ee presentation 12 march 3 15 final

FOR INVESTMENT PROFESSIONAL AND INSTITUTIONAL USE ONLY.

FOR MFS INTERNAL USE ONLY.

FOR DEALER USE ONLY. Should not be shown, quoted, or distributed to the public.

CONSISTENCY IN TOUGH MARKETS The benefits of taking a longer-term view in European Equities

Gabrielle Gourgey Institutional Portfolio Manager MFS Investment Management

0 26170.4

See important disclosures on final page of presentation.

See the fund’s offering documents for more details, including information on fund risks and expenses.

The views expressed in this presentation are those of the speaker and are subject to change at any time. These views do not necessarily reflect the views of MFS or others in the MFS organization.

MFS Meridian Funds are not available for sale in the United States or Canada or to US or Canadian citizens or residents.

MFS International Ltd.

For Investment Professional Use Only. Not intended for retail investors. NOT GUARANTEED • MAY LOSE VALUE

For Investment Professional Use Only. Not intended for retail investors.

We've been adding value for centuries…….

1

For Investment Professional Use Only. Not intended for retail investors. 2

…And can you imagine living without…


Global GDP growth is what drives European earnings growth

0.5

0.1

0.0

0.1

0.2

0.3

0.4

0.5

0.6

Global growth and European earnings European growth and European earnings

Correlation coefficient (1991 onwards)

Sources: Macquarie Research, IMF and FactSet. As at 31 December 2012.


Where has all the growth gone?

90

95

100

105

110

115

120

125

130

-8 -7 -6 -5 -4 -3 -2 -1 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

Ave

rag

e o

f in

dex

ed v

alu

es s

o t

rou

gh

in R

GD

P =

100

Quarters after end of recession

Performance of Real GDP vs. Average of Last Six Expansions

Average of Last Six Post-World War IIExpansions*

Current Expansion

*Dates used for determining economic expansions

are those designated by NBER. The data has been

adjusted for ease of comparison with the currency cycle.

Expansion starting dates used: November 1970,

March 1975, July 1980, November 1982, March 1991 and

November 2001.

Source: Ned Davis Research Group of 9/30/12

4


Source: Wolfe Trahan as of 12/31/11

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010

% of World GDP coming from countries with a budget deficit >6%

Clearly a global phenomenon…

5


Developed world economies: Budget deficit

-3.3%

-8.2% -8.7%

-10.0%

-12%

-10%

-8%

-6%

-4%

-2%

0%

2%

Euro area UK US Japan

Budget deficit as a % of GDP (2012F)

Sources: Macquarie Research and IMF. As at 31 December 2012.


Developed world economies: Government debt

88% 90% 107%

237%

0%

50%

100%

150%

200%

250%

Euro area UK US Japan

Government debt as a % of GDP

Sources: Macquarie Research and IMF. As at 31 December 2012.


Europe PER premium/ discount to US

-30%

-20%

-10%

0%

10%

20%

30%

1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013

MSCI Europe Premium/Discount to MSCI USA

Source: Factset. As at 31 January 2013.


Europe: 12-month forward PER

0x

5x

10x

15x

20x

25x

30x

1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013

MSCI Europe forward price-to-earnings ratio

+1SD

-1SD

Average



Short-term focus of the market Research coverage for two global large cap companies

Financial Services Technology

2014 Earnings Per

Share

Estimates

# of estimates 28

Range £0.63 - £0.83

# of estimates 49

Range $40.20 - $58.18

Well covered by sell-

side analysts

2016 Earnings Per

Share

Estimates

# of estimates 1

Range £0.94

# of estimates 4

Range $35.12 - $76.00

Minimal coverage

Opportunity to

express different

view

Source: FactSet. As at 21 February 2013

Lengthen the investment time horizon

10


Identifying opportunities

Adding value through stock selection

Sources: Bloomberg and SPAR

• Cumulative returns shown are for the period from the IPO, 28-Apr-10 to 12-Dec-12

‘Spain’ represents the Spanish market (MSCI Spain Index – gross total return in EUR)

For illustrative purposes only. Not all companies represented are holdings of the fund.

These portfolios are actively managed, and current holdings may be different. This is a list of the positions mentioned above and the percentage

(based on the equivalent exposure of unaudited net assets) they represent in the portfolios as of 31 December 2012:

Inditex: MFS Meridian Funds – European Research Fund (0.9), MFS Meridian Funds – European Core Equity Fund (1.4)

Amadeus IT Holding: MFS Meridian Funds – Continental European Equity Fund (3.1), MFS Meridian Funds – European Value Fund (1.8), MFS Meridian Funds – European Research Fund (1.3),

MFS Meridian Funds – European Smaller Companies Fund (2.8), MFS Meridian Funds – European Core Equity Fund (1.6), MFS Meridian Funds – European Concentrated Equity Fund (3.5)

Returns (EUR) – 2012 Returns (EUR) – 3 years to 31-Dec-12

18%

3%

70%

56%

0%

10%

20%

30%

40%

50%

60%

70%

80%

MSCI Europe MSCI Spain Inditex Amadeus

22%

-20%

161%

81%

-40%

-20%

0%

20%

40%

60%

80%

100%

120%

140%

160%

180%

MSCI Europe MSCI Spain Inditex Amadeus


What is quality? Rigorous research uncovering quality companies

Market position – brands, differentiated

products

Technology – patents, proprietary knowledge

Distribution – effective route to market

Markets – secular growth, low volatility

Balance sheet – robust financial structure

High return on capital

employed

Pricing power

Sustainable / growing profits

High operating margins

Strong free cash flow

Quality businesses help sustain earnings growth

12


Consistency of outperformance High quality, low P/E five-year rolling outperformance over MSCI Europe universe

Source: Factset.

Universe MSCI Europe Dec 1994 through Dec 2012 recalculated every 3 months

Quality represented by equal-weighted composite factor of 3 yr average ROE and 3 yr Assets/ Equity with each component scored, summed and quintiled to form buckets Q1 through Q5 at 3 month intervals

All returns are equal-weighted

Combining high quality with low P/E helped drive excess returns

0%

10%

20%

30%

40%

50%

60%

70%

80%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012


Are consumer staples overvalued? Forward 12-Month Price-to-Earnings Ratios

Quality often not reflected in valuation 1


17.5x

13.4x

16.2x

14.0x 13.9x 12.8x 12.8x 12.2x 11.9x

22.8x

12.2x

0x

5x

10x

15x

20x

25x

14


Disciplined portfolio construction

Stock picking has helped drive performance in European Equities

• We are long term thinkers - Invest, don't speculate

• Focus on understanding sustainability of business model – Analyse,

don't forecast

• Wary of downside risk – size positions appropriately

• Fundamental research drives stock selection


Strategies have added value in diverse market environments

16

Historical quarterly performance

MFS® MeridianSM Funds –

European Research Fund1 vs

MSCI Europe Index

July 1999 – December 2012


European Value Fund1 vs

MSCI Europe Index

January 2003 – December 2012


Strategies have added value in diverse market environments

17

Historical quarterly performance


European Smaller Companies Fund1 vs

MSCI Europe Small Mid Index^



UK Equity Fund1 vs

FTSE All-Share 5% Capped Index


2

2

2

Effective 18 February 2013, the benchmark changed from the MSCI Europe Small Cap Index to the MSCI Europe Small Mid Cap Index


Tokyo

Sydney

London

Mexico City

Boston

Sao Paulo

Hong Kong

Toronto

Singapore

Integrated global research platform

Collaborative culture builds better insights

4

Extensive integration

• 8 global sector teams, incorporating

fundamental, quantitative and credit

perspectives

• Strong communication – regular team

meetings, frequent travel together and

off-sites

Supportive culture

• Long-term focus with emphasis on

in-depth business analysis

• Optimal sized team and low staff

turnover enable investors to know each

other well

Incentives aligned

• Rigorous hiring process to find

independent thinkers who want to work

in a team environment

• Compensation based on:

– Long-term, consistent stock-picking

– Collaborative investment process

18


Thinking ahead — Focus on European funds Morningstar rankings as at 31 December 2012

Keep in mind a high relative ranking does not always mean the fund achieved a positive return during the period.

Results, sales charges, and expenses will differ for other classes of shares.

©2013 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not

warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. 4

MFS® MeridianSM Funds

Europe OE

Morningstar

Category

Start of Fund

Performance 1 year 3 years 5 years 10 years

UK Equity Fund – I1GBP UK Large-Cap Blend

Equity 17/12/2001

23rd

127/566

2nd

9/498

2nd

6/451

4th

12/280

Continental European Equity Fund – I1GBP

Europe ex-UK Large-

Cap Equity 17/12/2001

49th

203/416

12th

43/350

3rd

10/299

5th

10/180

European Value Fund – I1EUR

Europe Large-Cap

Blend Equity 1/10/2002

41st

588/1436

2nd

23/1202

1st

6/963 -

European Research Fund – I1EUR

Europe Large-Cap

Blend Equity 12/3/1999

13th

175/1436

6th

68/1202

8th

74/963 -

European Smaller Companies Fund – I1EUR

Europe Flex-Cap

Equity 5/11/2001

1st

2/369

1st

1/315

2nd

5/245 -

European Core Equity Fund – I1EUR Europe Large-Cap

Growth Equity 1/10/2002

5th

8/155

10th

12/120

14th

14/95 -


MFS® MeridianSM Funds –– U.K. EQUITY FUND Portfolio performance (GBP) as of 31 December 2012

A proven history of performance

1 Year 3 Years 5 Years 10 Years

Per

cent

(%

) 15.71

13.1411.28

8.096.69

2.94

10.549.33

Portfolio FTSE All-Share 5% Capped Index

20


MFS® MeridianSM Funds –– EUROPEAN VALUE FUND Portfolio performance (EUR) as of 31 December 2012



Per

cent

(%

)

18.6517.29

11.17

6.203.60

-2.34

9.68

5.93

Portfolio MSCI Europe Index (net div)


MFS® MeridianSM Funds — EUROPEAN RESEARCH FUND Portfolio performance (EUR) as of 31 December 2012


22


MFS® MeridianSM Funds — EUROPEAN SMALLER COMPANIES FUND Portfolio performance (EUR) as of 31 December 2012


The performance shown is attributable in part to unusual market conditions. These conditions may not be repeated in the future.


MFS® MeridianSM Funds — CONTINENTAL EUROPEAN EQUITY FUND Portfolio performance (GBP) as of 31 December 2012



18.89

15.95

5.85

1.22

5.70

-1.59

12.65

8.50

Portfolio MSCI Europe (ex-UK) Index (net div)

24


MFS® MeridianSM Funds — EUROPEAN CORE EQUITY FUND Portfolio performance (EUR) as of 31 December 2012



Per

cent

(%

)

30.07

17.2915.20

6.204.44

-2.34

8.925.93



MFS® MeridianSM Funds — EUROPEAN CONCENTRATED FUND Portfolio performance (EUR) as of 31 December 2012


1 Year Since inception(22-Aug-11)

21.07

17.29

22.8221.08


2012

MFS® MeridianSM Funds -

European Concentrated Fund 21.07

MSCI Europe Index (net return) 17.29

26


Risk disclosure

MFS Meridian Funds:

UK Equity Fund (1,2,5,6), Continental European Equity Fund ( 1,2,5,6), European Value

Fund (1,2,3,6), European Research Fund (1,2,6), European Smaller Companies Fund

(1,2,4,6), European Core Equity Fund (1,2,6), European Concentrated Fund (1,2,5,6).

1 The fund may not achieve its objective and/or you could lose money on your investment in the fund.

2 Stock markets and investments in individual stocks are volatile and can decline

significantly in response to issuer, market, economic, political, regulatory, geopolitical, and other conditions.

3 Investments in value companies can continue to be undervalued for long periods of time

and be more volatile than the stock market in general. 4 Investments in small-cap companies can be more volatile than investments in larger

companies. 5 The fund’s performance could be more volatile than the performance of more diversified

funds. 6 Because the portfolio may invest 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 a portfolio that is more geographically diversified.

Please see the prospectus for further information on these and other risk considerations.

27


Fund regulatory details

See the fund's offering documents for more details, including information on fund risks and expenses. For additional information, call

European Union: MFS International (U.K.) Ltd., Paternoster House, 65 St. Paul's Churchyard, London, EC4M 8AB UK. Tel: 44 (0)20 7429

7200.

Switzerland: Carnegie Fund Services S.A., 11 rue du General-Dufour, 1204 Geneve, Switzerland. Tel: 41.22.705.1177.

MFS Meridian Funds from time to time may be registered for sale in other jurisdictions or otherwise offered where registration is not required.

MFS Meridian Funds are not available for sale in the United States or Canada or to US or Canadian citizens or residents.

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

MFS International Ltd.

This material is for use only in Germany, Switzerland, United Kingdom.

FOR INSTITUTIONAL AND INVESTMENT PROFESSIONAL USE ONLY

CONSISTENCY IN TOUGH MARKETS THE BENEFITS OF TAKING A LONGER-TERM VIEW


Appendix

30 For Investment Professional Use Only. Not intended for retail investors.


MFS European equity team MFS European based investment resources

Title Name Years of

Industry Experience

Director of Equity Europe Christopher Jennings CFA 15 Portfolio Managers Peter Fruzzetti 19

Roger Morley 16 Benjamin Stone 17 Barnaby Wiener 19

Institutional Portfolio Gabrielle Gourgey 18

Managers Victoria Higley, ASIP 18 Ben Kottler, CFA 23

Research Analysts Matthew Barrett, ASIP 17 Consumer Staples Filipe Benzhino 6 Business Services Shanti Das-Wermes 3 Mid-Cap Consumer Staples Philip Evans 4 Leisure Anne-Christine Farstad 11 Telecom Services, Insurance, Banks David Falco, CFA 9 Chemicals Ward Griffiths, CFA 9 Consumer Cyclicals Pablo de la Mata, CFA 9 Autos, Technology, Healthcare Stuart McPherson 26 Capital Goods, Metals & Mining Sandeep Mehta 5 Non-US Small-Cap Specialist James Neale 15 Energy

Florence Taj 17 Financial, Banks, Brokers, Specialty Finance, Utilities

Traders Jennifer Blanchette 18

Alan Brown 14

Additional resource: Investment Product Specialist

Nicole Neubelt 15

31


Diverse European equity product range

26276.2 As of 31-Dec-12.

-

32


Risk management integral to investment process

Multi-faceted approach to risk

Risk management integral to investment process

As of 31-Dec-12.

33

ee presentation 12 march 3 15 final

Documents

developed

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mfs meridian

performancefor

term focus

investment

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