Scotia Capital Upgrades Sun Life

Scotia Capital, 29 November 2006� We are rolling out our 2008E EPS estimates and increasing our share price targets for the Canadian lifecos - we forecast modest compression in forward multiple (from current 13.3x to 13x, in line with three year average) in part due to declining bond yields. Our share price targets imply an assumed average forward multiple for the group of 13x, down slightly from