Variable Life Insurance Proposal

In the Philippines, insurance products are being offered through Sun Life of Canada (Philippines), Inc., a member of the Sun Life Financial group of companies. In this proposal, you and your refer to the policy owner while we, us, our and the Company refer to Sun Life of Canada (Philippines), Inc.

Proposal Information
On the life of : Jastin \budano For the Decision of : Joselito Budano (Age 37) Basic Plan
Sun MaxiLink Prime - Non-Smoker Ps

Age Last Birthday : 4 (Female) Currency : Philippine Peso Benefit Amount Regular Premium
350,000.00 Ps Ps Ps Ps Ps Ps Ps Ps 14,175.00 728.00 528.50 499.99 15,931.49 4,000.00 19,931.49 0.00

Additional Benefits
Total Disability Benefit (Waiver of Premium) - TDB Accidental Death Benefit - ADB Waiver of Premium on Death of Initial Owner - WPD Class: Standard Ps 350,000.00

Total Annual Regular Premium Annual Excess Premium (to be Billed Regularly) Total Annual Premium (to be Billed Regularly) Excess Premium (One-time)

Sun MaxiLink Prime is a variable life insurance product until age 88 payable for 10 years*. The living benefit is equal to the fund value, which is partially or fully withdrawable from the policy's share in the separate account(s). The death benefit is the higher of the sum of 200% of the face amount and the fund value or the minimum death benefit. The minimum death benefit is equal to 500% of the regular premium plus 125% of each paid excess premium, if any, less 125% of each partial withdrawal, if any. No other benefits are payable under this product. The policy is a variable contract. Only the face amount is guaranteed. The rest of the benefits, namely the fund value and the actual death benefit payable depend on the investment experience of separate account(s) linked to the policy.

The investment risks associated with this product are borne solely by the policy owner. If you decide the policy is not suitable for your needs, then you may return said documents for cancellation by giving us written notice. We must receive such notice within 15 days from the date you receive the policy. We will refund the fund value of the units allocated to your policy inclusive of the initial charges.

Fund Allocation
100% Balanced Fund
Notes: (i) All payments and benefits shown are in Philippine pesos. (ii) The illustrations assume that all premiums are paid in full when due and as planned with no premium holiday, you will have no withdrawals on the policy beyond those illustrated, mode of payment is annual and the current scale of charges remains unchanged. (iii) The Company reserves the right to adjust the basic and rider premium, and any charges in this plan. (iv) The above values are illustrations only of the key features of the recommended insurance plans. This illustration may differ from any earlier proposal illustration. (v) The values in the succeeding pages are illustration of possible performance of your fund. Since the fund performance may vary, the values of your units are not guaranteed and will depend on the actual investment performance at that given period. The value of the policy could be less than the premiums paid. (vi) Any excess premium you have paid is considered such only if the Annual Regular Premium has been fully paid. The Company may require evidence of insurability of the Life Insured with respect to payment of any excess premium. (vii) *Premium payment period of 10 years is not guaranteed. You may still be required to pay additional premium after 10 years if the fund value is insufficient to pay the charges.

This proposal shall form part of the insurance contract once the policy is issued. A copy of this proposal and the policy contract will be delivered to you. While we have made every effort to ensure accuracy, errors and omissions may have occurred in the preparation of this proposal. By signing below, you signify that you have read and understood the disclosures in this proposal illustration. You likewise signify that your advisor has explained to you the features and the charges on the policy, the manner in which the variable benefits will reflect the investment experience of the separate account(s), and the guarantees on minimum death benefit. You fully understand that you will assume all investment risks associated with the policy. Applicant's Name: Signature: Date:

Prepared By Branch

: MARIA LYRA DE MESA : MULAWIN NEW BUSINESS OFFICE This is only an illustration. 0846524307091159

Date

: 11 July 2011

*0PROP.07.4*
VL r7.17.00.0000

Page 1 of 4

Jastin \budano Sun MaxiLink Prime - Non-Smoker Face Amount: Ps 350,000.00

4 (Female) Total Premium to be Billed: Ps 19,931.49

Investment Fund Description

Balanced Fund The fund is designed to provide optimum returns through investment in a mix of government and domestic corporate debt and locally-listed equity securities. Bond Fund The fund is designed to stay invested only in high-quality fixed income instruments that are classified as below average risk. Equity Fund The fund is designed to produce long term capital appreciation through investment in high quality stocks that are diversified across sectors. Money Market Fund (available only for fund switching/transfers) The fund is designed to ensure capital protection and provide adequate liquidity while maximizing yields on short-term placements. MyFuture Fund The fund is designed to provide long-term capital appreciation for investors planning to begin to withdraw substantial portions of their investment approximately after the funds maturity date. As the maturity date of the fund approaches, the asset allocation will become less risky and will have lower expected returns.

Historical Investment Performance of Investment Funds of Sun Life's Variable Life Insurance Products
Year-to-Date Return
Fund Name 31-Dec(Fund Launch Date) 04 Peso Balanced 0.24%* (Dec. 6, 2004) Peso Bond -0.32%* (Sep. 13, 2004) Peso Equity 2.12%* (Sep. 13, 2004) Peso Money Market N/A (Jun. 25, 2007) Dollar Bond 0.30%* (Sep. 13, 2004) MyFuture 2020 N/A (Jun. 7, 2008) MyFuture 2025 N/A (Jun. 7, 2008) MyFuture 2030 N/A (Jun. 7, 2008) MyFuture 2035 N/A (Jun. 7, 2008) MyFuture 2040 N/A (Jun. 7, 2008) 31-Dec05 31-Dec06 31-Dec07 31-Dec08 31-Dec09 31-Dec10 Ave. Annual 2-Year 3-Year 4-Year 5-Year 6-Year Compounded Return Return Return Return Return Return (for (2010 vs (2010 vs (2010 vs (2010 vs (2010 vs completed 2008) 2007) 2006) 2005) 2004) years) 14.39% 8.15% 17.08% 1.57% 7.33% 33.95% 33.22% 35.19% 35.73% 35.81% 61.24% 17.46% 18.15% 17.47% 40.36% 106.42% 124.03% 23.33% 42.91% 59.97%

8.53% 11.94% 14.32% N/A 7.84% N/A N/A N/A N/A N/A

47.07% 15.88% 48.55% N/A 12.56% N/A N/A N/A N/A N/A

18.79% 4.98% 18.91% 1.25%* 5.06% N/A N/A N/A N/A N/A

-26.72% 0.01% -36.70% 2.19% -4.31% -8.16%* -9.74%* -11.12%* -11.21%* -11.75%*

27.03% 6.11% 47.10% 1.49% 12.97% 34.12% 32.88% 36.04% 36.48% 37.44%

26.92% 10.69% 36.98% 1.03% 10.91% 33.77% 33.56% 34.36% 34.98% 34.21%

101.50% 27.55% 2.53% 25.30% 79.42% 77.48% 82.77% 84.22% 84.45% 4.78% 19.90% N/A N/A N/A N/A N/A

51.67% 125.30% 157.56% N/A 25.97% N/A N/A N/A N/A N/A N/A 41.80% N/A N/A N/A N/A N/A N/A 52.91% N/A N/A N/A N/A N/A

* Returns are from Fund inception date and not full year returns.

The values above are actual investment returns of Investment Funds of variable life insurance products, net of fund management charges. Past investment performance is not necessarily indicative of the future or likely performance of the funds. The Unit Price of an Investment Fund on a Valuation Date is determined by dividing the net asset value of the Investment Fund on the Valuation Date by the aggregate number of outstanding Units of the Investment Fund on the Valuation Date. Currently, Valuation is done on a daily basis. The Unit Prices of the Investment Funds are published weekly on major newspapers. You may also visit our website at www.sunlife.com.ph for the daily Unit Prices. Certified true and correct:

Michael Oliver G. Manuel Chief Investment Officer

VL r7.17.00.0000

This is only an illustration. 0846524307091159

Page 2 of 4

Jastin \budano Sun MaxiLink Prime - Non-Smoker Face Amount: Ps 350,000.00

4 (Female) Total Premium to be Billed: Ps 19,931.49

Illustration of Benefits Balanced Fund (100%)

The values illustrated below are not guaranteed. The investment returns used are for illustrative purposes and are not based on past performance with respect to the fund where your policy is linked. The returns are likely to change during the investment period. Also, the assumed returns do not represent the upper and lower limits of the actual return that may be realized. Values are calculated assuming the fund is earning 4%*, 8%* and 10%*. It is assumed that the mode of payment is annual. If mode of payment is other than annual, values shown may change. PROJECTED BENEFITS End of Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2062 2067 2072 Attained Age 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 55 60 65 Premiums Paid 19,931 19,931 19,931 19,931 19,931 19,931 19,931 19,931 19,931 19,931 4% 8,241 19,850 34,806 52,516 70,916 91,492 112,871 135,082 158,159 184,793 191,100 197,652 204,460 211,533 222,901 230,693 238,788 247,188 255,907 269,814 901,494 1,090,440 1,314,807 Fund Value 8% 8,598 21,131 37,596 57,564 79,092 103,806 130,450 159,178 190,150 226,638 243,439 261,553 281,083 302,139 330,278 355,179 382,026 410,962 442,149 483,709 5,350,800 7,901,770 11,670,756 10% 8,777 21,782 39,042 60,226 83,481 110,533 140,229 172,828 208,613 251,239 274,878 300,826 329,312 360,581 401,234 439,534 481,579 527,723 578,367 644,086 12,540,341 20,284,986 32,818,063 4% 708,241 719,850 734,806 752,516 770,916 791,492 812,871 835,082 858,159 884,793 891,100 897,652 904,460 911,533 922,901 930,693 938,788 947,188 955,907 969,814 1,601,494 1,790,440 2,014,807 Death Benefit 8% 708,598 721,131 737,596 757,564 779,092 803,806 830,450 859,178 890,150 926,638 943,439 961,553 981,083 1,002,139 1,030,278 1,055,179 1,082,026 1,110,962 1,142,149 1,183,709 6,050,800 8,601,770 12,370,756 10% 708,777 721,782 739,042 760,226 783,481 810,533 840,229 872,828 908,613 951,239 974,878 1,000,826 1,029,312 1,060,581 1,101,234 1,139,534 1,181,579 1,227,723 1,278,367 1,344,086 13,240,341 20,984,986 33,518,063

*The investment returns used are net of the fund management charge of 2.00% (plus VAT) of the fund value. The projected values are net of: (a) premium charges of 65% of annual regular premium on the first policy year and 5% of annual regular premium from the second to the fifth year, all excess premiums shall be subject to a premium charge of 5%; (b) monthly periodic charge of 40% of the annual regular premium on the second year, 20% on the third year and 5% on the fourth and fifth; (c) monthly insurance charge of 200% of the Face Amount multiplied by the insurance rate determined by the Company, plus additional benefit premiums, if any; and (d) a fund management charge of 2.00% (plus VAT) of the fund value. The figures shown above are net of all charges. The monthly charges are deducted from the fund. No premium charge and monthly periodic charge are imposed on any extra premium and additional benefit premium. A loyalty bonus on the 10th policy anniversary year and every 5 years thereafter is included in the above illustration. The loyalty bonus is currently equal to 2% of the average monthly fund balance of the preceding 5 years. It is non-guaranteed and it will depend on the actual performance of the fund. You should only invest in this product if you intend to pay the regular premium for the whole of your chosen payment term. Should you terminate the policy early, you may suffer a loss as illustrated above.

The figures shown herein are based on assumptions in the accompanying first page of this proposal. VL r7.17.00.0000 This is only an illustration. 0846524307091159 Page 3 of 4

Jastin \budano Sun MaxiLink Prime - Non-Smoker Face Amount: Ps 350,000.00

4 (Female) Total Premium to be Billed: Ps 19,931.49

Acknowledgement of Variability

I acknowledge that: I have applied with Sun Life of Canada (Philippines), Inc. for a Variable Life Insurance Policy, and have reviewed the illustration(s) that shows how a variable life insurance policy performs using company's assumptions and based on the Insurance Commission's guidelines on interest rates. I understand that since the fund performance may vary, the values of my units are not guaranteed and will depend on the actual performance of that given period and that the value of my policy could be less than the premiums paid. The unit values of my Variable Life Insurance are periodically published. I understand that the investment risks under the policy are to be borne solely by me, as the policyowner.

Applicant's Signature over Printed Name

Date

End of Proposal
This is only an illustration. 0846524307091159

VL r7.17.00.0000

Page 4 of 4