Sun Life Global Investments (Canada) Inc. (“Sun Life Global Investments”) and Excel Funds Management Inc. (“Excel”) today announced receipt of unitholder approval to proceed with fund changes previously announced on February 28, 2018. The approved changes are outlined below.

Fund mergers
Effective June 15, 2018, (the “Fund Merger Date”), select Excel funds and Sun Life Global Investments funds (collectively, the “Terminating Funds”) will each merge into a Sun Life Global Investments fund (collectively, the “Continuing Funds”). Securities of the Terminating Funds are no longer available for purchase, with the exception of purchases made under pre-authorized purchase plans existing prior to May 25, 2018. Pre-authorized purchase plans that were already in place prior to May 25, 2018 will continue uninterrupted until 4:01 p.m. ET on June 15, 2018. The Terminating Funds and Continuing Funds are outlined in the table below:

Terminating Funds	Continuing Funds
Excel Emerging Markets Fund	Sun Life Schroder Emerging Markets Fund
Excel Chindia Fund	Sun Life Schroder Emerging Markets Fund
Sun Life MFS Canadian Equity Fund	Sun Life MFS Canadian Equity Growth Fund
Sun Life MFS Canadian Equity Value Fund	Sun Life MFS Canadian Equity Growth Fund

The unitholder meeting for the Excel Money Market Fund was adjourned as quorum was not met. As outlined in the information circular, the adjourned meeting will be held on Friday, June 1, 2018 at 10:30 a.m. ET. No changes are being made to Excel Money Market Fund at present.

Implementation of fixed-rate administration fees
Effective June 18, 2018, fixed-rate administration fees will be implemented for the following Excel Funds: Excel China Fund, Excel Emerging Markets Balanced Fund, Excel High Income Fund, Excel India Balanced Fund, Excel New India Leaders Fund, Excel India Fund. In addition, all Excel funds will adopt Sun Life Global Investments’ form of declaration of trust.

Changes to Sun Life MFS Canadian Equity Class
Effective June 18, 2018, Sun Life MFS Canadian Equity Class will change its investment objectives to invest primarily in Sun Life MFS Canadian Equity Growth Fund. The fund will be renamed Sun Life MFS Canadian Equity Growth Class and its strategies will be changed to align with Sun Life MFS Canadian Equity Growth Fund. There will be no impact to purchases or redemptions on June 15, 2018 as a result of these changes.

Full details on the fund mergers and fixed-rate administration fees can be found in the Excel Funds information circular. Full details on the changes to Sun Life MFS Canadian Equity Class can be found in the Sun Life Global Investments information circular. On or by June 5, 2018, the Excel Funds information circular will be hosted on the Sun Life Global Investments website. This information is also available on SEDAR at www.sedar.com.