Sun Life Q2 2006 Earnings

Scotia Capital, 28 July 2006� Sun Life reported Q2/06 of $0.88 per share, $0.01 below our estimate and in-line with consensus - but with an additional $0.08 in one-time tax gains, offset to some extent by $0.05 in additional reserves/strain in the U.S. (half of which is sustainable in the near term) we peg this at a $0.05 miss. A mixed quarter. While sales results were strong in areas where we