Scotia Capital's Comment on Sun Life's Q4 2005 Earnings

� Steady quarter. In-line. We look for steady 11% growth through 2007. This growth, combined with moderate to perhaps aggressive levels of buyback, we estimate should add 140 basis points to company's 13.1% 2005 ROE over the next two years, just under the low end of the company's targeted 75-100 basis points increase in the ROE on anannual basis.� Still a "show me" story in terms of sales growth,