BMO NB's Comment on Sun Life's Q4 2005 Earnings

ForecastsWe have trimmed our forecasts by $0.05 in 2006 and 2007 to reflect a higher Canadian/U.S. dollar exchange rate of 1.15 compared with 1.18 in previous estimates, and slightly lower expectations from MFS.ValuationValuations in the sector have increased and we are marginally increasing the target price of Sun Life to $54 from $52. The $54 target price represents 1.95x 2006E BVPS, which is