2Q 30 JUNE 2018 MFS INTERNATIONAL SMALL-MID CAP EQUITY (USD)*

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1 2Q 30 JUNE 2018 MFS INTERNATIONAL SMALL-MID CAP EQUITY (USD)* INVESTMENT OVERVIEW TEAM Name (Years of industry experience) Title David Antonelli (30 yrs.) Portfolio Manager Peter Fruzzetti (24 yrs.) Portfolio Manager Robert Lau, CFA (24 yrs.) Portfolio Manager José Luis García (23 yrs.) Portfolio Manager Camille Lee, CFA (28 yrs.) Institutional Portfolio Manager GOAL The goal of MFS International Small-Mid Cap Equity, while not guaranteed, is to outperform the MSCI All Country World ex US Small Mid Cap Index over full market cycles by investing in small to mid capitalization stocks internationally. PHILOSOPHY We believe that stock selection based on fundamental research is the most reliable method of adding value to our clients portfolios. ASSETS UNDER MANAGEMENT (USD) MFS Investment Management MFS International Small-Mid Cap Equity billion 7,644.4 million PERFORMANCE (TOTAL RETURN %) MFS (gross of fees) MFS (net of fees) Small Mid Cap Index (net div) Periods greater than one year are annualized 1 Year 3 Years 5 Years 10 Years Excess return (gross of fees) ANNUAL PERFORMANCE GROSS OF FEES (%) YTD MFS Small Mid Cap Index (net div) Excess return MONTH TOTAL RETURNS (%) (MIFID II PERFORMANCE STANDARD) 12-month period ending 30-Jun Jun Jun Jun Jun-14 MFS (gross of fees) MFS (net of fees) 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 of investments may rise and fall so you may get back less than originally invested. Investors should consider the risks, including lower returns, 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 all transaction 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 Performance Presentation 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. FOR INVESTMENT PROFESSIONAL AND INSTITUTIONAL USE ONLY MFSI.AEIS.USD.FS.2Q

2 2Q 30 JUNE 2018 MFS INTERNATIONAL SMALL-MID CAP EQUITY (USD)* CHARACTERISTICS REGION WEIGHTS (%) MFS Small Mid Cap Index MFS Small Mid Cap Index IBES Long Term EPS Growth 1, % Europe ex-u.k Price/Earnings (12 months forward) x 15.4x Japan Market Capitalization (USD) 1 $8.1bn $6.1bn United Kingdom % of Top 10 Holdings 14.8% 2.6% Emerging Markets Number of Holdings 317 5,279 Asia/Pacific ex-japan Yr Turnover Ratio 3 19% North America Cash & Cash Equivalents 5.1% Developed - Middle East/Africa TOP HOLDINGS Security Obic Co Ltd Amadeus IT Group SA Bunzl PLC Croda International PLC Symrise AG Industry Computer Software Computer Systems Business Services Specialty Chemicals Specialty Chemicals LARGEST SECTOR WEIGHTS (%) MFS Small Mid Cap Index Financial Services Special Products & Services Technology Basic Materials Consumer Staples 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. Emerging markets can have less market structure, depth, and regulatory, custodial or operational oversight and greater political, social, and economic instability than developed markets. Investments in small-cap companies can be more volatile than investments in larger companies. The portfolio's performance may be closely tied to the performance of companies in a limited number of sectors and could be more volatile than the performance of less focused portfolios. * Effective 06/30/17, the strategy name has changed from MFS International Small Cap Equity to MFS International Small-Mid Cap Equity. Portfolio and benchmark data shown is based on MFS sector/industry classification methodology, which differs from the benchmark s. 1 Weighted average. 2 Source: Thomson Reuters. 3 (Lesser of purchase or sales)/average market value. 4 The benchmark was converted from the S&P Global ex US Small Cap to the Small Mid Cap Index on 1-Dec Index performance is a blend of those two indices. FOR INVESTMENT PROFESSIONAL AND INSTITUTIONAL USE ONLY MFSI.AEIS.USD.FS.2Q18 2

3 Performance Presentation Report 2018, Q2 Composite: MFS International Small-Mid Cap Equity Composite Benchmark: MSCI AC World (ex-us) Small Mid Cap (net div) Index linked to previous benchmark Creation Date: 18-Sep-2001 Inception Date: 01-Jan-2001 Investment Objective: Seeks capital appreciation by investing primarily in equities of small to medium capitalization companies whose primary activities lie outside the US. Institutional Separate Accounts Fee Schedule Asset Breakpoints (USD) Fee For Assets Up To 50 MM 95 bp For Assets From 50 MM To 100 MM 85 bp For Assets Over 100 MM 75 bp 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-Year Composite 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) %Firm 2018 Q n/a $7, Q $7, $7, n/a $5, n/a < $6, $6, n/a $6, n/a < $4, n/a < $2, n/a <6 n/a n/a $2, n/a <6 n/a n/a $2, n/a <6 n/a n/a $1, MFS 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 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. 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. Standard & Poor's Global Ex U.S. SmallCap Index - represents the small capitalization stock component (the bottom 20% of the available market capitalization within each country) of the S&P Global Broad Market Index (BMI). The BMI is a float-weighted index that spans 22 countries and includes the listed shares of all companies with an available market capitalization (float) of at least $100 million. The MSCI All Country World (ex-us) Small Mid Cap Index is a free float weighted index that is designed to measure equity market performance of small and mid cap companies across global developed and emerging market countries, excluding the United States. Benchmark Methodology: From 1-Jan-2001 through 30-Nov-2011 the blend constisted of 100% S&P Global ex US Small Cap Index; from 1-Dec-2011 forward the blend consisted of 100% MSCI All Country World ex-us Small Mid Cap. Rebalanced monthly. 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. The Long derivative exposure and number of accounts were missing on the Q2, Q3 and Q reports. The Long derivative exposures were 2.21%, 2.21% and 1.88% respectively for these periods. There were two accounts with derivative exposure in Q2 and Q and one account in Q Prior to 31-Mar-2009 accounts have been eligible for inclusion in the composite if they had assets greater than 5.0 MM USD. Prior to 1-Mar-2012, the maximum institutional separate account fee charged for this product was 100 bps. The net returns depicted in this report are based upon the historical max in effect for each of the periods depicted. Effective 30-Jun-2017, the composite name changed from the MFS International Small Cap Equity to the MFS International Small-Mid Cap Equity. Effective 30-Jun-2017, the investment objective changed from "Seeks capital appreciation by investing principally in equities of smaller capitalization companies whose primary activities lie outside the US." to "Seeks capital appreciation by investing primarily in equities of small to medium capitalization companies whose primary activities lie outside the US." Run Time: 02-Aug-18 4:42:11 PM AEIS Page 1 of 2

Performance Presentation Report 2018, Q2 For purposes of GIPS compliance, the firm is defined as MFS Investment Management which is comprised of Massachusetts Financial Services Company (MFS) and MFS

4 Performance Presentation Report 2018, Q2 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 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. 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. Standard & Poor's " and S&P"S&P " are registered trademarks of Standard & Poor's Financial Services LLC ("S&P") and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones") and have been licensed for use by S&P Dow Jones Indices LLC and sublicensed for certain purposes by MFS. The S&P 500 is a product of S&P Dow Jones Indices LLC, and has been licensed for use by MFS. MFS's Fund(s) is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P, or their respective affiliates, and neither S&P Dow Jones Indices LLC, Dow Jones, S&P, their respective affiliates make any representation regarding the advisability of investing in such product(s). Run Time: 02-Aug-18 4:42:11 PM AEIS Page 2 of 2

5 Issued in the United States by MFS Institutional Advisors, Inc., a U.S.-based investment advisor and subsidiary of Massachusetts Financial Services Company ("MFS"). Issued in Canada by MFS Investment Management Canada Limited. No securities commission or similar regulatory authority in Canada has reviewed this communication. Pursuant to a sub-advisory agreement executed between MFS Institutional Advisors, Inc. and MFS Investment Management Canada Limited, MFS provides investment advice pursuant to statutory exemptions or regulatory relief, as applicable. Such advice is being rendered outside of Canada and certain members of the team may not be registered in any capacity with any Canadian securities regulatory authority. MFS Institutional Advisors, Inc. provides certain sub-advisory services to all MFS Investment Management Canada Limited portfolios, including discretionary investment management for the non-canadian equity portfolios, including the non-canadian equity component of the balanced portfolios. Issued in the United Kingdom by MFS International (U.K.) Limited ("MIL UK"), a private limited company registered in England and Wales with the company number , and authorised and regulated in the conduct of investment business by the UK Financial Conduct Authority. MIL UK, an indirect subsidiary of MFS, has its registered office at One Carter Lane, London, EC4V 5ER and provides products and investment services to institutional investors globally. This material shall not be circulated or distributed to any person other than to professional investors (as permitted by local regulations) and should not be relied upon or distributed to persons where such reliance or distribution would be contrary to local regulation. Issued in Hong Kong by MFS International (Hong Kong) Limited ("MIL HK"), a private limited company licensed and regulated by the Hong Kong Securities and Futures Commission (the "SFC"). MIL HK is a wholly-owned, indirect subsidiary of Massachusetts Financial Services Company, a US-based investment advisor and fund sponsor registered with the US Securities and Exchange Commission. MIL HK 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 M, 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 the financial services they provide to Australian wholesale investors. MFS International Australia Pty Ltd ( MFS Australia ) holds an Australian financial services licence number 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 and should 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 is free 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 any law 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.

3Q 30 SEPTEMBER 2018 MFS EUROPEAN EQUITY EX U.K. (USD)

3Q 30 SEPTEMBER 2018 MFS EUROPEAN EQUITY EX U.K. (USD) INVESTMENT OVERVIEW TEAM Name (Years of industry experience) Title Matthew Barrett, ASIP (22 yrs.) Portfolio Manager Gabrielle Gourgey (23 yrs.) Institutional