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 : Fredierick Dizon Basic Plan
Sun FlexiLink - Smoker Ps

Age Last Birthday : 29 (Male) Currency : Philippine Peso Benefit Amount Regular Premium
500,000.00 Ps Ps Ps Ps Ps Ps Ps Ps 11,310.00 1,380.00 515.00 13,205.00 11,795.00 25,000.00 6,250.00 0.00

Additional Benefits
Total Disability Benefit (Waiver of Premium) - TDB Accidental Death Benefit - ADB Class: Standard Ps 500,000.00

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

Sun FlexiLink is a variable life insurance product payable until age 88. 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 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, 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.

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

: ANA MARIE MAGSOMBOL : EUCALYPTUS NEW BUSINESS OFFICE This is only an illustration. 0875690211181267

Date

: 12 November 2011

*0PROP.07.4*
VL r7.19.00.0000

Page 1 of 5

Fredierick Dizon Sun FlexiLink - Smoker Face Amount: Ps 500,000.00

29 (Male) Total Premium to be Billed: Ps 25,000.00

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 r7.19.00.0000

This is only an illustration. 0875690211181267

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Fredierick Dizon Sun FlexiLink - Smoker Face Amount: Ps 500,000.00

29 (Male) Total Premium to be Billed: Ps 25,000.00

Illustration of Benefits Balanced Fund (100%)

It is assumed in the table below that the regular premiums are paid in full throughout the duration of the contract. 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 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 26 31 36 Attained Age 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 55 60 65 Premiums Paid 13,205 13,205 13,205 13,205 13,205 13,205 13,205 13,205 13,205 13,205 13,205 13,205 13,205 13,205 13,205 13,205 13,205 13,205 13,205 13,205 13,205 13,205 11,825 4% 587 4,776 11,985 21,754 31,874 42,936 54,399 66,279 78,593 92,677 106,547 120,927 135,713 150,876 169,079 185,045 201,368 218,061 235,125 256,877 378,046 499,676 628,966 Fund Value 8% 664 5,193 12,992 23,727 35,271 48,275 62,265 77,319 93,518 112,474 131,970 152,959 175,431 199,456 228,535 256,203 285,763 317,362 351,145 393,444 685,464 1,053,836 1,576,992 10% 702 5,406 13,513 24,762 37,080 51,167 66,600 83,510 102,043 123,991 147,040 172,312 199,894 229,969 266,607 302,690 342,027 384,935 431,749 490,271 933,337 1,552,874 2,532,859 4% 500,587 504,776 511,985 521,754 531,874 542,936 554,399 566,279 578,593 592,677 606,547 620,927 635,713 650,876 669,079 685,045 701,368 718,061 735,125 756,877 878,046 999,676 1,128,966 Death Benefit 8% 500,664 505,193 512,992 523,727 535,271 548,275 562,265 577,319 593,518 612,474 631,970 652,959 675,431 699,456 728,535 756,203 785,763 817,362 851,145 893,444 1,185,464 1,553,836 2,076,992 10% 500,702 505,406 513,513 524,762 537,080 551,167 566,600 583,510 602,043 623,991 647,040 672,312 699,894 729,969 766,607 802,690 842,027 884,935 931,749 990,271 1,433,337 2,052,874 3,032,859

*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 85% of annual regular premium on the first policy year and 5% of annual regular premium from the second to the tenth year, all excess premiums shall be subject to a premium charge of 5%; (b) monthly periodic charge of 50% of the annual regular premium on the second year, 25% on the third year and 5% on the fourth and fifth year and monthly insurance charges; and (c) 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 2% of the average monthly fund balance of the preceding 5 years. It is non-guaranteed and 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 r7.19.00.0000 This is only an illustration. 0875690211181267 Page 3 of 5

Fredierick Dizon Sun FlexiLink - Smoker Face Amount: Ps 500,000.00

29 (Male) Total Premium to be Billed: Ps 25,000.00

Premium Holiday Illustration

If your fund value is sufficient, you can apply to suspend payments of regular premium and excess premium, if any. During this premium holiday, the payment of the monthly charges will be taken from the fund value. The following table is an illustration of a premium holiday after 10 years of premium payment. 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 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 26 31 36 Attained Age 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 55 60 65 Premiums Paid 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 4% 12,229 28,513 48,289 71,114 94,799 119,955 146,061 173,154 201,273 233,866 239,517 245,359 251,273 257,220 268,126 274,231 280,310 286,359 292,365 303,980 346,743 386,379 422,411 Fund Value 8% 12,745 30,300 52,142 78,017 105,885 136,489 169,454 204,966 243,222 288,423 307,433 327,898 349,805 373,221 405,014 432,237 461,318 492,400 525,626 570,707 863,597 1,233,824 1,768,490 10% 13,003 31,209 54,139 81,660 111,841 145,536 182,494 223,034 267,506 320,607 348,380 378,838 412,112 448,436 496,003 540,013 588,053 640,514 697,816 772,751 1,323,308 2,095,683 3,332,463 4% 512,229 528,513 548,289 571,114 594,799 619,955 646,061 673,154 701,273 733,866 739,517 745,359 751,273 757,220 768,126 774,231 780,310 786,359 792,365 803,980 846,743 886,379 922,411 Death Benefit 8% 512,745 530,300 552,142 578,017 605,885 636,489 669,454 704,966 743,222 788,423 807,433 827,898 849,805 873,221 905,014 932,237 961,318 992,400 1,025,626 1,070,707 1,363,597 1,733,824 2,268,490 10% 513,003 531,209 554,139 581,660 611,841 645,536 682,494 723,034 767,506 820,607 848,380 878,838 912,112 948,436 996,003 1,040,013 1,088,053 1,140,514 1,197,816 1,272,751 1,823,308 2,595,683 3,832,463

Based on a 10% projected rate of return, premium holiday may continue until the end of the contract term, or the maturity date of MyFuture Fund/s if fund allocation is purely in MyFuture Fund/s. Based on a 8% projected rate of return, premium holiday may continue until the end of the contract term, or the maturity date of MyFuture Fund/s if fund allocation is purely in MyFuture Fund/s. Based on a 4% projected rate of return, premium holiday may continue until the end of duration 58. If premium payment is not made on duration 59, the policy will terminate since fund value is not sufficient to pay for the monthly charges. *The investment returns used are net of the fund management charge of 2.00% (plus VAT) of the fund value for Balanced Fund. The projected values are net of: (a) premium charges of 85% of annual regular premium on the first policy year and 5% of annual regular premium from the second to the tenth year, all excess premiums shall be subject to a premium charge of 5%; (b) monthly periodic charge of 50% of the annual regular premium on the second year, 25% on the third year and 5% on the fourth and fifth year and monthly insurance charges; and (c) a fund management charge of 2.00% (plus VAT) of the fund value for Balanced Fund. 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 2% of the average monthly fund balance of the preceding 5 years. It is non-guaranteed and 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 r7.19.00.0000 This is only an illustration. 0875690211181267 Page 4 of 5

Fredierick Dizon Sun FlexiLink - Smoker Face Amount: Ps 500,000.00

29 (Male) Total Premium to be Billed: Ps 25,000.00

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

VL r7.19.00.0000

This is only an illustration. 0875690211181267

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