assets include green and social assets funded up to 24 months prior to the Sustainability Bond issuance date and green and social assets acquired post issuance. It is SLF's intention to fully allocate the net proceeds of a Sustainability Bond to Eligible Assets within 18 months of its issuance.

Eligibility Criteria
Eligible Category per the Green
Bond Principles and the Social
Bond Principles		Eligibility Criteria
Renewable Energy		Investments in facilities and equipment dedicated to generation, transmission and
		distribution of energy from renewable sources, including:

1. wind;

1 The Green Bond Principles, Social Bond Principles and Sustainability Bond Guidelines were created by the ICMA. The Sustainability Bond Guidelines were updated in June 2018 and June 2021. According to the ICMA's website, (i) the Green Bond Principles are "voluntary process guidelines that recommend transparency and disclosure and promote integrity in the development of the Green Bond market by clarifying the approach for issuance of a Green Bond" and (ii) the Social Bond Principles are "voluntary process guidelines that recommend transparency and disclosure and promote integrity in the development of the Social Bond market by clarifying the approach for issuance of a Social Bond".

PS - 8

	ii.	solar;
	iii.	geothermal (direct emissions intensity <100gCO2e/kWh);
	iv.	hydro2;
	v.	biomass (waste or other non-food feedstock that does not deplete
		existing terrestrial carbon pools, compete with food production, or have
		links to deforestation or other ecosystem conversion and associated
		biodiversity loss) with direct emissions intensity <100gCO2e/kWh and
		municipal waste to energy projects;
	vi.	hydrogen generation facilities using renewable energy; and
	vii.	renewables deployment and servicing enablement, distributed energy
		projects (e.g., microgrids, solar, and storage) and energy storage
		(technology agnostic).
Energy Efficiency	Investments in facilities and equipment that reduce energy consumption or
	improve the efficiency of resources, including:
	i.	installation of energy efficient heating, ventilation, air conditioning,
		refrigeration, lighting and building envelope improvements;
	ii.	systems for capture and recycling of waste heat, such as district heating
		and heat recovery;
	iii.	projects that improve efficiency in the delivery of bulk energy services
		such as energy storage and smart grids; and
	iv.	projects that enable monitoring and optimization of the amount and
		timing of energy consumption, such as smart meters, load control
		systems, demand response, sensors or building information systems.
Green Buildings	Investments in new or existing commercial or residential buildings that have
	received, or expect to receive based on its design, construction and operational
	plans, certification according to third party verified green building standards, or
	energy ratings such as:
	i.	LEED (Platinum or Gold);
	ii.	CaGBC Zero Carbon Building Certification (Design and Performance);
	iii.	BOMA BEST (Platinum or Gold);
	iv.	ENERGY STAR (85 and above);
	v.	Passive House Institute - EnerPHit;
	vi.	Toronto Green Standard Tier 2 or higher;
	vii.	BC Step Code (Step 3 or above); and
	viii.	new or existing buildings belonging to top 15% low carbon buildings
		based on emission intensity in the region, as determined by a third-party
		assessment.
Clean Transportation	Investments in sustainable and efficient transport and supporting infrastructure,
	including:

2 Hydro projects will meet any of the following: (1) lifecycle GHG emissions below 100gCO2e/kWh for hydropower plants in operation before 2020 and below 50gCO2e/kWh for hydropower plants in operation in 2020 or after, (2) power density greater than 5W/m2 for hydropower plants in operation before 2020 and 10W/m2 for hydropower plants in operation in 2020 or after or (3) electricity generation facility is a run of river plant.

PS - 9

Sustainable Water and Wastewater Management

Environmentally Sustainable

Management of Living Natural

Resources and Land Use

Circular Economy Adapted Products, Production Technologies and Processes and/or Certified Eco-efficient Products

Terrestrial and Aquatic

Biodiversity

Access to Essential Services

1. infrastructure dedicated to mass public transportation; and
2. electric vehicles.

Investments in facilities and equipment that reduce water consumption or improve the efficiency of resources, including:

1. installation of water efficient products or technologies or xeriscaping/drought-tolerant landscaping;
2. projects for collection, treatment, recycling or reuse of water, rainwater or wastewater; and
3. infrastructure for flood prevention, flood defense or storm-water management.

Investments in holdings and activities that contribute to the sustainable management of living natural resources and land use, including:

1. certified sustainable timber and agricultural holdings and/or production activities that have received or are expected to receive certification from credible third-party certification systems such as Forest Stewardship Council (FSC); Programme for the Endorsement of Forest Certification (PEFC); Sustainable Forestry Initiative (SFI); Sustainable Agriculture Initiative (SAI) Platform; Canada Organic, USDA Organic; FAIRTRADE; UTZ; Rainforest Alliance; and
2. nature-basedclimate solutions promoting conservation, restoration, and/or management of forests, grasslands and wetlands.

Investments in solutions that extend product-life, reduce waste and/or improve resource use, including:

1. products designed to be fully recyclable or composted; and
2. technologies that enable the substitution of virgin raw materials with entirely or nearly entirely recycled content.

Investments in activities that contribute to protection, restoration, and management of coastal, marine and watershed environments.

Investments in facilities and services that enhance access to public, not-for-profit, free or subsidized essential services targeted at populations such as low-income or marginalized communities and vulnerable groups as well as the general public including:

1. infrastructure for hospitals, laboratories, clinics, healthcare, childcare and elder care centers;

	ii.	infrastructure for the provision of child, youth or adult education and
		vocational training services; and
	iii.	emergency or temporary shelters.
Affordable Housing	Investments aimed at maintaining or improving access to suitable, sustainable
	and affordable housing, including acquisition, repair, expansion, and/or
	improvement of social housing including:
	i.	projects that target households with income less than 80% of area
		median income, or equivalent threshold, and/or meet national/regional
		PS - 10