1

2Q | 30 JUNE 2018

MFS® EUROPEAN VALUE EQUITY (USD)

ANNUAL PERFORMANCE – GROSS OF FEES (%)

INVESTMENT OVERVIEW

FOR INVESTMENT PROFESSIONAL AND INSTITUTIONAL USE ONLYMFSI.AEEV.USD.FS.2Q1822743.27

TEAM Name (Years of industry experience) — TitleBenjamin Stone (22 yrs.) – Portfolio ManagerPablo de la Mata (14 yrs.) – Portfolio ManagerGabrielle Gourgey (23 yrs.) – Institutional Portfolio ManagerBenjamin Tingling (11 yrs.) – Institutional Portfolio ManagerGOALSeeks above average returns against MSCI Europe Index overfull market cycles with below average risk.APPROACH • We invest on a long term time horizon. Our global research

platform, collaborative investment approach and compensationstructure are all aligned with this timeframe.

• We seek an analytical advantage by evaluating the long-termquality, sustainability, improvement potential and intrinsic valueof businesses.

• We manage client capital by seeking to avoid stocks withsubstantial downside risk, and only invest where valuationsmore than compensate for inherent risks.

MFS Investment Management 473.1 billionMFS European Value Equity 6.7 billion

ASSETS UNDER MANAGEMENT (USD)

1 Year 3 Years 5 Years 10 Years Excess return (gross of fees) 7.0 6.2 4.6 6.0

MFS (gross of fees)

MFS (net of fees)

MSCI Europe Index (net div)

Periods greater thanone year are annualized

YTD 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008MFS 1.0 33.1 -1.4 5.0 1.2 27.6 21.7 -1.2 8.3 35.5 -35.9MSCI Europe Index (net div) -3.2 25.5 -0.4 -2.8 -6.2 25.2 19.1 -11.1 3.9 35.8 -46.4Excess return 4.2 7.6 -1.0 7.8 7.4 2.4 2.6 9.9 4.4 -0.3 10.5

PERFORMANCE (TOTAL RETURN %)

Source: Benchmark performance from SPAR, FactSet Research Systems Inc.Past performance is not a reliable indicator for future results. All financial investments involve an element of risk. The value ofinvestments may rise and fall so you may get back less than originally invested. Investors should consider the risks, including lowerreturns, related to currency movements between their investing currency and the portfolio's base currency, if different.Total gross-of-fee returns for the composite (includes both capital appreciation and income) in the currency displayed terms, net of alltransaction costs, any withholding taxes and direct expenses, but before management fees, custody and other indirect expenses. The Performance Presentation Report that is attached also reflects the gross and net of fees performance; however, note that the PerformancePresentation Report reflects net performance of maximum institutional fees.The Markets in Financial Instruments Directive (MIFID) is the EU legislation that regulates firms who provide services to clients linked to financial instruments.

12-MONTH TOTAL RETURNS (%) (MIFID II PERFORMANCE STANDARD)12-month period ending 30-Jun-18 30-Jun-17 30-Jun-16 30-Jun-15 30-Jun-14MFS (gross of fees) 12.3 15.9 3.2 -0.7 25.3MFS (net of fees) 11.6 15.1 2.5 -1.4 24.5

12.310.4 10.8

8.411.6

9.6 10.17.6

5.3 4.26.2

2.4

2

2Q | 30 JUNE 2018

MFS® EUROPEAN VALUE EQUITY (USD)

FOR INVESTMENT PROFESSIONAL AND INSTITUTIONAL USE ONLYMFSI.AEEV.USD.FS.2Q18

CHARACTERISTICS REGION WEIGHTS (%)

LARGEST SECTOR WEIGHTS (%)‡

MSCI Europe MFS IndexPrice/Earnings (12 months forward)1 20.6x 13.7xPrice/Book1 3.1x 1.8x3 Year Ave ROE1 19.3% 16.1%Market Capitalization (USD)1 $42.7bn $73.8bnDividend Yield1 2.2% 3.5%% of Top 10 Holdings 34.5% 17.3%Number of Holdings 59 447Number of Countries 12 151 Yr. Turnover Ratio2 7% —5 Yr Historical Beta (USD) 0.80 —5 Yr Information Ratio (USD) 0.86 —Predicted Tracking Error (BARRA)† 4.90% —Cash & Cash Equivalents 5.7% —

MSCI Europe MFS IndexEurope ex-U.K. 68.0 71.5United Kingdom 25.4 28.5Developed - Middle East/Africa 0.8 0.0Asia/Pacific ex-Japan 0.2 0.0

MSCI Europe MFS IndexConsumer Staples 25.7 12.5Financial Services 17.9 20.7Technology 16.7 5.6Industrial Goods & Services 13.5 7.9Special Products & Services 7.7 3.2

TOP HOLDINGS

Security IndustryNestle SA Food & BeverageDeutsche Wohnen SE Real EstatePernod Ricard SA Alcoholic BeverageHenkel AG & Co KGaA IPS Consumer ProductsGivaudan SA Chemicals

‡ Portfolio and benchmark data shown is based on MFS’ sector/industry classification methodology, which differs from the benchmark’s.1 Weighted average.2 (Lesser of purchase or sales)/average market value.

Source: Barra. The Barra informationmay only be used for your internal use,may not be reproduced or

redisseminated in any form and may not be used tocreate any financial instruments or products or anyindices. The Barra information is provided on an "as is"basis and the user of this information assumes theentire risk of any use made of this information. Barra,each of its affiliates and each other person involved inor related to compiling, computing or creating any Barrainformation (collectively, the "Barra Parties") expresslydisclaims all warranties (including without limitation, anywarranties of originality, accuracy, completeness,timeliness, non-infringement, merchantability andfitness for a particular purpose) with respect to thisinformation. Without limiting any of the foregoing, in noevent shall any Barra Party have any liability for anydirect, indirect, special, incidental, punitive,consequential (including, without limitation, lost profits)or any other damages.

†Risk Considerations:Stock markets and investments in individual stocks are volatile and can decline significantly in response to, or investor perception of, issuer,market, economic, industry, political, regulatory, geopolitical, and other conditions. The portfolio's investments can continue to be undervaluedfor long periods of time, not realize their expected value, and be more volatile than the stock market in general. Because the portfolio mayinvest a substantial amount of its assets in issuers located in a single country or in a limited number of countries, it may be more volatile than aportfolio that is more geographically diversified.

Composite: MFS European Value Composite in USDBenchmark: MSCI Europe - Net Return

Creation Date: 01-Jan-2005

Inception Date: 01-Jan-2005

Investment Objective: Seeks capital appreciation by investing primarily in a portfolio of European equity securities believed to be undervalued compared to their intrinsic value.

Institutional Separate Accounts Fee ScheduleAsset Breakpoints (USD) FeeFor Assets Up To 50 MM 70 bpFor Assets From 50 MM To 100 MM 60 bpFor Assets Over 100 MM 50 bp

Derivative Exposure DisclosureCertain MFS portfolios in this composite may utilize derivative instruments to manage risk or to achieve timely and cost effective implementation of the investment strategy. As of 30-Jun-2018, the number of accounts in the composite shown below held derivatives with the following average equivalent exposure of total net assets:

Number of Accounts ExposureLong Exposure 1 16.70%Short Exposure 1 -16.50%

Accounts are eligible for inclusion in the composite if they have assets greater than 2 MM USD. Accounts are included as of their first full month of performance.

Accounts in Annualized 3-YearComposite and Benchmark Return % Composite Composite at Standard Deviation Assets in Composite

Period Gross of fees Net of fees Benchmark Dispersion End of Period Composite Benchmark (USD million) %Firm2018 Q2 1.55 1.37 -1.27 n/a 6 11.20 12.78 $6,733.6 1.4

2018 Q1 -0.58 -0.76 -1.98 0.07 7 11.68 12.89 $7,074.7 1.5

2017 33.09 32.18 25.51 0.19 7 11.47 12.56 $7,512.4 1.5

2016 -1.38 -2.07 -0.40 0.17 7 12.13 13.46 $6,478.2 1.5

2015 5.01 4.28 -2.84 0.15 7 11.71 13.92 $7,813.7 1.9

2014 1.17 0.46 -6.18 0.20 7 11.72 14.84 $5,745.2 1.3

2013 27.61 26.73 25.23 n/a 7 14.75 18.69 $4,348.0 1.1

2012 21.66 20.80 19.12 n/a <6 17.97 22.53 $1,785.7 0.6

2011 -1.23 -2.05 -11.06 n/a <6 22.66 25.75 $1,206.2 0.5

2010 8.28 7.42 3.88 n/a <6 n/a n/a $1,102.7 0.5

2009 35.50 34.44 35.83 n/a <6 n/a n/a $611.9 0.3

2008 -35.93 -36.46 -46.42 n/a <6 n/a n/a $262.1 0.2MFS Investment Management® claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. MFS Investment Management® has been independently verified for the periods 1-Jan-1988 through 31-Dec-2016. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation. Total Gross-of-fee returns in USD (includes both capital appreciation and income) are net of transaction costs, withholding taxes and direct expenses, but before management fees, custody and other indirect expenses. Certain institutional accounts hold Canadian trusts subject to custody and other indirect expenses. Certain accounts may be subject to fair valuation as conditions warrant. Typical separate accounts utilize 4:00 PM (London Time) foreign exchange rates; retail products will use rates deemed most appropriate for daily NAV per share calculations. The possibility exists for performance dispersion between otherwise similarly managed accounts and also with the benchmark. Net composite returns are prepared by subtracting from the monthly gross returns one-twelfth of the maximum applicable annual institutional separate account fee. Returns based on actual management fees, including non-separate account fees, would be lower for the following periods - 2008: -36.62; 2009: 34.20; 2010: 7.32; 2011: -2.15; 2012: 20.58; 2013: 26.50; 2014: 0.25; 2015: 4.01; 2016: -2.34; 2017: 31.85; Q1 2018: -0.82; Q2 2018: 1.31. Total returns of the benchmark are provided for each period depicted, expressed in USD. Source of Benchmark Performance: FACTSET ®. Benchmark returns and benchmark annualized 3-year standard deviation are not examined by independent accountants. MSCI Europe - Net Return - a market capitalization-weighted index that is designed to measure equity market performance in the developed European markets. Composite Dispersion is measured by the asset-weighted standard deviation of account returns for all accounts in the composite for the full period. For composites containing less than six accounts for the full period, dispersion is deemed not meaningful. Accounts are eligible for inclusion in the composite if they have assets greater than 2.0 MM USD. Accounts are included as of their first full month of performance. Prior to 31-Mar-2009 accounts have been eligible for inclusion in the composite if they had assets greater than 5.0 MM USD. From 1-Jan-2005 to 31-Mar-2011, the maximum institutional separate account fee charged for this product was 80 bps. From 1-Apr-2011 to 29-Feb-2012, the maximum institutional separate account fee charged for this product was 85 bps. The net returns depicted in this report are based upon the historical max in effect for each of the periods depicted. The MFS European Value composite is a Euro based composite available globally. The regional composite depicted here was created on 13-Aug-2008 for presentation in the US market. Where appropriate, data has been converted to US Dollar and the fees and breakpoints depicted are applicable to clients in this market. Net performance is calculated from the highest fee that would be charged in that market. For purposes of GIPS compliance, the firm is defined as MFS Investment Management® which is comprised of Massachusetts Financial Services Company (MFS) and MFS Institutional Advisors, Inc. (MFSI), each of which is a registered investment advisor, MFS Heritage Trust Company, a New Hampshire Trust company, and MFS Investment Management Canada Limited. Total firm assets are calculated at market value and include assets managed by MFS, MFSI, MFS Heritage Trust Company and MFS Investment Management Canada Limited as well as assets managed by MFS and MFSI in a sub-advisory capacity on behalf of affiliated investment advisors that are not registered under the United States Investment Advisers Act of 1940, such as MFS International (U.K.), Ltd. (MIL UK) and MFS Investment Management K.K. (MIMKK), MFS International Singapore Pte. Ltd and MFS International Australia Pty Ltd as well as assets managed by MFS and MFSI on behalf of unaffiliated investment advisors that may or may not be registered under the United States Investment Advisers Act of 1940. Total firm assets for GIPS purposes do not include assets of non-discretionary advisory relationships. In November of 2011 MFS acquired McLean Budden Limited (now MFS Investment Management Canada Limited). Total firm assets from 31-Mar-2012 forward include the assets of institutional and pooled MFS Investment Management Canada Limited products. Assets from 31-Dec-2012 forward include the MFS Investment Management Canada Limited PPM product assets. A complete list of firm composites and descriptions, along with additional information regarding policies for valuing portfolios, calculating and reporting performance, and preparing compliant presentations are available upon request.

Run Time: 23-Jul-18 9:29:15 AM AEEVu Page 1 of 2

Performance Presentation Report 2018, Q2

Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed or produced by MSCI.

Run Time: 23-Jul-18 9:29:15 AM AEEVu Page 2 of 2

Performance Presentation Report 2018, Q2

Issued in the United States by MFS Institutional Advisors, Inc., a U.S.-based investment advisor and subsidiary of Massachusetts Financial ServicesCompany ("MFS"). Issued in Canada by MFS Investment Management Canada Limited. No securities commission or similar regulatory authority inCanada has reviewed this communication. Pursuant to a sub-advisory agreement executed between MFS Institutional Advisors, Inc. and MFSInvestment Management Canada Limited, MFS provides investment advice pursuant to statutory exemptions or regulatory relief, as applicable. Suchadvice is being rendered outside of Canada and certain members of the team may not be registered in any capacity with any Canadian securitiesregulatory authority. MFS Institutional Advisors, Inc. provides certain sub-advisory services to all MFS Investment Management Canada Limitedportfolios, including discretionary investment management for the non-Canadian equity portfolios, including the non-Canadian equity component ofthe balanced portfolios. Issued in the United Kingdom by MFS International (U.K.) Limited ("MIL UK"), a private limited company registered inEngland and Wales with the company number 03062718, and authorised and regulated in the conduct of investment business by the UK FinancialConduct Authority. MIL UK, an indirect subsidiary of MFS®, has its registered office at One Carter Lane, London, EC4V 5ER and provides productsand investment services to institutional investors globally. This material shall not be circulated or distributed to any person other than to professionalinvestors (as permitted by local regulations) and should not be relied upon or distributed to persons where such reliance or distribution would becontrary to local regulation. Issued in Hong Kong by MFS International (Hong Kong) Limited ("MIL HK"), a private limited company licensed andregulated by the Hong Kong Securities and Futures Commission (the "SFC"). MIL HK is a wholly-owned, indirect subsidiary of MassachusettsFinancial Services Company, a US-based investment advisor and fund sponsor registered with the US Securities and Exchange Commission. MILHK is approved to engage in dealing in securities and asset management regulated activities and may provide certain investment services to"professional investors" as defined in the Securities and Futures Ordinance ("SFO"). Issued in Singapore by MFS International Singapore Pte. Ltd.,a private limited company registered in Singapore with the company number 201228809M, and further licensed and regulated by the Monetary Authority of Singapore.

For investors in Australia: MFSI and MIL UK are exempt from the requirement to hold an Australian financial services licence under the Corporations Act 2001 in respect of thefinancial services they provide to Australian wholesale investors. MFS International Australia Pty Ltd (“MFS Australia”) holds an Australian financialservices licence number 485343. In Australia and New Zealand: MFSI is regulated by the SEC under US laws and MIL UK is regulated by the UK Financial Conduct Authority under UK laws, which differ from Australian and New Zealand laws. MFS Australia is regulated by the Australian Securities and Investments Commission.This material is directed at investment professionals for general information use only with no consideration given to the specific investment objective,financial situation and particular needs of any specific person. Any securities and/or sectors mentioned herein are for illustration purposes andshould not be construed as a recommendation for investment. Investment involves risk. Past performance is not indicative of future performance.The information contained herein may not be copied, reproduced or redistributed without the express consent of MFS Investment Management(“MFS”). While the information is believed to be accurate, it may be subject to change without notice. MFS does not warrant or represent that it isfree from errors or omissions or that the information is suitable for any particular person’s intended use. Except in so far as any liability under anylaw cannot be excluded, MFS does not accept liability for any inaccuracy or for the investment decisions or any other actions taken by any person on the basis of the material included. MFS does not authorise distribution to retail investors.

Unless otherwise indicated, logos, product and services names are trademarks of MFS and its affiliates and may be registered in certain countries.

FOR INSTITUTIONAL USE ONLY.